515 4th ST St

Cando, ND 58324

$239,000B

15 bd · 8.0 ba · 3,504 sqft · Built 1974 · MultiFamily · Active · 59 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,612/mo
• Mortgage (P&I): −$1,253
• Tax + insurance: −$398
• HOA: −$0
• Vac / Maint / Mgmt: −$969
• Net cashflow: $1,992/mo
• Annual: $23,902/yr
• Cap rate: 16.29%
• Cash-on-cash: 35.72%
• DSCR: 2.59
• 1% rule: 1.93%
• Cash to close: $66,920

Investor read

• This is a 5 × 3-bed/?-bath units multifamily listed at $239k. Condition is rated fair.
• At list price, monthly cash flow is $2k ($24k/yr) — positive. Per door: $398/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $239k).
• It's been on market 59 days — a 3% lower offer ($232k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $232k (3.0% below list) — sets the bar for market timing.
• In year one you build about $9k of equity ($2k loan paydown + $7k appreciation (3.0% local appreciation)).
• Location reads 70/100 on livability (#90 in ND) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D, amenities F, commute F.
• North Star 10 (rural): math 40% / reading 35% proficiency, ranked #113 of 169 in ND (top 67%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: North Star Elementary School (math 42% / reading 47%, grade F, #102 of 236 statewide, top 49%, 223 students, 30% FRL); North Star High School (math 24% / reading 75%, grade D+, #16 of 144 statewide, top 12%, 76 students, 32% FRL).
• Market conditions: 11 active listings in the ZIP.
• Towner County population projected at +23% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $67k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 59 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1974 — 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.
• 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?
• 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.

Repairs flagged (vision-AI assessment)

• Minor: Landscaping — Some areas of grass appear patchy
• Minor: Sidewalk — Some cracks visible