519 7th St NE · Devils Lake, ND 58301

$55,000

4 bd · 2.0 ba · 1,536 sqft · Other · 186 Days on market

Built 1903 6,440 sqft lot

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Why this score? — see what drove the B- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.5/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Key facts

• 6,440 sq ft lot
• Built 1903
• Listed 186 days

Property features AI

Exterior

• Utilities: Public water; Natural gas available
• Home design: Single-family residence; One-and-a-half story
• Construction: Wood siding exterior; Brick/mortar foundation; Built with traditional construction materials
• Exterior features: Wood siding; Lot approximately 46 x 140 feet

Interior

• Heating & cooling: Hot water heating; Radiant floor heating
• Interior features: Full basement; Hot water heating; Radiant floor heating

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath other listed at $55k.

Deal economics

• At list price, monthly cash flow is $701 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $55k).
• Recommended offer: $48k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 69/100 on livability (#97 in ND) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment D+, amenities F, commute F.
• Devils Lake 1 (town): math 34% / reading 35% proficiency, ranked #35 of 53 in ND (top 66%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Sweetwater Elementary School (math 62% / reading 47%, grade C, #39 of 236 statewide, top 21%, 265 students, 49% FRL); Central Middle School (math 31% / reading 38%, grade F, #24 of 35 statewide, top 71%, 518 students, 42% FRL); Devils Lake High School (math 22% / reading 22%, grade F, #128 of 144 statewide, top 90%, 500 students, 36% FRL) — zoned schools at 43% FRL track the district average.
• Market conditions: 45 active listings in the ZIP; 6 units permitted in Ramsey County in 2024 (5 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $380 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Ramsey County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $15k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 186 days — a 12% lower offer ($48k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1903 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $48,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 186 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1903 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. 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.

Investment metrics

• 1% rule: 2.37% ✓
• Cap rate: 21.59%
• Cash-on-cash: 54.63%
• DSCR: 3.43
• GRM: 3.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 52.8%
• Equity multiple: 3.32×
• Total profit: $35,724
• Equity at exit: $8,201

10-year hold

• IRR: 58.1%
• Equity multiple: 6.75×
• Total profit: $88,550
• Equity at exit: $4,755

Cash invested: $15,400 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 82 Strongly Landlord-Friendly
• State North Dakota: 82 Strongly Landlord-Friendly · R+20
• County: — inherits STATE
• City: — inherits STATE

3-day notice; landlord-friendly.

Methodology + full state rankings →

ZIP-level market 58301

• Home prices YoY: -28.9%
• Active inventory: 45
• Price-to-rent: 3.5×

Monthly cashflow live

• Estimated rent: $1,302 medium
• Mortgage (P&I): −$288
• Tax from tax record: −$16 /mo · $198/yr
• Insurance: −$23
• HOA: −$0
• Vacancy / Maint / Mgmt: −$273
• Net cashflow: $701

Break-even live

Break-even rent $415

Max offer price $55,000

Occupancy floor 41%

Sensitivity live

Price	-10% $732	-5% $717	+0% $701	+5% $685	+10% $670
Rent	-10% $598	-5% $650	+0% $701	+5% $752	+10% $804
Rate	-1.0pp $729	-0.5pp $715	base $701	+0.5pp $687	+1.0pp $672

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $13,750
• Closing costs: $1,650
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-21
   days on market $55,000 Active 186 DOM
2. 2026-06-21
   days on market $55,000 Active 185 DOM
3. 2026-06-18
   days on market $55,000 Active 183 DOM
4. 2026-06-17
   days on market $55,000 Active 182 DOM
5. 2026-06-16
   days on market $55,000 Active 181 DOM
6. 2026-06-15
   days on market $55,000 Active 180 DOM
7. 2026-06-13
   days on market $55,000 Active 178 DOM
8. 2026-06-12
   pricedays on market $55,000 Active 177 DOM
9. 2026-06-09
   days on market $69,000 Active 174 DOM
10. 2026-06-08
    days on market $69,000 Active 173 DOM
11. 2026-06-07
    days on market $69,000 Active 172 DOM
12. 2026-06-05
    days on market $69,000 Active 170 DOM
13. 2026-06-04
    days on market $69,000 Active 168 DOM
14. 2026-06-02
    days on market $69,000 Active 167 DOM
15. 2026-06-01
    days on market $69,000 Active 166 DOM
16. 2026-05-31
    days on market $69,000 Active 165 DOM
17. 2025-09-25
    listed $69,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast ND · Resets to sale price

• Current annual tax: $198 · $16/mo
• Projected year-2 tax: $539 · $45/mo
• Expected delta: +$341/yr (+$28/mo · 172.2%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X · 0% chance over 30 yrs
• 🔥 Wildfire 7/10 Severe
• 🌡 Heat 2/10 Low 7 d/yr ≥94°F today · 11 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,628
• − Mortgage interest: −$3,081
• − Property taxes: −$198
• − Insurance: −$275
• − Repairs & maintenance: −$1,250
• − Management: −$1,250
• − Depreciation: −$1,600
• Taxable income: $7,974
• Est. tax owed @ 24.0%: −$1,914
• After-tax cash flow: $6,499/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Devils Lake 1
• NCES district ID: 3805040
• Math proficiency: 34% ▼ -12.00%
• Reading proficiency: 35% ▼ -12.00%
• Median HH income: $47,687
• Composite: 29.72/100
• National rank: #6448
• State rank: #35 of 53 in ND

Livability — Devils Lake

• Score: 69/100
• State rank: #97
• US rank: #8421

Category grades

Amenities F Commute F Cost of living A+ Crime B- Employment D+ Housing A+ Health & safety D- User ratings C+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Devils Lake, ND
• Population (ZIP): 10,046

Population outlook (Ramsey County) Hauer SSP2

• Today (2025): 11,910 people
• By 2030: 12,089 · +1.5%
• By 2040: 12,568 · +5.5%
• By 2050: 13,136 · +10.3%
• By 2075: 16,531 · +38.8%
• By 2100: 20,500 · +72.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (80%)
• Race & ethnicity: White 80% Native American 11% Two or more races 6% Hispanic / Latino 3%
• Common ancestry: Portuguese 30% Lithuanian 3% Scottish 2%
• Foreign-born: 2%
• Languages at home: 96% English-only · Tagalog/Filipino 1% German/W. Germanic 1%

Political lean MEDSL · Ramsey

• 2024 margin: Solid R (+40.3) · D 29.1% · R 69.3% · Other 1.6%
• 2008→2024 swing: -39.3pp toward R · 2008: -1.0pp · 2024: -40.3pp
• All cycles: 2024: R+40.3 2020: R+36.1 2016: R+32.8 2012: R+10.0 2008: R+1.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -89.81%
• Current HPI: 220.5598
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 2.09%
• F500 in state: 2

Industry mix (Fortune 500 HQ in ND)

Industry	F500 HQs	Revenue
▸Utilities / Construction	1	$6B

Price history

1 event — show timeline

• 2025-09-25 Listed $69,000 GFAAR

Property tax history

-7.9%/yr

Latest (2025): $198 · -70.8% YoY. Source: county tax records.