6720 Thomas St · Horace, ND 58047

$318,900

4 bd · 3.0 ba · 2,099 sqft · SingleFamily · 94 Days on market

Built 2026 Good condition 5,125 sqft lot Garage $152/sqft · 33% below area Est $475k · 33% 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 +12.1/30.0
• Schools +5.4/10.0
• Condition / age +4.0/5.0
• 1% rule +3.8/10.0
• Livability +3.7/5.0
• DSCR +3.6/10.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Key facts

• Kitchen appliances
• Passive radon system
• Open concept

Tags

• OPEN CONCEPT
• VAULTED CEILINGS
• NATURAL LIGHT
• KITCHEN APPLIANCES
• FULLY SODDED YARD
• PASSIVE RADON SYSTEM

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath single-family listed at $319k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-68 ($-815/yr) — negative.
• To cash-flow at today's rent, offer at most $307k (3.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $281k (11.8% below list).
• Recommended offer: $281k (11.8% below list) — sets the bar for 1% rule.
• Cap rate 6.0% vs local median 4.0% in Horace — 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 74/100 on livability (#29 in ND, #4,718 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: cost of living C-, health & safety D+, amenities F.
• West Fargo 6 (suburban): math 41% / reading 42% proficiency, ranked #26 of 53 in ND (top 49%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Osgood Elem School (math 41% / reading 39%, grade F, #132 of 236 statewide, top 57%, 564 students, 37% FRL); Liberty Middle School (math 33% / reading 39%, grade F, #23 of 35 statewide, top 65%, 1,102 students, 23% FRL); West Fargo Sheyenne High School (math 29% / reading 37%, grade F, #84 of 144 statewide, top 58%, 1,473 students, 20% FRL) — zoned schools at 27% FRL track the district average.
• Market conditions: 525 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals leasing fast (median 5d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 1,218 units permitted in Cass County in 2024 (410 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k 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.

Negotiation context

• It's been on market 94 days — a 9% lower offer ($290k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $72k; list at $319k implies a 344% gain — meaningful room to come down on a strong offer.

Recommended offer $281,172 (11.8% 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 12% concession, seller financing, or rate buy-down credit?
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 A-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: 0.88% ✗
• Cap rate: 6.04%
• Cash-on-cash: -0.91%
• DSCR: 0.96
• GRM: 9.5

CMA / ARV

• ARV (median comp): $475,296
• List price: $318,900
• Delta: -32.90%
• Verdict: UNDERPRICED
• Comps: 3 within 2.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
6074 59th St S	0.72mi	4/2.0	2,594 (+24%)	0mo	$365,000	$141	37
5531 Lori Ln W	1.36mi	4/3.0	2,529 (+20%)	28mo	$489,900	$194	20
208 6 St E	1.81mi	4/3.0	2,589 (+23%)	38mo	$375,000	$145	20
6029 Kodiak Ln	1.08mi	3/3.0 (-1)	2,637 (+26%)	40mo	$346,320	$131	15
5253 50th Ave S	1.84mi	3/2.0 (-1)	1,672 (-20%)	54mo	$189,900	$114	11

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

Projected returns pro-forma

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

5-year hold

• IRR: -17.8%
• Equity multiple: 0.37×
• Total profit: $-55,908
• Equity at exit: $47,549

10-year hold

• IRR: -9.8%
• Equity multiple: 0.40×
• Total profit: $-53,870
• Equity at exit: $27,573

Cash invested: $89,292 (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 →

Buyer's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 51 active · 44 under contract
• Months of supply: 306.0 mo (0%/mo absorbed)
• Median asking: $345,860 ($172/sqft)
• Median days on market: 98 d
• This list price: 25% of active listings are priced below it
• ARV vs active asking: +31.5% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 58047

• Active inventory: 525
• Price-to-rent: 9.5×

Monthly cashflow live

• Estimated rent: $2,812 high
• Mortgage (P&I): −$1,672
• Tax from tax record: −$484 /mo · $5,808/yr
• Insurance: −$133
• HOA: −$0
• Vacancy / Maint / Mgmt: −$590
• Net cashflow: $-68

