2877 Warwick Loop Unit D · Bismarck, ND 58504

$199,900

3 bd · 1.5 ba · 1,603 sqft · Condo · 80 Days on market

Built 1981 $200/mo HOA · 10% 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 +13.3/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +4.0/10.0
• Livability +4.0/5.0
• Schools +3.7/10.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

WHY rent when you can own this affordable condo with swimming pool!!? Located in south Bismarck close to walking paths, Riverwood Golf course, shopping, restaurants just to name a few. This wonderful condo will give you ease of living with the HOA taking care of snow removal and lawn care for you. You will be welcomed with all the natural sunlight when you enter the property. Split level design with steps up to the main level where you will find open living room with charming gas fireplace, dining room with doors out to your private deck and kitchen. On this level there is also a 1/2 bath for convince. In the upper level there are 2 large bedrooms with wonderful windows and an ample sized full bath. The lower level with garden windows offers a family room, bedroom and large laundry(washer and dryer included) mechanical room. This condo comes with a single stall detached garage not far from the condo entrance. BONUS for any investors this property can be rented and pets are allowed. Water heater was replace in 2020, furnace and central air have been serviced regularly. Call your favorite Realtor today so that you can ''See the Possibilities''

Key facts

• Functional kitchen
• Balcony deck
• Daylight windows

Tags

• SWIMMING POOL
• GAS FIREPLACE
• BALCONY DECK
• DAYLIGHT WINDOWS
• FUNCTIONAL KITCHEN

Property features AI

Finance

• HOA & community: Homeowners association with a monthly fee of $200; HOA amenities include pool; HOA fee includes insurance, grounds maintenance, snow removal, trash, and water

Exterior

• Parking: Detached 1-car garage
• Utilities: Public water; Public sewer
• Home design: Residential condominium; Three or more levels
• Construction: Metal/steel siding; Shingle roof
• Exterior features: Balcony; Deck; Vinyl fencing; In-ground pool

Interior

• Kitchen: Dishwasher; Range; Refrigerator; Exhaust fan
• Bedrooms: Total rooms: 11 (includes bedroom count within room total)
• Flooring: Carpet; Laminate; Linoleum
• Bathrooms: One full bathroom; One half bathroom
• Heating & cooling: Forced air heating (natural gas); Exhaust fan for ventilation; Ceiling fan cooling
• Interior features: Window treatments; Finished daylight full basement; One gas fireplace in the living room
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath condo listed at $200k.

Deal economics

• At list price, monthly cash flow is $2 ($20/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $200k).
• Recommended offer: $188k (6.0% below list) — sets the bar for market timing.
• Cap rate 6.3% vs local median 3.1% in Bismarck — 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 79/100 on livability (#5 in ND, #2,213 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living A; Watch: crime C-, amenities D+, commute F.
• Bismarck 1 (urban): math 41% / reading 42% proficiency, ranked #25 of 53 in ND (top 47%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 19% free/reduced lunch — higher-income household profile.
• Zoned schools: Victor Solheim Elementary School (math 61% / reading 54%, grade C+, #33 of 236 statewide, top 14%, 560 students, 20% FRL); Wachter Middle School (math 34% / reading 34%, grade F, #26 of 35 statewide, top 79%, 1,000 students, 30% FRL); Bismarck High School (math 22% / reading 38%, grade F, #90 of 144 statewide, top 66%, 1,333 students, 27% FRL).
• Market conditions: Rents rising (+2.8%/yr); 261 active listings in the ZIP; 11 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; 259 units permitted in Burleigh County in 2024 (0 in 5+ unit buildings).

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.
• Burleigh County population projected at +61% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 80 days — a 6% lower offer ($188k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 5y 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 $155k; 29% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $187,906 (6.0% below list)

Questions for the listing agent

1. It's been on market 80 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
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. 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: 1.00% ✓
• Cap rate: 6.30%
• Cash-on-cash: 0.04%
• DSCR: 1.00
• GRM: 8.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.81% rent growth · sell at horizon

5-year hold

• IRR: -16.4%
• Equity multiple: 0.42×
• Total profit: $-32,518
• Equity at exit: $29,806

10-year hold

• IRR: -8.4%
• Equity multiple: 0.48×
• Total profit: $-29,123
• Equity at exit: $17,284

Cash invested: $55,972 (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 58504

• Rents YoY: 2.8%
• Active inventory: 261
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $2,004 high
• Mortgage (P&I): −$1,048
• Tax est. 1.5%: −$250 /mo · $2,998/yr
• Insurance: −$83
• HOA: −$200
• Vacancy / Maint / Mgmt: −$421
• Net cashflow: $2

