609 3rd St N · Fargo, ND 58102

$284,900

0 bd · 4.0 ba · 2,139 sqft · MultiFamily public records · 66 Days on market

Built 1900 6,969 sqft lot

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Why this score? — see what drove the D+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +18.5/30.0
• ARV discount +7.5/15.0
• DSCR +5.8/10.0
• Livability +4.2/5.0
• 1% rule +4.0/10.0
• Rent growth +3.7/5.0
• Schools +3.6/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Key facts

• Newer shingles
• Landscaped
• Extra rental income

Tags

• NEWER SHINGLES
• NEWER WINDOWS
• CONVENIENT DOWNTOWN LOCATION
• EXTRA RENTAL INCOME
• LANDSCAPED
• WALK IN CLOSET

Property features AI

Finance

• Other: Property not owner occupied
• Financial info: Property operated as multi-unit (4 total units); Gross income reported: $41,460; Net operating income reported: $33,445; Owner pays electricity and heat; Reported expenses include fuel, water/sewer, insurance, and maintenance

Exterior

• Parking: Detached/attached garage with space for 4 cars; Garage approximately 21 x 41 with 8' wide by 7' high door(s)
• Utilities: City water (in street); City sewer (in street); Natural gas; Electric service with circuit breakers and fuses
• Home design: Residential income property; Two levels
• Construction: Asphalt roof; Block foundation; Foundation dimensions approximately 29 x 39; Above-grade finished area and additional finished below-grade space
• Exterior features: Wood exterior; Lot approximately 0.16 acres (50 x 140)

Interior

• Kitchen: Range; Refrigerator
• Bedrooms: 4 total bedrooms (unit distribution across the building)
• Bathrooms: Multiple full bathrooms across units
• Heating & cooling: Boiler heating
• Interior features: Block foundation in basement; Walk-in closet
• Laundry & utility: Laundry located in basement

What this means for you Summary

Snapshot

• This is a ?-bed/4.0-bath multifamily listed at $285k.

Deal economics

• At list price, monthly cash flow is $273 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $255k (10.4% below list).
• Recommended offer: $255k (10.4% below list) — sets the bar for 1% rule.
• Cap rate 7.4% vs local median 2.5% in Fargo — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 85/100 on livability (#1 in ND, #605 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: crime F.
• Fargo 1 (urban): math 41% / reading 44% proficiency, ranked #28 of 53 in ND (top 53%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+4.7%/yr); 205 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); 1,218 units permitted in Cass County in 2024 (410 in 5+ unit buildings).
• At $2,554/mo this rent would consume 51% of the median local household income ($60k/yr) (locally 1919% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Cass County population projected at +69% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 66 days — a 6% lower offer ($268k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $15k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $27k; list at $285k implies a 953% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $255,400 (10.4% below list)

Questions for the listing agent

1. It's been on market 66 days. Have you received any prior offers? Is the seller open to a 10% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
6. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
7. 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.
8. 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.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.90% ✗
• Cap rate: 7.44%
• Cash-on-cash: 4.10%
• DSCR: 1.18
• GRM: 9.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.71% rent growth · sell at horizon

5-year hold

• IRR: -8.2%
• Equity multiple: 0.69×
• Total profit: $-24,431
• Equity at exit: $42,480

10-year hold

• IRR: 3.2%
• Equity multiple: 1.25×
• Total profit: $19,675
• Equity at exit: $24,633

Cash invested: $79,772 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 82 Strongly Landlord-Friendly
• State North Dakota: 82 Strongly Landlord-Friendly · R+20
• County: — inherits STATE
• City: — inherits STATE

3-day notice; landlord-friendly.

Methodology + full state rankings →

ZIP-level market 58102

• Rents YoY: 4.7%
• Active inventory: 205
• Price-to-rent: 18.6×

Monthly cashflow live

• Estimated rent: $2,554 high
• Mortgage (P&I): −$1,494
• Tax from tax record: −$132 /mo · $1,587/yr
• Insurance: −$119
• HOA: −$0
• Vacancy / Maint / Mgmt: −$536
• Net cashflow: $273

Break-even live

Break-even rent $2,209

Max offer price $284,900

Occupancy floor 84%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,554
Total (2 units)			$2,554

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $71,225
• Closing costs: $8,547
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
630 1st Ave N Fargo, ND	1.0–4.0	1.0–2.0	1098	$1,200	$1.09	13d	6	0.52mi
21 8th St N Fargo, ND	4.0	1.0–3.0	949	$1,202	$1.27	13d	6	0.63mi
810 4th Ave S Unit 138 Moorhead, MN	3.0	2.0	1750	$1,325	$0.76	21d	1	1.11mi
1900 Dakota Dr N Fargo, ND	3.0–4.0	2.0–3.0	1324	$1,425	$1.08	13d	7	1.38mi
1521 1st Ave N Moorhead, MN	1.0–3.0	1.0–2.0	1050	$1,208	$1.15	43d	1	1.42mi

