305-307 S 23rd St S · Fargo, ND 58103

$255,000

6 bd · 4.0 ba · 2,172 sqft · MultiFamily · 88 Days on market

Built 1976 Fair condition 7,500 sqft lot ↓ 2% since listing

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Why this score? — see what drove the F 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 +8.1/30.0
• ARV discount +7.5/15.0
• Livability +4.2/5.0
• Rent growth +3.7/5.0
• Schools +3.6/10.0
• 1% rule +2.5/10.0
• DSCR +2.2/10.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Key facts

• 7,500 sq ft lot
• 2 garage spots
• Built 1976

Property features AI

Finance

• Other: Lot approximately 50 x 150 (7,500 sq ft); Road maintained by public authority; Directions: From 25th St. S, turn east on 3rd Ave S, go to 23rd St., turn south; building on the right
• Financial info: Property type: Residential income (duplex up-and-down); Two units total; Gross income reported: $21,600; Net operating income reported: $12,650; Owner-paid expenses include gas, insurance, grounds care, management, repairs, sewer, snow removal, taxes, trash collection, and water; Sample annual expenses listed: fuel $400, water/sewer $1,250, trash $340, insurance $1,200, maintenance $1,200; Rental license: Standard (rental license active); Mortgage type: Conventional
• HOA & community: Coin-op laundry owned (association amenity)

Exterior

• Parking: 2-car garage with 9' wide x 7' high door; Garage dimensions approximately 26 x 24; Garage has electric and a garage door opener; Additional shared driveway and gravel parking; assigned parking per unit (1 and 2 spaces respectively)
• Utilities: City water (connected); City sewer (connected); Electric service with circuit breakers; Fuel sources: Electric and Natural Gas
• Home design: Residential income property (duplex, up-and-down); Split entry (bi-level) with multiple levels; Not owner-occupied
• Construction: Concrete perimeter foundation; Foundation dimensions approximately 42 x 26; Roof older than 8 years (age over 8 years); Building area total approximately 2,184 sq ft
• Exterior features: Public transit within six blocks; Light tree coverage; City street frontage; Shared driveway; Gravel parking areas

Interior

• Kitchen: Each unit includes a dishwasher, microwave, range, and refrigerator
• Bedrooms: 6 total bedrooms (across two units: each unit has 3 bedrooms)
• Bathrooms: Each unit has 2 bathrooms (1 full and 1 half)
• Heating & cooling: Baseboard heating; Wall air-conditioning units in each unit; Fuel: Electric and Natural Gas
• Interior features: Concrete basement; Split entry (bi-level) layout; Common-area laundry
• Laundry & utility: Coin-operated laundry owned (association amenity); Tenant pays cable TV and electricity; owner pays water and sewer

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $255k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $-247 ($-3k/yr) — negative. Per door: $-124/mo.
• To cash-flow at today's rent, offer at most $219k (14.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $192k (24.8% below list).
• Recommended offer: $192k (24.8% below list) — sets the bar for 1% rule.
• Cap rate 5.1% 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.
• Zoned schools: Jefferson Elementary School (math 17% / reading 17%, grade F, #223 of 236 statewide, top 95%, 295 students, 75% FRL); Carl Ben Eielson Middle School (math 30% / reading 38%, grade F, #26 of 35 statewide, top 79%, 615 students, 41% FRL); South High School (math 27% / reading 37%, grade F, #85 of 144 statewide, top 62%, 961 students, 32% FRL) — zoned schools average 49% FRL vs 25% district-wide (24 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 28% at this address vs 42% district-wide (-15 pts) — the specific schools serving this property underperform the Fargo 1 average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising fast (+5.0%/yr); 213 active listings in the ZIP; 1,218 units permitted in Cass County in 2024 (410 in 5+ unit buildings).
• This rent runs 39% of the median local income ($59k/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 $2k of loan paydown is wiped out by about $8k 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

• It's been on market 88 days — a 6% lower offer ($240k) is reasonable based on typical stale-listing flexibility.

