206 Leslie

Starkweather, ND 58382

$29,900B

2 bd · 1.0 ba · 1,820 sqft · Built 1925 · Other · Active · 323 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $990/mo
• Mortgage (P&I): −$157
• Tax + insurance: −$28
• HOA: −$0
• Vac / Maint / Mgmt: −$208
• Net cashflow: $597/mo
• Annual: $7,163/yr
• Cap rate: 30.25%
• Cash-on-cash: 85.55%
• DSCR: 4.81
• 1% rule: 3.31%
• Cash to close: $8,372

Investor read

• This is a 2-bed/1.0-bath other listed at $30k.
• At list price, monthly cash flow is $597 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($990 rent vs $30k).
• It's been on market 323 days — a 12% lower offer ($26k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $26k (12.0% below list) — sets the bar for market timing.
• In year one you build about $1k of equity ($207 loan paydown + $897 appreciation (3.0% local appreciation)).
• Location reads 58/100 on livability (#292 in ND) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, crime A, housing A; Watch: amenities F, commute F, employment F.
• Starkweather 44 (rural): math 40% / reading 40% proficiency, ranked #97 of 169 in ND (top 57%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 1 active listings in the ZIP; 6 units permitted in Ramsey County in 2024 (5 in 5+ unit buildings).
• Ramsey County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $8k cash investment doubles in ~2 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 323 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1925 — 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.
• 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.