1209 2nd Ave S · Moorhead, MN 56560

$150,000

4 bd · 2.0 ba · 1,146 sqft · SingleFamily · 189 Days on market

Built 1896 0.26 ac lot ↓ 20% 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 +26.3/30.0
• DSCR +8.9/10.0
• ARV discount +7.5/15.0
• 1% rule +7.3/10.0
• Livability +3.9/5.0
• Schools +3.7/10.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This fixer upper offers potential to any buyer looking to add value through updates and repairs. Featuring steel siding, a generous size lot with plenty of outdoor space and a large shop that is ideal for storage, equipment or workspace. This property presents a great opportunity for those seeking a project with upside potential. 14 New windows installed in 1999 and steel siding was put on.

Key facts

• Generous size lot
• Large shop
• 14 new windows

Tags

• GENEROUS SIZE LOT
• LARGE SHOP
• 14 NEW WINDOWS

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $150k.

Deal economics

• At list price, monthly cash flow is $387 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $132k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.4% vs local median 3.7% in Moorhead — 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 77/100 on livability (#143 in MN, #3,111 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living A-; Watch: crime C-, amenities F, commute F.
• Moorhead Public School District (suburban): math 39% / reading 46% proficiency, ranked #202 of 301 in MN (top 67%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+1.4%/yr); 390 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 14d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 269 units permitted in Clay County in 2024 (153 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Clay County population projected at +23% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 189 days — a 12% lower offer ($132k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1896 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $132,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 189 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1896 — 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. 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?
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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.23% ✓
• Cap rate: 9.39%
• Cash-on-cash: 11.06%
• DSCR: 1.49
• GRM: 6.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.41% rent growth · sell at horizon

5-year hold

• IRR: -1.6%
• Equity multiple: 0.94×
• Total profit: $-2,518
• Equity at exit: $22,365

10-year hold

• IRR: 6.3%
• Equity multiple: 1.43×
• Total profit: $18,179
• Equity at exit: $12,969

Cash invested: $42,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 46 Balanced
• State Minnesota: 46 Balanced · D+2
• County: — inherits STATE
• City: — inherits STATE

2024 reforms strengthened tenant protections; ramsey/hennepin courts paced moderate to slow.

Methodology + full state rankings →

ZIP-level market 56560

• Rents YoY: 1.4%
• Active inventory: 390
• Price-to-rent: 6.8×

Monthly cashflow live

• Estimated rent: $1,850 high
• Mortgage (P&I): −$787
• Tax from tax record: −$225 /mo · $2,702/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$388
• Net cashflow: $387

Break-even live

Break-even rent $1,360

Max offer price $150,000

Occupancy floor 74%

Sensitivity live

Price	-10% $472	-5% $429	+0% $387	+5% $345	+10% $302
Rent	-10% $241	-5% $314	+0% $387	+5% $460	+10% $533
Rate	-1.0pp $463	-0.5pp $425	base $387	+0.5pp $348	+1.0pp $309

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1521 1st Ave N Moorhead, MN	1.0–3.0	1.0–2.0	1050	$1,440	$1.37	44d	1	0.34mi
419 3rd St N Fargo, ND	1.0–3.0	1.0–2.0	1023	$2,600	$2.54	14d	21	1.15mi
23 Broadway N Fargo, ND	1.0–3.0	1.0–2.0	912	$1,700	$1.86	21d	5	1.26mi
23 N Broadway Dr Unit 406 Fargo, ND	3.0	2.0	1225	$1,700	$1.39	14d	1	1.27mi
23 N Broadway Dr Unit 306 Fargo, ND	3.0	1.0	1100	$1,560	$1.42	21d	1	1.27mi
337 10th Ave S Fargo, ND	3.0	1.0	979	$1,235	$1.26	21d	1	1.28mi
405 Broadway N Fargo, ND	3.0	1.0–2.0	973	$2,250	$2.31	14d	24	1.35mi
624 2nd Ave N Fargo, ND	3.0	1.0–2.0	914	$2,025	$2.22	14d	32	1.36mi
630 1st Ave N Fargo, ND	1.0–4.0	1.0–2.0	1098	$1,700	$1.55	14d	6	1.36mi

Listing history 6 events

1. 2026-05-14
   status Pending 396-char remark

   Show marketing remark (396 chars)

   This fixer upper offers potential to any buyer looking to add value through updates and repairs. Featuring steel siding, a generous size lot with plenty of outdoor space and a large shop that is ideal for storage, equipment or workspace. This property presents a great opportunity for those seeking a project with upside potential. 14 New windows installed in 1999 and steel siding was put on.

2. 2026-04-27
   price $150,000 396-char remark

   Show marketing remark (396 chars)

   This fixer upper offers potential to any buyer looking to add value through updates and repairs. Featuring steel siding, a generous size lot with plenty of outdoor space and a large shop that is ideal for storage, equipment or workspace. This property presents a great opportunity for those seeking a project with upside potential. 14 New windows installed in 1999 and steel siding was put on.

