204 N Adam St · Northwood, ND 58267

$134,900

2 bd · 2.0 ba · 1,595 sqft · SingleFamily public records · 94 Days on market

Built 1900 10,500 sqft lot Est $198k · 32% under

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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).

• ARV discount +15.0/15.0
• Cash flow +10.9/30.0
• Appreciation +8.4/10.0
• Schools +4.7/10.0
• Livability +3.6/5.0
• DSCR +3.2/10.0
• 1% rule +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Check out this historic home in Northwood just minutes from Grand Forks or GFAFB. This home has a total of 4 bedrooms; the main bedroom is on the first floor. Also located on the main floor are the kitchen, dining room, living room, an additional bedroom, full bath & laundry. Head upstairs to two additional bedrooms and a large bonus room. Great corner lot with a detached two stall garage. See it today!

Key facts

• Downtown northwood
• Thriving community
• Corner lot

Tags

• CORNER LOT
• WALKING DISTANCE TO SCHOOL
• DOWNTOWN NORTHWOOD
• THRIVING COMMUNITY
• STRONG K-12 SCHOOL SYSTEM

Property features AI

Exterior

• Parking: 2-car garage with garage door opener
• Utilities: Public water
• Home design: Single-family residence; One and one-half story
• Construction: Brick/mortar foundation
• Exterior features: Deck; Lot approximately 75 x 150 (10,500 sq ft)

Interior

• Heating & cooling: Hot water heating (oil); Cooling available
• Interior features: Partial basement; Total of 10 rooms

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $135k.

Deal economics

• At list price, monthly cash flow is $-60 ($-714/yr) — negative.
• To cash-flow at today's rent, offer at most $124k (7.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $106k (21.6% below list).
• Recommended offer: $106k (21.6% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 72/100 on livability (#46 in ND) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment A-; Watch: health & safety D+, amenities F, commute F.
• Northwood 129 (rural): math 50% / reading 55% proficiency, ranked #31 of 169 in ND (top 18%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Northwood Elementary School (math 57% / reading 47%, grade C-, #54 of 236 statewide, top 26%, 190 students, 25% FRL); Northwood High School (math 42% / reading 47%, grade F, #33 of 144 statewide, top 32%, 144 students, 25% FRL) — zoned schools at 25% FRL track the district average.
• Market conditions: 10 active listings in the ZIP; 133 units permitted in Grand Forks County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $10k of equity ($933 loan paydown + $9k appreciation (6.9% local appreciation)).
• Grand Forks County population projected at +43% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (6.9% appreciation + 3.0% rent growth), your $38k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 94 days — a 9% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• 4 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.
• Current owner paid $80k; list at $135k implies a 69% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $105,780 (21.6% 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 94 days. Have you received any prior offers? Is the seller open to a 22% concession, seller financing, or rate buy-down credit?
3. Built in 1900 — 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. 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.
8. 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.
9. 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: 0.78% ✗
• Cap rate: 5.76%
• Cash-on-cash: -1.89%
• DSCR: 0.92
• GRM: 10.6

CMA / ARV

• ARV (on-the-fly): $197,780
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
303 S Adam ST St	0.24mi	3/2.0 (+1)	1,612 (+1%)	14mo	$143,700	$89	70
403 Old Hwy 15	0.42mi	3/1.5 (+1)	1,592 (-0%)	9mo	$197,900	$124	66
212 Hougen St S	0.23mi	2/1.0	1,825 (+14%)	2mo	$199,500	$109	59
116 Lincoln St	0.28mi	3/2.0 (+1)	1,428 (-10%)	11mo	$219,900	$154	55
112 Deaconess Ct	0.29mi	2/2.0	1,356 (-15%)	8mo	$299,900	$221	54

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

6.9% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 16.0%
• Equity multiple: 2.12×
• Total profit: $42,469
• Equity at exit: $92,588

10-year hold

• IRR: 15.7%
• Equity multiple: 4.35×
• Total profit: $126,355
• Equity at exit: $175,072

Cash invested: $37,772 (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 58267

