520 Main Ave

Alice, ND 58031

$82,000D+

1 bd · 1.0 ba · 324 sqft · Built 2013 · SingleFamily · Active · 211 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $741/mo
• Mortgage (P&I): −$430
• Tax + insurance: −$137
• HOA: −$0
• Vac / Maint / Mgmt: −$156
• Net cashflow: $19/mo
• Annual: $227/yr
• Cap rate: 6.57%
• Cash-on-cash: 0.99%
• DSCR: 1.04
• 1% rule: 0.90%
• Cash to close: $22,960

Investor read

• This is a 1-bed/1.0-bath single-family listed at $82k.
• At list price, monthly cash flow is $19 ($227/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 $74k (9.6% below list).
• It's been on market 211 days — a 12% lower offer ($72k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $72k (12.0% below list) — sets the bar for market timing.
• In year one you build about $3k of equity ($567 loan paydown + $2k appreciation (3.0% local appreciation)).
• Location reads 59/100 on livability (#278 in ND) — a working-class tenant base; expect higher turnover. Strengths: employment A+, cost of living A+, crime A; Watch: health & safety D+, amenities F, commute F.
• Enderlin Area 24 (rural): math 40% / reading 40% proficiency, ranked #99 of 169 in ND (top 59%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Enderlin Area Elementary School (math 52% / reading 42%, grade D-, #91 of 236 statewide, top 42%, 155 students, 32% FRL); Enderlin Area High School (math 37% / reading 47%, grade F, #49 of 144 statewide, top 34%, 143 students, 32% FRL) — zoned schools at 32% FRL track the district average.
• Market conditions: 3 active listings in the ZIP; 1,218 units permitted in Cass County in 2024 (410 in 5+ unit buildings).
• Cass County population projected at +69% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 5 sale attempts since 5y ago 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 $23k cash investment doubles in ~6 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 211 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• 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.
• 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.