1805 13 1/2 St S · Fargo, ND 58103

$329,000

9 bd · 3.9 ba · 4,032 sqft · MultiFamily public records · 12 Days on market

Built 1957 8,232 sqft lot ↓ 31% since listing

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Why this score? — see what drove the F 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 +7.6/30.0
• ARV discount +7.5/15.0
• Livability +4.2/5.0
• Rent growth +3.7/5.0
• Schools +3.6/10.0
• Condition / age +2.5/5.0
• 1% rule +2.2/10.0
• DSCR +1.7/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 3 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Key facts

• 8,232 sq ft lot
• 4 garage spots
• Built 1957

Property features AI

Finance

• Other: Property type: Residential income; Total of 4 dwelling units
• Financial info: Gross income reported as $35,964; Rental license: Standard (rental license active)
• HOA & community: Coin-op laundry owned

Exterior

• Parking: 4 garage spaces
• Utilities: City water (connected); City sewer (connected); Natural gas
• Home design: Residential income property; Split entry (bi-level) design; Not owner-occupied
• Construction: Foundation area approximately 2,016 (foundation reported)
• Exterior features: Lot dimensions approximately 55 x 150; Lot size about 0.189 acres

Interior

• Kitchen: Each unit includes a range and refrigerator
• Bedrooms: Total of 8 bedrooms across the property
• Bathrooms: Each unit has 1 full bathroom (4 units total)
• Heating & cooling: Boiler heating; Wall air-conditioning units in each unit
• Interior features: Lower level laundry area; Basement with unspecified/other features; Boiler heating
• Laundry & utility: Coin-operated laundry owned (association amenity); Lower level laundry

What this means for you Summary

Snapshot

• This is a 3 × 1-bed/1-bath units multifamily listed at $329k.

Deal economics

• At list price, monthly cash flow is $-391 ($-5k/yr) — negative. Per door: $-130/mo.
• To cash-flow at today's rent, offer at most $260k (21.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $236k (28.4% below list).
• Recommended offer: $236k (28.4% below list) — sets the bar for 1% rule.
• Cap rate 4.9% 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 (+5.0%/yr); 208 active listings in the ZIP; 1,218 units permitted in Cass County in 2024 (410 in 5+ unit buildings).
• At $2,356/mo this rent would consume 48% of the median local household income ($59k/yr) (locally 1782% 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 $10k 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

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts 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: built in 1957 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $235,600 (28.4% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
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. Built in 1957 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.72% ✗
• Cap rate: 4.87%
• Cash-on-cash: -5.09%
• DSCR: 0.77
• GRM: 11.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.95% rent growth · sell at horizon

5-year hold

• IRR: -22.8%
• Equity multiple: 0.20×
• Total profit: $-73,454
• Equity at exit: $49,055

10-year hold

• IRR: -13.0%
• Equity multiple: 0.18×
• Total profit: $-75,781
• Equity at exit: $28,446

Cash invested: $92,120 (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 58103

• Rents YoY: 5.0%
• Active inventory: 208
• Price-to-rent: 34.9×

Monthly cashflow live

• Estimated rent: $2,356 high
• Mortgage (P&I): −$1,725
• Tax from tax record: −$389 /mo · $4,673/yr
• Insurance: −$137
• HOA: −$0
• Vacancy / Maint / Mgmt: −$495
• Net cashflow: $-391

Break-even live

Break-even rent $2,850

Max offer price $260,003

Occupancy floor —

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

Units	Beds	Baths	Est. rent
▸ 3× units	1	1	$2,355
Total (3 units)			$2,356

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: $82,250
• Closing costs: $9,870
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-04-28
   status Pending
2. 2026-04-21
   status Pending
3. 2026-04-16
   historical Contingent - Inspection
4. 2026-04-09
   listed $329,000 Active
5. 2026-04-09
   listed $329,000 Active
6. 2026-04-08
   soldstatus $865,000
7. 2019-11-05
   soldstatus $480,000

ⓘ 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: $4,673 · $389/mo
• Projected year-2 tax: $4,673 · $389/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 ≥97°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: $28,272
• − Mortgage interest: −$18,429
• − Property taxes: −$4,673
• − Insurance: −$1,645
• − Repairs & maintenance: −$2,262
• − Management: −$2,262
• − Depreciation: −$9,571
• Taxable loss: −$10,570
• Est. tax savings @ 24.0%: +$2,537
• After-tax cash flow: $-2,150/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): 48,796
• Household income: $58,801
• Rent vs Own: 57.9% rent · 42.1% own
• Severe rent burden: 1782.0

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 (74%)
• Race & ethnicity: White 74% Black 12% Two or more races 5% Asian 4% Hispanic / Latino 4% Native American 2%
• Common ancestry: Portuguese 23% Swiss 4% Lithuanian 3%
• Foreign-born: 15% · Canada, India, South Korea
• Languages at home: 86% English-only · Other Indo-European 4% Arabic 1% Spanish 1%

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: ▼ -143.86%
• Current HPI: 163.2804
• Rent YoY: ▲ 4.95%
• 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

-31.5% since first listed

7 events — show timeline

• 2026-04-28 Pending — GNMLS
• 2026-04-21 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-16 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-09 Listed $329,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-09 Listed $329,000 GNMLS
• 2026-04-08 Sold (Public Records) $865,000 Public Records
• 2019-11-05 Sold (Public Records) $480,000 Public Records

Property tax history

+6.1%/yr

Latest (2025): $4,673 · +0.1% YoY. Source: county tax records.