512 10th St N · Moorhead, MN 56560

$140,000

2 bd · 1.0 ba · 1,328 sqft · SingleFamily · 12 Days on market

Built 1926 7,500 sqft lot

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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).

• Cash flow +15.0/30.0
• ARV discount +7.5/15.0
• DSCR +4.6/10.0
• 1% rule +4.5/10.0
• Livability +3.9/5.0
• Schools +3.7/10.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Build sweat equity in this character 2 bedroom home in North Moorhead, just blocks from the downtown revitalization, many parks, paths, restaurants, The Loop and more! Hardwood floors and custom built-ins. Fully fenced backyard and paver patio. Gas forced air, gas water heater and central air.

Key facts

• Custom built-ins
• Paver patio
• Hardwood floors

Tags

• FULLY FENCED BACKYARD
• PAVER PATIO
• HARDWOOD FLOORS
• CUSTOM BUILT-INS

Property features AI

Exterior

• Parking: Attached or detached garage with 1-car capacity (approx. 20 x 12); Garage roughly 240 sq. ft.
• Utilities: City water (connected); City sewer (connected); Natural gas fuel; Electric service provided by Moorhead Public Service
• Home design: Residential property; One level; Main-floor primary bedroom; Irregular lot shape; Publicly maintained road access
• Construction: Asphalt roof; Block foundation; Foundation dimensions about 24 x 34; Built with stucco exterior
• Exterior features: Enclosed and front porch, patio; Full yard fencing; Stucco exterior; Garage(s) on property

Interior

• Kitchen: Range; Microwave; Refrigerator; Kitchen/dining area
• Bedrooms: 2 bedrooms (both on the main level)
• Flooring: Hardwood floors
• Bathrooms: 1 full bathroom (main floor)
• Heating & cooling: Forced air heating; Baseboard heating; Central air conditioning
• Interior features: Ceiling fans; Hardwood floors; Kitchen window; Main-floor primary bedroom; Patio and porch
• Laundry & utility: Washer hookup; Electric dryer hookup; Washer and dryer listed among appliances; Utility room; Gas water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $140k.

Deal economics

• At list price, monthly cash flow is $43 ($517/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $133k (5.0% below list).
• Recommended offer: $133k (5.0% below list) — sets the bar for 1% rule.
• Cap rate 6.7% 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; 21 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $968 of loan paydown is wiped out by about $4k 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

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 12y 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 1926 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $132,942 (5.0% below list)

Questions for the listing agent

1. Built in 1926 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 0.95% ✗
• Cap rate: 6.66%
• Cash-on-cash: 1.32%
• DSCR: 1.06
• GRM: 8.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -16.0%
• Equity multiple: 0.44×
• Total profit: $-21,992
• Equity at exit: $20,874

10-year hold

• IRR: -10.8%
• Equity multiple: 0.39×
• Total profit: $-23,759
• Equity at exit: $12,105

Cash invested: $39,200 (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: 8.8×

Monthly cashflow live

• Estimated rent: $1,329 high
• Mortgage (P&I): −$734
• Tax from tax record: −$215 /mo · $2,576/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$279
• Net cashflow: $43

Break-even live

Break-even rent $1,275

Max offer price $140,000

Occupancy floor 92%

Sensitivity live

Price	-10% $122	-5% $83	+0% $43	+5% $3	+10% $-36
Rent	-10% $-62	-5% $-9	+0% $43	+5% $96	+10% $148
Rate	-1.0pp $114	-0.5pp $79	base $43	+0.5pp $7	+1.0pp $-30

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: $35,000
• Closing costs: $4,200
• Reserves months: —
• Total cash needed: —

