317 3rd Ave NW

Beulah, ND 58523

$86,000D+

2 bd · 1.0 ba · 800 sqft · Built 1940 · SingleFamily · Active · 15 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $887/mo
• Mortgage (P&I): −$451
• Tax + insurance: −$143
• HOA: −$0
• Vac / Maint / Mgmt: −$186
• Net cashflow: $107/mo
• Annual: $1,278/yr
• Cap rate: 7.78%
• Cash-on-cash: 5.31%
• DSCR: 1.24
• 1% rule: 1.03%
• Cash to close: $24,080

Investor read

• This is a 2-bed/1.0-bath single-family listed at $86k. Condition is rated fair.
• At list price, monthly cash flow is $107 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($887 rent vs $86k).
• It's been on market 15 days — a 2% lower offer ($85k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $85k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $595 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 74/100 on livability (#27 in ND, #4,527 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, cost of living A+; Watch: health & safety D+, amenities F, commute F.
• Beulah 27 (town): math 31% / reading 33% proficiency, ranked #37 of 53 in ND (top 70%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 17% free/reduced lunch — higher-income household profile.
• Zoned schools: Beulah Elementary School (math 37% / reading 32%, grade F, #162 of 236 statewide, top 73%, 319 students, 24% FRL); Beulah Middle School (math 33% / reading 35%, grade F, #26 of 35 statewide, top 79%, 236 students, 22% FRL); Beulah High School (math 15% / reading 24%, grade F, #134 of 144 statewide, top 93%, 206 students, 14% FRL) — zoned schools at 20% FRL track the district average.
• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 24 active listings in the ZIP; 15 units permitted in Mercer County in 2024 (0 in 5+ unit buildings).
• Mercer County population projected at +38% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Questions for listing agent

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1940 — 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?
• 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.

Repairs flagged (vision-AI assessment)

• Moderate: Kitchen cabinets — Worn condition
• Moderate: Bathroom fixtures — Dated appearance
• Moderate: Exterior siding — Weathered condition