214 3rd Ave E · New Leipzig, ND 58562

$102,000

4 bd · 1.5 ba · 2,050 sqft · SingleFamily · 394 Days on market

Built 1948 10,500 sqft lot Est $162k · 37% under ↓ 11% since listing

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Why this score? — see what drove the A- 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 +29.7/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.4/10.0
• Appreciation +5.0/10.0
• Schools +4.6/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Take a look at this charming 1 story frame home in New Leipzig. It has 2 bedrooms and a full bathroom on the main floor. Downstairs are 2 non-conforming bedrooms and a half bath with toilet and sink, plumbed for a shower. The house had a frozen pipe and major water leak. There is all new flooring in the basement and every room on the main floor except 1 bedroom. New sheetrock in the basement. There is a family room with a gas fireplace and a heated all season sunroom. The dishwasher is new. There is a covered porch by the front door. The house has steel siding. The shingles and gutters were replaced in 2018. There is a detached metal frame 2 stall garage 26x28 built in 2000 and a 12x18 detached garage/shed. The main part of the home is heated with fuel oil hot water baseboards. The family room has a gas fireplace, the basement and sunroom have radiant electric heat. There is a patio off of the family room.

Key facts

• Covered porch
• Heated sunroom
• Steel siding

Tags

• NEW FLOORING
• NEW SHEETROCK
• GAS FIREPLACE
• HEATED SUNROOM
• COVERED PORCH
• STEEL SIDING

Property features AI

Exterior

• Parking: Attached or detached 2-car garage
• Utilities: Public sewer
• Home design: Single-family residence; Residential property
• Construction: Basement: concrete
• Exterior features: Lot measures approximately 75 x 140; Zoned for low-density residential

Interior

• Kitchen: Dishwasher; Range; Refrigerator
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Wood stove heating; Has heating; Has cooling
• Interior features: Window coverings; Concrete basement
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $102k.

Deal economics

• At list price, monthly cash flow is $372 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $102k).
• Recommended offer: $90k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 66/100 on livability (#149 in ND) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing B; Watch: employment C-, crime D+, health & safety D+.
• Elgin-New Leipzig 49 (rural): math 45% / reading 60% proficiency, ranked #43 of 169 in ND (top 25%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 3 active listings in the ZIP; 2 units permitted in Grant County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $4k of equity ($705 loan paydown + $3k appreciation (3.0% local appreciation)).
• Grant County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $29k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 9, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 394 days — a 12% lower offer ($90k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $13k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1948 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $89,760 (12.0% below list)

Questions for the listing agent

1. It's been on market 394 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1948 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.34% ✓
• Cap rate: 10.67%
• Cash-on-cash: 15.65%
• DSCR: 1.70
• GRM: 6.2

CMA / ARV

• ARV (on-the-fly): $161,950
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
412 5th Ave E	0.19mi	3/1.5 (-1)	1,900 (-7%)	16mo	$150,000	$79	60

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 22.2%
• Equity multiple: 2.26×
• Total profit: $36,025
• Equity at exit: $45,864

10-year hold

• IRR: 23.2%
• Equity multiple: 4.33×
• Total profit: $95,052
• Equity at exit: $70,681

Cash invested: $28,560 (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 58562

• Active inventory: 3
• Price-to-rent: 6.2×

Monthly cashflow live

• Estimated rent: $1,364 medium
• Mortgage (P&I): −$535
• Tax est. 1.5%: −$128 /mo · $1,530/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$286
• Net cashflow: $372

Break-even live

Break-even rent $892

Max offer price $102,000

Occupancy floor 68%

Sensitivity live

Price	-10% $443	-5% $408	+0% $372	+5% $337	+10% $302
Rent	-10% $265	-5% $319	+0% $372	+5% $426	+10% $480
Rate	-1.0pp $424	-0.5pp $398	base $372	+0.5pp $346	+1.0pp $319

