209 4th St SE · Valley City, ND 58072

$149,900

5 bd · 3.0 ba · 1,344 sqft · MultiFamily public records · 1 Days on market

Built 1940 2,500 sqft lot

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Why this score? — see what drove the B 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +3.9/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

This spacious 5-bedroom, with 1 non-conforming bedroom with 3-bathroom home offers a unique opportunity for both homeowners and investors. This home is currently completely rented out. With its steel siding and vinyl windows, the exterior is designed for low maintenance. Its proximity to Valley City State University makes it ideal for those seeking walkability to the local university. Whether you're looking to live in, invest, or both, this property can be a great fit. Please contact your favorite Realtor today to set up a showing.

Key facts

• 2,500 sq ft lot
• Built 1940

What this means for you Summary

Snapshot

• This is a 5-bed/3.0-bath multifamily listed at $150k.

Deal economics

• At list price, monthly cash flow is $846 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Cap rate 13.1% vs local median 3.5% in Valley City — 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 74/100 on livability (#30 in ND, #4,920 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: health & safety D+, amenities F, commute F.
• Valley City 2 (town): math 52% / reading 40% proficiency, ranked #21 of 53 in ND (top 40%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 77 active listings in the ZIP; 9 units permitted in Barnes County in 2024 (0 in 5+ unit buildings).
• This rent runs 44% of the median local income ($64k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Barnes County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $42k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts since 12y 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.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $149,900

Questions for the listing agent

1. Built in 1940 — 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 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: 1.57% ✓
• Cap rate: 13.06%
• Cash-on-cash: 24.18%
• DSCR: 2.08
• GRM: 5.3

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: 17.4%
• Equity multiple: 1.70×
• Total profit: $29,583
• Equity at exit: $22,351

10-year hold

• IRR: 25.9%
• Equity multiple: 3.27×
• Total profit: $95,181
• Equity at exit: $12,961

Cash invested: $41,972 (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 58072

• Active inventory: 77
• Price-to-rent: 16.0×

Monthly cashflow live

• Estimated rent: $2,346 medium
• Mortgage (P&I): −$786
• Tax from tax record: −$159 /mo · $1,911/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$493
• Net cashflow: $846

Break-even live

Break-even rent $1,276

Max offer price $149,900

Occupancy floor 59%

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$2,346
Total (3 units)			$2,346

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: $37,475
• Closing costs: $4,497
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-04-05
   status Pending 537-char remark

   Show marketing remark (537 chars)

   This spacious 5-bedroom, with 1 non-conforming bedroom with 3-bathroom home offers a unique opportunity for both homeowners and investors. This home is currently completely rented out. With its steel siding and vinyl windows, the exterior is designed for low maintenance. Its proximity to Valley City State University makes it ideal for those seeking walkability to the local university. Whether you're looking to live in, invest, or both, this property can be a great fit. Please contact your favorite Realtor today to set up a showing.

2. 2026-04-05
   status Pending

   Show marketing remark (537 chars)

   This spacious 5-bedroom, with 1 non-conforming bedroom with 3-bathroom home offers a unique opportunity for both homeowners and investors. This home is currently completely rented out. With its steel siding and vinyl windows, the exterior is designed for low maintenance. Its proximity to Valley City State University makes it ideal for those seeking walkability to the local university. Whether you're looking to live in, invest, or both, this property can be a great fit. Please contact your favorite Realtor today to set up a showing.

3. 2026-03-10
   listed $149,900 Active
4. 2026-03-01
   historical
5. 2026-02-17
   price $149,900

   Show marketing remark (537 chars)

   This spacious 5-bedroom, with 1 non-conforming bedroom with 3-bathroom home offers a unique opportunity for both homeowners and investors. This home is currently completely rented out. With its steel siding and vinyl windows, the exterior is designed for low maintenance. Its proximity to Valley City State University makes it ideal for those seeking walkability to the local university. Whether you're looking to live in, invest, or both, this property can be a great fit. Please contact your favorite Realtor today to set up a showing.

6. 2026-02-17
   price $149,900 537-char remark

   Show marketing remark (537 chars)

   This spacious 5-bedroom, with 1 non-conforming bedroom with 3-bathroom home offers a unique opportunity for both homeowners and investors. This home is currently completely rented out. With its steel siding and vinyl windows, the exterior is designed for low maintenance. Its proximity to Valley City State University makes it ideal for those seeking walkability to the local university. Whether you're looking to live in, invest, or both, this property can be a great fit. Please contact your favorite Realtor today to set up a showing.

