1038 College St N · Fargo, ND 58102

$250,000

0 bd · 4.0 ba · 1,856 sqft · MultiFamily public records · 72 Days on market

Built 1921 6,969 sqft lot Est $174k · 43% 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 +23.4/30.0
• DSCR +7.5/10.0
• 1% rule +5.5/10.0
• Livability +4.2/5.0
• Rent growth +3.7/5.0
• 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 (5+ Unit). Listing-text estimate: 2 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

4 plex within walking distance to NDSU! Well kept and professionally managed, this is the investment you're waiting for. The roof was replaced in 2012 along with the gutters. Looking to sell in tandem with 1036 College st., Income/Expenses: (Total Income: 29400.00, Management: 0.00, Utilities: 3200.00, Maintenance: 2500.00, Wages: 0.00)

Key facts

• Off street parking
• Prime location
• 6,969 sq ft lot

Tags

• PRIME LOCATION
• OFF STREET PARKING
• STRONG RENTAL HISTORY
• ROOF AND GUTTERS REPLACED

Property features AI

Finance

• Financial info: Four total units; Owner pays common area maintenance, sewer, trash collection, and water; Gross income reported as $28,200; Insurance expense reported as $2,000; Conventional mortgage type; Rental license: Standard (active); tenants pay electricity
• HOA & community: Coin-op laundry owned

Exterior

• Parking: Street parking available on east side; parking on west side of property
• Utilities: City water connected; City sewer connected; Electric fuel
• Home design: Residential income property; Two levels
• Construction: Block foundation
• Exterior features: Vinyl and wood exterior

Interior

• Kitchen: Kitchens present in each unit (appliances not specified)
• Bedrooms: Six total bedrooms (distributed across four separate units)
• Bathrooms: Multiple full bathrooms across units (each unit has one full bathroom)
• Heating & cooling: Baseboard heating
• Interior features: Block basement
• Laundry & utility: Common area laundry; Coin-operated laundry owned by association

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $250k.

Deal economics

• At list price, monthly cash flow is $462 ($6k/yr) — positive. Per door: $231/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $250k).
• Recommended offer: $235k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.5% 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.
• Market conditions: Rents rising fast (+4.7%/yr); 206 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 1,218 units permitted in Cass County in 2024 (410 in 5+ unit buildings).
• At $2,626/mo this rent would consume 53% of the median local household income ($60k/yr) (locally 1919% 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.
• Cass County population projected at +69% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 4.7% rent growth), your $70k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 72 days — a 6% lower offer ($235k) is reasonable based on typical stale-listing flexibility.
• 2 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 1921 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $235,000 (6.0% below list)

Questions for the listing agent

1. It's been on market 72 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1921 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
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: 1.05% ✓
• Cap rate: 8.51%
• Cash-on-cash: 7.93%
• DSCR: 1.35
• GRM: 7.9

CMA / ARV

• ARV (on-the-fly): $174,464
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1111 7th St N	0.53mi	3/3.0 (+3)	1,726 (-7%)	3mo	$162,950	$94	42

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 · 4.71% rent growth · sell at horizon

5-year hold

• IRR: -2.4%
• Equity multiple: 0.91×
• Total profit: $-6,495
• Equity at exit: $37,276

10-year hold

• IRR: 9.0%
• Equity multiple: 1.74×
• Total profit: $51,667
• Equity at exit: $21,615

Cash invested: $70,000 (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 58102

• Rents YoY: 4.7%
• Active inventory: 206
• Price-to-rent: 15.9×

Monthly cashflow live

• Estimated rent: $2,626 high
• Mortgage (P&I): −$1,311
• Tax from tax record: −$197 /mo · $2,363/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$551
• Net cashflow: $462

Break-even live

Break-even rent $2,041

Max offer price $250,000

Occupancy floor 77%

Sensitivity live

Price	-10% $604	-5% $533	+0% $462	+5% $392	+10% $321
Rent	-10% $255	-5% $359	+0% $462	+5% $566	+10% $670
Rate	-1.0pp $588	-0.5pp $526	base $462	+0.5pp $398	+1.0pp $332

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$2,626
Total (2 units)			$2,626

