209 2nd St

Page, ND 58064

$152,500D-

2 bd · 2.0 ba · 1,042 sqft · Built 1898 · SingleFamily · Active · 46 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $955/mo
• Mortgage (P&I): −$800
• Tax + insurance: −$160
• HOA: −$0
• Vac / Maint / Mgmt: −$201
• Net cashflow: $-205/mo
• Annual: $-2,465/yr
• Cap rate: 4.68%
• Cash-on-cash: -5.77%
• DSCR: 0.74
• 1% rule: 0.63%
• Cash to close: $42,700

Investor read

• This is a 2-bed/2.0-bath single-family listed at $152k.
• At list price, monthly cash flow is $-205 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $116k (23.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $96k (37.4% below list).
• It's been on market 46 days — a 3% lower offer ($148k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $96k (37.4% below list) — sets the bar for 1% rule.
• In year one you build about $1k of equity ($1k loan paydown + $-25 appreciation (-0.0% local appreciation)).
• Location reads 69/100 on livability (#95 in ND) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment B; Watch: crime C-, health & safety D+, amenities F.
• Watch-outs: built in 1898 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 2 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.
• 2 sale attempts since 6y 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.
• Current owner paid $35k; list at $152k implies a 336% gain — meaningful room to come down on a strong offer.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 46 days. Have you received any prior offers? Is the seller open to a 37% concession, seller financing, or rate buy-down credit?
• Built in 1898 — 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 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?
• 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.