310 23rd St S · Fargo, ND 58103

$150,000

4 bd · 2.0 ba · 862 sqft · SingleFamily public records · 106 Days on market

Built 1951 7,535 sqft lot ↓ 17% 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 +21.2/30.0
• ARV discount +7.5/15.0
• DSCR +6.8/10.0
• 1% rule +5.8/10.0
• Livability +4.2/5.0
• Rent growth +3.7/5.0
• Schools +3.6/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Key facts

• Updated lighting
• 7,535 sq ft lot
• Garage

Tags

• BUTCHER BLOCK COUNTERTOPS
• UPDATED LIGHTING

Property features AI

Exterior

• Parking: 1-car garage
• Utilities: City water connected; City sewer connected; Natural gas
• Home design: Residential property; One level; Entry level on main
• Construction: Block foundation; Block basement
• Exterior features: Vinyl exterior

Interior

• Kitchen: Kitchen on main level; Includes dishwasher, range, microwave, refrigerator
• Bedrooms: 4 bedrooms (main and lower levels)
• Bathrooms: 1 full bathroom; 1 three-quarter bathroom
• Heating & cooling: Forced air heating; No central cooling
• Interior features: Dishwasher; Dryer; Microwave; Range; Refrigerator; Washer
• Laundry & utility: Laundry room; Washer and dryer included; Utility room

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 $217 ($3k/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: $136k (9.0% below list) — sets the bar for market timing.
• Cap rate 8.0% 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; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 1,218 units permitted in Cass County in 2024 (410 in 5+ unit buildings).
• This rent runs 33% of the median local income ($59k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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.
• 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 106 days — a 9% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $30k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1951 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $136,500 (9.0% below list)

Questions for the listing agent

1. It's been on market 106 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1951 — 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. 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: 1.08% ✓
• Cap rate: 8.03%
• Cash-on-cash: 6.21%
• DSCR: 1.28
• GRM: 7.7

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: -4.5%
• Equity multiple: 0.83×
• Total profit: $-7,174
• Equity at exit: $22,365

10-year hold

• IRR: 7.4%
• Equity multiple: 1.61×
• Total profit: $25,640
• Equity at exit: $12,969

Cash invested: $42,000 (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 58103

• Rents YoY: 5.0%
• Active inventory: 208
• Price-to-rent: 7.7×

Monthly cashflow live

• Estimated rent: $1,627 high
• Mortgage (P&I): −$787
• Tax from tax record: −$219 /mo · $2,626/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$342
• Net cashflow: $217

Break-even live

Break-even rent $1,352

Max offer price $150,000

Occupancy floor 82%

Sensitivity live

Price	-10% $302	-5% $260	+0% $217	+5% $175	+10% $132
Rent	-10% $89	-5% $153	+0% $217	+5% $281	+10% $346
Rate	-1.0pp $293	-0.5pp $255	base $217	+0.5pp $178	+1.0pp $139

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 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
929 Page Dr Unit 302 Fargo, ND	3.0	1.0	1000	$960	$0.96	22d	1	0.79mi
21 8th St N Fargo, ND	4.0	1.0–3.0	949	$1,680	$1.77	14d	6	1.15mi
1920 Dakota Dr N Fargo, ND	2.0–3.0	1.0–2.0	842	$1,730	$2.05	14d	6	1.16mi
1951 Dakota Dr N Fargo, ND	2.0–3.0	2.0	1051	$1,395	$1.33	14d	5	1.25mi
1515 11th Ave N Fargo, ND	4.0	1.0–4.0	862	$2,520	$2.92	14d	18	1.28mi
630 1st Ave N Fargo, ND	1.0–4.0	1.0–2.0	1098	$1,700	$1.55	14d	6	1.32mi
624 2nd Ave N Fargo, ND	3.0	1.0–2.0	914	$2,025	$2.22	14d	32	1.35mi
23 N Broadway Dr Unit 306 Fargo, ND	3.0	1.0	1100	$1,560	$1.42	22d	1	1.38mi
23 Broadway N Fargo, ND	1.0–3.0	1.0–2.0	912	$1,700	$1.86	22d	5	1.38mi
405 Broadway N Fargo, ND	3.0	1.0–2.0	973	$2,250	$2.31	14d	24	1.48mi

Listing history 10 events

1. 2026-04-29
   status Pending
2. 2026-04-17
   price $150,000
3. 2026-04-14
   price $165,000
4. 2026-03-30
   status Active
5. 2026-03-20
   historical Contingent - Inspection
6. 2026-03-10
   status Active
7. 2026-03-10
   price $170,000
8. 2026-03-03
   historical Contingent - Inspection
9. 2026-02-11
   price $175,000
10. 2026-01-12
    listed $180,000 Active

ⓘ 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: $2,626 · $219/mo
• Projected year-2 tax: $2,626 · $219/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 (unshaded) · 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: $19,522
• − Mortgage interest: −$8,402
• − Property taxes: −$2,626
• − Insurance: −$750
• − Repairs & maintenance: −$1,562
• − Management: −$1,562
• − Depreciation: −$4,364
• Taxable income: $256
• Est. tax owed @ 24.0%: −$61
• After-tax cash flow: $2,545/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

-16.7% since first listed

10 events — show timeline

• 2026-04-29 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-17 Price Changed $150,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-14 Price Changed $165,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-03-30 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2026-03-20 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2026-03-10 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2026-03-10 Price Changed $170,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-03-03 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2026-02-11 Price Changed $175,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-01-12 Listed $180,000 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+4.5%/yr

Latest (2025): $2,626 · -14.2% YoY. Source: county tax records.