404 4th St S · Grand Forks, ND 58201

$255,000

2 bd · 2.0 ba · 1,491 sqft · MultiFamily public records · 1 Days on market

Built 1888 7,000 sqft lot Est $174k · 46% over

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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).

• Cash flow +26.7/30.0
• DSCR +9.1/10.0
• 1% rule +7.1/10.0
• Rent growth +4.8/5.0
• Livability +3.9/5.0
• Schools +3.6/10.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• 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

A single-family home or rental with an abundance of character ready for new owner. While this home has had excellent rental history as a triplex, it would also make a great single-family home with rental option in the lower level. 2 stall tandem attached garage with additional off-street parking in the back. Call today for a private showing!

Key facts

• 7,000 sq ft lot
• 2 garage spots
• Built 1888

Property features AI

Exterior

• Parking: Attached 2-car garage with garage door opener; Converted garage
• Utilities: Public water; Natural gas available
• Home design: Single-family residence; Two levels
• Construction: Vinyl siding
• Exterior features: Deck; Patio

Interior

• Bedrooms: Total of 10 rooms (bedroom count not specified)
• Heating & cooling: Forced air heating; Natural gas heating; Has cooling
• Interior features: Full basement

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath multifamily listed at $255k.

Deal economics

• At list price, monthly cash flow is $686 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $255k).
• Cap rate 9.5% 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.
• 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).
• At $3,076/mo this rent would consume 54% of the median local household income ($68k/yr) (locally 2110% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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.
• Grand Forks County population projected at +43% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $71k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 1 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.

Risks & watch-outs

• Watch-outs: built in 1888 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $255,000

Questions for the listing agent

1. Built in 1888 — 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 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: 1.21% ✓
• Cap rate: 9.52%
• Cash-on-cash: 11.53%
• DSCR: 1.51
• GRM: 6.9

CMA / ARV

• ARV (on-the-fly): $174,447
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
318-320 Walnut St	0.32mi	3/2.0 (+1)	1,453 (-2%)	3mo	$169,900	$117	73

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: 6.4%
• Equity multiple: 1.26×
• Total profit: $18,683
• Equity at exit: $38,021

10-year hold

• IRR: 19.8%
• Equity multiple: 3.05×
• Total profit: $146,686
• 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 58201

• Rents YoY: 9.3%
• Active inventory: 284
• Price-to-rent: 20.7×

Monthly cashflow live

• Estimated rent: $3,076 medium
• Mortgage (P&I): −$1,337
• Tax from tax record: −$300 /mo · $3,603/yr
• Insurance: −$106
• HOA: −$0
• Vacancy / Maint / Mgmt: −$646
• Net cashflow: $686

Break-even live

Break-even rent $2,207

Max offer price $255,000

Occupancy floor 73%

Sensitivity live

Price	-10% $831	-5% $759	+0% $686	+5% $614	+10% $542
Rent	-10% $443	-5% $565	+0% $686	+5% $808	+10% $929
Rate	-1.0pp $815	-0.5pp $751	base $686	+0.5pp $620	+1.0pp $553

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$3,075
Total (3 units)			$3,076

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 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	$1,897	$1.95	44d	1	0.54mi

Listing history 8 events

1. 2026-05-18
   status Pending
2. 2026-05-18
   listed $255,000 Active
3. 2023-11-07
   price $249,900
4. 2023-09-26
   price $254,000
5. 2023-07-12
   listed $259,900 Active
6. 2023-03-22
   soldstatus Closed 343-char remark

   Show marketing remark (343 chars)

   A single-family home or rental with an abundance of character ready for new owner. While this home has had excellent rental history as a triplex, it would also make a great single-family home with rental option in the lower level. 2 stall tandem attached garage with additional off-street parking in the back. Call today for a private showing!

7. 2022-09-30
   listed $185,000 343-char remark

   Show marketing remark (343 chars)

   A single-family home or rental with an abundance of character ready for new owner. While this home has had excellent rental history as a triplex, it would also make a great single-family home with rental option in the lower level. 2 stall tandem attached garage with additional off-street parking in the back. Call today for a private showing!

8. 2002-08-16
   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: $3,603 · $300/mo
• Projected year-2 tax: $3,603 · $300/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: $36,912
• − Mortgage interest: −$14,284
• − Property taxes: −$3,603
• − Insurance: −$1,275
• − Repairs & maintenance: −$2,953
• − Management: −$2,953
• − Depreciation: −$7,418
• Taxable income: $4,426
• Est. tax owed @ 24.0%: −$1,062
• After-tax cash flow: $7,174/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

+37.8% since first listed

8 events — show timeline

• 2026-05-18 Pending — GFAAR
• 2026-05-18 Listed $255,000 GFAAR
• 2023-11-07 Price Changed $249,900 GFAAR
• 2023-09-26 Price Changed $254,000 GFAAR
• 2023-07-12 Listed $259,900 GFAAR
• 2023-03-22 Sold (MLS) — GFAAR
• 2022-09-30 Listed $185,000 GFAAR
• 2002-08-16 Sold (Public Records) — Public Records

Property tax history

+8.4%/yr

Latest (2025): $3,603 · -3.7% YoY. Source: county tax records.