101 Mary St N

Streeter, ND 58483

$20,000D+

4 bd · 1.0 ba · 1,572 sqft · Built 1915 · Other · Pending · 117 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,290/mo
• Mortgage (P&I): −$105
• Tax + insurance: −$52
• HOA: −$0
• Vac / Maint / Mgmt: −$271
• Net cashflow: $862/mo
• Annual: $10,344/yr
• Cap rate: 58.01%
• Cash-on-cash: 184.71%
• DSCR: 9.22
• 1% rule: 6.45%
• Cash to close: $5,600

Investor read

• This is a 4-bed/1.0-bath other listed at $20k.
• At list price, monthly cash flow is $862 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $20k).
• It's been on market 117 days — a 9% lower offer ($18k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $18k (9.0% below list) — sets the bar for market timing.
• In year one you build about $738 of equity ($138 loan paydown + $600 appreciation (3.0% local appreciation)).
• Location reads 64/100 on livability (#207 in ND) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing B+; Watch: crime D+, schools F, amenities F.
• Gackle-Streeter 56 (rural): math 20% / reading 50% proficiency, ranked #133 of 169 in ND (top 79%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: property tax is 2.6% of price; built in 1915 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 5 active listings in the ZIP; 19 units permitted in Stutsman County in 2024 (0 in 5+ unit buildings).
• Stutsman County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 3 sale attempts since 3y ago; this cycle's ask has dropped $19k (49%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $6k cash investment doubles in ~1 year — after that, you're playing with house money.

Questions for listing agent

• It's been on market 117 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1915 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?