204 D St S

Glen Ullin, ND 58631

$115,000C

4 bd · 2.0 ba · 1,681 sqft · Built 1923 · Other · Active · 10 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,064/mo
• Mortgage (P&I): −$603
• Tax + insurance: −$78
• HOA: −$0
• Vac / Maint / Mgmt: −$223
• Net cashflow: $159/mo
• Annual: $1,904/yr
• Cap rate: 7.95%
• Cash-on-cash: 5.91%
• DSCR: 1.26
• 1% rule: 0.92%
• Cash to close: $32,200

Investor read

• This is a 4-bed/2.0-bath other listed at $115k.
• At list price, monthly cash flow is $159 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $106k (7.5% below list).
• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $106k (7.5% below list) — sets the bar for 1% rule.
• In year one you build about $6k of equity ($795 loan paydown + $6k appreciation (4.9% local appreciation)).
• Location reads 64/100 on livability (#210 in ND) — a middle-class / working-renter tenant base. Strengths: cost of living A+; Watch: crime D+, health & safety D+, amenities F.
• Glen Ullin 48 (rural): math 50% / reading 45% proficiency, ranked #74 of 169 in ND (top 44%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Glen Ullin Elementary School (math 42% / reading 22%, grade F, #173 of 236 statewide, top 76%, 117 students, 38% FRL); Glen Ullin High School (math 24% / reading 24%, grade F, #108 of 144 statewide, top 88%, 52 students, 38% FRL) — zoned schools average 38% FRL vs 20% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 28% at this address vs 48% district-wide (-19 pts) — the specific schools serving this property underperform the Glen Ullin 48 average; the district grade overstates school quality for this exact location.
• Watch-outs: built in 1923 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 21 active listings in the ZIP; 94 units permitted in Morton County in 2024 (5 in 5+ unit buildings).
• Morton County population projected at +48% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Current owner paid $87k; 32% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (4.9% appreciation + 3.0% rent growth), your $32k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• Built in 1923 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.