811 4th Ave NE

Devils Lake, ND 58301

$90,000B-

3 bd · 2.0 ba · 1,798 sqft · Built 1920 · Other · Active · 45 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,242/mo
• Mortgage (P&I): −$472
• Tax + insurance: −$194
• HOA: −$0
• Vac / Maint / Mgmt: −$261
• Net cashflow: $315/mo
• Annual: $3,781/yr
• Cap rate: 10.49%
• Cash-on-cash: 15.00%
• DSCR: 1.67
• 1% rule: 1.38%
• Cash to close: $25,200

Investor read

• This is a 3-bed/2.0-bath other listed at $90k.
• At list price, monthly cash flow is $315 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $90k).
• It's been on market 45 days — a 3% lower offer ($87k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $87k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $622 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• 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: Devils Lake High School (math 22% / reading 22%, grade F, #128 of 144 statewide, top 90%, 500 students, 36% FRL) — zoned schools at 36% FRL track the district average.
• Zoned-school proficiency averages 22% at this address vs 34% district-wide (-12 pts) — the specific schools serving this property underperform the Devils Lake 1 average; the district grade overstates school quality for this exact location.
• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 44 active listings in the ZIP; 6 units permitted in Ramsey County in 2024 (5 in 5+ unit buildings).
• Ramsey County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $25k cash investment doubles in ~8 years — after that, you're playing with house money.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 45 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1920 — 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.