2002 2nd Ave S · Fargo, ND 58103

$69,900

1 bd · 1.0 ba · 528 sqft · SingleFamily public records · 4 Days on market

Built 1937 3,494 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 +21.5/30.0
• ARV discount +7.5/15.0
• DSCR +6.9/10.0
• 1% rule +5.7/10.0
• Livability +4.2/5.0
• Rent growth +3.7/5.0
• Schools +3.6/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Key facts

• Unfinished basement
• Low property taxes
• 3,494 sq ft lot

Tags

• SPACE FOR A FUTURE GARAGE
• UNFINISHED BASEMENT
• STORAGE AND LAUNDRY SPACE
• LOW PROPERTY TAXES
• MINIMAL SPECIAL ASSESSMENTS
• AFFORDABLE PRICE POINT

Property features AI

Exterior

• Parking: Concrete parking area
• Utilities: City water connected; City sewer connected; 200+ amp electric service; Electric fuel
• Home design: Residential property; One level; Entry/main living on main level; Metal roof
• Construction: Poured concrete foundation; Built with vinyl exterior and metal roof
• Exterior features: Vinyl exterior; Partial wood fencing; Property adjoins public land; City street with paved frontage; Publicly maintained road

Interior

• Kitchen: No appliances included
• Bedrooms: 1 bedroom (main level)
• Flooring: Hardwood floors
• Bathrooms: 1 full bath (main level)
• Heating & cooling: Baseboard heating; No central air
• Interior features: Ceiling fan(s); Hardwood floors; Unfinished basement storage
• Laundry & utility: Laundry located in basement

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $70k.

Deal economics

• At list price, monthly cash flow is $105 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($745 rent vs $70k).
• Cap rate 8.1% vs local median 2.5% in 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 85/100 on livability (#1 in ND, #605 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: crime F.
• Fargo 1 (urban): math 41% / reading 44% proficiency, ranked #28 of 53 in ND (top 53%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+5.0%/yr); 208 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); 1,218 units permitted in Cass County in 2024 (410 in 5+ unit buildings).
• This rent is only 15% of the median local income ($59k/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 $483 of loan paydown is wiped out by about $2k 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 4 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $29k; list at $70k implies a 141% 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 $69,900

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. 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?
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: 8.10%
• Cash-on-cash: 6.47%
• DSCR: 1.29
• GRM: 7.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.95% rent growth · sell at horizon

5-year hold

• IRR: -4.2%
• Equity multiple: 0.84×
• Total profit: $-3,107
• Equity at exit: $10,422

10-year hold

• IRR: 7.7%
• Equity multiple: 1.63×
• Total profit: $12,355
• Equity at exit: $6,044

Cash invested: $19,572 (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 58103

• Rents YoY: 5.0%
• Active inventory: 208
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $745 high
• Mortgage (P&I): −$367
• Tax est. 1.5%: −$87 /mo · $1,048/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$156
• Net cashflow: $105

