Stark County

Stark County's gross rent-to-price ratio sits at 0.048, which annualizes to a 5.8% gross yield before expenses. After financing at 6.85%, the model spits out a 3.12% cap rate and a cash-on-cash return of negative 13.77% on a 20% down payment. That gap between cap rate and borrowing cost is the whole story here: at current rates, this market does not service debt from rental income. Estimated monthly cash flow is negative $855 on a $324,047 acquisition, with a mortgage of $1,699 and estimated expenses of $454 against $1,297 in median rent. The appreciation score of 86 out of 100 and 4.9% year-over-year home price growth tell you where the return thesis actually lives. This is not a cash-flow market; it is a price-growth market, and the numbers make that distinction without ambiguity.

The investor this market suits is one who can carry negative cash flow in exchange for equity accumulation, someone who views the monthly shortfall as a forced savings mechanism backed by a market growing at 4.9% annually on a $324,000 median price. At that growth rate, a single year of appreciation adds roughly $15,900 in asset value, which more than offsets the annual cash deficit of approximately $10,260 on paper, though you are writing real checks every month while appreciation stays on paper. Cash-flow buyers should look elsewhere; the cash-on-cash of negative 13.77% forecloses that conversation entirely. Value-add operators face the same debt-service math unless they can push rents materially above the $1,297 median, which requires finding assets priced below median or units with genuine upside. The affordability index of 61 and an overall score of 59 out of 100 placing Stark at the 49th national percentile confirm this is a middle-of-the-road market nationally, not a standout in either direction.

No economic anchors or employer data were provided for Stark County, so that dimension of the demand picture cannot be addressed here. What the data does show is a population of roughly 33,000 and a stability score of 50 out of 100, which is squarely median. A stability score that low relative to the appreciation score suggests the price-growth story may be more cyclical or commodity-linked than structurally driven, worth pressure-testing before committing.

The combined monthly tax and insurance burden is $359, built from a state-average effective property tax rate of 0.98% on a $324,047 purchase ($3,176 annually) and an insurance rate of 0.35% ($1,134 annually). North Dakota's 0.98% effective rate falls in the normal range and does not create a meaningful headwind on its own, but at $265 per month just for property tax, it is not trivial when rent is $1,297 and the mortgage already exceeds rent. The tax figure deserves its own line on your underwrite, and remember this is a state-average estimate; actual Stark County or township rates may differ from what's modeled here.

The primary risk this data supports is cyclical economic concentration. North Dakota's western counties are historically tied to energy production, and a market of 33,000 people with a stability score of 50 is exposed to demand swings if that sector contracts. No vacancy or crime statistics are available in this dataset, so those dimensions cannot be evaluated here. The negative cash-flow profile also means your hold thesis depends heavily on continued price appreciation; if that 4.9% growth rate reverts toward the mean, the investment loses its primary justification without generating income to compensate.

Against its neighbors, Stark's rent-to-price ratio of 0.048 is the best in the group: Ward County is at 0.0448, Burleigh at 0.0445, and Richland at 0.0441. Stark also carries the highest appreciation score, suggesting the market at least leads its peer set on yield efficiency and price momentum. Ward County at a $272,772 median offers a lower entry point but a weaker yield ratio, so you are not getting better cash flow by moving there. Burleigh County at $352,675 is pricier with a lower yield ratio and a nearly identical overall score of 58, making it harder to justify. Richland County at $219,459 is the cheapest option with the lowest rent at $807, and its yield ratio is the weakest of the group with data available. If your primary objective is appreciation and you want the best gross yield ratio among these five counties, Stark is the logical choice. If carrying a negative cash flow position for the length of your hold is not workable within your portfolio, none of these North Dakota neighbors solve that problem either.