228 1st Ave W · West Fargo, ND 58078

$85,000

2 bd · 1.0 ba · 560 sqft · SingleFamily public records

Built 1937 7,013 sqft lot

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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 +20.5/30.0
• ARV discount +7.5/15.0
• DSCR +6.5/10.0
• 1% rule +5.7/10.0
• Livability +3.9/5.0
• Rent growth +3.8/5.0
• Schools +3.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Key facts

• 7,013 sq ft lot
• Built 1937

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $85k.

Deal economics

• At list price, monthly cash flow is $113 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($912 rent vs $85k).
• Cap rate 7.9% 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.

Location & tenants

• 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.
• Market conditions: Rents rising fast (+5.1%/yr); 257 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,218 units permitted in Cass County in 2024 (410 in 5+ unit buildings).
• This rent is only 12% of the median local income ($91k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $588 of loan paydown is wiped out by about $3k 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.

Negotiation context

• Only 0 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $21k; list at $85k implies a 305% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1937 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $85,000

Questions for the listing agent

1. Built in 1937 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.07% ✓
• Cap rate: 7.88%
• Cash-on-cash: 5.68%
• DSCR: 1.25
• GRM: 7.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.13% rent growth · sell at horizon

5-year hold

• IRR: -5.0%
• Equity multiple: 0.81×
• Total profit: $-4,580
• Equity at exit: $12,674

10-year hold

• IRR: 7.1%
• Equity multiple: 1.58×
• Total profit: $13,906
• Equity at exit: $7,349

Cash invested: $23,800 (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 58078

• Rents YoY: 5.1%
• Active inventory: 257
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $912 high
• Mortgage (P&I): −$446
• Tax from tax record: −$127 /mo · $1,518/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$191
• Net cashflow: $113

Break-even live

Break-even rent $769

Max offer price $85,000

Occupancy floor 83%

Sensitivity live

Price	-10% $161	-5% $137	+0% $113	+5% $89	+10% $64
Rent	-10% $41	-5% $77	+0% $113	+5% $149	+10% $185
Rate	-1.0pp $155	-0.5pp $134	base $113	+0.5pp $91	+1.0pp $68

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: $21,250
• Closing costs: $2,550
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
300 Sheyenne St Unit 300-219 West Fargo, ND	1.0	1.0	560	$1,025	$1.83	21d	1	0.17mi
413 4th Ave E Unit 4 West Fargo, ND	1.0	1.0	650	$650	$1.00	14d	1	0.56mi
607 1st Ave E West Fargo, ND	1.0–2.0	1.0	800	$875	$1.09	14d	4	0.70mi
601 6th St E Apt 16 West Fargo, ND	1.0	1.0	610	$775	$1.27	21d	1	0.73mi
601 6th St E Unit 7 West Fargo, ND	1.0	1.0	610	$700	$1.15	21d	1	0.73mi
102 7th St E West Fargo, ND	1.0–2.0	1.0	700	$725	$1.04	14d	2	0.77mi
919 9th St W Unit 11 West Fargo, ND	1.0	1.0	560	$595	$1.06	21d	1	0.83mi
908 9th St W Apt 3 West Fargo, ND	1.0	1.0	560	$595	$1.06	21d	1	0.84mi
901 10th Ave W Unit A12 West Fargo, ND	1.0	1.0	560	$595	$1.06	14d	1	0.87mi
901 10th Ave W Unit A6 West Fargo, ND	1.0	1.0	560	$595	$1.06	21d	1	0.87mi
925 9th Ave W Unit 926-11 West Fargo, ND	1.0	1.0	510	$595	$1.17	21d	1	0.88mi
925 9th Ave W Unit 925-25 West Fargo, ND	1.0	1.0	510	$595	$1.17	14d	1	0.88mi
1207 1st St West Fargo, ND	1.0–3.0	1.0–2.0	900	$958	$1.06	14d	12	0.90mi
902 10th St W Unit 12 West Fargo, ND	1.0	1.0	560	$595	$1.06	21d	1	0.91mi
912 10th St W Unit 6 West Fargo, ND	1.0	1.0	560	$595	$1.06	21d	1	0.93mi
931 10th Ave W Apt 8 West Fargo, ND	1.0	1.0	560	$595	$1.06	21d	1	0.93mi
1151 Prairie Pkwy Unit 1 West Fargo, ND	2.0	1.0	600	$725	$1.21	21d	1	1.18mi
1400 12th St W West Fargo, ND	1.0	1.0	719	$1,025	$1.42	14d	7	1.37mi

Listing history 3 events

1. 2026-04-08
   historical
2. 2026-04-07
   listed $85,000
3. 2015-02-03
   soldstatus $21,000

ⓘ 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: $1,518 · $127/mo
• Projected year-2 tax: $1,518 · $127/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 ≥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: $10,941
• − Mortgage interest: −$4,761
• − Property taxes: −$1,518
• − Insurance: −$425
• − Repairs & maintenance: −$875
• − Management: −$875
• − Depreciation: −$2,473
• Taxable income: $13
• Est. tax owed @ 24.0%: −$3
• After-tax cash flow: $1,348/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: West Fargo 6
• NCES district ID: 3819410
• Math proficiency: 41% ▼ -10.00%
• Reading proficiency: 42% ▼ -10.00%
• Median HH income: $58,914
• Composite: 36.6/100
• National rank: #4628
• State rank: #26 of 53 in ND

Livability — West Fargo

• Score: 77/100
• State rank: #10
• US rank: #2868

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: West Fargo, ND
• County: Cass County · 177,143 people
• City population: 40,631
• Metro: Fargo, ND-MN
• Population (ZIP): 40,631
• Household income: $91,040
• Rent vs Own: 35.3% rent · 64.7% own
• Severe rent burden: 1154.0

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 (86%)
• Race & ethnicity: White 86% Two or more races 6% Black 4% Hispanic / Latino 3% Asian 2%
• Common ancestry: Portuguese 28% Lithuanian 3% Scottish 3%
• Foreign-born: 5% · Canada, Vietnam
• Languages at home: 96% English-only · Other Indo-European 1% French/Haitian/Cajun 1% Other Asian/Pacific 1%

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: ▼ -99.47%
• Current HPI: 181.6497
• Rent YoY: ▲ 5.13%
• 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

+304.8% since first listed

3 events — show timeline

• 2026-04-08 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-07 Listed $85,000 NORTHSTARMLS as Distributed by MLS Grid
• 2015-02-03 Sold (Public Records) $21,000 Public Records

Property tax history

+7.4%/yr

Latest (2025): $1,518 · +16.2% YoY. Source: county tax records.