3. 2026-03-18
   price $165,000 396-char remark

   Show marketing remark (396 chars)

   This fixer upper offers potential to any buyer looking to add value through updates and repairs. Featuring steel siding, a generous size lot with plenty of outdoor space and a large shop that is ideal for storage, equipment or workspace. This property presents a great opportunity for those seeking a project with upside potential. 14 New windows installed in 1999 and steel siding was put on.

4. 2026-01-05
   price $175,000 396-char remark

   Show marketing remark (396 chars)

   This fixer upper offers potential to any buyer looking to add value through updates and repairs. Featuring steel siding, a generous size lot with plenty of outdoor space and a large shop that is ideal for storage, equipment or workspace. This property presents a great opportunity for those seeking a project with upside potential. 14 New windows installed in 1999 and steel siding was put on.

5. 2025-11-18
   price $180,000 396-char remark

   Show marketing remark (396 chars)

   This fixer upper offers potential to any buyer looking to add value through updates and repairs. Featuring steel siding, a generous size lot with plenty of outdoor space and a large shop that is ideal for storage, equipment or workspace. This property presents a great opportunity for those seeking a project with upside potential. 14 New windows installed in 1999 and steel siding was put on.

6. 2025-11-06
   listed $187,000 Active 396-char remark

   Show marketing remark (396 chars)

   This fixer upper offers potential to any buyer looking to add value through updates and repairs. Featuring steel siding, a generous size lot with plenty of outdoor space and a large shop that is ideal for storage, equipment or workspace. This property presents a great opportunity for those seeking a project with upside potential. 14 New windows installed in 1999 and steel siding was put on.

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

Tax reassessment forecast MN · Partial reset (capped growth)

• Current annual tax: $2,702 · $225/mo
• Projected year-2 tax: $2,702 · $225/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 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: $22,197
• − Mortgage interest: −$8,402
• − Property taxes: −$2,702
• − Insurance: −$750
• − Repairs & maintenance: −$1,776
• − Management: −$1,776
• − Depreciation: −$4,364
• Taxable income: $2,428
• Est. tax owed @ 24.0%: −$583
• After-tax cash flow: $4,062/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: Moorhead Public School District
• NCES district ID: 2721420
• Math proficiency: 39% ▼ -8.00%
• Reading proficiency: 46% ▼ -6.00%
• Median HH income: $53,009
• Composite: 36.83/100
• National rank: #4560
• State rank: #202 of 301 in MN

Livability — Moorhead

• Score: 77/100
• State rank: #143
• US rank: #3111

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Moorhead, MN
• County: Clay County · 44,405 people
• City population: 44,405
• Metro: Fargo, ND-MN
• Population (ZIP): 44,405
• Household income: $75,406
• Rent vs Own: 41.0% rent · 59.0% own
• Severe rent burden: 2229.0

Population outlook (Clay County) Hauer SSP2

• Today (2025): 67,880 people
• By 2030: 70,881 · +4.4%
• By 2040: 76,865 · +13.2%
• By 2050: 83,205 · +22.6%
• By 2075: 98,719 · +45.4%
• By 2100: 111,657 · +64.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (81%)
• Race & ethnicity: White 81% Black 6% Two or more races 6% Hispanic / Latino 6% Asian 2%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Portuguese 26% Lithuanian 3% Scottish 3%
• Foreign-born: 6% · Canada, Vietnam
• Languages at home: 91% English-only · Spanish 2% Other Indo-European 2% Arabic 1%

Political lean MEDSL · Clay

• 2024 margin: Toss-up / Even · D 49.2% · R 48.8% · Other 2.0%
• 2008→2024 swing: -15.5pp toward R · 2008: 16.0pp · 2024: 0.5pp
• All cycles: 2024: D+0.5 2020: D+4.1 2016: R+2.0 2012: D+8.0 2008: D+16.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -108.32%
• Current HPI: 177.038
• Rent YoY: ▲ 1.41%
• Metro: Fargo, ND-MN
• State GDP YoY: ▲ 2.41%
• F500 in state: 34

Industry mix (Fortune 500 HQ in MN)

Industry	F500 HQs	Revenue
▸Healthcare	2	$407B
▸Retail	2	$150B
▸Consumer Goods	2	$32B
▸Industrial Machinery	2	$6B
▸Agriculture	1	$40B
▸Healthcare / Medical Devices	1	$32B

Price history

-19.8% since first listed

6 events — show timeline

• 2026-05-14 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-27 Price Changed $150,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-03-18 Price Changed $165,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-01-05 Price Changed $175,000 NORTHSTARMLS as Distributed by MLS Grid
• 2025-11-18 Price Changed $180,000 NORTHSTARMLS as Distributed by MLS Grid
• 2025-11-06 Listed $187,000 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+8.1%/yr

Latest (2026): $2,702 · +19.2% YoY. Source: county tax records.