731 Boehm Dr · Bismarck, ND 58504

$182,000

2 bd · 1.0 ba · 1,513 sqft · Other · 6 Days on market

Built 1954 5,414 sqft lot

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Why this score? — see what drove the D 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 +13.9/30.0
• ARV discount +7.5/15.0
• DSCR +4.2/10.0
• Livability +4.0/5.0
• Schools +3.7/10.0
• Rent growth +3.2/5.0
• 1% rule +2.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Key facts

• Unfinished basement
• Large living room
• Large shed

Tags

• LARGE LIVING ROOM
• UNFINISHED BASEMENT
• SPACIOUS FENCED BACKYARD
• LARGE SHED

Property features AI

Exterior

• Parking: Driveway
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Residential property
• Construction: Built with other/unspecified materials
• Exterior features: Deck; Patio; Irregular lot

Interior

• Kitchen: Dishwasher; Oven; Refrigerator
• Bathrooms: 1 full bathroom; 1 three-quarter bathroom
• Heating & cooling: Natural gas heating; No central cooling
• Interior features: Window treatments; Partially finished basement; Fireplace in the living room
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath other listed at $182k.

Deal economics

• At list price, monthly cash flow is $19 ($226/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $141k (22.8% below list).
• Recommended offer: $141k (22.8% below list) — sets the bar for 1% rule.
• Cap rate 6.4% vs local median 3.1% in Bismarck — 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.

Location & tenants

• Location reads 79/100 on livability (#5 in ND, #2,213 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living A; Watch: crime C-, amenities D+, commute F.
• Bismarck 1 (urban): math 41% / reading 42% proficiency, ranked #25 of 53 in ND (top 47%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 19% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising (+2.8%/yr); 258 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 259 units permitted in Burleigh County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Burleigh County population projected at +61% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $122k; 49% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1954 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $140,533 (22.8% below list)

Questions for the listing agent

1. Built in 1954 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
4. 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?
5. 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.
6. 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.
7. 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: 0.77% ✗
• Cap rate: 6.42%
• Cash-on-cash: 0.44%
• DSCR: 1.02
• GRM: 10.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.81% rent growth · sell at horizon

5-year hold

• IRR: -15.8%
• Equity multiple: 0.44×
• Total profit: $-28,643
• Equity at exit: $27,137

10-year hold

• IRR: -7.8%
• Equity multiple: 0.51×
• Total profit: $-24,824
• Equity at exit: $15,736

Cash invested: $50,960 (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 58504

• Rents YoY: 2.8%
• Active inventory: 258
• Price-to-rent: 10.8×

Monthly cashflow live

• Estimated rent: $1,405 high
• Mortgage (P&I): −$954
• Tax from tax record: −$61 /mo · $734/yr
• Insurance: −$76
• HOA: −$0
• Vacancy / Maint / Mgmt: −$295
• Net cashflow: $19

Break-even live

Break-even rent $1,382

Max offer price $182,000

Occupancy floor 94%

Sensitivity live

Price	-10% $122	-5% $70	+0% $19	+5% $-33	+10% $-84
Rent	-10% $-92	-5% $-37	+0% $19	+5% $74	+10% $130
Rate	-1.0pp $110	-0.5pp $65	base $19	+0.5pp $-28	+1.0pp $-76

