3108 5th St S #21 · Moorhead, MN 56560

$79,900

2 bd · 1.0 ba · 1,030 sqft · Condo · 6 Days on market

Built 1967 $350/mo HOA · 32% of rent

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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 +10.4/30.0
• 1% rule +8.6/10.0
• ARV discount +7.5/15.0
• Livability +3.9/5.0
• Schools +3.7/10.0
• DSCR +3.0/10.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

2nd Floor Condo, two bedroom, one bath, top floor on this two story building with the deck facing the Southwest. Coin operated laundry is next door. Security building with very nice courtyard area. Check it out and see what you can do to make this home yours.

Key facts

• Smart mirror
• Tiled surround
• Renovated end unit

Tags

• RENOVATED END UNIT
• WALK-IN PANTRY
• STAINLESS-STEEL APPLIANCE
• FLOATING SHELVES
• SMART MIRROR
• TILED SURROUND

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $80k.

Deal economics

• At list price, monthly cash flow is $-42 ($-505/yr) — negative.
• To cash-flow at today's rent, offer at most $72k (9.3% below list).
• Meets the 1% rule at list price ($1k rent vs $80k).
• Recommended offer: $72k (9.3% below list) — sets the bar for cash-flow.
• 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: Ellen Hopkins Elementary (math 50% / reading 42%, grade D-, #526 of 857 statewide, top 62%, 643 students, 46% 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; 39 comparable units currently listed for rent nearby; rentals at typical pace (median 23d 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).
• This rent is only 17% of the median local income ($75k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $552 of loan paydown is wiped out by about $2k 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 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 6y 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 $50k; list at $80k implies a 60% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 32% of rent.

Recommended offer $72,460 (9.3% 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. Built in 1967 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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 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: 1.36% ✓
• Cap rate: 5.66%
• Cash-on-cash: -2.26%
• DSCR: 0.90
• GRM: 6.1

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: -22.7%
• Equity multiple: 0.24×
• Total profit: $-17,113
• Equity at exit: $11,913

10-year hold

• IRR: -24.7%
• Equity multiple: -0.08×
• Total profit: $-24,232
• Equity at exit: $6,908

Cash invested: $22,372 (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: 6.1×

Monthly cashflow live

• Estimated rent: $1,089 high
• Mortgage (P&I): −$419
• Tax from tax record: −$100 /mo · $1,204/yr
• Insurance: −$33
• HOA: −$350
• Vacancy / Maint / Mgmt: −$229
• Net cashflow: $-42

Break-even live

Break-even rent $1,143

Max offer price $72,460

Occupancy floor 99%

Sensitivity live

Price	-10% $3	-5% $-19	+0% $-42	+5% $-65	+10% $-87
Rent	-10% $-128	-5% $-85	+0% $-42	+5% $1	+10% $44
Rate	-1.0pp $-2	-0.5pp $-22	base $-42	+0.5pp $-63	+1.0pp $-84

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: $19,975
• Closing costs: $2,397
• Reserves months: —
• Total cash needed: —

