520 2nd Ave SE · Rugby, ND 58368

$53,500

2 bd · 1.0 ba · 1,560 sqft · Other · 80 Days on market

Built 1960 2,657 sqft lot ↓ 9% since listing

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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
• Appreciation +6.9/10.0
• Schools +3.9/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Key facts

• 2,657 sq ft lot
• Garage
• Built 1960

Property features AI

Exterior

• Parking: Detached or attached garage not specified — 1 garage space with concrete parking surface
• Utilities: Public water service; Public sewer service
• Home design: Single-family residence; One story
• Construction: Full, unfinished basement; Below-grade finished area present
• Exterior features: Public water; Public sewer; R1 zoning

Interior

• Kitchen: Range, Oven, Refrigerator, Dishwasher not listed
• Heating & cooling: Central air conditioning; Forced air heating
• Interior features: Dryer, Range, Oven, Refrigerator, Washer
• Laundry & utility: Washer and Dryer included

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath other listed at $54k.

Deal economics

• At list price, monthly cash flow is $402 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $54k).
• Recommended offer: $50k (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 77/100 on livability (#11 in ND, #3,228 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: commute C-, amenities F, health & safety D-.
• Rugby 5 (town): math 42% / reading 52% proficiency, ranked #20 of 53 in ND (top 38%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 39 active listings in the ZIP; 4 units permitted in Pierce County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $2k of equity ($370 loan paydown + $2k appreciation (3.9% local appreciation)).
• Pierce County population projected at +12% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (3.9% 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 80 days — a 6% lower offer ($50k) is reasonable based on typical stale-listing flexibility.

Recommended offer $50,290 (6.0% below list)

Questions for the listing agent

1. It's been on market 80 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1960 — 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: 1.90% ✓
• Cap rate: 15.31%
• Cash-on-cash: 32.22%
• DSCR: 2.43
• GRM: 4.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

3.87% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 39.4%
• Equity multiple: 3.31×
• Total profit: $34,613
• Equity at exit: $26,735

10-year hold

• IRR: 38.6%
• Equity multiple: 6.63×
• Total profit: $84,379
• Equity at exit: $43,419

Cash invested: $14,980 (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 58368

• Home prices YoY: 4.2%
• Active inventory: 39
• Price-to-rent: 4.4×

Monthly cashflow live

• Estimated rent: $1,019 medium
• Mortgage (P&I): −$281
• Tax from tax record: −$100 /mo · $1,199/yr
• Insurance: −$22
• HOA: −$0
• Vacancy / Maint / Mgmt: −$214
• Net cashflow: $402

Break-even live

Break-even rent $510

Max offer price $53,500

Occupancy floor 56%

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: $13,375
• Closing costs: $1,605
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-18
   days on market $53,500 Active 80 DOM
2. 2026-06-17
   days on market $53,500 Active 79 DOM
3. 2026-06-16
   days on market $53,500 Active 78 DOM
4. 2026-06-15
   days on market $53,500 Active 77 DOM
5. 2026-06-13
   days on market $53,500 Active 75 DOM
6. 2026-06-12
   days on market $53,500 Active 74 DOM
7. 2026-06-09
   days on market $53,500 Active 71 DOM
8. 2026-06-08
   days on market $53,500 Active 70 DOM
9. 2026-06-07
   days on market $53,500 Active 69 DOM
10. 2026-06-05
    days on market $53,500 Active 67 DOM
11. 2026-06-04
    days on market $53,500 Active 65 DOM
12. 2026-06-02
    days on market $53,500 Active 64 DOM
13. 2026-06-01
    days on market $53,500 Active 63 DOM
14. 2026-05-31
    days on market $53,500 Active 62 DOM
15. 2026-04-27
    price $53,500
16. 2026-03-30
    listed $59,000 Active
17. 2012-05-11
    soldstatus
18. 2010-05-10
    soldstatus

ⓘ 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: $1,199 · $100/mo
• Projected year-2 tax: $1,199 · $100/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Taxation est. · year 1

• Rental income: $12,227
• − Mortgage interest: −$2,997
• − Property taxes: −$1,199
• − Insurance: −$268
• − Repairs & maintenance: −$978
• − Management: −$978
• − Depreciation: −$1,556
• Taxable income: $4,251
• Est. tax owed @ 24.0%: −$1,020
• After-tax cash flow: $3,806/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: Rugby 5
• NCES district ID: 3816130
• Math proficiency: 42% ▼ -6.00%
• Reading proficiency: 52% ▼ -1.00%
• Median HH income: $41,186
• Composite: 39.42/100
• National rank: #3964
• State rank: #20 of 53 in ND

Livability — Rugby

• Score: 77/100
• State rank: #11
• US rank: #3228

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Rugby, ND
• Population (ZIP): 3,205

Population outlook (Pierce County) Hauer SSP2

• Today (2025): 4,272 people
• By 2030: 4,349 · +1.8%
• By 2040: 4,544 · +6.4%
• By 2050: 4,783 · +12.0%
• By 2075: 6,075 · +42.2%
• By 2100: 6,750 · +58.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Native American 4% Two or more races 2%
• Common ancestry: Portuguese 29% Scotch-Irish 3% Lithuanian 2%
• Foreign-born: 0%

Political lean MEDSL · Pierce

• 2024 margin: Solid R (+53.9) · D 22.5% · R 76.4% · Other 1.2%
• 2008→2024 swing: -30.1pp toward R · 2008: -23.8pp · 2024: -53.9pp
• All cycles: 2024: R+53.9 2020: R+51.1 2016: R+49.6 2012: R+37.3 2008: R+23.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 3.87%
• Current HPI: 96.1873
• 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

-9.3% since first listed

4 events — show timeline

• 2026-04-27 Price Changed $53,500 MMLS
• 2026-03-30 Listed $59,000 MMLS
• 2012-05-11 Sold (Public Records) — Public Records
• 2010-05-10 Sold (Public Records) — Public Records

Property tax history

+8.2%/yr

Latest (2025): $1,199 · +6.9% YoY. Source: county tax records.