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: $25,500
• Closing costs: $3,060
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-21
   days on market $102,000 Active 394 DOM
2. 2026-06-18
   days on market $102,000 Active 392 DOM
3. 2026-06-17
   days on market $102,000 Active 391 DOM
4. 2026-06-16
   days on market $102,000 Active 390 DOM
5. 2026-06-15
   days on market $102,000 Active 389 DOM
6. 2026-06-13
   days on market $102,000 Active 387 DOM
7. 2026-06-12
   days on market $102,000 Active 386 DOM
8. 2026-06-09
   days on market $102,000 Active 383 DOM
9. 2026-06-08
   days on market $102,000 Active 382 DOM
10. 2026-06-07
    days on market $102,000 Active 381 DOM
11. 2026-06-05
    days on market $102,000 Active 379 DOM
12. 2026-06-04
    days on market $102,000 Active 377 DOM
13. 2026-06-02
    days on market $102,000 Active 376 DOM
14. 2026-06-01
    days on market $102,000 Active 375 DOM
15. 2026-05-31
    days on market $102,000 Active 374 DOM
16. 2026-05-15
    price $102,000

    Show marketing remark (920 chars)

    Take a look at this charming 1 story frame home in New Leipzig. It has 2 bedrooms and a full bathroom on the main floor. Downstairs are 2 non-conforming bedrooms and a half bath with toilet and sink, plumbed for a shower. The house had a frozen pipe and major water leak. There is all new flooring in the basement and every room on the main floor except 1 bedroom. New sheetrock in the basement. There is a family room with a gas fireplace and a heated all season sunroom. The dishwasher is new. There is a covered porch by the front door. The house has steel siding. The shingles and gutters were replaced in 2018. There is a detached metal frame 2 stall garage 26x28 built in 2000 and a 12x18 detached garage/shed. The main part of the home is heated with fuel oil hot water baseboards. The family room has a gas fireplace, the basement and sunroom have radiant electric heat. There is a patio off of the family room.

17. 2026-05-15
    price $102,000 920-char remark

    Show marketing remark (920 chars)

    Take a look at this charming 1 story frame home in New Leipzig. It has 2 bedrooms and a full bathroom on the main floor. Downstairs are 2 non-conforming bedrooms and a half bath with toilet and sink, plumbed for a shower. The house had a frozen pipe and major water leak. There is all new flooring in the basement and every room on the main floor except 1 bedroom. New sheetrock in the basement. There is a family room with a gas fireplace and a heated all season sunroom. The dishwasher is new. There is a covered porch by the front door. The house has steel siding. The shingles and gutters were replaced in 2018. There is a detached metal frame 2 stall garage 26x28 built in 2000 and a 12x18 detached garage/shed. The main part of the home is heated with fuel oil hot water baseboards. The family room has a gas fireplace, the basement and sunroom have radiant electric heat. There is a patio off of the family room.

18. 2025-10-01
    price $110,000 920-char remark

    Show marketing remark (920 chars)

    Take a look at this charming 1 story frame home in New Leipzig. It has 2 bedrooms and a full bathroom on the main floor. Downstairs are 2 non-conforming bedrooms and a half bath with toilet and sink, plumbed for a shower. The house had a frozen pipe and major water leak. There is all new flooring in the basement and every room on the main floor except 1 bedroom. New sheetrock in the basement. There is a family room with a gas fireplace and a heated all season sunroom. The dishwasher is new. There is a covered porch by the front door. The house has steel siding. The shingles and gutters were replaced in 2018. There is a detached metal frame 2 stall garage 26x28 built in 2000 and a 12x18 detached garage/shed. The main part of the home is heated with fuel oil hot water baseboards. The family room has a gas fireplace, the basement and sunroom have radiant electric heat. There is a patio off of the family room.

19. 2025-10-01
    price $110,000

    Show marketing remark (920 chars)

    Take a look at this charming 1 story frame home in New Leipzig. It has 2 bedrooms and a full bathroom on the main floor. Downstairs are 2 non-conforming bedrooms and a half bath with toilet and sink, plumbed for a shower. The house had a frozen pipe and major water leak. There is all new flooring in the basement and every room on the main floor except 1 bedroom. New sheetrock in the basement. There is a family room with a gas fireplace and a heated all season sunroom. The dishwasher is new. There is a covered porch by the front door. The house has steel siding. The shingles and gutters were replaced in 2018. There is a detached metal frame 2 stall garage 26x28 built in 2000 and a 12x18 detached garage/shed. The main part of the home is heated with fuel oil hot water baseboards. The family room has a gas fireplace, the basement and sunroom have radiant electric heat. There is a patio off of the family room.

