305 Washington St

Noonan, ND 58765

$19,000D+

3 bd · 1.0 ba · 1,720 sqft · Built 1915 · Other · Active · 63 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,403/mo
• Mortgage (P&I): −$100
• Tax + insurance: −$26
• HOA: −$0
• Vac / Maint / Mgmt: −$295
• Net cashflow: $983/mo
• Annual: $11,800/yr
• Cap rate: 68.40%
• Cash-on-cash: 221.80%
• DSCR: 10.87
• 1% rule: 7.39%
• Cash to close: $5,320

Investor read

• This is a 3-bed/1.0-bath other listed at $19k.
• At list price, monthly cash flow is $983 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $19k).
• It's been on market 63 days — a 6% lower offer ($18k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $18k (6.0% below list) — sets the bar for market timing.
• In year one you build about $701 of equity ($131 loan paydown + $570 appreciation (3.0% local appreciation)).
• Location reads 57/100 on livability (#308 in ND) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+; Watch: employment D, health & safety D, schools F.
• Divide County 1 (rural): math 30% / reading 43% proficiency, ranked #121 of 169 in ND (top 72%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 8 active listings in the ZIP.
• Divide County population projected at +85% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $5k cash investment doubles in ~1 year — after that, you're playing with house money.

Questions for listing agent

• It's been on market 63 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1915 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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 F-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.
• 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.