310 Antelope Ave SW · Forman, ND 58032

$325,000

9 bd · 3.9 ba · 3,840 sqft · MultiFamily · 40 Days on market

Built 1994 Fair condition 9,888 sqft lot ↓ 24% since listing

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Why this score? — see what drove the C- 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 +18.1/30.0
• ARV discount +7.5/15.0
• DSCR +5.7/10.0
• Appreciation +5.0/10.0
• 1% rule +4.9/10.0
• Livability +3.8/5.0
• Schools +3.5/10.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

Excellent investment opportunity! This well-maintained 4-plex was built in 1996 and sits just off Main Street in Forman, within walking distance of the grocery store, pharmacy, post office, and clinic. Each identical unit features 2 bedrooms, 1 bath, and a single-stall garage. Recent updates totaling roughly $40,000 include new garage doors, flooring, carpet, paint, ventilation, and landscaping. Tenants pay their own electric heat and A/C; landlord pays only taxes, insurance, and water (˜ $10,000 per year). Long-term senior tenants and zero vacancy history make this a low-maintenance, high-stability property. Current rents: $625 per unit ($30,000 annual gross). Similar units in town are bringing $725. Whether you’re a local investor or expanding your portfolio, this 3,840 sq ft 4-plex delivers steady income, excellent condition, and strong community appeal.

Key facts

• Window treatments
• Appliances
• Light fixtures

Tags

• WELL MAINTAINED
• UPDATED FLOORING
• LIGHT FIXTURES
• CEILING FANS
• WINDOW TREATMENTS
• APPLIANCES

Property features AI

Finance

• Financial info: Property configured as four units (residential income); Gross income reported at $30,000; Net operating income reported at $19,300; Owner pays cable TV, electricity, telephone; Owner expense examples: insurance $3,600; water/sewer expense $3,500; Tenants pay insurance, sewer, taxes, trash collection, water

Exterior

• Parking: Attached garage with garage door opener; Multiple garages (4 garage spaces); Concrete flooring in garage; Garage dimensions approximately 21 x 24
• Utilities: City water (connected); City sewer (connected); Electric fuel
• Home design: Residential income property; One story; Slab foundation; Asphalt roof; Above-ground finished area 3,840 (total building area)
• Construction: Vinyl exterior; Slab foundation; Asphalt roof
• Exterior features: Vinyl siding; Corner lot; City street frontage

Interior

• Kitchen: Range; Refrigerator; Microwave
• Bedrooms: 8 total bedrooms; Each unit has 2 bedrooms
• Bathrooms: Four 1-bath units (each unit has 1 full bathroom)
• Heating & cooling: Baseboard heating; Wall cooling (unitized wall ACs)
• Interior features: No basement; Ceiling fan(s); No internal stairs (single-level access)
• Laundry & utility: Washer hookup; Electric dryer hookup; Electric water heater

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/?-bath units multifamily listed at $325k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $288 ($3k/yr) — positive. Per door: $96/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $321k (1.3% below list).
• Recommended offer: $315k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 76/100 on livability (#16 in ND, #3,437 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• Sargent Central 6 (rural): math 40% / reading 35% proficiency, ranked #113 of 169 in ND (top 67%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 2 active listings in the ZIP; 1 units permitted in Sargent County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $12k of equity ($2k loan paydown + $10k appreciation (3.0% local appreciation)).
• Sargent County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $91k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$41k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 40 days — a 3% lower offer ($315k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Recommended offer $315,250 (3.0% below list)

Questions for the listing agent

1. It's been on market 40 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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.
7. 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.
8. 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: 0.99% ✗
• Cap rate: 7.35%
• Cash-on-cash: 3.79%
• DSCR: 1.17
• GRM: 8.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 11.0%
• Equity multiple: 1.63×
• Total profit: $57,512
• Equity at exit: $146,134

10-year hold

• IRR: 13.3%
• Equity multiple: 2.97×
• Total profit: $179,190
• Equity at exit: $225,210

Cash invested: $91,000 (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 58032

• Active inventory: 2
• Price-to-rent: 25.3×

Monthly cashflow live

• Estimated rent: $3,207 medium
• Mortgage (P&I): −$1,704
• Tax est. 1.5%: −$406 /mo · $4,875/yr
• Insurance: −$135
• HOA: −$0
• Vacancy / Maint / Mgmt: −$673
• Net cashflow: $288

Break-even live

Break-even rent $2,843

Max offer price $325,000

Occupancy floor 86%

Sensitivity live

Price	-10% $512	-5% $400	+0% $288	+5% $175	+10% $63
Rent	-10% $34	-5% $161	+0% $288	+5% $414	+10% $541
Rate	-1.0pp $451	-0.5pp $370	base $288	+0.5pp $203	+1.0pp $118

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	—	$3,207
Total (3 units)			$3,207

