502 Oak St · Grand Forks, ND 58201

$205,000

3 bd · 2.0 ba · 1,375 sqft · SingleFamily public records · 14 Days on market

Built 1898 6,440 sqft lot Est $282k · 27% 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 +14.0/30.0
• Rent growth +4.8/5.0
• DSCR +4.3/10.0
• Livability +3.9/5.0
• 1% rule +3.7/10.0
• Schools +3.6/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Don't miss this one! This will make a great first home or investment property! This 3 bedroom/2 bath home is move in ready. The main floor has a great front porch, living room and dining room which have hardwood floors; a large kitchen, a bedroom and a bathroom. Upstairs you'll find 2 additional bedrooms and a bathroom. The home has metal siding, some new windows, a fenced yard, gas forced air and central air. It's a must see! Schedule your appointment today!!

Key facts

• Front porch
• Unfinished basement
• Large kitchen

Tags

• FRONT PORCH
• LARGE KITCHEN
• UNFINISHED BASEMENT

Property features AI

Exterior

• Utilities: Public water; Natural gas available
• Home design: Single family residence; One and one-half stories; Metal siding
• Construction: Metal siding construction; Above-grade finished area approximately 1,659; Total living area approximately 2,538
• Exterior features: Fenced yard

Interior

• Bedrooms: Total rooms: 8
• Bathrooms: 1 full bathroom; 1 three-quarter bathroom
• Heating & cooling: Natural gas forced air heating; Has cooling
• Interior features: Full basement

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $205k.

Deal economics

• At list price, monthly cash flow is $28 ($334/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 $178k (13.1% below list).
• Recommended offer: $178k (13.1% below list) — sets the bar for 1% rule.
• Cap rate 6.5% vs local median 2.2% in Grand Forks — 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 78/100 on livability (#8 in ND, #2,645 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment C-, crime D+.
• Grand Forks 1 (urban): math 37% / reading 49% proficiency, ranked #27 of 53 in ND (top 51%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Phoenix Elementary School (math 37% / reading 42%, grade F, #137 of 236 statewide, top 63%, 260 students, 45% FRL); Valley Middle School (math 22% / reading 40%, grade F, #31 of 35 statewide, top 88%, 513 students, 56% FRL); Central High School (math 29% / reading 56%, grade F, #48 of 144 statewide, top 33%, 1,093 students, 32% FRL) — zoned schools average 45% FRL vs 29% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+9.3%/yr); 284 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 133 units permitted in Grand Forks County in 2024 (0 in 5+ unit buildings).
• This rent runs 31% of the median local income ($68k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Grand Forks County population projected at +43% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 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.

Risks & watch-outs

• Watch-outs: built in 1898 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $178,103 (13.1% below list)

Questions for the listing agent

1. Built in 1898 — 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. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
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: 0.87% ✗
• Cap rate: 6.46%
• Cash-on-cash: 0.58%
• DSCR: 1.03
• GRM: 9.6

CMA / ARV

• ARV (on-the-fly): $281,875
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1006 Cottonwood St	0.43mi	3/2.0	1,344 (-2%)	3mo	$275,000	$205	74
907 9th St	0.32mi	4/2.0 (+1)	1,296 (-6%)	1mo	$310,000	$239	70
920 Cherry St	0.35mi	3/2.0	1,484 (+8%)	2mo	$222,000	$150	69
824 Chestnut St	0.43mi	4/2.0 (+1)	1,344 (-2%)	3mo	$236,900	$176	68
1006 S 9th St	0.39mi	3/2.5	1,290 (-6%)	3mo	$319,500	$248	67
1002 Cherry St	0.39mi	2/1.0 (-1)	1,416 (+3%)	2mo	$175,000	$124	67
823 S 9th St	0.28mi	4/1.0 (+1)	1,313 (-4%)	6mo	$235,000	$179	65
209 Cottonwood St	0.29mi	3/2.0	1,224 (-11%)	4mo	$255,000	$208	65
1010 Chestnut St	0.51mi	4/2.5 (+1)	1,404 (+2%)	2mo	$305,000	$217	64
1317 Chestnut Street St	0.73mi	3/2.0	1,420 (+3%)	6mo	$249,900	$176	55
515 N 7th St	0.61mi	4/1.5 (+1)	1,212 (-12%)	4mo	$194,900	$161	42
1701 University Ave Ave	0.71mi	2/2.0 (-1)	1,176 (-14%)	6mo	$279,900	$238	33

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -10.0%
• Equity multiple: 0.62×
• Total profit: $-22,031
• Equity at exit: $30,566

10-year hold

• IRR: 5.0%
• Equity multiple: 1.45×
• Total profit: $25,953
• Equity at exit: $17,725

Cash invested: $57,400 (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 58201

• Rents YoY: 9.3%
• Active inventory: 284
• Price-to-rent: 9.6×

Monthly cashflow live

• Estimated rent: $1,781 medium
• Mortgage (P&I): −$1,075
• Tax from tax record: −$219 /mo · $2,625/yr
• Insurance: −$85
• HOA: −$0
• Vacancy / Maint / Mgmt: −$374
• Net cashflow: $28

Break-even live

Break-even rent $1,746

Max offer price $205,000

Occupancy floor 93%

Sensitivity live

Price	-10% $144	-5% $86	+0% $28	+5% $-30	+10% $-88
Rent	-10% $-113	-5% $-43	+0% $28	+5% $98	+10% $169
Rate	-1.0pp $131	-0.5pp $80	base $28	+0.5pp $-25	+1.0pp $-79

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: $51,250
• Closing costs: $6,150
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
214 N 4th St Grand Forks, ND	3.0	1.0–2.0	974	$2,345	$2.41	45d	1	0.68mi

Listing history 17 events

1. 2026-05-06
   status Pending
2. 2026-04-27
   historical Active Under Contract
3. 2026-04-22
   listed $205,000 Active
4. 2024-04-18
   soldstatus Closed 464-char remark

   Show marketing remark (464 chars)

   Don't miss this one! This will make a great first home or investment property! This 3 bedroom/2 bath home is move in ready. The main floor has a great front porch, living room and dining room which have hardwood floors; a large kitchen, a bedroom and a bathroom. Upstairs you'll find 2 additional bedrooms and a bathroom. The home has metal siding, some new windows, a fenced yard, gas forced air and central air. It's a must see! Schedule your appointment today!!

