110 Oaks Ave SE

Mandan, ND 58554

$40,000D+

3 bd · 2.0 ba · 1,216 sqft · Built 2008 · Manufactured · Active · 23 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,971/mo
• Mortgage (P&I): −$210
• Tax + insurance: −$67
• HOA: −$537
• Vac / Maint / Mgmt: −$414
• Net cashflow: $744/mo
• Annual: $8,922/yr
• Cap rate: 28.60%
• Cash-on-cash: 79.66%
• DSCR: 4.54
• 1% rule: 4.93%
• Cash to close: $11,200

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $40k. Condition is rated fair.
• At list price, monthly cash flow is $744 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $40k).
• It's been on market 23 days — a 2% lower offer ($39k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $39k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $277 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Location reads 70/100 on livability (#76 in ND) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment A; Watch: crime C-, amenities F, commute F.
• Mandan 1 (suburban): math 35% / reading 38% proficiency, ranked #32 of 53 in ND (top 60%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Mandan Middle School (math 36% / reading 40%, grade F, #21 of 35 statewide, top 59%, 928 students, 30% FRL); Mandan High School (math 18% / reading 42%, grade F, #90 of 144 statewide, top 66%, 1,138 students, 25% FRL) — zoned schools at 28% FRL track the district average.
• Watch-outs: HOA is 27% of rent.
• Market conditions: Rents rising fast (+14.0%/yr); 306 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 94 units permitted in Morton County in 2024 (5 in 5+ unit buildings).
• Morton County population projected at +48% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts since 6y ago; this cycle's ask has dropped $8k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $11k cash investment doubles in ~2 years — after that, you're playing with house money.
• Cap rate 28.6% vs local median 2.8% in Mandan — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

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?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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)

• Minor: kitchen cabinets — existing condition
• Minor: bathroom fixtures — existing condition
• Minor: exterior siding — existing condition
• Minor: interior walls/paint — existing condition
• Minor: landscaping — existing lawn