Occupied $1000/mo rent in the heart of Bakken oil country!
Hi all,
In 2014 I purchased a 3-bedroom townhouse (half of a duplex) in Stanley, North Dakota. No, I had never heard of Stanley before either, but it’s right in the middle of the Bakken oil boom.
If you’re not aware, this area of North Dakota is the largest continuous oil deposit the United States has ever seen. It’s estimated they’ll be able to uncover 7.4 Billion barrels of oil and 6.7 Trillion cubic feet of natural gas from the region.
The laws of supply and demand were in full effect in 2014 as people streamed into the area resembling the early Gold Rush. Without much supply of housing, I was having renters pay $3,000/month for the place (mostly oil industry workers). Read more about this oil boom here: http://www.thefiscaltimes.com/Articles/2013/06/06/11-Shocking-Facts-about-the-North-Dakota-Oil-Boom
Considering my monthly mortgage payment was only $1,200/month, that was a hefty profit each and every month.
Well, fast forward to 2016, and crude oil prices were way down. Lots of oil folks pulled out of the region as I’ve heard that it doesn’t make financial sense to go after the oil here until crude prices are back over $100/barrel.
My life here in CA was getting really busy, and although I had someone managing the property, I left it vacant for too long. There was an unfortunate plumbing leak which caused water damage to the interior. I completely gutted the entire place (thank God for insurance) down to the studs and had every inch of the place rebuilt. It is now in perfect condition and hasn’t been lived in since the remodel.
In December I signed a 1 year lease with a tenant paying $1,000/month. This will at least make it almost a wash as we wait for oil prices to recover.
But here’s my misfortune: Earlier last year, my wife was diagnosed with breast cancer and has been battling that. Honestly, the LAST thing on my mind is this rental property in North Dakota.
I have it listed on the market for sale, but I want to post it here in hopes of one of you savvy investors picking it up. I just want this place gone so I can focus on my family.
Are any of you either interested in an investment opportunity for yourself by buying this place, or could someone point me in the direction of a way I might be able to offload this?
I have no doubt this region will completely rebound and this place will be a great asset for someone willing to wait a bit, but right now, I just don’t want to deal with it.
Here’s the current listing: https://www.zillow.com/homes/314-Adeline-Dr,-Stanley,-ND-58784_rb/
I am completely willing to work with the price to make it a complete no-brainer for the right investor.
Anybody?
Thanks.