513 3rd Ave S · Grand Forks, ND 58201

$119,900

1 bd · 1.0 ba · 862 sqft · SingleFamily public records · 101 Days on market

Built 1900 2,185 sqft lot Est $191k · 37% under ↓ 8% since listing

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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 +15.2/30.0
• ARV discount +15.0/15.0
• Rent growth +4.8/5.0
• DSCR +4.7/10.0
• 1% rule +4.0/10.0
• Livability +3.9/5.0
• Schools +3.6/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Key facts

• Stained-glass window
• Fenced yard
• Remodeled kitchen

Tags

• HARDWOOD FLOORS
• STAINED-GLASS WINDOW
• REMODELED KITCHEN
• ENCLOSED FRONT ENTRY
• FENCED YARD
• TONS OF STORAGE

Property features AI

Exterior

• Utilities: Public water
• Home design: Single-family residence; One level
• Construction: Brick/mortar foundation
• Exterior features: Fenced yard

Interior

• Bedrooms: 6 total rooms (includes bedrooms and other living spaces)
• Bathrooms: 1 full bathroom
• Heating & cooling: Hot water heating
• Interior features: Full basement

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $42 ($501/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $108k (9.8% below list).
• Recommended offer: $108k (9.8% below list) — sets the bar for 1% rule.
• Cap rate 6.7% 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.
• Zoned schools: Phoenix Elementary School (math 37% / reading 42%, grade F, #137 of 236 statewide, top 63%, 260 students, 45% FRL); Valley Middle School (math 22% / reading 40%, grade F, #31 of 35 statewide, top 88%, 513 students, 56% FRL); Central High School (math 29% / reading 56%, grade F, #48 of 144 statewide, top 33%, 1,093 students, 32% FRL) — zoned schools average 45% FRL vs 29% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+9.3%/yr); 284 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 133 units permitted in Grand Forks County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $829 of loan paydown is wiped out by about $4k 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.

Negotiation context

• It's been on market 101 days — a 9% lower offer ($109k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $108,143 (9.8% below list)

Questions for the listing agent

1. It's been on market 101 days. Have you received any prior offers? Is the seller open to a 10% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.90% ✗
• Cap rate: 6.71%
• Cash-on-cash: 1.49%
• DSCR: 1.07
• GRM: 9.2

CMA / ARV

• ARV (on-the-fly): $191,364
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
701 Cottonwood St	0.29mi	2/1.0 (+1)	832 (-4%)	1mo	$229,000	$275	75
1007 2nd Ave N	0.41mi	2/1.0 (+1)	851 (-1%)	6mo	$100,000	$118	69
1015 2nd Ave N	0.43mi	2/1.5 (+1)	823 (-4%)	8mo	$145,000	$176	59
716 6th Ave N	0.64mi	2/1.0 (+1)	902 (+5%)	1mo	$189,999	$211	57
1208 Walnut St	0.65mi	2/1.0 (+1)	920 (+7%)	0mo	$199,000	$216	53
906 Oak St	0.51mi	2/1.0 (+1)	796 (-8%)	11mo	$234,900	$295	50
1101 Cherry St	0.59mi	2/1.0 (+1)	768 (-11%)	0mo	$180,000	$234	49
902 Oak St	0.50mi	2/1.5 (+1)	896 (+4%)	17mo	$193,500	$216	49
1315 5th Ave N	0.70mi	2/1.0 (+1)	880 (+2%)	16mo	$195,000	$222	45
621 10th Ave S	0.53mi	2/1.0 (+1)	756 (-12%)	14mo	$155,000	$205	38
1002 9th St S	0.60mi	2/2.0 (+1)	960 (+11%)	11mo	$249,900	$260	35
1323 1st Ave N	0.63mi	2/2.0 (+1)	736 (-15%)	14mo	$175,000	$238	25

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: -8.5%
• Equity multiple: 0.67×
• Total profit: $-11,046
• Equity at exit: $17,877

10-year hold

• IRR: 6.5%
• Equity multiple: 1.59×
• Total profit: $19,847
• Equity at exit: $10,367

Cash invested: $33,572 (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: 9.2×

Monthly cashflow live

• Estimated rent: $1,081 medium
• Mortgage (P&I): −$629
• Tax from tax record: −$134 /mo · $1,606/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$227
• Net cashflow: $42

Break-even live

Break-even rent $1,029

Max offer price $119,900

Occupancy floor 91%

Sensitivity live

Price	-10% $110	-5% $76	+0% $42	+5% $8	+10% $-26
Rent	-10% $-44	-5% $-1	+0% $42	+5% $85	+10% $127
Rate	-1.0pp $102	-0.5pp $72	base $42	+0.5pp $11	+1.0pp $-21

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: $29,975
• Closing costs: $3,597
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
33 S 3rd St Grand Forks, ND	1.0	1.0	740	$925	$1.25	45d	1	0.45mi
214 N 4th St Grand Forks, ND	3.0	1.0–2.0	974	$1,448	$1.49	45d	1	0.52mi

Listing history 20 events

1. 2026-06-19
   days on market $119,900 Active 101 DOM
2. 2026-06-18
   days on market $119,900 Active 100 DOM
3. 2026-06-17
   days on market $119,900 Active 99 DOM
4. 2026-06-16
   days on market $119,900 Active 98 DOM
5. 2026-06-15
   days on market $119,900 Active 97 DOM
6. 2026-06-14
   days on market $119,900 Active 95 DOM
7. 2026-06-13
   days on market $119,900 Active 94 DOM
8. 2026-06-10
   days on market $119,900 Active 92 DOM
9. 2026-06-09
   days on market $119,900 Active 91 DOM
10. 2026-06-08
    days on market $119,900 Active 90 DOM
11. 2026-06-07
    days on market $119,900 Active 89 DOM
12. 2026-06-05
    days on market $119,900 Active 86 DOM
13. 2026-06-03
    days on market $119,900 Active 85 DOM
14. 2026-06-02
    days on market $119,900 Active 84 DOM
15. 2026-06-01
    days on market $119,900 Active 83 DOM
16. 2026-05-31
    days on market $119,900 Active 82 DOM
17. 2026-05-30
    days on market $119,900 Active 81 DOM
18. 2026-03-25
    price $119,900
19. 2026-03-10
    listed $129,900 Active
20. 1998-05-20
    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: $1,606 · $134/mo
• Projected year-2 tax: $1,606 · $134/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: $12,977
• − Mortgage interest: −$6,716
• − Property taxes: −$1,606
• − Insurance: −$600
• − Repairs & maintenance: −$1,038
• − Management: −$1,038
• − Depreciation: −$3,488
• Taxable loss: −$1,509
• Est. tax savings @ 24.0%: +$362
• After-tax cash flow: $864/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

-7.7% since first listed

3 events — show timeline

• 2026-03-25 Price Changed $119,900 GFAAR
• 2026-03-10 Listed $129,900 GFAAR
• 1998-05-20 Sold (Public Records) — Public Records

Property tax history

+5.6%/yr

Latest (2025): $1,606 · +1.0% YoY. Source: county tax records.