223 W 5th St · Larimore, ND 58251

$39,900

4 bd · 1.0 ba · 1,850 sqft · SingleFamily public records · 93 Days on market

Built 1900 10,500 sqft lot ↓ 49% since listing

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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
• Appreciation +8.7/10.0
• ARV discount +7.5/15.0
• Schools +4.7/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Key facts

• Detailed woodwork
• Great yard
• Double garage

Tags

• STAINED GLASS WINDOWS
• DETAILED WOODWORK
• HARDWOOD FLOORS
• CORNER LOT
• GREAT YARD
• DOUBLE GARAGE

Property features AI

Exterior

• Parking: 2-car garage
• Utilities: Public water
• Home design: Single-family residence; Two stories
• Construction: Metal siding; Brick/mortar foundation; Built before or in 2026
• Exterior features: Deck

Interior

• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Baseboard heating; Electric heating
• Interior features: Full basement

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $40k.

Deal economics

• At list price, monthly cash flow is $827 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $40k).
• Recommended offer: $36k (9.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 75/100 on livability (#22 in ND, #4,000 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety D+, amenities F, commute F.
• Larimore 44 (rural): math 57% / reading 47% proficiency, ranked #36 of 169 in ND (top 21%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Larimore Elementary School (math 67% / reading 67%, grade B+, #4 of 236 statewide, top 1%, 197 students, 27% FRL); Larimore High School (math 27% / reading 37%, grade F, #85 of 144 statewide, top 62%, 193 students, 21% FRL) — zoned schools at 24% FRL track the district average.
• Market conditions: 4 active listings in the ZIP; 133 units permitted in Grand Forks County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $3k of equity ($276 loan paydown + $3k appreciation (7.4% local appreciation)).
• Grand Forks County population projected at +43% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (7.4% appreciation + 3.0% rent growth), your $11k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 9, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 93 days — a 9% lower offer ($36k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $15k (27%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $36,309 (9.0% below list)

Questions for the listing agent

1. It's been on market 93 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. 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: 3.50% ✓
• Cap rate: 31.17%
• Cash-on-cash: 88.84%
• DSCR: 4.95
• GRM: 2.4

CMA / ARV

• ARV (on-the-fly): $186,850
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
523 Booth Ave	0.02mi	4/2.5	1,834 (-1%)	18mo	$204,900	$112	76
322 W 3rd ST St	0.19mi	3/1.5 (-1)	1,926 (+4%)	7mo	$110,000	$57	72
310 Clark Ave	0.25mi	3/2.0 (-1)	1,851 (+0%)	11mo	$74,000	$40	70
802 Wolcott Ave	0.29mi	3/1.0 (-1)	1,782 (-4%)	11mo	$179,900	$101	66
301 Garrison Ave	0.35mi	4/2.0	1,768 (-4%)	8mo	$190,000	$107	65
516 Booth Ave	0.06mi	4/2.0	1,640 (-11%)	13mo	$75,000	$46	64
315 Clark Ave	0.23mi	3/2.5 (-1)	1,608 (-13%)	11mo	$235,000	$146	47

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

7.38% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 96.1%
• Equity multiple: 7.05×
• Total profit: $67,561
• Equity at exit: $28,637

10-year hold

• IRR: 93.0%
• Equity multiple: 15.05×
• Total profit: $156,933
• Equity at exit: $55,317

Cash invested: $11,172 (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 58251

• Home prices YoY: 4.2%
• Active inventory: 4
• Price-to-rent: 2.4×

Monthly cashflow live

• Estimated rent: $1,396 medium
• Mortgage (P&I): −$209
• Tax est. 1.5%: −$50 /mo · $598/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$293
• Net cashflow: $827

Break-even live

Break-even rent $349

Max offer price $39,900

Occupancy floor 36%

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: $9,975
• Closing costs: $1,197
• Reserves months: —
• Total cash needed: —