Rent comps 21 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1205 Main Ave Moorhead, MN	2.0	1.0–2.0	933	$1,200	$1.29	45d	1	0.54mi
1521 1st Ave N Moorhead, MN	1.0–3.0	1.0–2.0	1050	$1,208	$1.15	45d	1	0.56mi
810 4th Ave S Unit 138 Moorhead, MN	3.0	2.0	1750	$1,325	$0.76	23d	1	0.69mi
810 4th Ave S Unit 225 Moorhead, MN	2.0	1.0	1008	$895	$0.89	15d	1	0.70mi
419 3rd St N Fargo, ND	1.0–3.0	1.0–2.0	1023	$1,875	$1.83	15d	21	0.88mi
405 Broadway N Fargo, ND	3.0	1.0–2.0	973	$1,850	$1.90	15d	24	1.10mi
23 Broadway N Fargo, ND	1.0–3.0	1.0–2.0	912	$1,318	$1.44	23d	5	1.16mi
23 N Broadway Dr Unit 406 Fargo, ND	3.0	2.0	1225	$1,700	$1.39	15d	1	1.17mi
23 N Broadway Dr Unit 306 Fargo, ND	3.0	1.0	1100	$1,560	$1.42	23d	1	1.17mi
624 2nd Ave N Fargo, ND	3.0	1.0–2.0	914	$1,708	$1.87	15d	32	1.20mi
408 Roberts St N Fargo, ND	2.0	2.0	1000	$1,445	$1.45	23d	1	1.20mi
630 1st Ave N Fargo, ND	1.0–4.0	1.0–2.0	1098	$1,200	$1.09	15d	6	1.22mi
344 6th Ave S Unit 2 Fargo, ND	2.0	1.0	877	$875	$1.00	23d	1	1.26mi
620 Main Ave Fargo, ND	1.0–2.0	1.0	697	$955	$1.37	15d	5	1.28mi
1209 Broadway N Unit 3 Fargo, ND	2.0	1.0	1000	$895	$0.90	15d	1	1.30mi
21 8th St N Fargo, ND	4.0	1.0–3.0	949	$1,202	$1.27	15d	6	1.39mi
801-807 2nd Ave S Unit 17 Fargo, ND	1.0	1.0	1000	$795	$0.80	15d	1	1.43mi
315 7th St S Fargo, ND	2.0	1.0	950	$875	$0.92	15d	2	1.44mi
102 9th St S Apt 10 Fargo, ND	2.0	1.0	950	$975	$1.03	15d	1	1.44mi
303 11th St N Fargo, ND	2.0	1.0–2.0	813	$1,600	$1.97	15d	14	1.47mi
705 13th Ave N Fargo, ND	2.0	2.0	1083	$1,800	$1.66	15d	1	1.48mi

Listing history 12 events

1. 2026-05-04
   status Pending
2. 2026-04-25
   historical Contingent - Inspection
3. 2026-04-21
   listed $140,000 Active
4. 2021-04-26
   historical
5. 2020-10-26
   listed $120,000
6. 2019-08-28
   historical
7. 2019-05-09
   listed $124,900
8. 2018-06-29
   soldstatus $123,600
9. 2018-06-28
   soldstatus $123,000
10. 2018-04-12
    listed $125,000
11. 2014-11-30
    historical
12. 2014-05-27
    listed $100,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast MN · Partial reset (capped growth)

• Current annual tax: $2,576 · $215/mo
• Projected year-2 tax: $2,576 · $215/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: $15,953
• − Mortgage interest: −$7,842
• − Property taxes: −$2,576
• − Insurance: −$700
• − Repairs & maintenance: −$1,276
• − Management: −$1,276
• − Depreciation: −$4,073
• Taxable loss: −$1,790
• Est. tax savings @ 24.0%: +$430
• After-tax cash flow: $946/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

+40.0% since first listed

12 events — show timeline

• 2026-05-04 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-25 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-21 Listed $140,000 NORTHSTARMLS as Distributed by MLS Grid
• 2021-04-26 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2020-10-26 Listed $120,000 NORTHSTARMLS as Distributed by MLS Grid
• 2019-08-28 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2019-05-09 Listed $124,900 NORTHSTARMLS as Distributed by MLS Grid
• 2018-06-29 Sold (Public Records) $123,600 Public Records
• 2018-06-28 Sold (MLS) $123,000 NORTHSTARMLS as Distributed by MLS Grid
• 2018-04-12 Listed $125,000 NORTHSTARMLS as Distributed by MLS Grid
• 2014-11-30 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2014-05-27 Listed $100,000 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+5.7%/yr

Latest (2026): $2,576 · +13.6% YoY. Source: county tax records.