Break-even live

Break-even rent $2,002

Max offer price $199,900

Occupancy floor 95%

Sensitivity live

Price	-10% $140	-5% $71	+0% $2	+5% $-67	+10% $-137
Rent	-10% $-157	-5% $-78	+0% $2	+5% $81	+10% $160
Rate	-1.0pp $102	-0.5pp $52	base $2	+0.5pp $-50	+1.0pp $-103

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: $49,975
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2900 Kamrose Dr Bismarck, ND	3.0	1.0–2.0	1040	$2,580	$2.48	23d	33	0.09mi
100 Santa Fe Ave Unit 3111 Bismarck, ND	2.0	2.0	1206	$1,670	$1.38	23d	1	0.16mi
100 Santa Fe Ave Unit 5322 Bismarck, ND	2.0	2.0	1250	$1,890	$1.51	23d	1	0.16mi
100 Santa Fe Ave Unit 5214 Bismarck, ND	2.0	2.0	1206	$1,860	$1.54	23d	1	0.20mi
121 Sleeper Way Lincoln, ND	3.0	2.5	1619	$2,395	$1.48	23d	1	0.30mi
119 Irvine Loop Bismarck, ND	3.0	1.0–2.0	974	$2,400	$2.46	23d	1	0.32mi
109 W Burleigh Ave Bismarck, ND	1.0–3.0	1.0–2.0	1050	$1,395	$1.33	23d	1	0.39mi
127 Stuttgart Dr Unit 1 Bismarck, ND	2.0	2.0	1600	$1,400	$0.88	23d	1	0.81mi
1543 S Washington St Bismarck, ND	3.0	2.0	1500	$2,050	$1.37	23d	1	1.11mi
2130 S 12th St Bismarck, ND	1.0–3.0	1.0–2.0	1152	$1,980	$1.72	23d	12	1.15mi
2020 S 12th St Bismarck, ND	3.0	1.0–2.0	1185	$1,955	$1.65	23d	19	1.23mi

HOA detail condo

• Monthly dues: $200 · $2,400/yr
• Likely covers: watergaslandscapingsnow removalpool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 22 events

1. 2026-06-21
   days on market $199,900 Active 80 DOM
2. 2026-06-19
   days on market $199,900 Active 78 DOM
3. 2026-06-18
   days on market $199,900 Active 77 DOM
4. 2026-06-17
   days on market $199,900 Active 76 DOM
5. 2026-06-16
   days on market $199,900 Active 75 DOM
6. 2026-06-15
   days on market $199,900 Active 74 DOM
7. 2026-06-14
   days on market $199,900 Active 72 DOM
8. 2026-06-13
   days on market $199,900 Active 71 DOM
9. 2026-06-10
   days on market $199,900 Active 69 DOM
10. 2026-06-09
    days on market $199,900 Active 68 DOM
11. 2026-06-08
    days on market $199,900 Active 67 DOM
12. 2026-06-07
    days on market $199,900 Active 66 DOM
13. 2026-06-05
    days on market $199,900 Active 63 DOM
14. 2026-06-03
    days on market $199,900 Active 62 DOM
15. 2026-06-02
    days on market $199,900 Active 61 DOM
16. 2026-06-01
    days on market $199,900 Active 60 DOM
17. 2026-05-31
    days on market $199,900 Active 59 DOM
18. 2026-05-30
    days on market $199,900 Active 58 DOM
19. 2026-04-02
    listed $199,900 Active
20. 2022-01-24
    soldstatus 1159-char remark

    Show marketing remark (1159 chars)

    WHY rent when you can own this affordable condo with swimming pool!!? Located in south Bismarck close to walking paths, Riverwood Golf course, shopping, restaurants just to name a few. This wonderful condo will give you ease of living with the HOA taking care of snow removal and lawn care for you. You will be welcomed with all the natural sunlight when you enter the property. Split level design with steps up to the main level where you will find open living room with charming gas fireplace, dining room with doors out to your private deck and kitchen. On this level there is also a 1/2 bath for convince. In the upper level there are 2 large bedrooms with wonderful windows and an ample sized full bath. The lower level with garden windows offers a family room, bedroom and large laundry(washer and dryer included) mechanical room. This condo comes with a single stall detached garage not far from the condo entrance. BONUS for any investors this property can be rented and pets are allowed. Water heater was replace in 2020, furnace and central air have been serviced regularly. Call your favorite Realtor today so that you can ''See the Possibilities''