• Home prices YoY: 4.7%
• Active inventory: 10
• Price-to-rent: 10.6×

Monthly cashflow live

• Estimated rent: $1,058 medium
• Mortgage (P&I): −$707
• Tax from tax record: −$132 /mo · $1,578/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$222
• Net cashflow: $-60

Break-even live

Break-even rent $1,133

Max offer price $124,388

Occupancy floor —

Sensitivity live

Price	-10% $17	-5% $-21	+0% $-60	+5% $-98	+10% $-136
Rent	-10% $-143	-5% $-101	+0% $-60	+5% $-18	+10% $24
Rate	-1.0pp $8	-0.5pp $-25	base $-60	+0.5pp $-94	+1.0pp $-130

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: $33,725
• Closing costs: $4,047
• Reserves months: —
• Total cash needed: —

Listing history 38 events

1. 2026-06-21
   days on market $134,900 Active 94 DOM
2. 2026-06-21
   days on market $134,900 Active 93 DOM
3. 2026-06-18
   days on market $134,900 Active 91 DOM
4. 2026-06-17
   days on market $134,900 Active 90 DOM
5. 2026-06-16
   days on market $134,900 Active 89 DOM
6. 2026-06-15
   days on market $134,900 Active 88 DOM
7. 2026-06-13
   days on market $134,900 Active 86 DOM
8. 2026-06-12
   days on market $134,900 Active 85 DOM
9. 2026-06-09
   days on market $134,900 Active 82 DOM
10. 2026-06-08
    days on market $134,900 Active 81 DOM
11. 2026-06-07
    days on market $134,900 Active 80 DOM
12. 2026-06-05
    days on market $134,900 Active 78 DOM
13. 2026-06-04
    days on market $134,900 Active 76 DOM
14. 2026-06-02
    days on market $134,900 Active 75 DOM
15. 2026-06-01
    days on market $134,900 Active 74 DOM
16. 2026-05-31
    days on market $134,900 Active 73 DOM
17. 2026-04-23
    price $134,900
18. 2026-04-02
    status Active
19. 2026-03-27
    historical Active Under Contract
20. 2026-03-19
    listed $139,900 Active
21. 2024-09-04
    soldstatus
22. 2024-08-30
    soldstatus Closed 413-char remark

    Show marketing remark (413 chars)

    Check out this historic home in Northwood just minutes from Grand Forks or GFAFB. This home has a total of 4 bedrooms; the main bedroom is on the first floor. Also located on the main floor are the kitchen, dining room, living room, an additional bedroom, full bath & laundry. Head upstairs to two additional bedrooms and a large bonus room. Great corner lot with a detached two stall garage. See it today!

23. 2024-08-05
    historical Active Under Contract 413-char remark

    Show marketing remark (413 chars)

    Check out this historic home in Northwood just minutes from Grand Forks or GFAFB. This home has a total of 4 bedrooms; the main bedroom is on the first floor. Also located on the main floor are the kitchen, dining room, living room, an additional bedroom, full bath & laundry. Head upstairs to two additional bedrooms and a large bonus room. Great corner lot with a detached two stall garage. See it today!

24. 2024-02-08
    status Active 413-char remark

    Show marketing remark (413 chars)

    Check out this historic home in Northwood just minutes from Grand Forks or GFAFB. This home has a total of 4 bedrooms; the main bedroom is on the first floor. Also located on the main floor are the kitchen, dining room, living room, an additional bedroom, full bath & laundry. Head upstairs to two additional bedrooms and a large bonus room. Great corner lot with a detached two stall garage. See it today!

25. 2024-01-22
    historical Active Under Contract 413-char remark

    Show marketing remark (413 chars)

    Check out this historic home in Northwood just minutes from Grand Forks or GFAFB. This home has a total of 4 bedrooms; the main bedroom is on the first floor. Also located on the main floor are the kitchen, dining room, living room, an additional bedroom, full bath & laundry. Head upstairs to two additional bedrooms and a large bonus room. Great corner lot with a detached two stall garage. See it today!

26. 2023-07-10
    listed $125,000 Active 413-char remark

    Show marketing remark (413 chars)

    Check out this historic home in Northwood just minutes from Grand Forks or GFAFB. This home has a total of 4 bedrooms; the main bedroom is on the first floor. Also located on the main floor are the kitchen, dining room, living room, an additional bedroom, full bath & laundry. Head upstairs to two additional bedrooms and a large bonus room. Great corner lot with a detached two stall garage. See it today!

