501 Benson St N

Tioga, ND 58852

$69,000A-

3 bd · 2.0 ba · 1,012 sqft · Built 1954 · SingleFamily · Active · 56 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,058/mo
• Mortgage (P&I): −$362
• Tax + insurance: −$112
• HOA: −$0
• Vac / Maint / Mgmt: −$222
• Net cashflow: $362/mo
• Annual: $4,344/yr
• Cap rate: 12.59%
• Cash-on-cash: 22.48%
• DSCR: 2.00
• 1% rule: 1.53%
• Cash to close: $19,320

Investor read

• This is a 3-bed/2.0-bath single-family listed at $69k.
• At list price, monthly cash flow is $362 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $69k).
• It's been on market 56 days — a 3% lower offer ($67k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $67k (3.0% below list) — sets the bar for market timing.
• In year one you build about $3k of equity ($477 loan paydown + $2k appreciation (3.3% local appreciation)).
• Location reads 71/100 on livability (#56 in ND) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety D, schools D-, amenities F.
• Tioga 15 (rural): math 28% / reading 25% proficiency, ranked #44 of 53 in ND (top 83%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; only 15% free/reduced lunch — higher-income household profile.
• Watch-outs: built in 1954 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 33 active listings in the ZIP; 90 units permitted in Williams County in 2024 (0 in 5+ unit buildings).
• Williams County population projected at +158% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 4 sale attempts since 4y ago; this cycle's ask has dropped $30k (30%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $51; list at $69k implies a 135194% gain — meaningful room to come down on a strong offer.
• At projected returns (3.3% appreciation + 3.0% rent growth), your $19k cash investment doubles in ~3 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 56 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1954 — 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.
• Schools are D-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.