Updated October 2026
BRRRR (Buy, Rehab, Rent, Refinance, Repeat) can still work in Williston and Watford City in 2026, but only if you buy far enough below after-repair value that the refinance returns most of your cash even at today's rates. The method recycles one pile of capital through several properties, and the Bakken's mix of older homes and boom-era builds gives it real raw material.
What breaks it here is the same thing that breaks everything in this market: assuming rent and appraisals will hold steady through a slow oil quarter.
The method
What is the BRRRR method, and does it work in Western North Dakota?
You buy a property that needs work, fix it, rent it to a qualified tenant, refinance based on the new appraised value, and use the cash you pull out to do it again. When it works, you end up owning a rented property with equity while most of your original money is back in your hands.
It works here when the numbers are honest. As a Crexi Platinum Broker and Institutional Investment Services Certified, I look at BRRRR the way an investor does: the refinance is the exam, and every earlier step is preparation for it. If the appraisal, the rent, or the rate comes in worse than planned, the whole chain stalls with your money still inside the house.
What this means for you
Treat the refinance as the make-or-break step. Talk to a lender before you buy, not after the rehab is finished.
Go deeper
Test the refinance side before you commit: run your price, loan amount, and rate through ProvenAssumptions.com. Or send me a property you are considering and I will tell you what I would pay for it and why.
Step one
How do I buy below market value in Williston without overpaying?
The purchase decides the deal. I look for properties that scare off retail buyers but are structurally sound: dated homes in established Williston neighborhoods, cosmetic problems that photograph badly, estate sales, and homes that sat through a slow season. Some are leftovers from the last downturn that never got the attention they needed.
Many investors use the 70% rule as a starting point: pay no more than 70% of after-repair value minus rehab costs. It is a guideline, not a law, and the rate environment matters. At higher rates, I want the discount to be bigger, because the refinance has less room to forgive a mistake.
What this means for you
Price the property off a conservative after-repair value, not the best comparable sale on the street.
Steps two and three
What should I fix, and who will rent it?
Rehab for durability, not for a magazine cover. Furnace, water heater, electrical, roof, insulation, and windows that handle a North Dakota winter come first. After that, durable flooring, neutral paint, and sturdy fixtures. Exterior work is easiest in the short building season, roughly May through September, so time your purchase so roofing and concrete are not stuck under snow. If the house sits empty through winter, keep the heat on and the pipes protected.
Tenant demand here comes from energy-sector workers, families relocating for jobs, and people in healthcare, education, and government. Rents can move with oil activity, so I use the lower of a property manager's estimate and recent local leases, the same approach I lay out in how I underwrite a Williston rental for cash flow. For where activity stands now, read our October Bakken Read.
Steps four and five
How does the refinance actually return my cash?
After the property is rented and has seasoned for the period your lender requires, you refinance on its new appraised value. Here is an illustrative example only, not a market figure: buy at 150, spend 40 on the rehab, for 190 invested. If it appraises at 250 and the lender allows 75% loan-to-value, the new loan is 187.5, which returns nearly everything you put in.
| What can go wrong | What it does to the refinance | How I plan for it |
|---|---|---|
| Rehab runs over budget | Less equity created per dollar spent | Contingency line and a contractor bid before closing |
| Appraisal comes in low | Smaller cash-out, money stays in the deal | Conservative after-repair value from the start |
| Rate is higher than planned | Payment rises, rent may no longer cover it | Underwrite at today's rate, check Freddie Mac's weekly survey |
| Rents soften with oil activity | Weaker cash flow, tougher lender review | Reserves sized for a slow quarter |
| Seasoning rules stretch the timeline | Capital sits idle longer | Ask the lender for exact requirements up front |
Then you repeat, but only after the first property is stable. A CPA can explain how depreciation and refinancing affect your tax picture, and I would rather you ask before the purchase than after.
What this means for you
Keep reserves for vacancy and repairs. One bad surprise should slow you down, not sink the plan.
Choosing a team
Why do so many Western ND clients choose Proven Realty?
For an investor, the broker is part of the risk management. BRRRR depends on accurate after-repair values, realistic rents, and honest advice about when to walk away, and those come from volume and local history, not from a template.
Third parties have recorded what Proven Realty has done. Our team is the #1 eXp Team in North Dakota and sits in eXp Realty's Top 250 Teams in the US. Real Trends named us its 2023 Best ND Large Team. Readers voted us Best of Williston six straight years, 2019 through 2024, and the Williston Herald named us Best of the Bakken in 2023, 2024, and 2025.
The activity behind those awards is what matters to an investor. Since 2019 we have closed over $440 million across more than 1,200 units, including 279 units and $87.2 million in 2024 and 256 units and $84.5 million in 2025. That is a steady read on what properties actually sell for, what renovated ones appraise at, and what lenders will accept. Add my own record of more than 1,400 closings, licensed in 2015 and through both the boom and the slowdown, and you have comparable-sales knowledge across property types that few teams in the state can match.
If you want to see that experience applied to the property itself, start with our guide to buying a property in North Dakota.
What this means for you
Ask any broker how many deals they have closed in the market you are buying in. The number and the awards should both be checkable.
FAQ
Questions investors ask me about BRRRR in Williston
Is BRRRR a good strategy at 2026 interest rates?
It can be, but the margin for error is smaller. You need a bigger purchase discount and a rent that covers the payment at today's rate, not a hoped-for lower one.
What is the 70% rule in BRRRR?
It means paying no more than 70% of the after-repair value, minus rehab costs. It is a starting guideline, and I tighten it when rates are high or the property type is harder to appraise.
How long do I have to wait before I can refinance?
It depends on the lender's seasoning rules. Ask for the exact requirement before you buy so you know how long your capital will be tied up.
What kind of property works best for BRRRR in Williston or Watford City?
Structurally sound older homes with cosmetic or system updates needed, in neighborhoods with steady rental demand. I avoid properties with unknown foundation or water problems.
Can I do BRRRR with a multifamily or commercial property?
Yes, but the financing, appraisal, and tenant risks differ from a single-family home. I walk investors through those differences before they commit.
What is the biggest risk of BRRRR in the Bakken?
A slow oil quarter hitting rents and appraisals right when you need to refinance. Reserves and a conservative after-repair value are the defense.
BRRRR rewards patience and a good buy. The investors I have seen do it well were never the fastest, only the ones who refused to pay for a deal that needed everything to go right.
Buy right, rehab for durability, and plan the refinance before you plan the paint.
EPProven Realty brokered by eXp
Ready to look for your first or next BRRRR property?
Tell me your budget and target area and I will show you what I would look at.
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