2108 57th Ave S · Fargo, ND 58104

$255,000

2 bd · 1.0 ba · 980 sqft · MultiFamily public records · 12 Days on market

Built 2009 9,365 sqft lot $140/mo HOA · 13% 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 +12.3/30.0
• ARV discount +7.5/15.0
• Livability +4.2/5.0
• Rent growth +3.8/5.0
• DSCR +3.6/10.0
• Schools +3.6/10.0
• 1% rule +3.2/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks MLS

One level living in south Fargo. Open floor plan with a spacious living room and eat in kitchen. 2 bedrooms, 1 bathroom, and laundry with no step living. 2 car garage with a work shop. HOA covers snow and lawn.

Key facts

• Ample cabinetry
• Updated flooring
• Open-concept layout

Tags

• OPEN-CONCEPT LAYOUT
• SPACIOUS LIVING ROOM
• AMPLE CABINETRY
• GENEROUS COUNTER SPACE
• UPDATED FLOORING
• DEDICATED DINING SPACE

Property features AI

Finance

• Financial info: Conventional financing available
• HOA & community: Homeowner association managed by Personal Touch Property Management; Monthly association fee of $140; HOA covers lawn care and snow removal; Association amenities include patio

Exterior

• Parking: Attached garage with 2 parking spaces (garage approx. 17.5 x 16.5, includes additional shop area)
• Utilities: City water (connected); City sewer (connected); Electric fuel
• Home design: Residential attached property; One story; Entry and all main living areas on main level
• Construction: 980 above-grade finished area; Foundation: Other
• Exterior features: Vinyl exterior; Patio; Lot approximately 0.215 acres (dimensions 45 x 101)

Interior

• Kitchen: Dishwasher; Range; Microwave; Refrigerator
• Bedrooms: 2 bedrooms (both on main level)
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Baseboard heating; Ductless mini-split heating and cooling
• Interior features: Vaulted ceiling(s); Eat-in kitchen; Patio
• Laundry & utility: Washer; Dryer; Laundry room on main level

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath multifamily listed at $255k.

Deal economics

• At list price, monthly cash flow is $-49 ($-582/yr) — negative.
• To cash-flow at today's rent, offer at most $246k (3.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $209k (18.0% below list).
• Recommended offer: $209k (18.0% below list) — sets the bar for 1% rule.
• Cap rate 6.1% vs local median 2.5% in Fargo — 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 85/100 on livability (#1 in ND, #605 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: crime F.
• Fargo 1 (urban): math 41% / reading 44% proficiency, ranked #28 of 53 in ND (top 53%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Bennett Elementary School (math 64% / reading 59%, grade B, #18 of 236 statewide, top 7%, 666 students, 21% FRL); Discovery Middle School (math 49% / reading 55%, grade C+, #3 of 35 statewide, top 12%, 975 students, 26% FRL); Fargo Davies High School (math 34% / reading 45%, grade F, #57 of 144 statewide, top 48%, 1,363 students, 19% FRL) — zoned schools at 22% FRL track the district average.
• Market conditions: Rents rising fast (+5.1%/yr); 369 active listings in the ZIP; 12 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; 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 $8k 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

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 4y 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 $175k; 46% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $209,000 (18.0% 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Crime grade is F 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. 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?
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: 0.82% ✗
• Cap rate: 6.06%
• Cash-on-cash: -0.82%
• DSCR: 0.96
• GRM: 10.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.13% rent growth · sell at horizon

5-year hold

• IRR: -15.4%
• Equity multiple: 0.44×
• Total profit: $-39,844
• Equity at exit: $38,021

10-year hold

• IRR: -3.7%
• Equity multiple: 0.73×
• Total profit: $-19,096
• Equity at exit: $22,048

Cash invested: $71,400 (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 58104

• Home prices YoY: -29.6%
• Rents YoY: 5.1%
• Active inventory: 369
• Price-to-rent: 20.3×

Monthly cashflow live

• Estimated rent: $2,090 medium
• Mortgage (P&I): −$1,337
• Tax from tax record: −$116 /mo · $1,393/yr
• Insurance: −$106
• HOA: −$140
• Vacancy / Maint / Mgmt: −$439
• Net cashflow: $-49

Break-even live

Break-even rent $2,151

Max offer price $246,430

Occupancy floor 97%

Sensitivity live

Price	-10% $96	-5% $24	+0% $-49	+5% $-121	+10% $-193
Rent	-10% $-214	-5% $-131	+0% $-49	+5% $34	+10% $117
Rate	-1.0pp $80	-0.5pp $16	base $-49	+0.5pp $-115	+1.0pp $-182

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,090
Total (2 units)			$2,090

