418 2nd Ave SW · Hillsboro, ND 58045

$170,000

4 bd · 4.0 ba · 2,240 sqft · MultiFamily · 63 Days on market

Built 1973 Fair condition 7,405 sqft lot ↓ 6% since listing

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Why this score? — see what drove the B+ 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Appreciation +6.9/10.0
• Schools +4.1/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Key facts

• 7,405 sq ft lot
• Built 1973
• Listed 63 days

Property features AI

Finance

• Other: Total of 4 rental units (three units ~500 sq ft; one unit listed separately); Foundation and building areas noted; lot approximately 0.17 acres (49 x 150)
• Financial info: Gross income listed at $21,600; Net operating income listed (small value recorded in data); Listed unit-level expenses include fuel, water/sewer, trash, electric, insurance, maintenance, manager, and other (nominal values recorded in data)

Exterior

• Parking: On-street parking only
• Utilities: City water connected; City sewer connected; Electric service (fuel)
• Home design: Residential income property; Two levels; Not owner-occupied
• Construction: Block foundation; Foundation area approx. 1,120; Above and below grade finished areas listed (total living area 2,240)
• Exterior features: Stone exterior; Stucco exterior

Interior

• Kitchen: Range; Refrigerator
• Bedrooms: 4 bedrooms total (units include three 1-bed units and one 1-bed unit of a different layout)
• Bathrooms: Each unit has 1 full bathroom
• Heating & cooling: Baseboard heating; Window cooling units in some units
• Interior features: Block basement
• Laundry & utility: Electric fuel

What this means for you Summary

Snapshot

• This is a 4-bed/4.0-bath multifamily listed at $170k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $2k ($20k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $170k).
• Recommended offer: $160k (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 78/100 on livability (#7 in ND, #2,511 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools C-, amenities F, commute F.
• Hillsboro 9 (rural): math 51% / reading 44% proficiency, ranked #16 of 53 in ND (top 30%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 19% free/reduced lunch — higher-income household profile.
• Market conditions: 14 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 8 units permitted in Traill County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $7k of equity ($1k loan paydown + $6k appreciation (3.7% local appreciation)).
• Traill County population projected at +3% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (3.7% appreciation + 3.0% rent growth), your $48k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 63 days — a 6% lower offer ($160k) is reasonable based on typical stale-listing flexibility.

Recommended offer $159,800 (6.0% below list)

Questions for the listing agent

1. It's been on market 63 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1973 — 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. 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 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: 2.12% ✓
• Cap rate: 18.12%
• Cash-on-cash: 42.24%
• DSCR: 2.88
• GRM: 3.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

3.72% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 48.6%
• Equity multiple: 3.81×
• Total profit: $133,771
• Equity at exit: $83,380

10-year hold

• IRR: 47.7%
• Equity multiple: 7.70×
• Total profit: $318,925
• Equity at exit: $134,178

Cash invested: $47,600 (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 58045

• Home prices YoY: 2.7%
• Active inventory: 14
• Price-to-rent: 7.9×

Monthly cashflow live

• Estimated rent: $3,608 medium
• Mortgage (P&I): −$891
• Tax est. 1.5%: −$212 /mo · $2,550/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$758
• Net cashflow: $1,675

Break-even live

Break-even rent $1,487

Max offer price $170,000

Occupancy floor 49%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	1	1	$3,608
Total (2 units)			$3,608

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: $42,500
• Closing costs: $5,100
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
303 Toronto Dr Hillsboro, ND	4.0	3.0	2136	$1,995	$0.93	21d	1	0.39mi