7. 2025-09-29
   listed $165,000 Active 537-char remark

   Show marketing remark (537 chars)

   This spacious 5-bedroom, with 1 non-conforming bedroom with 3-bathroom home offers a unique opportunity for both homeowners and investors. This home is currently completely rented out. With its steel siding and vinyl windows, the exterior is designed for low maintenance. Its proximity to Valley City State University makes it ideal for those seeking walkability to the local university. Whether you're looking to live in, invest, or both, this property can be a great fit. Please contact your favorite Realtor today to set up a showing.

8. 2025-09-29
   listed $165,000 Active

   Show marketing remark (537 chars)

   This spacious 5-bedroom, with 1 non-conforming bedroom with 3-bathroom home offers a unique opportunity for both homeowners and investors. This home is currently completely rented out. With its steel siding and vinyl windows, the exterior is designed for low maintenance. Its proximity to Valley City State University makes it ideal for those seeking walkability to the local university. Whether you're looking to live in, invest, or both, this property can be a great fit. Please contact your favorite Realtor today to set up a showing.

9. 2025-07-23
   price $164,500
10. 2022-05-04
    soldstatus
11. 2022-05-04
    soldstatus $159,000
12. 2022-03-09
    listed $159,000
13. 2021-02-08
    historical
14. 2020-08-27
    listed $124,500
15. 2015-02-09
    soldstatus
16. 2015-02-09
    soldstatus $120,000
17. 2014-12-15
    listed $125,000
18. 2007-06-01
    soldstatus $60,000

ⓘ 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: $1,911 · $159/mo
• Projected year-2 tax: $1,911 · $159/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $28,152
• − Mortgage interest: −$8,397
• − Property taxes: −$1,911
• − Insurance: −$750
• − Repairs & maintenance: −$2,252
• − Management: −$2,252
• − Depreciation: −$4,361
• Taxable income: $8,230
• Est. tax owed @ 24.0%: −$1,975
• After-tax cash flow: $8,172/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: Valley City 2
• NCES district ID: 3818850
• Math proficiency: 52% ▼ -5.00%
• Reading proficiency: 40% ▼ -13.00%
• Median HH income: $47,717
• Composite: 39.31/100
• National rank: #3992
• State rank: #21 of 53 in ND

Livability — Valley City

• Score: 74/100
• State rank: #30
• US rank: #4920

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Valley City, ND
• County: Barnes County · 7,863 people
• City population: 7,863
• Metro: nan
• Population (ZIP): 7,863
• Household income: $64,375
• Rent vs Own: 37.4% rent · 62.6% own
• Severe rent burden: 251.0

Population outlook (Barnes County) Hauer SSP2

• Today (2025): 11,119 people
• By 2030: 11,184 · +0.6%
• By 2040: 11,336 · +2.0%
• By 2050: 11,647 · +4.7%
• By 2075: 14,006 · +26.0%
• By 2100: 17,179 · +54.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 3% Hispanic / Latino 2% Asian 2% Black 2% Native American 1%
• Common ancestry: Portuguese 27% Romanian 4% Scotch-Irish 3%
• Foreign-born: 3% · Canada
• Languages at home: 97% English-only · Tagalog/Filipino 1% Spanish 1% Other Asian/Pacific 1%

Political lean MEDSL · Barnes

• 2024 margin: Solid R (+35.3) · D 31.4% · R 66.7% · Other 1.9%
• 2008→2024 swing: -33.8pp toward R · 2008: -1.5pp · 2024: -35.3pp
• All cycles: 2024: R+35.3 2020: R+31.4 2016: R+29.7 2012: R+10.3 2008: R+1.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -156.64%
• Current HPI: 130.2036
• Rent YoY: —
• Metro: nan
• 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

+149.8% since first listed

18 events — show timeline

• 2026-04-05 Pending — GNMLS
• 2026-04-05 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2026-03-10 Listed $149,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-03-01 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2026-02-17 Price Changed $149,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-02-17 Price Changed $149,900 GNMLS
• 2025-09-29 Listed $165,000 GNMLS
• 2025-09-29 Listed $165,000 NORTHSTARMLS as Distributed by MLS Grid
• 2025-07-23 Price Changed $164,500 GNMLS
• 2022-05-04 Sold (Public Records) $159,000 Public Records
• 2022-05-04 Sold (MLS) — GNMLS
• 2022-03-09 Listed $159,000 GNMLS
• 2021-02-08 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2020-08-27 Listed $124,500 NORTHSTARMLS as Distributed by MLS Grid
• 2015-02-09 Sold (Public Records) $120,000 Public Records
• 2015-02-09 Sold (MLS) — GNMLS
• 2014-12-15 Listed $125,000 GNMLS
• 2007-06-01 Sold (Public Records) $60,000 Public Records

Property tax history

+8.8%/yr

Latest (2025): $1,911 · +7.0% YoY. Source: county tax records.