5. 2024-04-18
   soldstatus $195,000

   Show marketing remark (464 chars)

   Don't miss this one! This will make a great first home or investment property! This 3 bedroom/2 bath home is move in ready. The main floor has a great front porch, living room and dining room which have hardwood floors; a large kitchen, a bedroom and a bathroom. Upstairs you'll find 2 additional bedrooms and a bathroom. The home has metal siding, some new windows, a fenced yard, gas forced air and central air. It's a must see! Schedule your appointment today!!

6. 2024-03-18
   historical Active Under Contract 464-char remark

   Show marketing remark (464 chars)

   Don't miss this one! This will make a great first home or investment property! This 3 bedroom/2 bath home is move in ready. The main floor has a great front porch, living room and dining room which have hardwood floors; a large kitchen, a bedroom and a bathroom. Upstairs you'll find 2 additional bedrooms and a bathroom. The home has metal siding, some new windows, a fenced yard, gas forced air and central air. It's a must see! Schedule your appointment today!!

7. 2024-02-20
   listed $199,900 Active 464-char remark

   Show marketing remark (464 chars)

   Don't miss this one! This will make a great first home or investment property! This 3 bedroom/2 bath home is move in ready. The main floor has a great front porch, living room and dining room which have hardwood floors; a large kitchen, a bedroom and a bathroom. Upstairs you'll find 2 additional bedrooms and a bathroom. The home has metal siding, some new windows, a fenced yard, gas forced air and central air. It's a must see! Schedule your appointment today!!

8. 2023-10-29
   status Active
9. 2023-09-29
   status Active
10. 2023-09-18
    historical Active Under Contract
11. 2023-08-15
    listed $199,900 Active
12. 2019-10-01
    soldstatus $140,000
13. 2016-12-09
    soldstatus
14. 2016-12-09
    soldstatus
15. 2011-09-02
    soldstatus
16. 2007-10-15
    soldstatus $94,000
17. 2003-03-19
    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: $2,625 · $219/mo
• Projected year-2 tax: $2,625 · $219/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 ≥96°F today · 12 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,372
• − Mortgage interest: −$11,483
• − Property taxes: −$2,625
• − Insurance: −$1,025
• − Repairs & maintenance: −$1,710
• − Management: −$1,710
• − Depreciation: −$5,964
• Taxable loss: −$3,144
• Est. tax savings @ 24.0%: +$755
• After-tax cash flow: $1,088/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: Grand Forks 1
• NCES district ID: 3808130
• Math proficiency: 37% ▼ -8.00%
• Reading proficiency: 49% ▲ 1.00%
• Median HH income: $44,234
• Composite: 36.39/100
• National rank: #4681
• State rank: #27 of 53 in ND

Livability — Grand Forks

• Score: 78/100
• State rank: #8
• US rank: #2645

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Grand Forks, ND
• County: Grand Forks County · 58,851 people
• City population: 58,851
• Metro: Grand Forks, ND-MN
• Population (ZIP): 42,373
• Household income: $68,143
• Rent vs Own: 50.3% rent · 49.7% own
• Severe rent burden: 2110.0

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 (82%)
• Race & ethnicity: White 82% Two or more races 7% Hispanic / Latino 5% Black 4% Asian 2% Native American 2%
• Common ancestry: Portuguese 26% Romanian 4% Lithuanian 3%
• Foreign-born: 5% · Canada, South Korea, China
• Languages at home: 93% English-only · Spanish 1% Other Indo-European 1% Russian/Polish/Slavic 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: ▼ -197.56%
• Current HPI: 183.128
• Rent YoY: ▲ 9.31%
• Metro: Grand Forks, ND-MN
• 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

+118.1% since first listed

17 events — show timeline

• 2026-05-06 Pending — GFAAR
• 2026-04-27 Contingent — GFAAR
• 2026-04-22 Listed $205,000 GFAAR
• 2024-04-18 Sold (Public Records) $195,000 Public Records
• 2024-04-18 Sold (MLS) — GFAAR
• 2024-03-18 Contingent — GFAAR
• 2024-02-20 Listed $199,900 GFAAR
• 2023-10-29 Relisted — GFAAR
• 2023-09-29 Relisted — GFAAR
• 2023-09-18 Contingent — GFAAR
• 2023-08-15 Listed $199,900 GFAAR
• 2019-10-01 Sold (Public Records) $140,000 Public Records
• 2016-12-09 Sold (Public Records) — Public Records
• 2016-12-09 Sold (Public Records) — Public Records
• 2011-09-02 Sold (Public Records) — Public Records
• 2007-10-15 Sold (Public Records) $94,000 Public Records
• 2003-03-19 Sold (Public Records) — Public Records

Property tax history

+5.7%/yr

Latest (2025): $2,625 · +7.2% YoY. Source: county tax records.