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: $81,250
• Closing costs: $9,750
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-21
   days on market $325,000 Active 40 DOM
2. 2026-06-18
   days on market $325,000 Active 38 DOM
3. 2026-06-17
   days on market $325,000 Active 37 DOM
4. 2026-06-16
   days on market $325,000 Active 36 DOM
5. 2026-06-15
   days on market $325,000 Active 35 DOM
6. 2026-06-13
   days on market $325,000 Active 33 DOM
7. 2026-06-12
   days on market $325,000 Active 32 DOM
8. 2026-06-09
   days on market $325,000 Active 29 DOM
9. 2026-06-08
   days on market $325,000 Active 28 DOM
10. 2026-06-07
    days on market $325,000 Active 27 DOM
11. 2026-06-05
    days on market $325,000 Active 25 DOM
12. 2026-06-04
    days on market $325,000 Active 23 DOM
13. 2026-06-02
    days on market $325,000 Active 22 DOM
14. 2026-06-01
    days on market $325,000 Active 21 DOM
15. 2026-05-31
    days on market $325,000 Active 20 DOM
16. 2026-05-11
    listed $325,000 Active
17. 2025-11-06
    listed $350,000 Active 882-char remark

    Show marketing remark (882 chars)

    Excellent investment opportunity! This well-maintained 4-plex was built in 1996 and sits just off Main Street in Forman, within walking distance of the grocery store, pharmacy, post office, and clinic. Each identical unit features 2 bedrooms, 1 bath, and a single-stall garage. Recent updates totaling roughly $40,000 include new garage doors, flooring, carpet, paint, ventilation, and landscaping. Tenants pay their own electric heat and A/C; landlord pays only taxes, insurance, and water (˜ $10,000 per year). Long-term senior tenants and zero vacancy history make this a low-maintenance, high-stability property. Current rents: $625 per unit ($30,000 annual gross). Similar units in town are bringing $725. Whether you’re a local investor or expanding your portfolio, this 3,840 sq ft 4-plex delivers steady income, excellent condition, and strong community appeal.

18. 2024-11-23
    historical
19. 2024-05-22
    listed $425,000 Active

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

Climate risk First Street

• 🌊 Flood 1/10 Low 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥99°F today · 12 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $38,484
• − Mortgage interest: −$18,205
• − Property taxes: −$4,875
• − Insurance: −$1,625
• − Repairs & maintenance: −$3,079
• − Management: −$3,079
• − Depreciation: −$9,455
• Taxable loss: −$1,833
• Est. tax savings @ 24.0%: +$440
• After-tax cash flow: $3,890/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.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab

This 4-plex requires moderate renovations to update the kitchens and bathrooms, and improve the landscaping. The property has good roof and structural condition, making it a solid investment opportunity.

Repairs flagged

• Moderate kitchen cabinets — dated and in need of updating
• Moderate bathroom fixtures — standard and outdated
• Minor landscaping — some overgrown areas

Value-add opportunities

• Both update kitchen cabinets and fixtures — modernizing the kitchen would appeal to both buyers and renters
• Both update bathrooms with modern fixtures — modernizing bathrooms would appeal to both buyers and renters
• Both landscape and add curb appeal — improved landscaping would enhance curb appeal and attract more tenants

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · dated and in need of updating	Moderate	$3,000–15,000
bathroom fixtures · standard and outdated	Moderate	$3,000–15,000
landscaping · some overgrown areas	Minor	$500–3,000
Total estimated repair cost · 3 items		$6,500–33,000

Value-add ROI direction

• Both update kitchen cabinets and fixtures — modernizing the kitchen would appeal to both buyers and renters ↑
• Both update bathrooms with modern fixtures — modernizing bathrooms would appeal to both buyers and renters ↑
• Both landscape and add curb appeal — improved landscaping would enhance curb appeal and attract more tenants ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Sargent Central 6
• NCES district ID: 3816430
• Math proficiency: 40% ▲ 15.00%
• Reading proficiency: 35% ▬ 0.00%
• Median HH income: $50,101
• Composite: 34.97/100
• National rank: #9960
• State rank: #113 of 169 in ND

Livability — Forman

• Score: 76/100
• State rank: #16
• US rank: #3437

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Forman, ND
• Population (ZIP): 765

Population outlook (Sargent County) Hauer SSP2

• Today (2025): 3,960 people
• By 2030: 3,997 · +0.9%
• By 2040: 4,070 · +2.8%
• By 2050: 4,137 · +4.5%
• By 2075: 4,790 · +21.0%
• By 2100: 5,588 · +41.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 5% Hispanic / Latino 4%
• Common ancestry: Portuguese 26% Italian 2% Scottish 2%
• Foreign-born: 1% · Canada
• Languages at home: 92% English-only · Spanish 7% German/W. Germanic 1%

Political lean MEDSL · Sargent

• 2024 margin: Solid R (+32.7) · D 32.8% · R 65.5% · Other 1.8%
• 2008→2024 swing: -50.2pp toward R · 2008: 17.5pp · 2024: -32.7pp
• All cycles: 2024: R+32.7 2020: R+25.5 2016: R+20.0 2012: D+9.9 2008: D+17.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: —
• Current HPI: —
• Rent YoY: —
• Metro: —
• 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

-23.5% since first listed

4 events — show timeline

• 2026-05-11 Listed $325,000 NORTHSTARMLS as Distributed by MLS Grid
• 2025-11-06 Listed $350,000 Fizber.com
• 2024-11-23 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2024-05-22 Listed $425,000 NORTHSTARMLS as Distributed by MLS Grid