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: $45,500
• Closing costs: $5,460
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
505 1/2 S 10th St Bismarck, ND	3.0	1.0	1500	$1,600	$1.07	22d	1	0.45mi
407 N 12th St Unit 3/4 Bismarck, ND	2.0	1.0	1100	$1,200	$1.09	22d	1	0.84mi
2316 E Broadway Ave Bismarck, ND	3.0	1.0	1113	$1,250	$1.12	22d	1	0.90mi
215 E Arbor Ave Unit 201-302E Bismarck, ND	2.0	1.0	1100	$995	$0.90	22d	1	0.95mi
172 Boise Ave Bismarck, ND	2.0	1.0	1200	$1,050	$0.88	22d	1	1.00mi
2220 East Avenue A Unit 1/2 Bismarck, ND	3.0	1.0	1227	$1,150	$0.94	22d	1	1.01mi
201 E Arbor Ave Bismarck, ND	2.0	1.0	1100	$995	$0.90	22d	1	1.02mi
2020 S 12th St Bismarck, ND	3.0	1.0–2.0	1185	$1,748	$1.48	22d	19	1.09mi
2130 S 12th St Bismarck, ND	1.0–3.0	1.0–2.0	1152	$1,620	$1.41	22d	12	1.20mi
1020 N 15th St Bismarck, ND	2.0	1.0	1200	$1,400	$1.17	22d	1	1.32mi
1543 S Washington St Bismarck, ND	3.0	2.0	1500	$2,050	$1.37	22d	1	1.37mi
1121 N 12th St Unit Main Bismarck, ND	3.0	1.0	1600	$1,500	$0.94	22d	1	1.43mi

Listing history 7 events

1. 2026-06-19
   days on market $182,000 Active 6 DOM
2. 2026-06-18
   days on market $182,000 Active 5 DOM
3. 2026-06-17
   days on market $182,000 Active 4 DOM
4. 2026-06-16
   days on market $182,000 Active 3 DOM
5. 2026-06-15
   days on market $182,000 Active 2 DOM
6. 2026-06-14
   days on marketlisting id $182,000 Active 1 DOM
7. 2026-06-13
   listed $182,000 Active 2 DOM

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

Tax reassessment forecast ND · Resets to sale price

• Current annual tax: $734 · $61/mo
• Projected year-2 tax: $1,784 · $149/mo
• Expected delta: +$1,050/yr (+$87/mo · 143.1%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

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 ≥97°F today · 12 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,864
• − Mortgage interest: −$10,195
• − Property taxes: −$734
• − Insurance: −$910
• − Repairs & maintenance: −$1,349
• − Management: −$1,349
• − Depreciation: −$5,295
• Taxable loss: −$2,967
• Est. tax savings @ 24.0%: +$712
• After-tax cash flow: $938/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.

Schools (NCES district)

• District: Bismarck 1
• NCES district ID: 3800014
• Math proficiency: 41% ▼ -5.00%
• Reading proficiency: 42% ▼ -6.00%
• Median HH income: $60,649
• Composite: 36.76/100
• National rank: #4577
• State rank: #25 of 53 in ND

Livability — Bismarck

• Score: 79/100
• State rank: #5
• US rank: #2213

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Bismarck, ND
• County: Burleigh County · 97,300 people
• City population: 97,300
• Metro: Bismarck, ND
• Population (ZIP): 30,212
• Household income: $85,637
• Rent vs Own: 25.6% rent · 74.4% own
• Severe rent burden: 400.0

Population outlook (Burleigh County) Hauer SSP2

• Today (2025): 119,359 people
• By 2030: 133,047 · +11.5%
• By 2040: 161,545 · +35.3%
• By 2050: 191,960 · +60.8%
• By 2075: 274,569 · +130.0%
• By 2100: 350,910 · +194.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Native American 8% Two or more races 5% Hispanic / Latino 4%
• Common ancestry: Portuguese 13% Scotch-Irish 5% Romanian 2%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 2%

Political lean MEDSL · Burleigh

• 2024 margin: Solid R (+43.2) · D 27.5% · R 70.7% · Other 1.8%
• 2008→2024 swing: -19.7pp toward R · 2008: -23.6pp · 2024: -43.2pp
• All cycles: 2024: R+43.2 2020: R+40.2 2016: R+46.1 2012: R+32.1 2008: R+23.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -158.70%
• Current HPI: 210.0651
• Rent YoY: ▲ 2.81%
• Metro: Bismarck, ND
• 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

+49.2% since first listed

3 events — show timeline

• 2026-06-09 Listed $182,000 GNMLS
• 2012-06-12 Sold (Public Records) $122,000 Public Records
• 2009-12-17 Sold (Public Records) — Public Records

Property tax history

-3.7%/yr

Latest (2025): $734 · -62.6% YoY. Source: county tax records.