1045 10 St N · Fargo, ND 58102

$179,000

8 bd · 4.0 ba · 2,467 sqft · MultiFamily public records · 142 Days on market

Built 1905 6,168 sqft lot

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Why this score? — see what drove the B 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Key facts

• Hardwood flooring
• Legally a 3-plex
• Corner lot

Tags

• LEGALLY A 3-PLEX
• CORNER LOT
• HARDWOOD FLOORING

Property features AI

Finance

• Other: Property type: Residential income; Above-grade finished area and living area reported separately; Total of 2 units (one unit up, one unit down)
• Financial info: Conventional financing indicated; Rental license: Standard (rental license in place); Tenants pay electricity and other utilities

Exterior

• Parking: Attached or detached 3-car garage space total
• Utilities: City water (connected); City sewer (connected); Electric service with fuses; Natural gas
• Home design: Residential income property — duplex (up and down); Two-story; Not owner-occupied
• Construction: Block foundation; Asphalt roof
• Exterior features: Front porch; Stucco exterior; Corner lot; Lot dimensions approximately 50 x 125

Interior

• Kitchen: Each unit has a gas water heater (listed under appliances for each unit)
• Bedrooms: Total of 7 bedrooms; Unit 1: 3 bedrooms; Unit 2: 4 bedrooms
• Bathrooms: Unit 1: 2 bathrooms (1 full, 1 three-quarter); Unit 2: 2 bathrooms (1 full, 1 three-quarter)
• Heating & cooling: Forced air heating; Window cooling units (window system in each unit)
• Interior features: Partially finished basement with block foundation; Two levels
• Laundry & utility: Laundry located in the basement

What this means for you Summary

Snapshot

• This is a 2 × 4-bed/2.0-bath units multifamily listed at $179k.

Deal economics

• At list price, monthly cash flow is $2k ($19k/yr) — positive. Per door: $807/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $179k).
• Recommended offer: $158k (12.0% below list) — sets the bar for market timing.
• Cap rate 17.1% 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 (+4.7%/yr); 205 active listings in the ZIP; 1,218 units permitted in Cass County in 2024 (410 in 5+ unit buildings).
• At $3,785/mo this rent would consume 76% of the median local household income ($60k/yr) (locally 1919% 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 $1k of loan paydown is wiped out by about $5k 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.
• At projected returns (-3.0% appreciation + 4.7% rent growth), your $50k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 142 days — a 12% lower offer ($158k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 3y ago; this cycle's ask has dropped $46k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $140k; 28% 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 $157,520 (12.0% below list)

Questions for the listing agent

1. It's been on market 142 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
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 1905 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
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: 2.11% ✓
• Cap rate: 17.12%
• Cash-on-cash: 38.66%
• DSCR: 2.72
• GRM: 3.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.71% rent growth · sell at horizon

5-year hold

• IRR: 36.9%
• Equity multiple: 2.61×
• Total profit: $80,609
• Equity at exit: $26,689

10-year hold

• IRR: 44.4%
• Equity multiple: 5.62×
• Total profit: $231,350
• Equity at exit: $15,477

Cash invested: $50,120 (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 58102

• Rents YoY: 4.7%
• Active inventory: 205
• Price-to-rent: 7.9×

Monthly cashflow live

• Estimated rent: $3,785 high
• Mortgage (P&I): −$939
• Tax from tax record: −$362 /mo · $4,344/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$795
• Net cashflow: $1,615

Break-even live

Break-even rent $1,741

Max offer price $179,000

Occupancy floor 52%

Sensitivity live

Price	-10% $1,716	-5% $1,666	+0% $1,615	+5% $1,564	+10% $1,514
Rent	-10% $1,316	-5% $1,465	+0% $1,615	+5% $1,764	+10% $1,914
Rate	-1.0pp $1,705	-0.5pp $1,660	base $1,615	+0.5pp $1,568	+1.0pp $1,521

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

Units	Beds	Baths	Est. rent
▸ 2× units	4	2	$3,784
Total (2 units)			$3,785

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: $44,750
• Closing costs: $5,370
• Reserves months: —
• Total cash needed: —