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: $63,750
• Closing costs: $7,650
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5450 26th St S Fargo, ND	1.0–3.0	1.0–2.0	1111	$1,325	$1.19	15d	10	0.33mi
2465 62nd Ave S Unit 100 Fargo, ND	2.0	2.0	1038	$1,700	$1.64	23d	1	0.36mi
2465 62nd Ave S Unit 105 Fargo, ND	2.0	2.0	1087	$1,665	$1.53	23d	1	0.36mi
2465 62nd Ave S Unit 314 Fargo, ND	1.0	1.0	710	$1,365	$1.92	23d	1	0.36mi
2465 62nd Ave S Unit 109 Fargo, ND	1.0	1.0	748	$1,340	$1.79	23d	1	0.36mi
2465 62nd Ave S Unit 300 Fargo, ND	2.0	2.0	1038	$1,725	$1.66	23d	1	0.36mi
5354 26th St S Unit 5354-318 Fargo, ND	1.0	1.0	950	$1,600	$1.68	23d	1	0.41mi
2400 65th Ave S Fargo, ND	1.0–2.0	1.0–2.0	863	$1,295	$1.50	15d	13	0.65mi
3243 67th Ave S Fargo, ND	1.0–4.0	1.0–2.0	1239	$1,995	$1.61	15d	35	0.93mi
3760 55th Ave S Fargo, ND	3.0	1.0–2.0	910	$1,613	$1.77	15d	37	1.35mi
5800 38th St S Fargo, ND	3.0	1.0–2.0	1005	$1,695	$1.69	15d	40	1.35mi
5624 Tillstone Dr S Fargo, ND	2.0	1.0–2.0	797	$1,810	$2.27	15d	18	1.38mi

HOA detail

• Monthly dues: $140 · $1,680/yr

Listing history 8 events

1. 2026-05-07
   status Pending
2. 2026-04-30
   historical Contingent - Inspection
3. 2026-04-25
   listed $255,000 Active
4. 2026-04-25
   historical
5. 2026-04-24
   listed $255,000 Active
6. 2022-04-19
   soldstatus $175,000
7. 2022-04-15
   soldstatus $175,000 211-char remark

   Show marketing remark (211 chars)

   One level living in south Fargo. Open floor plan with a spacious living room and eat in kitchen. 2 bedrooms, 1 bathroom, and laundry with no step living. 2 car garage with a work shop. HOA covers snow and lawn.

8. 2022-02-25
   listed $175,000 211-char remark

   Show marketing remark (211 chars)

   One level living in south Fargo. Open floor plan with a spacious living room and eat in kitchen. 2 bedrooms, 1 bathroom, and laundry with no step living. 2 car garage with a work shop. HOA covers snow and lawn.

ⓘ 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: $1,393 · $116/mo
• Projected year-2 tax: $2,499 · $208/mo
• Expected delta: +$1,106/yr (+$92/mo · 79.3%)

ⓘ 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 (shaded) · 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: $25,080
• − Mortgage interest: −$14,284
• − Property taxes: −$1,393
• − Insurance: −$1,275
• − Repairs & maintenance: −$2,006
• − Management: −$2,006
• − HOA: −$1,680
• − Depreciation: −$7,418
• Taxable loss: −$4,983
• Est. tax savings @ 24.0%: +$1,196
• After-tax cash flow: $614/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: Fargo 1
• NCES district ID: 3806780
• Math proficiency: 41% ▼ -7.00%
• Reading proficiency: 44% ▼ -7.00%
• Median HH income: $46,524
• Composite: 36.23/100
• National rank: #4721
• State rank: #28 of 53 in ND

Livability — Fargo

• Score: 85/100
• State rank: #1
• US rank: #605

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Fargo, ND
• County: Cass County · 177,143 people
• City population: 130,876
• Metro: Fargo, ND-MN
• Population (ZIP): 49,168
• Household income: $85,747
• Rent vs Own: 54.6% rent · 45.4% own
• Severe rent burden: 2039.0

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%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Black 7% Two or more races 5% Asian 4% Hispanic / Latino 2%
• Common ancestry: Portuguese 27% Lithuanian 4% Romanian 2%
• Foreign-born: 9% · Canada, China
• Languages at home: 92% English-only · Korean 1% Spanish 1% Russian/Polish/Slavic 1%

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: ▼ -78.58%
• Current HPI: 187.1707
• Rent YoY: ▲ 5.13%
• Metro: Fargo, 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

+45.7% since first listed

8 events — show timeline

• 2026-05-07 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-30 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-25 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-25 Listed $255,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-24 Listed $255,000 NORTHSTARMLS as Distributed by MLS Grid
• 2022-04-19 Sold (Public Records) $175,000 Public Records
• 2022-04-15 Sold (MLS) $175,000 NORTHSTARMLS as Distributed by MLS Grid
• 2022-02-25 Listed $175,000 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+10.2%/yr

Latest (2025): $1,393 · -39.8% YoY. Source: county tax records.