800 Burke Ave

Harvey, ND 58341

$19,900D+

4 bd · 2.0 ba · 1,600 sqft · Built 1900 · Other · Active · 244 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,287/mo
• Mortgage (P&I): −$104
• Tax + insurance: −$59
• HOA: −$0
• Vac / Maint / Mgmt: −$270
• Net cashflow: $853/mo
• Annual: $10,238/yr
• Cap rate: 57.74%
• Cash-on-cash: 183.74%
• DSCR: 9.18
• 1% rule: 6.47%
• Cash to close: $5,572

Investor read

• This is a 4-bed/2.0-bath other listed at $20k.
• At list price, monthly cash flow is $853 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $20k).
• It's been on market 244 days — a 12% lower offer ($18k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $18k (12.0% below list) — sets the bar for market timing.
• In year one you build about $408 of equity ($138 loan paydown + $270 appreciation (1.4% local appreciation)).
• Location reads 61/100 on livability (#259 in ND) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools D, employment D, amenities F.
• Harvey 38 (rural): math 40% / reading 40% proficiency, ranked #105 of 169 in ND (top 62%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: property tax is 3.1% of price; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 5 active listings in the ZIP; 1 units permitted in Wells County in 2024 (0 in 5+ unit buildings).
• 2 sale attempts; this cycle's ask has dropped $5k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $6k; list at $20k implies a 224% gain — meaningful room to come down on a strong offer.
• At projected returns (1.4% appreciation + 3.0% rent growth), your $6k cash investment doubles in ~1 year — after that, you're playing with house money.

Questions for listing agent

• It's been on market 244 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.