404 NW 1st Ave NW Unit N · Dilworth, MN 56529

$72,500

2 bd · 1.0 ba · 852 sqft · SingleFamily · 117 Days on market

Built 1977 871 sqft lot $195/mo HOA · 18% of rent

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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 +25.9/30.0
• 1% rule +10.0/10.0
• DSCR +8.7/10.0
• ARV discount +7.5/15.0
• Schools +4.1/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Affordable and convenient living in Dilworth! This 2 bed, 1 bath condo at 404 1st Ave NW is perfect for an owner-occupant or investor. Units in this building is in a central location and low-maintenance setup. Interior is in solid condition with the opportunity to add quick value through simple cosmetic updates. HOA covers exterior care, lawn & snow, making this a low-stress option. Close to schools, parks, local businesses, and minutes from Fargo–Moorhead. — act fast!

Key facts

• Close to parks
• Close to schools
• Central location

Tags

• CENTRAL LOCATION
• LOW MAINTENANCE SETUP
• SOLID CONDITION
• CLOSE TO SCHOOLS
• CLOSE TO PARKS
• CLOSE TO LOCAL BUSINESSES

Property features AI

Finance

• HOA & community: Tivoli Gardens Condo Association with $195 monthly fee (includes lawn care)

Exterior

• Parking: 1 garage space
• Utilities: City water connected; City sewer connected; Electric fuel
• Home design: Residential attached property; More than 2 stories
• Construction: Concrete foundation; Foundation area approximately 6,256
• Exterior features: Wood exterior; Deck

Interior

• Bedrooms: 2 bedrooms (both on the main level)
• Bathrooms: 1 full bath (on the main level)
• Heating & cooling: Baseboard heating; Wall air conditioning unit(s)
• Interior features: Basement with concrete floor/walls; Fireplace (1)

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $72k.

Deal economics

• At list price, monthly cash flow is $177 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $72k).
• Recommended offer: $66k (9.0% below list) — sets the bar for market timing.
• Cap rate 9.2% vs local median 4.0% in Dilworth — 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 72/100 on livability (#275 in MN) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, employment A; Watch: crime F, amenities F, commute F.
• Dilworth-Glyndon-Felton (suburban): math 43% / reading 52% proficiency, ranked #144 of 301 in MN (top 48%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 34 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 269 units permitted in Clay County in 2024 (153 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $501 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Clay County population projected at +23% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 117 days — a 9% lower offer ($66k) 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.
• Current owner paid $52k; 38% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $65,975 (9.0% below list)

Questions for the listing agent

1. It's been on market 117 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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 A-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. 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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.51% ✓
• Cap rate: 9.23%
• Cash-on-cash: 10.47%
• DSCR: 1.47
• GRM: 5.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -0.4%
• Equity multiple: 0.98×
• Total profit: $-330
• Equity at exit: $10,810

10-year hold

• IRR: 9.4%
• Equity multiple: 1.73×
• Total profit: $14,783
• Equity at exit: $6,268

Cash invested: $20,300 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 46 Balanced
• State Minnesota: 46 Balanced · D+2
• County: — inherits STATE
• City: — inherits STATE

2024 reforms strengthened tenant protections; ramsey/hennepin courts paced moderate to slow.

Methodology + full state rankings →

ZIP-level market 56529

• Home prices YoY: -33.9%
• Active inventory: 34
• Price-to-rent: 5.5×

Monthly cashflow live

• Estimated rent: $1,098 high
• Mortgage (P&I): −$380
• Tax from tax record: −$85 /mo · $1,016/yr
• Insurance: −$30
• HOA: −$195
• Vacancy / Maint / Mgmt: −$231
• Net cashflow: $177

Break-even live

Break-even rent $874

Max offer price $72,500

Occupancy floor 79%

Sensitivity live

Price	-10% $218	-5% $198	+0% $177	+5% $157	+10% $136
Rent	-10% $90	-5% $134	+0% $177	+5% $221	+10% $264
Rate	-1.0pp $214	-0.5pp $196	base $177	+0.5pp $158	+1.0pp $139