Listing history 36 events

1. 2026-06-18
   days on market $179,000 Active 142 DOM
2. 2026-06-17
   days on market $179,000 Active 141 DOM
3. 2026-06-16
   days on market $179,000 Active 140 DOM
4. 2026-06-15
   days on market $179,000 Active 139 DOM
5. 2026-06-14
   days on market $179,000 Active 137 DOM
6. 2026-06-13
   days on market $179,000 Active 136 DOM
7. 2026-06-10
   days on market $179,000 Active 134 DOM
8. 2026-06-09
   days on market $179,000 Active 133 DOM
9. 2026-06-08
   days on market $179,000 Active 132 DOM
10. 2026-06-07
    days on market $179,000 Active 131 DOM
11. 2026-06-02
    days on market $179,000 Active 126 DOM
12. 2026-06-01
    days on market $179,000 Active 125 DOM
13. 2026-05-31
    days on market $179,000 Active 124 DOM
14. 2026-05-30
    days on market $179,000 Active 123 DOM
15. 2026-05-22
    price $179,000
16. 2026-05-05
    status Active
17. 2026-05-05
    price $185,000
18. 2026-05-01
    historical
19. 2026-04-15
    price $195,000
20. 2026-03-19
    price $205,000
21. 2026-03-12
    price $210,000
22. 2026-02-19
    price $215,000
23. 2026-01-23
    listed $225,000 Active
24. 2024-03-14
    historical
25. 2024-02-08
    listed $240,000
26. 2024-01-21
    historical $1,850
27. 2024-01-12
    price $1,850
28. 2024-01-05
    historical
29. 2023-11-28
    price $1,995
30. 2023-11-15
    price $2,200
31. 2023-11-14
    historical
32. 2023-11-06
    listed $2,500
33. 2023-07-25
    listed $250,000
34. 2023-07-25
    listed $255,000
35. 2015-08-24
    soldstatus $139,500
36. 2004-08-24
    soldstatus $78,000

ⓘ 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: $4,344 · $362/mo
• Projected year-2 tax: $4,344 · $362/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: $45,420
• − Mortgage interest: −$10,027
• − Property taxes: −$4,344
• − Insurance: −$895
• − Repairs & maintenance: −$3,634
• − Management: −$3,634
• − Depreciation: −$5,207
• Taxable income: $17,679
• Est. tax owed @ 24.0%: −$4,243
• After-tax cash flow: $15,135/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): 32,912
• Household income: $59,533
• Rent vs Own: 53.8% rent · 46.2% own
• Severe rent burden: 1919.0

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 (84%)
• Race & ethnicity: White 84% Hispanic / Latino 5% Two or more races 5% Black 4% Asian 3%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2%
• Common ancestry: Portuguese 27% Romanian 3% Scottish 2%
• Foreign-born: 4% · Canada, China
• Languages at home: 92% English-only · Spanish 3% Other Indo-European 2%

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: ▼ -171.16%
• Current HPI: 155.885
• Rent YoY: ▲ 4.71%
• 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

+129.5% since first listed

22 events — show timeline

• 2026-05-22 Price Changed $179,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-05 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-05 Price Changed $185,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-01 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-15 Price Changed $195,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-03-19 Price Changed $205,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-03-12 Price Changed $210,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-02-19 Price Changed $215,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-01-23 Listed $225,000 NORTHSTARMLS as Distributed by MLS Grid
• 2024-03-14 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2024-02-08 Listed $240,000 NORTHSTARMLS as Distributed by MLS Grid
• 2024-01-21 Rental Removed $1,850 BUILDIUM
• 2024-01-12 Price Changed $1,850 BUILDIUM
• 2024-01-05 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2023-11-28 Price Changed $1,995 BUILDIUM
• 2023-11-15 Price Changed $2,200 BUILDIUM
• 2023-11-14 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2023-11-06 Listed for Rent $2,500 BUILDIUM
• 2023-07-25 Listed $255,000 NORTHSTARMLS as Distributed by MLS Grid
• 2023-07-25 Listed $250,000 NORTHSTARMLS as Distributed by MLS Grid
• 2015-08-24 Sold (Public Records) $139,500 Public Records
• 2004-08-24 Sold (Public Records) $78,000 Public Records

Property tax history

+9.3%/yr

Latest (2025): $4,344 · +19.3% YoY. Source: county tax records.