20. 2025-05-23
    listed $115,000 Active

    Show marketing remark (920 chars)

    Take a look at this charming 1 story frame home in New Leipzig. It has 2 bedrooms and a full bathroom on the main floor. Downstairs are 2 non-conforming bedrooms and a half bath with toilet and sink, plumbed for a shower. The house had a frozen pipe and major water leak. There is all new flooring in the basement and every room on the main floor except 1 bedroom. New sheetrock in the basement. There is a family room with a gas fireplace and a heated all season sunroom. The dishwasher is new. There is a covered porch by the front door. The house has steel siding. The shingles and gutters were replaced in 2018. There is a detached metal frame 2 stall garage 26x28 built in 2000 and a 12x18 detached garage/shed. The main part of the home is heated with fuel oil hot water baseboards. The family room has a gas fireplace, the basement and sunroom have radiant electric heat. There is a patio off of the family room.

21. 2025-05-23
    listed $115,000 Active 920-char remark

    Show marketing remark (920 chars)

    Take a look at this charming 1 story frame home in New Leipzig. It has 2 bedrooms and a full bathroom on the main floor. Downstairs are 2 non-conforming bedrooms and a half bath with toilet and sink, plumbed for a shower. The house had a frozen pipe and major water leak. There is all new flooring in the basement and every room on the main floor except 1 bedroom. New sheetrock in the basement. There is a family room with a gas fireplace and a heated all season sunroom. The dishwasher is new. There is a covered porch by the front door. The house has steel siding. The shingles and gutters were replaced in 2018. There is a detached metal frame 2 stall garage 26x28 built in 2000 and a 12x18 detached garage/shed. The main part of the home is heated with fuel oil hot water baseboards. The family room has a gas fireplace, the basement and sunroom have radiant electric heat. There is a patio off of the family room.

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

Taxation est. · year 1

• Rental income: $16,364
• − Mortgage interest: −$5,714
• − Property taxes: −$1,530
• − Insurance: −$510
• − Repairs & maintenance: −$1,309
• − Management: −$1,309
• − Depreciation: −$2,967
• Taxable income: $3,025
• Est. tax owed @ 24.0%: −$726
• After-tax cash flow: $3,743/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: Elgin-New Leipzig 49
• NCES district ID: 3800045
• Math proficiency: 45% ▲ 5.00%
• Reading proficiency: 60% ▲ 15.00%
• Median HH income: $41,867
• Composite: 45.97/100
• National rank: #5527
• State rank: #43 of 169 in ND

Livability — New Leipzig

• Score: 66/100
• State rank: #149
• US rank: #11283

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: New Leipzig, ND
• Population (ZIP): 371

Population outlook (Grant County) Hauer SSP2

• Today (2025): 2,327 people
• By 2030: 2,324 · -0.1%
• By 2040: 2,342 · +0.6%
• By 2050: 2,436 · +4.7%
• By 2075: 3,075 · +32.1%
• By 2100: 3,660 · +57.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (98%)
• Race & ethnicity: White 98% Hispanic / Latino 2% Two or more races 1%
• Common ancestry: Portuguese 17% Scotch-Irish 9% Scottish 1%
• Languages at home: 92% English-only · Spanish 4% German/W. Germanic 4%

Political lean MEDSL · Grant

• 2024 margin: Solid R (+66.8) · D 15.7% · R 82.5% · Other 1.8%
• 2008→2024 swing: -43.7pp toward R · 2008: -23.1pp · 2024: -66.8pp
• All cycles: 2024: R+66.8 2020: R+67.9 2016: R+66.9 2012: R+49.2 2008: R+23.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: —
• Current HPI: —
• 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

-11.3% since first listed

6 events — show timeline

• 2026-05-15 Price Changed $102,000 Badlands BOR MLS
• 2026-05-15 Price Changed $102,000 GNMLS
• 2025-10-01 Price Changed $110,000 GNMLS
• 2025-10-01 Price Changed $110,000 Badlands BOR MLS
• 2025-05-23 Listed $115,000 GNMLS
• 2025-05-23 Listed $115,000 Badlands BOR MLS