223 Front Ave W · Bismarck, ND 58504

$170,000

4 bd · 1.0 ba · 1,628 sqft · Other · 224 Days on market

Built 1905 5,001 sqft lot

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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 +26.6/30.0
• DSCR +9.1/10.0
• ARV discount +7.5/15.0
• 1% rule +6.6/10.0
• Livability +4.0/5.0
• Schools +3.7/10.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This home is ready for a New Owner. The home has been well maintained and is in very good condition. Had the same renters in it for 26 years. Nice backyard with large garden area. Alley access, room for garage. `

Key facts

• Full bathroom
• Kitchen
• Concrete patio

Tags

• FULL BATHROOM
• LAUNDRY
• KITCHEN
• STORAGE ROOMS
• LARGE LIVING AREAS
• CONCRETE PATIO

Property features AI

Exterior

• Parking: Off-street parking; Driveway; No garage; Additional parking
• Utilities: Public water; Public sewer
• Home design: Single family residence; Two levels; Residential property
• Construction: Wood siding; Shingle roof; Built with a foundation and includes a basement
• Exterior features: Rain gutters; Enclosed patio; Patio

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Range; Refrigerator; Accessible kitchen; Accessible kitchen appliances
• Bedrooms: Accessible bedroom
• Flooring: Linoleum
• Bathrooms: 1 full bathroom; Accessible full bath
• Heating & cooling: Forced air heating; Central air; Ceiling fan(s) for cooling
• Interior features: Ceiling fans; Unfinished basement
• Laundry & utility: Washer; Accessible washer/dryer

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath other listed at $170k.

Deal economics

• At list price, monthly cash flow is $455 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $170k).
• Recommended offer: $150k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.5% vs local median 3.1% in Bismarck — 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 79/100 on livability (#5 in ND, #2,213 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living A; Watch: crime C-, amenities D+, commute F.
• Bismarck 1 (urban): math 41% / reading 42% proficiency, ranked #25 of 53 in ND (top 47%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 19% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising (+2.8%/yr); 258 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 259 units permitted in Burleigh County in 2024 (0 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 $5k of value loss. Plan a longer hold.
• Burleigh County population projected at +61% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 2.8% rent growth), your $48k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 224 days — a 12% lower offer ($150k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 8y ago; this cycle's ask has dropped $15k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $127k; 34% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1905 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $149,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 224 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 1905 — 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: 1.16% ✓
• Cap rate: 9.50%
• Cash-on-cash: 11.46%
• DSCR: 1.51
• GRM: 7.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.81% rent growth · sell at horizon

5-year hold

• IRR: 0.6%
• Equity multiple: 1.02×
• Total profit: $1,028
• Equity at exit: $25,348

10-year hold

• IRR: 10.0%
• Equity multiple: 1.77×
• Total profit: $36,601
• Equity at exit: $14,698

Cash invested: $47,600 (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 58504

• Rents YoY: 2.8%
• Active inventory: 258
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $1,976 high
• Mortgage (P&I): −$891
• Tax from tax record: −$144 /mo · $1,731/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$415
• Net cashflow: $455

Break-even live

Break-even rent $1,401

Max offer price $170,000

Occupancy floor 72%

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: $42,500
• Closing costs: $5,100
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
926 N Mandan St Bismarck, ND	4.0	2.0	2032	$2,436	$1.20	21d	1	0.77mi
505 1/2 S 10th St Bismarck, ND	3.0	1.0	1500	$1,600	$1.07	21d	1	0.80mi
1543 S Washington St Bismarck, ND	3.0	2.0	1500	$2,050	$1.37	21d	1	1.17mi
1304 N 4th St Bismarck, ND	4.0	2.0	1975	$1,800	$0.91	21d	1	1.28mi
1121 N 12th St Unit Main Bismarck, ND	3.0	1.0	1600	$1,500	$0.94	21d	1	1.32mi

