817 9th St S · Fargo, ND 58103

$209,000

6 bd · 3.0 ba · 2,548 sqft · MultiFamily public records · 13 Days on market

Built 1898 6,969 sqft lot

---

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 +23.4/30.0
• DSCR +7.5/10.0
• ARV discount +7.5/15.0
• 1% rule +5.9/10.0
• 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

Multi-family units

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

Key facts

• Private entrance
• Off-street parking
• 6,969 sq ft lot

Tags

• MULTI-FAMILY PROPERTY
• PRIVATE ENTRANCE
• OFF-STREET PARKING
• CENTRAL FARGO NEIGHBORHOOD
• COIN-OPERATED WASHER AND DRYER

Property features AI

Finance

• Other: Lot roughly 0.16 acres (approx. 103 x 140); Above-grade finished area reported; Foundation area and below-grade area reported
• Financial info: Triplex with three total units; Gross income reported: $24,575; Net operating income reported: $8,478; Owner pays gas, sewer, trash collection, and water; Reported annual expenses: fuel $4,335; insurance $2,750; maintenance $950; management $425

Exterior

• Parking: Detached or attached 1-car garage not specified; property includes 1 garage space
• Security: No security features provided
• Utilities: City water connected; City sewer connected; Natural gas service
• Home design: Residential income property (Triplex); Two-story building; Entry/floor area: main level finished area present
• Construction: Block foundation; Block foundation area below grade
• Exterior features: Vinyl exterior

Interior

• Kitchen: No appliance details provided
• Bedrooms: Six bedrooms total; Unit breakdown: one 1-bedroom unit, one 2-bedroom unit, one 3-bedroom unit
• Flooring: No flooring details provided
• Bathrooms: Each unit has one bathroom (includes a three-quarter bath in the 1-bedroom unit)
• Heating & cooling: Forced air heating; Wall-mounted cooling in each unit
• Interior features: Block basement; Two levels
• Laundry & utility: No laundry or utility appliance details provided

What this means for you Summary

Snapshot

• This is a 6-bed/3.0-bath multifamily listed at $209k.

Deal economics

• At list price, monthly cash flow is $384 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $209k).
• Cap rate 8.5% 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; 1,218 units permitted in Cass County in 2024 (410 in 5+ unit buildings).
• At $2,284/mo this rent would consume 47% of the median local household income ($59k/yr) (locally 1782% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k 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.
• At projected returns (-3.0% appreciation + 5.0% rent growth), your $59k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 10y ago; this cycle's ask has dropped $28k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $140k; 49% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1898 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $209,000

Questions for the listing agent

1. Built in 1898 — 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 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: 1.09% ✓
• Cap rate: 8.50%
• Cash-on-cash: 7.88%
• DSCR: 1.35
• GRM: 7.6

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: -2.1%
• Equity multiple: 0.92×
• Total profit: $-4,793
• Equity at exit: $31,163

10-year hold

• IRR: 9.6%
• Equity multiple: 1.80×
• Total profit: $46,943
• Equity at exit: $18,071

Cash invested: $58,520 (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: 15.2×

Monthly cashflow live

• Estimated rent: $2,284 high
• Mortgage (P&I): −$1,096
• Tax from tax record: −$237 /mo · $2,842/yr
• Insurance: −$87
• HOA: −$0
• Vacancy / Maint / Mgmt: −$480
• Net cashflow: $384

Break-even live

Break-even rent $1,797

Max offer price $209,000

Occupancy floor 78%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,284
Total (2 units)			$2,284

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: $52,250
• Closing costs: $6,270
• Reserves months: —
• Total cash needed: —

Listing history 25 events

1. 2026-06-18
   days on market $209,000 Active 13 DOM
2. 2026-06-17
   days on market $209,000 Active 12 DOM
3. 2026-06-16
   days on market $209,000 Active 11 DOM
4. 2026-06-15
   days on market $209,000 Active 10 DOM
5. 2026-06-14
   days on market $209,000 Active 8 DOM
6. 2026-06-13
   days on market $209,000 Active 7 DOM
7. 2026-06-10
   days on market $209,000 Active 5 DOM
8. 2026-06-09
   days on market $209,000 Active 4 DOM
9. 2026-06-08
   days on market $209,000 Active 3 DOM
10. 2026-06-07
    pricedays on marketlisting id $209,000 Active 2 DOM
11. 2026-06-02
    days on market $217,000 Active 171 DOM
12. 2026-06-01
    days on market $217,000 Active 170 DOM
13. 2026-05-31
    days on market $217,000 Active 169 DOM
14. 2026-05-30
    days on market $217,000 Active 168 DOM
15. 2026-05-27
    status Active
16. 2026-05-21
    historical
17. 2026-05-01
    status Active
18. 2026-04-28
    historical
19. 2026-04-16
    price $217,000
20. 2026-02-17
    price $227,000
21. 2025-12-04
    listed $237,000 Active
22. 2016-10-05
    historical
23. 2016-05-12
    listed $175,000
24. 2006-03-14
    soldstatus $140,070
25. 2006-03-03
    soldstatus $55,000

ⓘ 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: $2,842 · $237/mo
• Projected year-2 tax: $2,842 · $237/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 (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: $27,408
• − Mortgage interest: −$11,707
• − Property taxes: −$2,842
• − Insurance: −$1,045
• − Repairs & maintenance: −$2,193
• − Management: −$2,193
• − Depreciation: −$6,080
• Taxable income: $1,349
• Est. tax owed @ 24.0%: −$324
• After-tax cash flow: $4,290/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

+294.5% since first listed

11 events — show timeline

• 2026-05-27 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-21 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-01 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-28 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-16 Price Changed $217,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-02-17 Price Changed $227,000 NORTHSTARMLS as Distributed by MLS Grid
• 2025-12-04 Listed $237,000 NORTHSTARMLS as Distributed by MLS Grid
• 2016-10-05 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2016-05-12 Listed $175,000 NORTHSTARMLS as Distributed by MLS Grid
• 2006-03-14 Sold (Public Records) $140,070 Public Records
• 2006-03-03 Sold (Public Records) $55,000 Public Records

Property tax history

+4.9%/yr

Latest (2025): $2,842 · +12.1% YoY. Source: county tax records.