1009 2nd St NW · Mandan, ND 58554

$399,000

9 bd · 6.0 ba · 4,518 sqft · MultiFamily · 79 Days on market

Built 1950 Poor condition 3,657 sqft lot Est $416k · at est.

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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 +18.5/30.0
• ARV discount +9.3/15.0
• DSCR +5.8/10.0
• Rent growth +5.0/5.0
• 1% rule +4.9/10.0
• Livability +3.5/5.0
• Schools +3.3/10.0
• Condition / age +1.0/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 3 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

Discover an exceptional investment opportunity in Mandan - a prime 6-plex offering a blend of comfort and convenience. Nestled alongside Roosevelt Elementary School, this property boasts a strategic location that tenants will love. With four thoughtfully designed 2-bedroom apartments and two cozy 1-bedroom units, it's a versatile gem that caters to various needs. Several units have been upgraded with modern touches, including fresh carpet, vibrant paint, and stylish bathrooms. Seize the chance to own a property that's a smart investment in an area with strong rental demand. Don't miss your opportunity to invest wisely!

Key facts

• 3,657 sq ft lot
• Built 1950
• Listed 78 days

Property features AI

Exterior

• Parking: No garage
• Utilities: Public water; Public sewer; Electricity connected; Water connected
• Home design: Multi-family residential income property; Three or more levels; Vinyl siding
• Construction: Vinyl siding construction
• Exterior features: Other exterior features; Rubber roof

Interior

• Kitchen: Refrigerator
• Bathrooms: Six full bathrooms
• Heating & cooling: Forced air heating; Wall/window air conditioning units
• Interior features: See remarks

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/?-bath units multifamily listed at $399k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $377 ($5k/yr) — positive. Per door: $126/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $397k (0.6% below list).
• Recommended offer: $375k (6.0% below list) — sets the bar for market timing.
• Cap rate 7.4% vs local median 2.7% in Mandan — 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 70/100 on livability (#76 in ND) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment A; Watch: crime C-, amenities F, commute F.
• Mandan 1 (suburban): math 35% / reading 38% proficiency, ranked #32 of 53 in ND (top 60%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Mandan Middle School (math 36% / reading 40%, grade F, #21 of 35 statewide, top 59%, 928 students, 30% FRL); Mandan High School (math 18% / reading 42%, grade F, #90 of 144 statewide, top 66%, 1,138 students, 25% FRL) — zoned schools at 28% FRL track the district average.
• Market conditions: Rents rising fast (+14.0%/yr); 304 active listings in the ZIP; solid renter incomes; 94 units permitted in Morton County in 2024 (5 in 5+ unit buildings).
• At $3,968/mo this rent would consume 59% of the median local household income ($80k/yr) (locally 915% 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 $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• Morton County population projected at +48% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $112k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 79 days — a 6% lower offer ($375k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 3y ago; this cycle's ask has dropped $21k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $375,060 (6.0% below list)

Questions for the listing agent

1. It's been on market 79 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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 0.99% ✗
• Cap rate: 7.43%
• Cash-on-cash: 4.05%
• DSCR: 1.18
• GRM: 8.4

CMA / ARV

• ARV (on-the-fly): $415,656
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
304 6th Ave NW	0.28mi	10/4.0 (+1)	4,035 (-11%)	2mo	$370,000	$92	55
407 2nd Ave NW	0.54mi	8/4.0 (-1)	4,056 (-10%)	23mo	$339,900	$84	26

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: -4.5%
• Equity multiple: 0.82×
• Total profit: $-19,594
• Equity at exit: $59,492

10-year hold

• IRR: 10.3%
• Equity multiple: 1.98×
• Total profit: $109,569
• Equity at exit: $34,498

Cash invested: $111,720 (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 58554

• Rents YoY: 14.0%
• Active inventory: 304
• Price-to-rent: 25.1×

Monthly cashflow live

• Estimated rent: $3,968 medium
• Mortgage (P&I): −$2,092
• Tax est. 1.5%: −$499 /mo · $5,985/yr
• Insurance: −$166
• HOA: −$0
• Vacancy / Maint / Mgmt: −$833
• Net cashflow: $377

Break-even live

Break-even rent $3,490

Max offer price $399,000

Occupancy floor 85%

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	—	$3,969
Total (3 units)			$3,968

