214 3rd Ave E

New Leipzig, ND 58562

$102,000A-

4 bd · 1.5 ba · 2,050 sqft · Built 1948 · SingleFamily · Active · 394 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,364/mo
• Mortgage (P&I): −$535
• Tax + insurance: −$170
• HOA: −$0
• Vac / Maint / Mgmt: −$286
• Net cashflow: $372/mo
• Annual: $4,469/yr
• Cap rate: 10.67%
• Cash-on-cash: 15.65%
• DSCR: 1.70
• 1% rule: 1.34%
• Cash to close: $28,560

Investor read

• This is a 4-bed/1.5-bath single-family listed at $102k.
• 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).
• It's been on market 394 days — a 12% lower offer ($90k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $90k (12.0% below list) — sets the bar for market timing.
• In year one you build about $4k of equity ($705 loan paydown + $3k appreciation (3.0% local appreciation)).
• 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.
• Watch-outs: built in 1948 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 3 active listings in the ZIP; 2 units permitted in Grant County in 2024 (0 in 5+ unit buildings).
• Grant County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 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.
• 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.

Questions for listing agent

• 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?
• Built in 1948 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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?
• 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.