705 6th St

Langdon, ND 59249

$44,000B+

2 bd · 1.0 ba · 924 sqft · Built 1940 · SingleFamily · Active · 45 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,120/mo
• Mortgage (P&I): −$231
• Tax + insurance: −$137
• HOA: −$0
• Vac / Maint / Mgmt: −$235
• Net cashflow: $517/mo
• Annual: $6,201/yr
• Cap rate: 20.39%
• Cash-on-cash: 50.33%
• DSCR: 3.24
• 1% rule: 2.55%
• Cash to close: $12,320

Investor read

• This is a 2-bed/1.0-bath single-family listed at $44k.
• At list price, monthly cash flow is $517 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $44k).
• It's been on market 45 days — a 3% lower offer ($43k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $43k (3.0% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($304 loan paydown + $1k appreciation (3.0% local appreciation)).
• Location reads 72/100 on livability (#42 in ND) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety D+, amenities F, commute F.
• Langdon Area 23 (rural): math 38% / reading 51% proficiency, ranked #83 of 169 in ND (top 49%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Langdon Area Elementary School (math 52% / reading 57%, grade C, #39 of 236 statewide, top 21%, 239 students, 23% FRL); Langdon Area High School (math 27% / reading 47%, grade F, #71 of 144 statewide, top 52%, 176 students, 19% FRL) — zoned schools at 21% FRL track the district average.
• Watch-outs: property tax is 3.2% of price; built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 1 active listings in the ZIP; 2 units permitted in Cavalier County in 2024 (0 in 5+ unit buildings).
• 3 sale attempts since 4y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $13k; list at $44k implies a 238% gain — meaningful room to come down on a strong offer.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $12k cash investment doubles in ~2 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 45 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1940 — 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
• What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.