27. 2007-07-31
    soldstatus $80,000
28. 2006-05-03
    soldstatus
29. 2006-01-04
    soldstatus
30. 2006-01-04
    soldstatus
31. 2006-01-04
    soldstatus
32. 2006-01-04
    soldstatus
33. 2006-01-04
    soldstatus
34. 2006-01-04
    soldstatus
35. 2006-01-04
    soldstatus
36. 2006-01-04
    soldstatus
37. 2006-01-04
    soldstatus
38. 2006-01-04
    soldstatus

ⓘ 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: $1,578 · $132/mo
• Projected year-2 tax: $1,578 · $132/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 ≥96°F today · 12 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 4/10 Moderate 3 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,694
• − Mortgage interest: −$7,556
• − Property taxes: −$1,578
• − Insurance: −$674
• − Repairs & maintenance: −$1,015
• − Management: −$1,015
• − Depreciation: −$3,924
• Taxable loss: −$3,071
• Est. tax savings @ 24.0%: +$737
• After-tax cash flow: $23/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: Northwood 129
• NCES district ID: 3814340
• Math proficiency: 50% ▬ 0.00%
• Reading proficiency: 55% ▬ 0.00%
• Median HH income: $55,395
• Composite: 47.28/100
• National rank: #5059
• State rank: #31 of 169 in ND

Livability — Northwood

• Score: 72/100
• State rank: #46
• US rank: #5950

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Northwood, ND
• Population (ZIP): 1,483

Population outlook (Grand Forks County) Hauer SSP2

• Today (2025): 80,606 people
• By 2030: 86,489 · +7.3%
• By 2040: 99,506 · +23.4%
• By 2050: 115,269 · +43.0%
• By 2075: 171,303 · +112.5%
• By 2100: 238,330 · +195.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (96%)
• Race & ethnicity: White 96% Two or more races 3%
• Common ancestry: Portuguese 36% Lithuanian 4% Slovak 2%
• Languages at home: 98% English-only · Spanish 1% Other Indo-European 1%

Political lean MEDSL · Grand Forks

• 2024 margin: R (+18.2) · D 40.1% · R 58.3% · Other 1.6%
• 2008→2024 swing: -23.3pp toward R · 2008: 5.1pp · 2024: -18.2pp
• All cycles: 2024: R+18.2 2020: R+13.3 2016: R+18.5 2012: R+3.5 2008: D+5.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 6.90%
• Current HPI: 153.0771
• Rent YoY: —
• Metro: —
• 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

+68.6% since first listed

22 events — show timeline

• 2026-04-23 Price Changed $134,900 GFAAR
• 2026-04-02 Relisted — GFAAR
• 2026-03-27 Contingent — GFAAR
• 2026-03-19 Listed $139,900 GFAAR
• 2024-09-04 Sold (Public Records) — Public Records
• 2024-08-30 Sold (MLS) — GFAAR
• 2024-08-05 Contingent — GFAAR
• 2024-02-08 Relisted — GFAAR
• 2024-01-22 Contingent — GFAAR
• 2023-07-10 Listed $125,000 GFAAR
• 2007-07-31 Sold (Public Records) $80,000 Public Records
• 2006-05-03 Sold (Public Records) — Public Records
• 2006-01-04 Sold (Public Records) — Public Records
• 2006-01-04 Sold (Public Records) — Public Records
• 2006-01-04 Sold (Public Records) — Public Records
• 2006-01-04 Sold (Public Records) — Public Records
• 2006-01-04 Sold (Public Records) — Public Records
• 2006-01-04 Sold (Public Records) — Public Records
• 2006-01-04 Sold (Public Records) — Public Records
• 2006-01-04 Sold (Public Records) — Public Records
• 2006-01-04 Sold (Public Records) — Public Records
• 2006-01-04 Sold (Public Records) — Public Records

Property tax history

+6.0%/yr

Latest (2025): $1,578 · -18.3% YoY. Source: county tax records.