Recommended offer $191,800 (24.8% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 88 days. Have you received any prior offers? Is the seller open to a 25% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
6. Built in 1976 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
7. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
8. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
9. 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?
10. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
11. 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.
12. 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.
13. 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: 0.75% ✗
• Cap rate: 5.13%
• Cash-on-cash: -4.15%
• DSCR: 0.82
• GRM: 11.1

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: -21.1%
• Equity multiple: 0.26×
• Total profit: $-53,189
• Equity at exit: $38,021

10-year hold

• IRR: -10.7%
• Equity multiple: 0.30×
• Total profit: $-50,076
• Equity at exit: $22,048

Cash invested: $71,400 (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: 213
• Price-to-rent: 22.2×

Monthly cashflow live

• Estimated rent: $1,918 high
• Mortgage (P&I): −$1,337
• Tax est. 1.5%: −$319 /mo · $3,825/yr
• Insurance: −$106
• HOA: −$0
• Vacancy / Maint / Mgmt: −$403
• Net cashflow: $-247

Break-even live

Break-even rent $2,231

Max offer price $219,255

Occupancy floor —

Sensitivity live

Price	-10% $-71	-5% $-159	+0% $-247	+5% $-335	+10% $-423
Rent	-10% $-399	-5% $-323	+0% $-247	+5% $-171	+10% $-96
Rate	-1.0pp $-119	-0.5pp $-182	base $-247	+0.5pp $-313	+1.0pp $-380

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$1,918
Total (2 units)			$1,918

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: $63,750
• Closing costs: $7,650
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-21
   days on market $255,000 Active 88 DOM
2. 2026-06-18
   days on market $255,000 Active 85 DOM
3. 2026-06-17
   days on market $255,000 Active 84 DOM
4. 2026-06-16
   days on market $255,000 Active 83 DOM
5. 2026-06-15
   days on market $255,000 Active 82 DOM
6. 2026-06-14
   days on market $255,000 Active 80 DOM
7. 2026-06-13
   days on market $255,000 Active 79 DOM
8. 2026-06-10
   days on market $255,000 Active 77 DOM
9. 2026-06-09
   days on market $255,000 Active 76 DOM
10. 2026-06-08
    days on market $255,000 Active 75 DOM
11. 2026-06-07
    days on market $255,000 Active 74 DOM
12. 2026-06-02
    days on market $255,000 Active 69 DOM
13. 2026-06-01
    days on market $255,000 Active 68 DOM
14. 2026-05-31
    days on market $255,000 Active 67 DOM
15. 2026-05-30
    days on market $255,000 Active 66 DOM
16. 2026-04-24
    price $255,000
17. 2026-03-25
    listed $260,000 Active

ⓘ 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 (unshaded) · 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: $23,016
• − Mortgage interest: −$14,284
• − Property taxes: −$3,825
• − Insurance: −$1,275
• − Repairs & maintenance: −$1,841
• − Management: −$1,841
• − Depreciation: −$7,418
• Taxable loss: −$7,469
• Est. tax savings @ 24.0%: +$1,792
• After-tax cash flow: $-1,172/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.

Condition & rehab AI · 13 photos

Fair 45/100 Moderate rehab

The property requires moderate renovations to improve its condition and appeal, focusing on the kitchen, bathrooms, and HVAC systems. These updates will significantly enhance its resale and rental value.

Repairs flagged

• Minor Kitchen cabinets — Worn appearance suggests minor wear and tear.
• Minor Bathroom fixtures — Basic appearance suggests need for replacement.
• Moderate HVAC units — Older units may need maintenance or replacement.

Value-add opportunities

• Resale Paint interior walls — Fresh paint can make a significant difference in curb appeal and interior aesthetics.
• Resale Replace kitchen countertops — Modern countertops can enhance the kitchen's functionality and appeal.
• Resale Upgrade bathroom fixtures — Updated fixtures can improve the bathroom's functionality and appearance.
• Rental Service HVAC units — A functional HVAC system is crucial for tenant satisfaction and comfort.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen cabinets · Worn appearance suggests minor wear and tear.	Minor	$500–3,000
Bathroom fixtures · Basic appearance suggests need for replacement.	Minor	$500–3,000
HVAC units · Older units may need maintenance or replacement.	Moderate	$3,000–15,000
Total estimated repair cost · 3 items		$4,000–21,000

Value-add ROI direction

• Resale Paint interior walls — Fresh paint can make a significant difference in curb appeal and interior aesthetics. ↑
• Resale Replace kitchen countertops — Modern countertops can enhance the kitchen's functionality and appeal. ↑
• Resale Upgrade bathroom fixtures — Updated fixtures can improve the bathroom's functionality and appearance. ↑
• Rental Service HVAC units — A functional HVAC system is crucial for tenant satisfaction and comfort. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

-1.9% since first listed

2 events — show timeline

• 2026-04-24 Price Changed $255,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-03-25 Listed $260,000 NORTHSTARMLS as Distributed by MLS Grid