Listing history 26 events

1. 2026-06-18
   days on market $39,900 Active 93 DOM
2. 2026-06-17
   days on market $39,900 Active 92 DOM
3. 2026-06-16
   days on market $39,900 Active 91 DOM
4. 2026-06-15
   days on market $39,900 Active 90 DOM
5. 2026-06-13
   days on market $39,900 Active 88 DOM
6. 2026-06-12
   pricedays on market $39,900 Active 87 DOM
7. 2026-06-09
   days on market $44,900 Active 84 DOM
8. 2026-06-08
   days on market $44,900 Active 83 DOM
9. 2026-06-07
   days on market $44,900 Active 82 DOM
10. 2026-06-05
    pricedays on market $44,900 Active 80 DOM
11. 2026-06-04
    days on market $49,900 Active 78 DOM
12. 2026-06-02
    days on market $49,900 Active 77 DOM
13. 2026-06-01
    days on market $49,900 Active 76 DOM
14. 2026-05-31
    days on market $49,900 Active 75 DOM
15. 2026-05-04
    price $49,900
16. 2026-03-17
    listed $55,000 Active
17. 2025-11-18
    price $45,000
18. 2025-10-28
    status Active
19. 2025-10-16
    historical Active Under Contract
20. 2025-10-06
    price $50,000
21. 2025-09-19
    price $60,000
22. 2025-09-15
    price $86,000
23. 2025-08-20
    listed $97,000 Active
24. 2000-04-03
    soldstatus
25. 1996-07-19
    soldstatus
26. 1996-05-03
    soldstatus

ⓘ 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 4/10 Moderate
• 🌡 Heat 1/10 Low 7 d/yr ≥96°F today · 12 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,752
• − Mortgage interest: −$2,235
• − Property taxes: −$598
• − Insurance: −$200
• − Repairs & maintenance: −$1,340
• − Management: −$1,340
• − Depreciation: −$1,161
• Taxable income: $9,878
• Est. tax owed @ 24.0%: −$2,371
• After-tax cash flow: $7,554/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: Larimore 44
• NCES district ID: 3810860
• Math proficiency: 57% ▼ -8.00%
• Reading proficiency: 47% ▲ 2.00%
• Median HH income: $54,007
• Composite: 46.78/100
• National rank: #5227
• State rank: #36 of 169 in ND

Livability — Larimore

• Score: 75/100
• State rank: #22
• US rank: #4000

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Larimore, ND
• Population (ZIP): 1,955

Population outlook (Grand Forks County) Hauer SSP2

• Today (2025): 80,606 people
• By 2030: 86,489 · +7.3%
• By 2040: 99,506 · +23.4%
• By 2050: 115,269 · +43.0%
• By 2075: 171,303 · +112.5%
• By 2100: 238,330 · +195.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 6% Hispanic / Latino 3%
• Common ancestry: Portuguese 32% Lithuanian 3% Romanian 3%
• Foreign-born: 4% · Canada
• Languages at home: 95% English-only · Spanish 3% German/W. Germanic 1%

Political lean MEDSL · Grand Forks

• 2024 margin: R (+18.2) · D 40.1% · R 58.3% · Other 1.6%
• 2008→2024 swing: -23.3pp toward R · 2008: 5.1pp · 2024: -18.2pp
• All cycles: 2024: R+18.2 2020: R+13.3 2016: R+18.5 2012: R+3.5 2008: D+5.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 7.38%
• Current HPI: 182.2639
• Rent YoY: —
• Metro: —
• 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

-48.6% since first listed

12 events — show timeline

• 2026-05-04 Price Changed $49,900 GFAAR
• 2026-03-17 Listed $55,000 GFAAR
• 2025-11-18 Price Changed $45,000 GFAAR
• 2025-10-28 Relisted — GFAAR
• 2025-10-16 Contingent — GFAAR
• 2025-10-06 Price Changed $50,000 GFAAR
• 2025-09-19 Price Changed $60,000 GFAAR
• 2025-09-15 Price Changed $86,000 GFAAR
• 2025-08-20 Listed $97,000 GFAAR
• 2000-04-03 Sold (Public Records) — Public Records
• 1996-07-19 Sold (Public Records) — Public Records
• 1996-05-03 Sold (Public Records) — Public Records

Property tax history

+16.4%/yr

Latest (2025): $4,431 · -32.9% YoY. Source: county tax records.