Rent comps 39 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
515 30th Ave S Unit 2 Moorhead, MN	2.0	1.0	785	$800	$1.02	46d	1	0.04mi
525 30th Ave S Unit 22 Moorhead, MN	2.0	1.0	835	$800	$0.96	45d	1	0.04mi
517 32nd Ave S Apt 15 Moorhead, MN	2.0	1.0	1044	$975	$0.93	45d	1	0.09mi
517 32nd Ave S Apt 5 Moorhead, MN	2.0	1.0	986	$895	$0.91	45d	1	0.09mi
600 30th Ave S Moorhead, MN	3.0	1.0–2.0	950	$1,615	$1.70	15d	34	0.11mi
3208 9th St S Unit 201 Moorhead, MN	2.0	1.0	825	$740	$0.90	45d	1	0.27mi
915 32nd Ave S Unit 101 Moorhead, MN	2.0	1.0	825	$740	$0.90	45d	1	0.29mi
915 32nd Ave S Unit 105 Moorhead, MN	2.0	1.0	825	$750	$0.91	23d	1	0.29mi
900 30th Ave S Moorhead, MN	3.0	1.0–2.0	982	$1,525	$1.55	23d	19	0.30mi
915 32nd Ave S Unit 201 Moorhead, MN	2.0	1.0	825	$725	$0.88	23d	1	0.30mi
915 32nd Ave S Unit 302 Moorhead, MN	2.0	1.0	825	$695	$0.84	23d	1	0.31mi
1021 32nd Ave S Moorhead, MN	3.0	1.0	740	$938	$1.27	15d	12	0.36mi
802 37th Ave S Moorhead, MN	2.0–4.0	2.0–2.5	1250	$1,440	$1.15	15d	5	0.46mi
3302 12th St S Unit 204 Moorhead, MN	3.0	1.0	1060	$900	$0.85	15d	1	0.53mi
1102 28th Ave S Moorhead, MN	1.0–3.0	1.0–2.0	1175	$1,275	$1.08	15d	35	0.54mi
3820 7th St S Unit 1 Moorhead, MN	2.0	2.0	1200	$1,395	$1.16	15d	1	0.57mi
1310 34th Ave S Unit 102 Moorhead, MN	2.0	1.0	875	$795	$0.91	45d	1	0.60mi
1114 27th Ave S Apt 14 Moorhead, MN	2.0	1.0	851	$995	$1.17	45d	1	0.60mi
1122 27th Ave S Unit 14 Moorhead, MN	2.0	1.0	990	$975	$0.98	45d	1	0.62mi
1122 27th Ave S Apt 8 Moorhead, MN	1.0	1.0	876	$895	$1.02	15d	1	0.62mi
1206 27th Ave S Unit 209 Moorhead, MN	2.0	1.0	926	$875	$0.94	45d	1	0.67mi
1204 27th Ave S Apt 105 Moorhead, MN	2.0	1.0	943	$995	$1.06	15d	1	0.67mi
1208 27th Ave S Unit 303 Moorhead, MN	2.0	1.0	926	$850	$0.92	45d	1	0.68mi
1208 27th Ave S Apt 309 Moorhead, MN	2.0	1.0	926	$875	$0.94	45d	1	0.68mi
1402 Belsly Blvd Moorhead, MN	2.0	1.0–2.0	827	$1,375	$1.66	15d	12	0.69mi
1308 27th Ave S Moorhead, MN	2.0	1.0	851	$862	$1.01	15d	6	0.72mi
1501 Belsly Blvd Moorhead, MN	2.0–3.0	2.0	1226	$1,350	$1.10	15d	5	0.74mi
1601 Belsly Blvd Moorhead, MN	1.0–3.0	1.0–2.0	772	$1,110	$1.44	15d	5	0.83mi
900 44th Ave S Moorhead, MN	1.0	1.0	793	$1,125	$1.42	15d	4	0.96mi
801 44th Ave S Moorhead, MN	2.0	1.0–2.0	860	$1,460	$1.70	15d	8	1.02mi
3046 18th St S Moorhead, MN	2.0	1.5	1250	$1,025	$0.82	45d	1	1.03mi
3540 18th St S Moorhead, MN	1.0–3.0	1.0–2.0	1032	$1,265	$1.23	15d	17	1.08mi
3015 20th St S Apt 109 Moorhead, MN	2.0	1.0	800	$950	$1.19	45d	1	1.10mi
2429 W Country Club Dr S Fargo, ND	2.0	1.0	919	$785	$0.85	23d	4	1.17mi
1730 40th Ave S Moorhead, MN	1.0–3.0	1.0–2.0	1080	$1,095	$1.01	15d	1	1.19mi
2550 14th St S Unit 101 Fargo, ND	2.0	1.0	1005	$850	$0.85	23d	1	1.42mi
2660 15th St S Unit 202 Fargo, ND	3.0	1.0	1100	$915	$0.83	23d	1	1.46mi
1843 13 1/2 St S Fargo, ND	2.0	1.0	650	$915	$1.41	15d	4	1.48mi
1408 Oak Manor Ave S Unit 102 Fargo, ND	2.0	1.0	920	$795	$0.86	23d	1	1.50mi

HOA detail condo

• Monthly dues: $350 · $4,200/yr
• Likely covers: security
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 9 events

1. 2026-04-24
   status Pending
2. 2026-04-22
   historical Contingent - Inspection
3. 2026-04-18
   historical
4. 2026-04-16
   listed $79,900 Active
5. 2026-04-07
   historical Contingent - Inspection
6. 2026-03-13
   listed $79,900 Active
7. 2021-01-07
   soldstatus $50,000
8. 2021-01-06
   soldstatus $50,000 259-char remark

   Show marketing remark (259 chars)

   2nd Floor Condo, two bedroom, one bath, top floor on this two story building with the deck facing the Southwest. Coin operated laundry is next door. Security building with very nice courtyard area. Check it out and see what you can do to make this home yours.

9. 2020-07-21
   listed $55,000 259-char remark

   Show marketing remark (259 chars)

   2nd Floor Condo, two bedroom, one bath, top floor on this two story building with the deck facing the Southwest. Coin operated laundry is next door. Security building with very nice courtyard area. Check it out and see what you can do to make this home yours.

ⓘ 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: $1,204 · $100/mo
• Projected year-2 tax: $1,204 · $100/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 · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥97°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: $13,071
• − Mortgage interest: −$4,476
• − Property taxes: −$1,204
• − Insurance: −$400
• − Repairs & maintenance: −$1,046
• − Management: −$1,046
• − HOA: −$4,200
• − Depreciation: −$2,324
• Taxable loss: −$1,624
• Est. tax savings @ 24.0%: +$390
• After-tax cash flow: $-116/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

+45.3% since first listed

9 events — show timeline

• 2026-04-24 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-22 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-18 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-16 Listed $79,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-07 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2026-03-13 Listed $79,900 NORTHSTARMLS as Distributed by MLS Grid
• 2021-01-07 Sold (Public Records) $50,000 Public Records
• 2021-01-06 Sold (MLS) $50,000 NORTHSTARMLS as Distributed by MLS Grid
• 2020-07-21 Listed $55,000 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+4.2%/yr

Latest (2026): $1,204 · +2.4% YoY. Source: county tax records.