Ransom County

Ransom County's median home price of $198,645 and an 8.2% year-over-year appreciation rate tell the dominant part of this market's story. The cash flow score of 0 and a cap rate of 0 reflect missing rental income data rather than a confirmed negative position, but the absence of that data is itself a signal: this is a thinly traded, low-density market with limited comparable rental transactions to anchor underwriting. What is clear is the appreciation trajectory. An 8.2% annual price gain on a sub-$200,000 asset base lands Ransom in the 93rd percentile nationally across the 1,000 counties in this dataset, and 4th out of 43 North Dakota counties. The affordability index of 87 suggests prices remain accessible relative to local incomes, which supports continued demand without the demand-destruction risk that comes with stretched affordability in gateway markets.

This market fits an appreciation-oriented buyer more cleanly than a cash-flow buyer. The appreciation score of 85 is the standout metric here; the cash flow score of 0 indicates the data does not support a reliable cash-on-cash projection, and any investor expecting immediate income should treat that as a red flag pending their own rent comparables research on the ground. A value-add operator would face the same constraint: with a population of 5,663, the buyer pool for stabilized exits is narrow, and forced-appreciation plays depend on finding tenants in a market where rental demand may be modest. The investor best positioned here is someone willing to hold for medium-term price appreciation, comfortable with limited liquidity, and patient enough to source their own rental rate data before committing. The $39,729 down payment at a 6.85% interest rate sets a real carrying cost floor that needs to be stress-tested against local rents before any deal pencils.

No economic anchor data was provided for Ransom County, so employment concentration and job-base stability cannot be assessed from this dataset. That gap matters more here than it would in a larger market. A county of 5,663 people can see its rental demand meaningfully impacted by the hiring or contraction of a single employer, and an investor should independently verify the primary industries and largest local employers before closing.

On carrying costs, the combined monthly tax and insurance burden runs $220, using the state-average effective property tax rate of 0.98% and an insurance rate of 0.35% on the $198,645 purchase price. The 0.98% rate falls in the normal range and does not represent a material underwriting headwind on its own, but the honest caveat applies: this is a state-average estimate per Tax Foundation 2024 data, and actual Ransom County or township rates may differ. Pull the county assessor's figures before finalizing your numbers. At $220 per month, tax and insurance consume a meaningful slice of any modest rent stream, so verifying the actual rate is not optional.

The primary risk in Ransom is concentration, specifically demographic and geographic. A population of 5,663 means the rental market is thin. Vacancy in a market this size is not a percentage problem, it is a unit problem: one vacant house can sit for months without a qualified tenant pool to draw from. Regulatory risk appears low for a rural North Dakota county, but that thinness of demand is the real constraint. Price appreciation that outpaces the local income base, reflected in the affordability index already at 87, is something to watch over a multi-year hold.

Comparing to the neighbors in this dataset, Ransom's $198,645 median sits above Barnes County ($187,323), Bowman County ($180,669), Emmons County ($135,739), and Hettinger County ($121,524), while Oliver County ($244,648) is the only neighbor priced higher. All five neighbors carry overall scores of 74 or 75, essentially matching Ransom's 75, so the differentiation is price point and appreciation rate rather than a meaningful quality gap. An investor prioritizing entry price and maximum upside on a lower capital outlay should look at Hettinger or Emmons, where sub-$140,000 medians offer more room for appreciation to compound. An investor who wants Ransom's 8.2% appreciation pace on an already sub-$200,000 asset, and is comfortable with the liquidity constraints of a small rural market, will find fewer competing buyers here than in a market with broader name recognition.