Listing history 24 events

1. 2026-06-18
   days on market $284,900 Active 66 DOM
2. 2026-06-17
   days on market $284,900 Active 65 DOM
3. 2026-06-16
   days on market $284,900 Active 64 DOM
4. 2026-06-15
   days on market $284,900 Active 63 DOM
5. 2026-06-14
   days on market $284,900 Active 61 DOM
6. 2026-06-13
   days on market $284,900 Active 60 DOM
7. 2026-06-10
   days on market $284,900 Active 58 DOM
8. 2026-06-09
   days on market $284,900 Active 57 DOM
9. 2026-06-08
   days on market $284,900 Active 56 DOM
10. 2026-06-07
    pricedays on market $284,900 Active 55 DOM
11. 2026-06-02
    days on market $299,900 Active 50 DOM
12. 2026-06-01
    days on market $299,900 Active 49 DOM
13. 2026-05-31
    days on market $299,900 Active 48 DOM
14. 2026-05-30
    days on market $299,900 Active 47 DOM
15. 2026-04-13
    listed $299,900 Active
16. 2026-03-03
    historical
17. 2025-10-31
    listed $299,900 Active
18. 2025-10-10
    historical
19. 2025-10-01
    price $299,900
20. 2025-09-12
    price $309,900
21. 2025-08-15
    price $319,900
22. 2025-07-23
    listed $329,900 Active
23. 2012-09-06
    soldstatus
24. 2010-12-29
    soldstatus $27,063

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast ND · Resets to sale price

• Current annual tax: $1,587 · $132/mo
• Projected year-2 tax: $2,792 · $233/mo
• Expected delta: +$1,205/yr (+$100/mo · 75.9%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (shaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥98°F today · 12 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $30,648
• − Mortgage interest: −$15,959
• − Property taxes: −$1,587
• − Insurance: −$1,424
• − Repairs & maintenance: −$2,452
• − Management: −$2,452
• − Depreciation: −$8,288
• Taxable loss: −$1,514
• Est. tax savings @ 24.0%: +$363
• After-tax cash flow: $3,635/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Fargo 1
• NCES district ID: 3806780
• Math proficiency: 41% ▼ -7.00%
• Reading proficiency: 44% ▼ -7.00%
• Median HH income: $46,524
• Composite: 36.23/100
• National rank: #4721
• State rank: #28 of 53 in ND

Livability — Fargo

• Score: 85/100
• State rank: #1
• US rank: #605

Category grades

Amenities A+ Commute A+ Cost of living A+ Crime F Employment C+ Housing A+ Health & safety A+ User ratings C+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Fargo, ND
• County: Cass County · 177,143 people
• City population: 130,876
• Metro: Fargo, ND-MN
• Population (ZIP): 32,912
• Household income: $59,533
• Rent vs Own: 53.8% rent · 46.2% own
• Severe rent burden: 1919.0

Population outlook (Cass County) Hauer SSP2

• Today (2025): 223,771 people
• By 2030: 251,835 · +12.5%
• By 2040: 311,816 · +39.3%
• By 2050: 378,694 · +69.2%
• By 2075: 571,386 · +155.3%
• By 2100: 769,727 · +244.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Hispanic / Latino 5% Two or more races 5% Black 4% Asian 3%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2%
• Common ancestry: Portuguese 27% Romanian 3% Scottish 2%
• Foreign-born: 4% · Canada, China
• Languages at home: 92% English-only · Spanish 3% Other Indo-European 2%

Political lean MEDSL · Cass

• 2024 margin: Lean R (+8.4) · D 44.9% · R 53.3% · Other 1.9%
• 2008→2024 swing: -15.5pp toward R · 2008: 7.1pp · 2024: -8.4pp
• All cycles: 2024: R+8.4 2020: R+2.7 2016: R+10.7 2012: R+3.0 2008: D+7.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -171.16%
• Current HPI: 155.885
• Rent YoY: ▲ 4.71%
• Metro: Fargo, ND-MN
• State GDP YoY: ▲ 2.09%
• F500 in state: 2

Industry mix (Fortune 500 HQ in ND)

Industry	F500 HQs	Revenue
▸Utilities / Construction	1	$6B

Price history

+1008.2% since first listed

10 events — show timeline

• 2026-04-13 Listed $299,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-03-03 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2025-10-31 Listed $299,900 NORTHSTARMLS as Distributed by MLS Grid
• 2025-10-10 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2025-10-01 Price Changed $299,900 NORTHSTARMLS as Distributed by MLS Grid
• 2025-09-12 Price Changed $309,900 NORTHSTARMLS as Distributed by MLS Grid
• 2025-08-15 Price Changed $319,900 NORTHSTARMLS as Distributed by MLS Grid
• 2025-07-23 Listed $329,900 NORTHSTARMLS as Distributed by MLS Grid
• 2012-09-06 Sold (Public Records) — Public Records
• 2010-12-29 Sold (Public Records) $27,063 Public Records