1502 5th Ave N · Moorhead, MN 56560

$174,000

3 bd · 1.0 ba · 1,057 sqft · SingleFamily · 72 Days on market

Built 1949 5,662 sqft lot $165/sqft · 12% below area Est $198k · 12% under

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Why this score? — see what drove the D 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).

• ARV discount +12.9/15.0
• Cash flow +10.6/30.0
• Livability +3.9/5.0
• Schools +3.7/10.0
• DSCR +3.1/10.0
• 1% rule +2.9/10.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to low maintenance, comfortable, and affordable living! With everything on one level, this home offers a convenient layout that keeps daily living easy and within reach. Inside, you’ll find a kitchen with a natural gas stove, along with tiled in-floor heating for added comfort. Natural wood flooring runs through the dining and living areas, while two of the bedrooms feature newer LVP flooring. Situated on a corner lot, the property offers a little extra space to enjoy. Step outside to the wood deck, perfect for relaxing, and make use of the garden shed for additional storage needs! If you’re looking for an affordable, well-rounded home with practical features and low-maintenance, this one is definitely worth a look!

Key facts

• Natural gas stove
• Wood deck
• Garden shed

Tags

• NATURAL GAS STOVE
• TILED IN-FLOOR HEATING
• NATURAL WOOD FLOORING
• CORNER LOT
• WOOD DECK
• GARDEN SHED

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $174k.

Deal economics

• At list price, monthly cash flow is $-86 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $159k (8.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $138k (20.9% below list).
• Recommended offer: $138k (20.9% below list) — sets the bar for 1% rule.
• Cap rate 5.7% 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.
• Zoned schools: Robert Asp Elementary (math 46% / reading 43%, grade F, #534 of 857 statewide, top 66%, 611 students, 59% FRL); Horizon Middle School (math 35% / reading 46%, grade F, #144 of 258 statewide, top 56%, 2,158 students, 48% FRL); Moorhead High School (math 44% / reading 59%, grade D+, #124 of 471 statewide, top 27%, 1,937 students, 40% FRL).
• Market conditions: Rents rising (+1.4%/yr); 394 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $5k 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 72 days — a 6% lower offer ($164k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 3y ago 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 1949 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $137,559 (20.9% 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. It's been on market 72 days. Have you received any prior offers? Is the seller open to a 21% concession, seller financing, or rate buy-down credit?
3. Built in 1949 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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 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: 0.79% ✗
• Cap rate: 5.70%
• Cash-on-cash: -2.12%
• DSCR: 0.91
• GRM: 10.5

CMA / ARV

• ARV (median comp): $197,767
• List price: $174,000
• Delta: -12.02%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -21.6%
• Equity multiple: 0.26×
• Total profit: $-35,853
• Equity at exit: $25,944

10-year hold

• IRR: -19.4%
• Equity multiple: 0.04×
• Total profit: $-46,894
• Equity at exit: $15,044

Cash invested: $48,720 (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: 394
• Price-to-rent: 10.5×

Monthly cashflow live

• Estimated rent: $1,376 high
• Mortgage (P&I): −$912
• Tax from tax record: −$188 /mo · $2,256/yr
• Insurance: −$72
• HOA: −$0
• Vacancy / Maint / Mgmt: −$289
• Net cashflow: $-86

Break-even live

Break-even rent $1,485

Max offer price $158,762

Occupancy floor —

Sensitivity live

Price	-10% $12	-5% $-37	+0% $-86	+5% $-136	+10% $-185
Rent	-10% $-195	-5% $-141	+0% $-86	+5% $-32	+10% $22
Rate	-1.0pp $1	-0.5pp $-42	base $-86	+0.5pp $-131	+1.0pp $-177

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: $43,500
• Closing costs: $5,220
• Reserves months: —
• Total cash needed: —