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: $18,125
• Closing costs: $2,175
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
102 5th St NW Unit 18 Dilworth, MN	3.0	1.0	975	$1,295	$1.33	14d	1	0.11mi
102 5th St NW Apt 5 Dilworth, MN	2.0	1.0	850	$1,100	$1.29	22d	1	0.11mi
202 5th St NW Dilworth, MN	1.0	1.0	825	$975	$1.18	14d	1	0.14mi
202 5th St NW Unit 15 Dilworth, MN	1.0	1.0	825	$975	$1.18	22d	1	0.15mi
1609 3rd Ave NW Dilworth, MN	1.0–3.0	1.0	839	$938	$1.12	14d	1	0.71mi
1009 3rd Ave NE Dilworth, MN	2.0	2.0	1041	$1,180	$1.13	14d	1	0.96mi
3550 8th Ave S Moorhead, MN	1.0	1.0	750	$995	$1.33	22d	1	1.01mi
3450 8th Ave S Moorhead, MN	2.0	2.0	1100	$1,225	$1.11	14d	1	1.06mi
221 12th St NE Dilworth, MN	3.0	1.0–2.0	774	$1,413	$1.82	14d	31	1.08mi
3507 10th Ave S Moorhead, MN	2.0	2.0	1032	$1,225	$1.19	14d	1	1.17mi
222 14th St NE Dilworth, MN	1.0–2.0	1.0	800	$1,205	$1.51	14d	13	1.17mi
3501 10th Ave S Moorhead, MN	1.0–2.0	1.0–2.0	887	$1,225	$1.38	22d	3	1.20mi
1204 34th Street Cir S Apt 102 Moorhead, MN	2.0	1.0	913	$850	$0.93	45d	1	1.33mi
1212 34th Street Cir S Unit 205 Moorhead, MN	2.0	1.0	913	$850	$0.93	45d	1	1.36mi

HOA detail

• Monthly dues: $195 · $2,340/yr

Listing history 5 events

1. 2026-05-06
   status Pending
2. 2025-12-31
   listed $72,500 Active
3. 2023-09-09
   historical $750
4. 2023-09-06
   listed $750
5. 2018-06-27
   soldstatus $52,500

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast MN · Partial reset (capped growth)

• Current annual tax: $1,016 · $85/mo
• Projected year-2 tax: $1,016 · $85/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 (unshaded) · 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: $13,174
• − Mortgage interest: −$4,061
• − Property taxes: −$1,016
• − Insurance: −$362
• − Repairs & maintenance: −$1,054
• − Management: −$1,054
• − HOA: −$2,340
• − Depreciation: −$2,109
• Taxable income: $1,177
• Est. tax owed @ 24.0%: −$283
• After-tax cash flow: $1,844/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: Dilworth-Glyndon-Felton
• NCES district ID: 2710260
• Math proficiency: 43% ▼ -14.00%
• Reading proficiency: 52% ▼ -10.00%
• Median HH income: $54,835
• Composite: 41.14/100
• National rank: #3557
• State rank: #144 of 301 in MN

Livability — Dilworth

• Score: 72/100
• State rank: #275
• US rank: #5975

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Dilworth, MN
• City population: 4,664
• Population (ZIP): 4,664

Population outlook (Clay County) Hauer SSP2

• Today (2025): 67,880 people
• By 2030: 70,881 · +4.4%
• By 2040: 76,865 · +13.2%
• By 2050: 83,205 · +22.6%
• By 2075: 98,719 · +45.4%
• By 2100: 111,657 · +64.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Two or more races 7% Hispanic / Latino 6% Black 5%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Portuguese 29% Scottish 6% Scotch-Irish 2%
• Foreign-born: 2%
• Languages at home: 89% English-only · Arabic 5% Spanish 3% Other Indo-European 2%

Political lean MEDSL · Clay

• 2024 margin: Toss-up / Even · D 49.2% · R 48.8% · Other 2.0%
• 2008→2024 swing: -15.5pp toward R · 2008: 16.0pp · 2024: 0.5pp
• All cycles: 2024: D+0.5 2020: D+4.1 2016: R+2.0 2012: D+8.0 2008: D+16.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -95.98%
• Current HPI: 187.1235
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 2.41%
• F500 in state: 34

Industry mix (Fortune 500 HQ in MN)

Industry	F500 HQs	Revenue
▸Healthcare	2	$407B
▸Retail	2	$150B
▸Consumer Goods	2	$32B
▸Industrial Machinery	2	$6B
▸Agriculture	1	$40B
▸Healthcare / Medical Devices	1	$32B

Price history

+38.1% since first listed

5 events — show timeline

• 2026-05-06 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2025-12-31 Listed $72,500 NORTHSTARMLS as Distributed by MLS Grid
• 2023-09-09 Rental Removed $750 APPFOLIO
• 2023-09-06 Listed for Rent $750 APPFOLIO
• 2018-06-27 Sold (Public Records) $52,500 Public Records

Property tax history

+3.4%/yr

Latest (2026): $1,016 · -2.5% YoY. Source: county tax records.