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: $99,750
• Closing costs: $11,970
• Reserves months: —
• Total cash needed: —

Listing history 27 events

1. 2026-06-19
   days on market $399,000 Active 79 DOM
2. 2026-06-18
   days on market $399,000 Active 78 DOM
3. 2026-06-17
   days on market $399,000 Active 77 DOM
4. 2026-06-16
   days on market $399,000 Active 76 DOM
5. 2026-06-15
   days on market $399,000 Active 75 DOM
6. 2026-06-14
   days on market $399,000 Active 73 DOM
7. 2026-06-13
   days on market $399,000 Active 72 DOM
8. 2026-06-10
   days on market $399,000 Active 70 DOM
9. 2026-06-09
   days on market $399,000 Active 69 DOM
10. 2026-06-08
    days on market $399,000 Active 68 DOM
11. 2026-06-07
    days on market $399,000 Active 67 DOM
12. 2026-06-05
    days on market $399,000 Active 64 DOM
13. 2026-06-03
    days on market $399,000 Active 63 DOM
14. 2026-06-02
    days on market $399,000 Active 62 DOM
15. 2026-06-01
    days on market $399,000 Active 61 DOM
16. 2026-05-31
    days on market $399,000 Active 60 DOM
17. 2026-05-30
    days on market $399,000 Active 59 DOM
18. 2026-03-31
    listed $420,000 Active
19. 2023-09-22
    soldstatus Closed 626-char remark

    Show marketing remark (626 chars)

    Discover an exceptional investment opportunity in Mandan - a prime 6-plex offering a blend of comfort and convenience. Nestled alongside Roosevelt Elementary School, this property boasts a strategic location that tenants will love. With four thoughtfully designed 2-bedroom apartments and two cozy 1-bedroom units, it's a versatile gem that caters to various needs. Several units have been upgraded with modern touches, including fresh carpet, vibrant paint, and stylish bathrooms. Seize the chance to own a property that's a smart investment in an area with strong rental demand. Don't miss your opportunity to invest wisely!

20. 2023-09-17
    historical $600
21. 2023-09-16
    listed $600
22. 2023-09-06
    listed Active Under Contract

    Show marketing remark (626 chars)

    Discover an exceptional investment opportunity in Mandan - a prime 6-plex offering a blend of comfort and convenience. Nestled alongside Roosevelt Elementary School, this property boasts a strategic location that tenants will love. With four thoughtfully designed 2-bedroom apartments and two cozy 1-bedroom units, it's a versatile gem that caters to various needs. Several units have been upgraded with modern touches, including fresh carpet, vibrant paint, and stylish bathrooms. Seize the chance to own a property that's a smart investment in an area with strong rental demand. Don't miss your opportunity to invest wisely!

23. 2023-09-06
    listed Active Under Contract 626-char remark

    Show marketing remark (626 chars)

    Discover an exceptional investment opportunity in Mandan - a prime 6-plex offering a blend of comfort and convenience. Nestled alongside Roosevelt Elementary School, this property boasts a strategic location that tenants will love. With four thoughtfully designed 2-bedroom apartments and two cozy 1-bedroom units, it's a versatile gem that caters to various needs. Several units have been upgraded with modern touches, including fresh carpet, vibrant paint, and stylish bathrooms. Seize the chance to own a property that's a smart investment in an area with strong rental demand. Don't miss your opportunity to invest wisely!

24. 2023-08-14
    listed $350,000

    Show marketing remark (626 chars)

    Discover an exceptional investment opportunity in Mandan - a prime 6-plex offering a blend of comfort and convenience. Nestled alongside Roosevelt Elementary School, this property boasts a strategic location that tenants will love. With four thoughtfully designed 2-bedroom apartments and two cozy 1-bedroom units, it's a versatile gem that caters to various needs. Several units have been upgraded with modern touches, including fresh carpet, vibrant paint, and stylish bathrooms. Seize the chance to own a property that's a smart investment in an area with strong rental demand. Don't miss your opportunity to invest wisely!

