411 5th Ave S

Wahpeton, ND 58075

$99,000C-

2 bd · 2.0 ba · 1,976 sqft · Built 1947 · SingleFamily · Pending · 32 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,033/mo
• Mortgage (P&I): −$519
• Tax + insurance: −$188
• HOA: −$0
• Vac / Maint / Mgmt: −$217
• Net cashflow: $109/mo
• Annual: $1,303/yr
• Cap rate: 7.61%
• Cash-on-cash: 4.70%
• DSCR: 1.21
• 1% rule: 1.04%
• Cash to close: $27,720

Investor read

• This is a 2-bed/2.0-bath single-family listed at $99k.
• At list price, monthly cash flow is $109 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $99k).
• It's been on market 32 days — a 3% lower offer ($96k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $96k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $684 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 67/100 on livability (#124 in ND) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools C-, health & safety D+, employment D.
• Wahpeton 37 (town): math 46% / reading 44% proficiency, ranked #23 of 53 in ND (top 43%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1947 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 104 active listings in the ZIP; 38 units permitted in Richland County in 2024 (0 in 5+ unit buildings).
• Richland County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• Cap rate 7.6% vs local median 1.8% in Wahpeton — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Questions for listing agent

• It's been on market 32 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1947 — 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.
• 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.