Break-even live

Break-even rent $611

Max offer price $69,900

Occupancy floor 81%

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: $17,475
• Closing costs: $2,097
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1102 22nd St S Fargo, ND	1.0–2.0	1.0	800	$645	$0.81	13d	9	0.57mi
101 S University Dr Unit 10 Fargo, ND	—	1.0	375	$800	$2.13	21d	1	0.66mi
1026 Northern Pacific Ave Unit 303 Fargo, ND	1.0	1.0	644	$910	$1.41	13d	1	0.85mi
925 Page Dr Unit 105 Fargo, ND	1.0	1.0	650	$735	$1.13	21d	1	0.91mi
1440 Dakota Dr N Fargo, ND	1.0	1.0	475	$695	$1.46	21d	3	0.91mi
929 Page Dr S Fargo, ND	1.0	1.0	702	$690	$0.98	21d	1	0.94mi
312 11th St N Fargo, ND	2.0	1.0–2.0	874	$1,262	$1.44	13d	17	0.94mi
303 11th St N Fargo, ND	2.0	1.0–2.0	813	$1,308	$1.61	13d	14	0.98mi
1350 13th Ave S Fargo, ND	1.0	1.0	650	$645	$0.99	13d	1	0.98mi
1114 University Dr S Unit 3 Fargo, ND	2.0	1.0	727	$850	$1.17	13d	1	0.98mi
904 16th St N Unit 12 Fargo, ND	2.0	1.0	700	$760	$1.09	13d	1	0.98mi
914 15th St N Unit 103 Fargo, ND	—	1.0	600	$925	$1.54	21d	1	0.99mi
914 15th St N Unit 101 Fargo, ND	—	1.0	599	$900	$1.50	13d	1	0.99mi
21 8th St N Fargo, ND	4.0	1.0–3.0	949	$964	$1.02	13d	6	1.00mi
811 2nd Ave S Unit 3 Fargo, ND	—	1.0	400	$550	$1.38	13d	1	1.00mi
120 8th St N Fargo, ND	—	1.0	475	$650	$1.37	21d	1	1.00mi
801-807 2nd Ave S Unit B Fargo, ND	—	1.0	425	$520	$1.22	13d	1	1.01mi
807 2nd Ave S Apt E Fargo, ND	1.0	1.0	500	$535	$1.07	13d	1	1.01mi
1010 16th St N Unit 1010-11 Fargo, ND	—	1.0	425	$540	$1.27	21d	1	1.02mi
1010 16th St N Unit 1010-15 Fargo, ND	2.0	1.0	711	$775	$1.09	21d	1	1.02mi
1105 7th Ave N Apt 1 Fargo, ND	1.0	1.0	600	$600	$1.00	21d	1	1.08mi
26 Roberts St N Apt 330 Fargo, ND	1.0	1.0	380	$595	$1.57	13d	1	1.10mi
1614 11th Ave N Unit 2 Fargo, ND	1.0	1.0	550	$655	$1.19	13d	1	1.10mi
26 Roberts St N Unit 210 Fargo, ND	2.0	1.0	535	$695	$1.30	21d	1	1.11mi
1502 E Gateway Cir S Unit 301 Fargo, ND	2.0	1.0	700	$700	$1.00	21d	1	1.13mi
1502 E Gateway Cir S Unit 105 Fargo, ND	2.0	1.0	700	$675	$0.96	21d	1	1.13mi
620 Main Ave Fargo, ND	1.0–2.0	1.0	697	$800	$1.15	13d	5	1.14mi
1515 11th Ave N Fargo, ND	4.0	1.0–4.0	862	$1,369	$1.59	13d	18	1.16mi
630 1st Ave N Fargo, ND	1.0–4.0	1.0–2.0	1098	$950	$0.86	13d	6	1.16mi
1445 W Gateway Cir S Unit 11A Fargo, ND	—	1.0	400	$595	$1.49	21d	1	1.18mi
1445 W Gateway Cir S Unit 03 Fargo, ND	1.0	1.0	650	$695	$1.07	13d	1	1.18mi
1445 W Gateway Cir S Apt 23A Fargo, ND	—	1.0	400	$550	$1.38	21d	1	1.18mi
624 2nd Ave N Fargo, ND	3.0	1.0–2.0	914	$1,392	$1.52	13d	32	1.19mi
23 Broadway N Fargo, ND	1.0–3.0	1.0–2.0	912	$935	$1.02	21d	5	1.23mi
1422 32nd St S Unit 104 Fargo, ND	1.0	1.0	650	$695	$1.07	21d	1	1.26mi
728 8th St N Apt 3 Fargo, ND	—	1.0	400	$495	$1.24	21d	1	1.30mi
1670 E Gateway Cir S Fargo, ND	1.0	0.5	702	$765	$1.09	13d	3	1.30mi
405 Broadway N Fargo, ND	3.0	1.0–2.0	973	$1,450	$1.49	13d	24	1.32mi
803 8th St N Unit 4 Fargo, ND	1.0	1.0	500	$575	$1.15	21d	1	1.34mi
3502 Interstate Blvd S Unit 272 Fargo, ND	1.0	1.0	550	$570	$1.04	13d	1	1.34mi

Listing history 4 events

1. 2026-06-16
   status $69,900 Pending 4 DOM
2. 2026-06-16
   days on market $69,900 Active 4 DOM
3. 2026-06-15
   days on market $69,900 Active 3 DOM
4. 2026-06-13
   listed $69,900 Active 1 DOM

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (shaded) · 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: $8,940
• − Mortgage interest: −$3,915
• − Property taxes: −$1,048
• − Insurance: −$350
• − Repairs & maintenance: −$715
• − Management: −$715
• − Depreciation: −$2,033
• Taxable income: $163
• Est. tax owed @ 24.0%: −$39
• After-tax cash flow: $1,227/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: Fargo 1
• NCES district ID: 3806780
• Math proficiency: 41% ▼ -7.00%
• Reading proficiency: 44% ▼ -7.00%
• Median HH income: $46,524
• Composite: 36.23/100
• National rank: #4721
• State rank: #28 of 53 in ND

Livability — Fargo

• Score: 85/100
• State rank: #1
• US rank: #605

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Fargo, ND
• County: Cass County · 177,143 people
• City population: 130,876
• Metro: Fargo, ND-MN
• Population (ZIP): 48,796
• Household income: $58,801
• Rent vs Own: 57.9% rent · 42.1% own
• Severe rent burden: 1782.0

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 (74%)
• Race & ethnicity: White 74% Black 12% Two or more races 5% Asian 4% Hispanic / Latino 4% Native American 2%
• Common ancestry: Portuguese 23% Swiss 4% Lithuanian 3%
• Foreign-born: 15% · Canada, India, South Korea
• Languages at home: 86% English-only · Other Indo-European 4% Arabic 1% Spanish 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: ▼ -143.86%
• Current HPI: 163.2804
• Rent YoY: ▲ 4.95%
• 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

+249.5% since first listed

4 events — show timeline

• 2026-06-12 Listed $69,900 NORTHSTARMLS as Distributed by MLS Grid
• 2016-02-17 Sold (Public Records) — Public Records
• 2012-04-20 Sold (Public Records) $29,000 Public Records
• 2012-04-19 Sold (Public Records) $20,000 Public Records

Property tax history

-18.3%/yr

Latest (2025): $72 · -82.0% YoY. Source: county tax records.