1814 22nd Ave S #106 · Grand Forks, ND 58201

$80,000

2 bd · 1.0 ba · 945 sqft · Condo public records · 69 Days on market

Built 1969 $321/mo HOA · 28% of rent

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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 +16.6/30.0
• 1% rule +9.5/10.0
• ARV discount +7.5/15.0
• DSCR +5.2/10.0
• Rent growth +4.8/5.0
• Livability +3.9/5.0
• Schools +3.6/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Key facts

• New siding
• Sauna
• Heated pool

Tags

• UPDATED KITCHEN CABINETRY
• HEATED POOL
• SAUNA
• NEW ROOF
• NEW WINDOWS
• NEW SIDING

Property features AI

Finance

• Other: Annual tax approximately $1,138
• HOA & community: Homeowners association with a monthly association fee of $321

Exterior

• Parking: Garage door opener
• Utilities: Public water; Natural gas available
• Home design: One-level condominium
• Construction: 945 above-grade finished area
• Exterior features: Deck; Condominium setting

Interior

• Bathrooms: One three-quarter bathroom
• Heating & cooling: Has heating; Has cooling
• Interior features: Total of 7 rooms; Deck (listed as a building/exterior feature)

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $80k.

Deal economics

• At list price, monthly cash flow is $49 ($584/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $80k).
• Recommended offer: $75k (6.0% below list) — sets the bar for market timing.
• Cap rate 7.0% vs local median 2.2% in Grand Forks — 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 78/100 on livability (#8 in ND, #2,645 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment C-, crime D+.
• Grand Forks 1 (urban): math 37% / reading 49% proficiency, ranked #27 of 53 in ND (top 51%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+9.3%/yr); 284 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 133 units permitted in Grand Forks County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $553 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Grand Forks County population projected at +43% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $22k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 69 days — a 6% lower offer ($75k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 8y 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.

Risks & watch-outs

• Watch-outs: HOA is 28% of rent.

Recommended offer $75,200 (6.0% below list)

Questions for the listing agent

1. It's been on market 69 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1969 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
8. Crime grade is D 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?
9. 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.
10. 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.
11. 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: 1.45% ✓
• Cap rate: 7.02%
• Cash-on-cash: 2.61%
• DSCR: 1.12
• GRM: 5.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -3.9%
• Equity multiple: 0.84×
• Total profit: $-3,508
• Equity at exit: $11,928

10-year hold

• IRR: 12.6%
• Equity multiple: 2.33×
• Total profit: $29,754
• Equity at exit: $6,917

Cash invested: $22,400 (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 58201

• Rents YoY: 9.3%
• Active inventory: 284
• Price-to-rent: 5.7×

Monthly cashflow live

• Estimated rent: $1,162 medium
• Mortgage (P&I): −$420
• Tax from tax record: −$96 /mo · $1,147/yr
• Insurance: −$33
• HOA: −$321
• Vacancy / Maint / Mgmt: −$244
• Net cashflow: $49

Break-even live

Break-even rent $1,101

Max offer price $80,000

Occupancy floor 91%

Sensitivity live

Price	-10% $94	-5% $71	+0% $49	+5% $26	+10% $3
Rent	-10% $-43	-5% $3	+0% $49	+5% $95	+10% $141
Rate	-1.0pp $89	-0.5pp $69	base $49	+0.5pp $28	+1.0pp $7

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: $20,000
• Closing costs: $2,400
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
905 32nd Ave S Grand Forks, ND	2.0	1.0	1000	$1,260	$1.26	44d	3	0.97mi
1850 S 34th St Grand Forks, ND	1.0–2.0	1.0	837	$925	$1.11	44d	4	1.16mi

HOA detail condo

• Monthly dues: $321 · $3,852/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 10 events

1. 2026-05-08
   historical Active Under Contract
2. 2026-03-19
   listed $80,000 Active
3. 2023-05-24
   soldstatus Closed
4. 2023-04-12
   listed $72,999
5. 2022-10-20
   soldstatus
6. 2022-10-18
   soldstatus
7. 2022-09-28
   listed $69,900
8. 2021-10-01
   listed $67,900
9. 2018-09-28
   listed $67,900
10. 2013-12-13
    soldstatus

ⓘ 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: $1,147 · $96/mo
• Projected year-2 tax: $1,147 · $96/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X · 20% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥96°F today · 12 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,946
• − Mortgage interest: −$4,481
• − Property taxes: −$1,147
• − Insurance: −$400
• − Repairs & maintenance: −$1,116
• − Management: −$1,116
• − HOA: −$3,852
• − Depreciation: −$2,327
• Taxable loss: −$493
• Est. tax savings @ 24.0%: +$118
• After-tax cash flow: $703/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: Grand Forks 1
• NCES district ID: 3808130
• Math proficiency: 37% ▼ -8.00%
• Reading proficiency: 49% ▲ 1.00%
• Median HH income: $44,234
• Composite: 36.39/100
• National rank: #4681
• State rank: #27 of 53 in ND

Livability — Grand Forks

• Score: 78/100
• State rank: #8
• US rank: #2645

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Grand Forks, ND
• County: Grand Forks County · 58,851 people
• City population: 58,851
• Metro: Grand Forks, ND-MN
• Population (ZIP): 42,373
• Household income: $68,143
• Rent vs Own: 50.3% rent · 49.7% own
• Severe rent burden: 2110.0

Population outlook (Grand Forks County) Hauer SSP2

• Today (2025): 80,606 people
• By 2030: 86,489 · +7.3%
• By 2040: 99,506 · +23.4%
• By 2050: 115,269 · +43.0%
• By 2075: 171,303 · +112.5%
• By 2100: 238,330 · +195.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (82%)
• Race & ethnicity: White 82% Two or more races 7% Hispanic / Latino 5% Black 4% Asian 2% Native American 2%
• Common ancestry: Portuguese 26% Romanian 4% Lithuanian 3%
• Foreign-born: 5% · Canada, South Korea, China
• Languages at home: 93% English-only · Spanish 1% Other Indo-European 1% Russian/Polish/Slavic 1%

Political lean MEDSL · Grand Forks

• 2024 margin: R (+18.2) · D 40.1% · R 58.3% · Other 1.6%
• 2008→2024 swing: -23.3pp toward R · 2008: 5.1pp · 2024: -18.2pp
• All cycles: 2024: R+18.2 2020: R+13.3 2016: R+18.5 2012: R+3.5 2008: D+5.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -197.56%
• Current HPI: 183.128
• Rent YoY: ▲ 9.31%
• Metro: Grand Forks, 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

+17.8% since first listed

10 events — show timeline

• 2026-05-08 Contingent — GFAAR
• 2026-03-19 Listed $80,000 GFAAR
• 2023-05-24 Sold (MLS) — GFAAR
• 2023-04-12 Listed $72,999 GFAAR
• 2022-10-20 Sold (Public Records) — Public Records
• 2022-10-18 Sold (MLS) — GFAAR
• 2022-09-28 Listed $69,900 GFAAR
• 2021-10-01 Listed $67,900 GFAAR
• 2018-09-28 Listed $67,900 GFAAR
• 2013-12-13 Sold (Public Records) — Public Records

Property tax history

+4.3%/yr

Latest (2025): $1,147 · +3.1% YoY. Source: county tax records.