Break-even live

Break-even rent $2,898

Max offer price $306,898

Occupancy floor 97%

Sensitivity live

Price	-10% $113	-5% $22	+0% $-68	+5% $-158	+10% $-248
Rent	-10% $-290	-5% $-179	+0% $-68	+5% $43	+10% $154
Rate	-1.0pp $93	-0.5pp $13	base $-68	+0.5pp $-151	+1.0pp $-235

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: $79,725
• Closing costs: $9,567
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6756 66th Ave S Horace, ND	4.0	2.0	1860	$2,495	$1.34	4d	1	0.14mi
6761 71st Ave S Horace, ND	3.0	2.0	1790	$2,195	$1.23	117d	1	0.36mi
5855 57th Ave S Fargo, ND	3.0	3.0	1965	$2,195	$1.12	117d	1	0.97mi
950 61st Ave W 5837 James Dr W West Fargo, ND	3.0	3.0	1775	$2,095	$1.18	2d	27	1.14mi
1061 60th Ave W West Fargo, ND	4.0	3.0	2590	$3,500	$1.35	5d	1	1.29mi
1043 60th Ave W West Fargo, ND	4.0	3.0	2590	$3,300	$1.27	117d	1	1.29mi
1129 Jill Dr W West Fargo, ND	3.0	2.0	2023	$2,595	$1.28	5d	1	1.39mi
6365 Saint Ann Ave Horace, ND	4.0	3.5	2800	$2,450	$0.88	0d	1	1.39mi

Property features AI

Exterior

• Parking: Attached garage with space for 3 vehicles
• Utilities: City sewer (connected)Natural gas
• Home design: Residential propertyNew constructionBi-level (split-entry) with multiple levels
• Construction: Built by J & L ConstructionOther foundation details
• Exterior features: Stone and vinyl exteriorLot approximately 5,125 sq. ft. (41 x 125)

Interior

• Kitchen: Kitchen on upper level
• Bedrooms: 4 bedrooms (located on upper and lower levels)
• Bathrooms: 3 full bathroomsDouble sink in primary bathroomPrivate primary bathroom
• Heating & cooling: Forced air heatingCentral air conditioning
• Interior features: Split-entry (bi-level) layoutConcrete basement
• Laundry & utility: Laundry room on lower level

Listing history 28 events

1. 2026-07-02
   days on market $318,900 Active 94 DOM
2. 2026-07-01
   days on market $318,900 Active 93 DOM
3. 2026-06-30
   days on market $318,900 Active 92 DOM
4. 2026-06-29
   days on market $318,900 Active 91 DOM
5. 2026-06-28
   days on market $318,900 Active 90 DOM
6. 2026-06-28
   days on market $318,900 Active 89 DOM
7. 2026-06-27
   days on market $318,900 Active 88 DOM
8. 2026-06-25
   days on market $318,900 Active 86 DOM
9. 2026-06-23
   days on market $318,900 Active 84 DOM
10. 2026-06-21
    days on market $318,900 Active 83 DOM
11. 2026-06-18
    days on market $318,900 Active 80 DOM
12. 2026-06-17
    days on market $318,900 Active 79 DOM
13. 2026-06-16
    days on market $318,900 Active 78 DOM
14. 2026-06-15
    days on market $318,900 Active 77 DOM
15. 2026-06-14
    days on market $318,900 Active 75 DOM
16. 2026-06-13
    days on market $318,900 Active 74 DOM
17. 2026-06-10
    days on market $318,900 Active 72 DOM
18. 2026-06-09
    days on market $318,900 Active 71 DOM
19. 2026-06-08
    days on market $318,900 Active 70 DOM
20. 2026-06-07
    days on market $318,900 Active 69 DOM
21. 2026-06-05
    days on market $318,900 Active 66 DOM
22. 2026-06-03
    days on market $318,900 Active 65 DOM
23. 2026-06-02
    days on market $318,900 Active 64 DOM
24. 2026-06-01
    days on market $318,900 Active 63 DOM
25. 2026-05-31
    days on market $318,900 Active 62 DOM
26. 2026-05-30
    days on market $318,900 Active 61 DOM
27. 2026-03-30
    listed $318,900 Active
28. 2025-10-06
    soldstatus $71,800