25. 2023-08-14
    listed $350,000 626-char remark

    Show marketing remark (626 chars)

    Discover an exceptional investment opportunity in Mandan - a prime 6-plex offering a blend of comfort and convenience. Nestled alongside Roosevelt Elementary School, this property boasts a strategic location that tenants will love. With four thoughtfully designed 2-bedroom apartments and two cozy 1-bedroom units, it's a versatile gem that caters to various needs. Several units have been upgraded with modern touches, including fresh carpet, vibrant paint, and stylish bathrooms. Seize the chance to own a property that's a smart investment in an area with strong rental demand. Don't miss your opportunity to invest wisely!

26. 2023-01-20
    soldstatus
27. 2023-01-13
    listed $299,000

ⓘ 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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥96°F today · 12 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $47,616
• − Mortgage interest: −$22,350
• − Property taxes: −$5,985
• − Insurance: −$1,995
• − Repairs & maintenance: −$3,809
• − Management: −$3,809
• − Depreciation: −$11,607
• Taxable loss: −$1,940
• Est. tax savings @ 24.0%: +$466
• After-tax cash flow: $4,993/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.

Condition & rehab AI · 5 photos

Poor 20/100 Extensive rehab

This multi-family property requires extensive repairs and maintenance, including a new roof, siding, and landscaping. Immediate updates will significantly improve its appearance and value.

Repairs flagged

• Major roof — Signs of wear and potential leaks
• Major siding — Weathered and peeling
• Major landscaping — Overgrown and unkempt

Value-add opportunities

• Both landscaping and exterior painting — Enhances curb appeal and property value
• Rental HVAC maintenance — Improves tenant comfort and reduces utility costs

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · Signs of wear and potential leaks	Major	$15,000–50,000
siding · Weathered and peeling	Major	$15,000–50,000
landscaping · Overgrown and unkempt	Major	$15,000–50,000
Total estimated repair cost · 3 items		$45,000–150,000

Value-add ROI direction

• Both landscaping and exterior painting — Enhances curb appeal and property value ↑
• Rental HVAC maintenance — Improves tenant comfort and reduces utility costs ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Mandan 1
• NCES district ID: 3811820
• Math proficiency: 35% ▼ -11.00%
• Reading proficiency: 38% ▼ -5.00%
• Median HH income: $60,131
• Composite: 32.55/100
• National rank: #5692
• State rank: #32 of 53 in ND

Livability — Mandan

• Score: 70/100
• State rank: #76
• US rank: #7567

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Mandan, ND
• County: Morton County · 29,479 people
• City population: 29,479
• Metro: Bismarck, ND
• Population (ZIP): 29,479
• Household income: $80,120
• Rent vs Own: 27.2% rent · 72.8% own
• Severe rent burden: 915.0

Population outlook (Morton County) Hauer SSP2

• Today (2025): 36,682 people
• By 2030: 39,967 · +9.0%
• By 2040: 46,921 · +27.9%
• By 2050: 54,157 · +47.6%
• By 2075: 73,661 · +100.8%
• By 2100: 89,885 · +145.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Hispanic / Latino 5% Native American 4% Two or more races 4% Black 2%
• Common ancestry: Portuguese 14% Scotch-Irish 4% Iranian 2%
• Foreign-born: 1% · Canada
• Languages at home: 95% English-only · Spanish 3% German/W. Germanic 1%

Political lean MEDSL · Morton

• 2024 margin: Solid R (+53.8) · D 22.2% · R 75.9% · Other 1.9%
• 2008→2024 swing: -32.7pp toward R · 2008: -21.0pp · 2024: -53.8pp
• All cycles: 2024: R+53.8 2020: R+50.4 2016: R+53.0 2012: R+31.1 2008: R+21.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -161.81%
• Current HPI: 137.8984
• Rent YoY: ▲ 14.00%
• 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

+40.5% since first listed

10 events — show timeline

• 2026-03-31 Listed $420,000 GNMLS
• 2023-09-22 Sold (MLS) — GNMLS
• 2023-09-17 Rental Removed $600 RENTEC
• 2023-09-16 Listed for Rent $600 RENTEC
• 2023-09-06 Listed — GNMLS
• 2023-09-06 Listed — GNMLS
• 2023-08-14 Listed $350,000 GNMLS
• 2023-08-14 Listed $350,000 GNMLS
• 2023-01-20 Sold (MLS) — GNMLS
• 2023-01-13 Listed $299,000 GNMLS