3494 Eagle Run Ln

West Fargo, ND 58078

$299,900B-

3 bd · 2.0 ba · 2,519 sqft · Built 2006 · MultiFamily · Active · 16 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,655/mo
• Mortgage (P&I): −$1,573
• Tax + insurance: −$388
• HOA: −$0
• Vac / Maint / Mgmt: −$768
• Net cashflow: $927/mo
• Annual: $11,121/yr
• Cap rate: 10.00%
• Cash-on-cash: 13.24%
• DSCR: 1.59
• 1% rule: 1.22%
• Cash to close: $83,972

Investor read

• This is a 3-bed/2.0-bath multifamily listed at $300k.
• At list price, monthly cash flow is $927 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $300k).
• It's been on market 16 days — a 2% lower offer ($295k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $295k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Location reads 77/100 on livability (#10 in ND, #2,868 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime A; Watch: health & safety D+, amenities F, commute F.
• West Fargo 6 (suburban): math 41% / reading 42% proficiency, ranked #26 of 53 in ND (top 49%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Osgood Elem School (math 41% / reading 39%, grade F, #132 of 236 statewide, top 57%, 564 students, 37% FRL); Liberty Middle School (math 33% / reading 39%, grade F, #23 of 35 statewide, top 65%, 1,102 students, 23% FRL); West Fargo Sheyenne High School (math 29% / reading 37%, grade F, #84 of 144 statewide, top 58%, 1,473 students, 20% FRL) — zoned schools at 27% FRL track the district average.
• Market conditions: Rents rising fast (+5.1%/yr); 262 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 1,218 units permitted in Cass County in 2024 (410 in 5+ unit buildings).
• Cass County population projected at +69% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Current owner paid $23k; list at $300k implies a 1215% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 5.1% rent growth), your $84k cash investment doubles in ~8 years — after that, you're playing with house money.
• Cap rate 10.0% vs local median 3.1% in West 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.
• At $3,655/mo this rent would consume 48% of the median local household income ($91k/yr) (locally 1154% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.
• 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.