Listing history 16 events

1. 2026-06-18
   days on market $170,000 Active 63 DOM
2. 2026-06-17
   days on market $170,000 Active 62 DOM
3. 2026-06-16
   days on market $170,000 Active 61 DOM
4. 2026-06-15
   days on market $170,000 Active 60 DOM
5. 2026-06-13
   days on market $170,000 Active 58 DOM
6. 2026-06-12
   days on market $170,000 Active 57 DOM
7. 2026-06-09
   days on market $170,000 Active 54 DOM
8. 2026-06-08
   days on market $170,000 Active 53 DOM
9. 2026-06-07
   days on market $170,000 Active 52 DOM
10. 2026-06-05
    days on market $170,000 Active 50 DOM
11. 2026-06-04
    days on market $170,000 Active 48 DOM
12. 2026-06-02
    days on market $170,000 Active 47 DOM
13. 2026-06-01
    days on market $170,000 Active 46 DOM
14. 2026-05-31
    days on market $170,000 Active 45 DOM
15. 2026-05-05
    price $170,000
16. 2026-04-16
    listed $180,000 Active

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

Climate risk First Street

• 🌡 Heat 2/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $43,296
• − Mortgage interest: −$9,523
• − Property taxes: −$2,550
• − Insurance: −$850
• − Repairs & maintenance: −$3,464
• − Management: −$3,464
• − Depreciation: −$4,945
• Taxable income: $18,501
• Est. tax owed @ 24.0%: −$4,440
• After-tax cash flow: $15,666/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 · 7 photos

Fair 45/100 Moderate rehab

The property requires moderate renovations to improve its curb appeal and interior aesthetics, which would significantly increase its resale and rental value.

Repairs flagged

• Major exterior paint — Significant discoloration and wear
• Major interior paint — Worn appearance in some areas
• Minor kitchen cabinets — Dated design

Value-add opportunities

• Both paint exterior and interior — Enhances curb appeal and interior aesthetics
• Both update kitchen cabinets and appliances — Modernizes the space and increases appeal
• Both replace carpet with hardwood flooring — Improves durability and aesthetic appeal

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior paint · Significant discoloration and wear	Major	$15,000–50,000
interior paint · Worn appearance in some areas	Major	$15,000–50,000
kitchen cabinets · Dated design	Minor	$500–3,000
Total estimated repair cost · 3 items		$30,500–103,000

Value-add ROI direction

• Both paint exterior and interior — Enhances curb appeal and interior aesthetics ↑
• Both update kitchen cabinets and appliances — Modernizes the space and increases appeal ↑
• Both replace carpet with hardwood flooring — Improves durability and aesthetic appeal ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Hillsboro 9
• NCES district ID: 3809570
• Math proficiency: 51% ▲ 1.00%
• Reading proficiency: 44% ▬ 0.00%
• Median HH income: $51,294
• Composite: 40.88/100
• National rank: #3622
• State rank: #16 of 53 in ND

Livability — Hillsboro

• Score: 78/100
• State rank: #7
• US rank: #2511

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hillsboro, ND
• Population (ZIP): 2,181

Population outlook (Traill County) Hauer SSP2

• Today (2025): 8,107 people
• By 2030: 8,099 · -0.1%
• By 2040: 8,151 · +0.5%
• By 2050: 8,384 · +3.4%
• By 2075: 9,868 · +21.7%
• By 2100: 12,181 · +50.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 8% Hispanic / Latino 3%
• Common ancestry: Portuguese 31% Scottish 6% Lithuanian 3%
• Foreign-born: 1%
• Languages at home: 98% English-only · Other Indo-European 1% Tagalog/Filipino 1%

Political lean MEDSL · Traill

• 2024 margin: Solid R (+31.6) · D 33.3% · R 65.0% · Other 1.7%
• 2008→2024 swing: -38.8pp toward R · 2008: 7.2pp · 2024: -31.6pp
• All cycles: 2024: R+31.6 2020: R+24.9 2016: R+26.5 2012: R+4.7 2008: D+7.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 3.72%
• Current HPI: 139.3759
• 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

-5.6% since first listed

2 events — show timeline

• 2026-05-05 Price Changed $170,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-16 Listed $180,000 NORTHSTARMLS as Distributed by MLS Grid