Listing history 34 events

1. 2026-06-19
   days on market $170,000 Active 224 DOM
2. 2026-06-18
   days on market $170,000 Active 223 DOM
3. 2026-06-17
   days on market $170,000 Active 222 DOM
4. 2026-06-16
   days on market $170,000 Active 221 DOM
5. 2026-06-15
   days on market $170,000 Active 220 DOM
6. 2026-06-14
   days on market $170,000 Active 218 DOM
7. 2026-06-13
   days on market $170,000 Active 217 DOM
8. 2026-06-10
   days on market $170,000 Active 215 DOM
9. 2026-06-09
   days on market $170,000 Active 214 DOM
10. 2026-06-08
    days on market $170,000 Active 213 DOM
11. 2026-06-07
    days on market $170,000 Active 212 DOM
12. 2026-06-05
    days on market $170,000 Active 209 DOM
13. 2026-06-03
    days on market $170,000 Active 208 DOM
14. 2026-06-02
    days on market $170,000 Active 207 DOM
15. 2026-06-01
    days on market $170,000 Active 206 DOM
16. 2026-05-31
    days on market $170,000 Active 205 DOM
17. 2026-05-30
    days on market $170,000 Active 204 DOM
18. 2026-05-08
    price $170,000
19. 2026-04-26
    status Active
20. 2026-04-24
    status Pending
21. 2026-04-20
    status Active
22. 2026-04-15
    status Pending
23. 2025-10-31
    listed $185,000 Active
24. 2025-08-15
    historical $1,400
25. 2025-08-13
    listed $1,400
26. 2025-08-03
    historical $1,400
27. 2025-07-31
    listed $1,400
28. 2024-08-03
    historical
29. 2024-07-17
    listed
30. 2022-03-21
    soldstatus
31. 2018-08-21
    soldstatus $127,100
32. 2018-08-21
    soldstatus $127,000
33. 2018-08-17
    soldstatus 212-char remark

    Show marketing remark (212 chars)

    This home is ready for a New Owner. The home has been well maintained and is in very good condition. Had the same renters in it for 26 years. Nice backyard with large garden area. Alley access, room for garage. `

34. 2018-06-12
    listed $139,900 212-char remark

    Show marketing remark (212 chars)

    This home is ready for a New Owner. The home has been well maintained and is in very good condition. Had the same renters in it for 26 years. Nice backyard with large garden area. Alley access, room for garage. `

ⓘ 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: $1,731 · $144/mo
• Projected year-2 tax: $1,731 · $144/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Taxation est. · year 1

• Rental income: $23,717
• − Mortgage interest: −$9,523
• − Property taxes: −$1,731
• − Insurance: −$850
• − Repairs & maintenance: −$1,897
• − Management: −$1,897
• − Depreciation: −$4,945
• Taxable income: $2,873
• Est. tax owed @ 24.0%: −$690
• After-tax cash flow: $4,768/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: Bismarck 1
• NCES district ID: 3800014
• Math proficiency: 41% ▼ -5.00%
• Reading proficiency: 42% ▼ -6.00%
• Median HH income: $60,649
• Composite: 36.76/100
• National rank: #4577
• State rank: #25 of 53 in ND

Livability — Bismarck

• Score: 79/100
• State rank: #5
• US rank: #2213

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Bismarck, ND
• County: Burleigh County · 97,300 people
• City population: 97,300
• Metro: Bismarck, ND
• Population (ZIP): 30,212
• Household income: $85,637
• Rent vs Own: 25.6% rent · 74.4% own
• Severe rent burden: 400.0

Population outlook (Burleigh County) Hauer SSP2

• Today (2025): 119,359 people
• By 2030: 133,047 · +11.5%
• By 2040: 161,545 · +35.3%
• By 2050: 191,960 · +60.8%
• By 2075: 274,569 · +130.0%
• By 2100: 350,910 · +194.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Native American 8% Two or more races 5% Hispanic / Latino 4%
• Common ancestry: Portuguese 13% Scotch-Irish 5% Romanian 2%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 2%

Political lean MEDSL · Burleigh

• 2024 margin: Solid R (+43.2) · D 27.5% · R 70.7% · Other 1.8%
• 2008→2024 swing: -19.7pp toward R · 2008: -23.6pp · 2024: -43.2pp
• All cycles: 2024: R+43.2 2020: R+40.2 2016: R+46.1 2012: R+32.1 2008: R+23.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -158.70%
• Current HPI: 210.0651
• Rent YoY: ▲ 2.81%
• Metro: Bismarck, ND
• 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

+21.5% since first listed

17 events — show timeline

• 2026-05-08 Price Changed $170,000 GNMLS
• 2026-04-26 Relisted — GNMLS
• 2026-04-24 Pending — GNMLS
• 2026-04-20 Relisted — GNMLS
• 2026-04-15 Pending — GNMLS
• 2025-10-31 Listed $185,000 GNMLS
• 2025-08-15 Rental Removed $1,400 RENTEC
• 2025-08-13 Listed for Rent $1,400 RENTEC
• 2025-08-03 Rental Removed $1,400 RENTEC
• 2025-07-31 Listed for Rent $1,400 RENTEC
• 2024-08-03 Rental Removed — RENTEC
• 2024-07-17 Listed for Rent — RENTEC
• 2022-03-21 Sold (Public Records) — Public Records
• 2018-08-21 Sold (Public Records) $127,000 Public Records
• 2018-08-21 Sold (Public Records) $127,100 Public Records
• 2018-08-17 Sold (MLS) — GNMLS
• 2018-06-12 Listed $139,900 GNMLS

Property tax history

+7.5%/yr

Latest (2022): $1,731 · +5.1% YoY. Source: county tax records.