Rent comps 10 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	45d	1	0.37mi
1205 Main Ave Moorhead, MN	2.0	1.0–2.0	933	$1,200	$1.29	45d	1	0.57mi
2409 4th Ave N Unit 15 Moorhead, MN	2.0	1.0	800	$650	$0.81	45d	1	0.69mi
810 4th Ave S Unit 225 Moorhead, MN	2.0	1.0	1008	$895	$0.89	15d	1	0.84mi
915-918 1/2 St S Moorhead, MN	2.0	1.0	575	$725	$1.26	15d	10	1.18mi
908 8th St S Unit 12 Moorhead, MN	2.0	1.0	720	$800	$1.11	23d	1	1.25mi
419 3rd St N Fargo, ND	1.0–3.0	1.0–2.0	1023	$2,600	$2.54	15d	21	1.25mi
1106 18th St S Unit 2 Moorhead, MN	2.0	1.0	700	$675	$0.96	45d	1	1.26mi
727 1/2 3rd St N Fargo, ND	2.0	1.0	800	$1,050	$1.31	23d	1	1.29mi
405 Broadway N Fargo, ND	3.0	1.0–2.0	973	$2,250	$2.31	15d	24	1.48mi

Listing history 6 events

1. 2026-05-30
   status $174,000 Pending 72 DOM
2. 2026-05-04
   historical Contingent - Inspection 748-char remark

   Show marketing remark (748 chars)

   Welcome to low maintenance, comfortable, and affordable living! With everything on one level, this home offers a convenient layout that keeps daily living easy and within reach. Inside, you’ll find a kitchen with a natural gas stove, along with tiled in-floor heating for added comfort. Natural wood flooring runs through the dining and living areas, while two of the bedrooms feature newer LVP flooring. Situated on a corner lot, the property offers a little extra space to enjoy. Step outside to the wood deck, perfect for relaxing, and make use of the garden shed for additional storage needs! If you’re looking for an affordable, well-rounded home with practical features and low-maintenance, this one is definitely worth a look!

3. 2026-03-18
   listed $174,000 Active 748-char remark

   Show marketing remark (748 chars)

   Welcome to low maintenance, comfortable, and affordable living! With everything on one level, this home offers a convenient layout that keeps daily living easy and within reach. Inside, you’ll find a kitchen with a natural gas stove, along with tiled in-floor heating for added comfort. Natural wood flooring runs through the dining and living areas, while two of the bedrooms feature newer LVP flooring. Situated on a corner lot, the property offers a little extra space to enjoy. Step outside to the wood deck, perfect for relaxing, and make use of the garden shed for additional storage needs! If you’re looking for an affordable, well-rounded home with practical features and low-maintenance, this one is definitely worth a look!

4. 2024-01-29
   soldstatus $160,000
5. 2024-01-26
   soldstatus $160,000 315-char remark

   Show marketing remark (315 chars)

   Have you been looking for one level living at a great price? Then this place is it! Corner lot, updated throughout, 2 living rooms, main floor laundry, 3 good sized bedrooms and a full bath! The exterior offers a large deck overlooking your large, partially fenced yard! Check this one out today, before it is sold!

6. 2023-12-08
   listed $155,000 315-char remark

   Show marketing remark (315 chars)

   Have you been looking for one level living at a great price? Then this place is it! Corner lot, updated throughout, 2 living rooms, main floor laundry, 3 good sized bedrooms and a full bath! The exterior offers a large deck overlooking your large, partially fenced yard! Check this one out today, before it is sold!

ⓘ 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: $2,256 · $188/mo
• Projected year-2 tax: $2,256 · $188/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: $16,507
• − Mortgage interest: −$9,747
• − Property taxes: −$2,256
• − Insurance: −$870
• − Repairs & maintenance: −$1,321
• − Management: −$1,321
• − Depreciation: −$5,062
• Taxable loss: −$4,069
• Est. tax savings @ 24.0%: +$976
• After-tax cash flow: $-59/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

+12.3% since first listed

5 events — show timeline

• 2026-05-04 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2026-03-18 Listed $174,000 NORTHSTARMLS as Distributed by MLS Grid
• 2024-01-29 Sold (Public Records) $160,000 Public Records
• 2024-01-26 Sold (MLS) $160,000 NORTHSTARMLS as Distributed by MLS Grid
• 2023-12-08 Listed $155,000 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+3.6%/yr

Latest (2026): $2,256 · +15.1% YoY. Source: county tax records.