ⓘ 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: $5,808 · $484/mo
• Projected year-2 tax: $5,808 · $484/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: $33,741
• − Mortgage interest: −$17,863
• − Property taxes: −$5,808
• − Insurance: −$1,594
• − Repairs & maintenance: −$2,699
• − Management: −$2,699
• − Depreciation: −$9,277
• Taxable loss: −$6,201
• Est. tax savings @ 24.0%: +$1,488
• After-tax cash flow: $673/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.

Condition & rehab AI · 12 photos

Good 80/100 Cosmetic rehab Est. rehab $10,495–$31,485 screening

This home is in excellent condition with modern appliances, hardwood flooring, and a well-maintained exterior. It is move-in ready and would benefit from some minor updates to the interior walls and light fixtures to further enhance its value.

Value-add opportunities

• Both Paint interior walls — Fresh paint can make a home more appealing and increase its value ↑
• Both Replace light fixtures — Modern light fixtures can enhance the home's curb appeal and functionality ↑
• Both Install smart home devices — Smart home devices can increase the home's value and appeal to tech-savvy buyers ↑
• Both Add a smart thermostat — A smart thermostat can improve energy efficiency and increase the home's value ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

D Composite school gradezoned avg 54/100

Zoned Schools

Elementary Horace Elementary School B- ND #19/236 Nat'l #7,252/41,679 Middle Heritage Middle School C- ND #10/35 Nat'l #4,042/14,009 High Horace High School

Schools (NCES district)

• District: West Fargo 6
• NCES district ID: 3819410
• Math proficiency: 41% ▼ -10.00%
• Reading proficiency: 42% ▼ -10.00%
• Median HH income: $58,914
• Composite: 36.6/100
• National rank: #4628
• State rank: #26 of 53 in ND

B Composite livability gradescore 74/100

Livability — Horace

• Score: 74/100
• State rank: #29
• US rank: #4718

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Horace, ND
• County: Cass County · 223,771 people
• City population: 5,636
• Metro: Fargo, ND-MN
• Population (ZIP): 5,636
• Household income: $142,361
• Rent vs Own: 4.7% rent · 95.3% own

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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%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Hispanic / Latino 6% Two or more races 4% Black 2%
• Hispanic origin (detail): Mexican 4% Puerto Rican 2%
• Common ancestry: Portuguese 26% Scotch-Irish 7% Lithuanian 4%
• Foreign-born: 2% · Canada
• Languages at home: 95% English-only · Spanish 4%

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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: ▼ -113.83%
• Current HPI: 178.7028
• Rent YoY: —
• Metro: Fargo, ND-MN
• State GDP YoY: ▲ 2.09%
• F500 in state: 2

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Industry mix (Fortune 500 HQ in ND)

Industry	F500 HQs	Revenue
▸Utilities / Construction	1	$6B

Property features AI

Exterior

• Parking: Attached garage with space for 3 vehicles
• Utilities: City sewer (connected)Natural gas
• Home design: Residential propertyNew constructionBi-level (split-entry) with multiple levels
• Construction: Built by J & L ConstructionOther foundation details
• Exterior features: Stone and vinyl exteriorLot approximately 5,125 sq. ft. (41 x 125)

Interior

• Kitchen: Kitchen on upper level
• Bedrooms: 4 bedrooms (located on upper and lower levels)
• Bathrooms: 3 full bathroomsDouble sink in primary bathroomPrivate primary bathroom
• Heating & cooling: Forced air heatingCentral air conditioning
• Interior features: Split-entry (bi-level) layoutConcrete basement
• Laundry & utility: Laundry room on lower level

Price history

+344.2% since first listed

2 events — show timeline

• 2026-03-30 Listed $318,900 NORTHSTARMLS as Distributed by MLS Grid
• 2025-10-06 Sold (Public Records) $71,800 Public Records

Property tax history

+287.1%/yr

Latest (2025): $5,808 · +5.2% YoY. Source: county tax records.