322 2nd St NE · Lidgerwood, ND 58041

$60,000

2 bd · 1.0 ba · 907 sqft · SingleFamily · 22 Days on market

Built 1904 Fair condition 0.38 ac lot

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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 +6.3/10.0
• Schools +3.4/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0

Key facts

• Metal roof
• 0.38 acre lot
• 2 garage spots

Tags

• DETACHED TWO-STALL GARAGE
• METAL ROOF

Property features AI

Exterior

• Parking: Attached 2-car garage
• Utilities: City water (connected); City sewer (connected); Electric heat/fuel
• Home design: Residential property; One-and-a-half story home; Block foundation
• Construction: Block foundation
• Exterior features: Vinyl exterior; Irregular-shaped lot of about 0.376 acres

Interior

• Kitchen: Kitchen on main level
• Bedrooms: Two bedrooms (one on the main level, one on the upper level)
• Bathrooms: One full bathroom
• Heating & cooling: Baseboard heating; No central air conditioning
• Interior features: Unfinished basement
• Laundry & utility: Main-level laundry

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $60k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $583 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $60k).
• Recommended offer: $59k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 61/100 on livability (#250 in ND) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools D+, health & safety D+, crime D.
• Lidgerwood 28 (rural): math 35% / reading 40% proficiency, ranked #123 of 169 in ND (top 73%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 30 active listings in the ZIP; 38 units permitted in Richland County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $2k of equity ($415 loan paydown + $2k appreciation (2.6% local appreciation)).
• Richland County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (2.6% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 22 days — a 2% lower offer ($59k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1904 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $59,100 (1.5% below list)

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. Built in 1904 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
6. 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.
7. 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.
8. 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: 2.10% ✓
• Cap rate: 17.96%
• Cash-on-cash: 41.65%
• DSCR: 2.85
• GRM: 4.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

2.56% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 46.4%
• Equity multiple: 3.56×
• Total profit: $42,992
• Equity at exit: $25,496

10-year hold

• IRR: 46.6%
• Equity multiple: 7.12×
• Total profit: $102,798
• Equity at exit: $38,176

Cash invested: $16,800 (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 58041

• Home prices YoY: 1.7%
• Active inventory: 30
• Price-to-rent: 4.0×

Monthly cashflow live

• Estimated rent: $1,263 medium
• Mortgage (P&I): −$315
• Tax est. 1.5%: −$75 /mo · $900/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$265
• Net cashflow: $583

Break-even live

Break-even rent $525

Max offer price $60,000

Occupancy floor 49%

Sensitivity live

Price	-10% $625	-5% $604	+0% $583	+5% $562	+10% $542
Rent	-10% $483	-5% $533	+0% $583	+5% $633	+10% $683
Rate	-1.0pp $613	-0.5pp $598	base $583	+0.5pp $568	+1.0pp $552

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: $15,000
• Closing costs: $1,800
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-21
   days on market $60,000 Active 22 DOM
2. 2026-06-18
   days on market $60,000 Active 20 DOM
3. 2026-06-17
   days on market $60,000 Active 19 DOM
4. 2026-06-16
   days on market $60,000 Active 18 DOM
5. 2026-06-15
   days on market $60,000 Active 17 DOM
6. 2026-06-13
   days on market $60,000 Active 15 DOM
7. 2026-06-12
   pricedays on market $60,000 Active 14 DOM
8. 2026-06-09
   days on market $65,000 Active 11 DOM
9. 2026-06-08
   days on market $65,000 Active 10 DOM
10. 2026-06-07
    days on market $65,000 Active 9 DOM
11. 2026-06-05
    days on market $65,000 Active 7 DOM
12. 2026-06-04
    days on market $65,000 Active 5 DOM
13. 2026-06-02
    days on market $65,000 Active 4 DOM
14. 2026-06-01
    days on market $65,000 Active 3 DOM
15. 2026-05-31
    days on market $65,000 Active 2 DOM
16. 2026-05-29
    listed $65,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥99°F today · 12 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 4 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,156
• − Mortgage interest: −$3,361
• − Property taxes: −$900
• − Insurance: −$300
• − Repairs & maintenance: −$1,212
• − Management: −$1,212
• − Depreciation: −$1,745
• Taxable income: $6,424
• Est. tax owed @ 24.0%: −$1,542
• After-tax cash flow: $5,455/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.

Condition & rehab AI · 5 photos

Fair 45/100 Moderate rehab

The home requires moderate repairs to the exterior siding and landscaping, but has potential for significant value increase with these updates.

Repairs flagged

• Moderate Siding — Weathered and needs repainting
• Minor Landscaping — Overgrown grass needs trimming

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and resale value
• Both Landscaping — Improves curb appeal and rental value

Renovation cost estimate screening

Repair item	Severity	Est. cost
Siding · Weathered and needs repainting	Moderate	$3,000–15,000
Landscaping · Overgrown grass needs trimming	Minor	$500–3,000
Total estimated repair cost · 2 items		$3,500–18,000

Value-add ROI direction

• Both Paint exterior — Enhances curb appeal and resale value ↑
• Both Landscaping — Improves curb appeal and rental value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Lidgerwood 28
• NCES district ID: 3811140
• Math proficiency: 35% ▼ -15.00%
• Reading proficiency: 40% ▬ 0.00%
• Median HH income: $43,305
• Composite: 34.3/100
• National rank: #10222
• State rank: #123 of 169 in ND

Livability — Lidgerwood

• Score: 61/100
• State rank: #250
• US rank: #17521

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lidgerwood, ND
• Population (ZIP): 1,471

Population outlook (Richland County) Hauer SSP2

• Today (2025): 16,847 people
• By 2030: 17,137 · +1.7%
• By 2040: 17,673 · +4.9%
• By 2050: 18,382 · +9.1%
• By 2075: 22,912 · +36.0%
• By 2100: 28,612 · +69.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 4% Native American 3% Hispanic / Latino 2%
• Common ancestry: Portuguese 13% Romanian 3% Scottish 3%
• Foreign-born: 1% · Canada
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Richland

• 2024 margin: Solid R (+37.9) · D 30.2% · R 68.0% · Other 1.8%
• 2008→2024 swing: -32.7pp toward R · 2008: -5.1pp · 2024: -37.9pp
• All cycles: 2024: R+37.9 2020: R+32.8 2016: R+36.1 2012: R+13.6 2008: R+5.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 2.56%
• Current HPI: 151.7322
• 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

1 event — show timeline

• 2026-05-29 Listed $65,000 NORTHSTARMLS as Distributed by MLS Grid