21. 2022-01-24
    soldstatus $154,900

    Show marketing remark (1159 chars)

    WHY rent when you can own this affordable condo with swimming pool!!? Located in south Bismarck close to walking paths, Riverwood Golf course, shopping, restaurants just to name a few. This wonderful condo will give you ease of living with the HOA taking care of snow removal and lawn care for you. You will be welcomed with all the natural sunlight when you enter the property. Split level design with steps up to the main level where you will find open living room with charming gas fireplace, dining room with doors out to your private deck and kitchen. On this level there is also a 1/2 bath for convince. In the upper level there are 2 large bedrooms with wonderful windows and an ample sized full bath. The lower level with garden windows offers a family room, bedroom and large laundry(washer and dryer included) mechanical room. This condo comes with a single stall detached garage not far from the condo entrance. BONUS for any investors this property can be rented and pets are allowed. Water heater was replace in 2020, furnace and central air have been serviced regularly. Call your favorite Realtor today so that you can ''See the Possibilities''

22. 2021-10-15
    listed $154,900 1159-char remark

    Show marketing remark (1159 chars)

    WHY rent when you can own this affordable condo with swimming pool!!? Located in south Bismarck close to walking paths, Riverwood Golf course, shopping, restaurants just to name a few. This wonderful condo will give you ease of living with the HOA taking care of snow removal and lawn care for you. You will be welcomed with all the natural sunlight when you enter the property. Split level design with steps up to the main level where you will find open living room with charming gas fireplace, dining room with doors out to your private deck and kitchen. On this level there is also a 1/2 bath for convince. In the upper level there are 2 large bedrooms with wonderful windows and an ample sized full bath. The lower level with garden windows offers a family room, bedroom and large laundry(washer and dryer included) mechanical room. This condo comes with a single stall detached garage not far from the condo entrance. BONUS for any investors this property can be rented and pets are allowed. Water heater was replace in 2020, furnace and central air have been serviced regularly. Call your favorite Realtor today so that you can ''See the Possibilities''

ⓘ 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

• 🌊 Flood 1/10 Low FEMA zone X (shaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥97°F today · 12 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,047
• − Mortgage interest: −$11,198
• − Property taxes: −$2,998
• − Insurance: −$1,000
• − Repairs & maintenance: −$1,924
• − Management: −$1,924
• − HOA: −$2,400
• − Depreciation: −$5,815
• Taxable loss: −$3,211
• Est. tax savings @ 24.0%: +$771
• After-tax cash flow: $790/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: Bismarck 1
• NCES district ID: 3800014
• Math proficiency: 41% ▼ -5.00%
• Reading proficiency: 42% ▼ -6.00%
• Median HH income: $60,649
• Composite: 36.76/100
• National rank: #4577
• State rank: #25 of 53 in ND

Livability — Bismarck

• Score: 79/100
• State rank: #5
• US rank: #2213

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Bismarck, ND
• County: Burleigh County · 97,300 people
• City population: 97,300
• Metro: Bismarck, ND
• Population (ZIP): 30,212
• Household income: $85,637
• Rent vs Own: 25.6% rent · 74.4% own
• Severe rent burden: 400.0

Population outlook (Burleigh County) Hauer SSP2

• Today (2025): 119,359 people
• By 2030: 133,047 · +11.5%
• By 2040: 161,545 · +35.3%
• By 2050: 191,960 · +60.8%
• By 2075: 274,569 · +130.0%
• By 2100: 350,910 · +194.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Native American 8% Two or more races 5% Hispanic / Latino 4%
• Common ancestry: Portuguese 13% Scotch-Irish 5% Romanian 2%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 2%

Political lean MEDSL · Burleigh

• 2024 margin: Solid R (+43.2) · D 27.5% · R 70.7% · Other 1.8%
• 2008→2024 swing: -19.7pp toward R · 2008: -23.6pp · 2024: -43.2pp
• All cycles: 2024: R+43.2 2020: R+40.2 2016: R+46.1 2012: R+32.1 2008: R+23.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -158.70%
• Current HPI: 210.0651
• Rent YoY: ▲ 2.81%
• Metro: Bismarck, ND
• 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

+29.1% since first listed

4 events — show timeline

• 2026-04-02 Listed $199,900 GNMLS
• 2022-01-24 Sold (Public Records) $154,900 Public Records
• 2022-01-24 Sold (MLS) — GNMLS
• 2021-10-15 Listed $154,900 GNMLS

Property tax history

-13.2%/yr

Latest (2025): $239 · -83.6% YoY. Source: county tax records.