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: $62,500
• Closing costs: $7,500
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
899 Barrett St Apt 104 Fargo, ND	2.0	2.0	1311	$1,425	$1.09	14d	1	0.18mi
1515 11th Ave N Fargo, ND	4.0	1.0–4.0	862	$1,752	$2.03	14d	18	0.25mi
1125 17th St N Unit 1125-2 Fargo, ND	2.0	1.0	1345	$850	$0.63	22d	1	0.36mi
1900 Dakota Dr N Fargo, ND	3.0–4.0	2.0–3.0	1324	$1,425	$1.08	14d	7	0.53mi
405 Broadway N Fargo, ND	3.0	1.0–2.0	973	$1,850	$1.90	14d	24	0.80mi
21 8th St N Fargo, ND	4.0	1.0–3.0	949	$1,202	$1.27	14d	6	0.86mi
1601 N University Dr Fargo, ND	2.0–4.0	2.0–4.0	1075	$745	$0.69	22d	1	0.87mi
624 2nd Ave N Fargo, ND	3.0	1.0–2.0	914	$1,708	$1.87	14d	32	0.89mi
630 1st Ave N Fargo, ND	1.0–4.0	1.0–2.0	1098	$1,200	$1.09	14d	6	0.93mi
419 3rd St N Fargo, ND	1.0–3.0	1.0–2.0	1023	$1,875	$1.83	14d	21	0.97mi
23 N Broadway Dr Unit 406 Fargo, ND	3.0	2.0	1225	$1,700	$1.39	14d	1	1.03mi
23 Broadway N Fargo, ND	1.0–3.0	1.0–2.0	912	$1,318	$1.44	22d	5	1.04mi

Listing history 6 events

1. 2026-04-30
   status Pending
2. 2026-04-17
   historical Contingent - Inspection
3. 2026-02-17
   listed $250,000 Active
4. 2023-12-29
   soldstatus $225,000 338-char remark

   Show marketing remark (338 chars)

   4 plex within walking distance to NDSU! Well kept and professionally managed, this is the investment you're waiting for. The roof was replaced in 2012 along with the gutters. Looking to sell in tandem with 1036 College st., Income/Expenses: (Total Income: 29400.00, Management: 0.00, Utilities: 3200.00, Maintenance: 2500.00, Wages: 0.00)

5. 2023-11-07
   listed $250,000 338-char remark

   Show marketing remark (338 chars)

   4 plex within walking distance to NDSU! Well kept and professionally managed, this is the investment you're waiting for. The roof was replaced in 2012 along with the gutters. Looking to sell in tandem with 1036 College st., Income/Expenses: (Total Income: 29400.00, Management: 0.00, Utilities: 3200.00, Maintenance: 2500.00, Wages: 0.00)

6. 2012-09-04
   soldstatus $130,000

ⓘ 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: $2,363 · $197/mo
• Projected year-2 tax: $2,450 · $204/mo
• Expected delta: +$87/yr (+$7/mo · 3.7%)

ⓘ 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: $31,512
• − Mortgage interest: −$14,004
• − Property taxes: −$2,363
• − Insurance: −$1,250
• − Repairs & maintenance: −$2,521
• − Management: −$2,521
• − Depreciation: −$7,273
• Taxable income: $1,580
• Est. tax owed @ 24.0%: −$379
• After-tax cash flow: $5,170/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): 32,912
• Household income: $59,533
• Rent vs Own: 53.8% rent · 46.2% own
• Severe rent burden: 1919.0

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 (84%)
• Race & ethnicity: White 84% Hispanic / Latino 5% Two or more races 5% Black 4% Asian 3%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2%
• Common ancestry: Portuguese 27% Romanian 3% Scottish 2%
• Foreign-born: 4% · Canada, China
• Languages at home: 92% English-only · Spanish 3% Other Indo-European 2%

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: ▼ -171.16%
• Current HPI: 155.885
• Rent YoY: ▲ 4.71%
• 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

+92.3% since first listed

6 events — show timeline

• 2026-04-30 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-17 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2026-02-17 Listed $250,000 NORTHSTARMLS as Distributed by MLS Grid
• 2023-12-29 Sold (MLS) $225,000 NORTHSTARMLS as Distributed by MLS Grid
• 2023-11-07 Listed $250,000 NORTHSTARMLS as Distributed by MLS Grid
• 2012-09-04 Sold (Public Records) $130,000 Public Records