303 Main St

Almont, ND 58520

$35,000B+

3 bd · 1.0 ba · 1,364 sqft · Built 1950 · Other · Active · 61 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,191/mo
• Mortgage (P&I): −$184
• Tax + insurance: −$41
• HOA: −$0
• Vac / Maint / Mgmt: −$250
• Net cashflow: $716/mo
• Annual: $8,597/yr
• Cap rate: 30.85%
• Cash-on-cash: 87.72%
• DSCR: 4.90
• 1% rule: 3.40%
• Cash to close: $9,800

Investor read

• This is a 3-bed/1.0-bath other listed at $35k.
• At list price, monthly cash flow is $716 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $35k).
• It's been on market 61 days — a 6% lower offer ($33k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $33k (6.0% below list) — sets the bar for market timing.
• In year one you build about $1k of equity ($242 loan paydown + $1k appreciation (3.0% local appreciation)).
• Location reads 67/100 on livability (#144 in ND) — a middle-class / working-renter tenant base. Strengths: employment A+, cost of living A+, health & safety A; Watch: housing C-, schools F, amenities F.
• New Salem-Almont 49 (rural): math 55% / reading 50% proficiency, ranked #33 of 169 in ND (top 20%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 16% free/reduced lunch — higher-income household profile.
• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 1 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.
• 2 sale attempts 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.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $10k cash investment doubles in ~1 year — after that, you're playing with house money.

Questions for listing agent

• It's been on market 61 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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.