6218 87th Ave S · Horace, ND 58047

$359,650

4 bd · 3.0 ba · 2,098 sqft · SingleFamily · 77 Days on market

Built 2025 Good condition 6,882 sqft lot 2-car garage $171/sqft · 21% below area Est $458k · 21% under

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Why this score? — see what drove the D 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).

• ARV discount +15.0/15.0
• Cash flow +8.5/30.0
• Schools +5.4/10.0
• Condition / age +4.0/5.0
• Livability +3.7/5.0
• 1% rule +2.5/10.0
• Rent growth +2.5/5.0
• DSCR +2.3/10.0
• Appreciation +0.0/10.0

Key facts

• Large center island
• Primary suite
• Generous family room

Tags

• OPEN-CONCEPT MAIN FLOOR
• LARGE CENTER ISLAND
• PRIMARY SUITE
• GENEROUS FAMILY ROOM

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath single-family listed at $360k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-316 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $304k (15.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $268k (25.4% below list).
• Recommended offer: $268k (25.4% below list) — sets the bar for 1% rule.
• Cap rate 5.2% vs local median 4.0% in Horace — 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 (#29 in ND, #4,718 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: cost of living C-, health & safety D+, amenities F.
• West Fargo 6 (suburban): math 41% / reading 42% proficiency, ranked #26 of 53 in ND (top 49%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Osgood Elem School (math 41% / reading 39%, grade F, #132 of 236 statewide, top 57%, 564 students, 37% FRL); Liberty Middle School (math 33% / reading 39%, grade F, #23 of 35 statewide, top 65%, 1,102 students, 23% FRL); West Fargo Sheyenne High School (math 29% / reading 37%, grade F, #84 of 144 statewide, top 58%, 1,473 students, 20% FRL) — zoned schools at 27% FRL track the district average.
• Market conditions: 525 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 6d on market — plan ~1-2 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; high-income renter base; 1,218 units permitted in Cass County in 2024 (410 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $11k 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 77 days — a 6% lower offer ($338k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts 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.

Recommended offer $268,182 (25.4% 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 77 days. Have you received any prior offers? Is the seller open to a 25% concession, seller financing, or rate buy-down credit?
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. Schools are A-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?
6. 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?
7. 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.
8. 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.
9. 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: 0.75% ✗
• Cap rate: 5.24%
• Cash-on-cash: -3.76%
• DSCR: 0.83
• GRM: 11.2

CMA / ARV

• ARV (median comp): $457,937
• List price: $359,650
• Delta: -21.46%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
208 6 St E	0.29mi	4/3.0	2,589 (+23%)	38mo	$375,000	$145	42
6074 59th St S	2.13mi	4/2.0	2,594 (+24%)	0mo	$365,000	$141	36
6029 Kodiak Ln	0.59mi	3/3.0 (-1)	2,637 (+26%)	40mo	$346,320	$131	22

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

Projected returns pro-forma

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

5-year hold

• IRR: -22.6%
• Equity multiple: 0.22×
• Total profit: $-78,375
• Equity at exit: $53,625

10-year hold

• IRR: -16.9%
• Equity multiple: 0.07×
• Total profit: $-94,100
• Equity at exit: $31,096

Cash invested: $100,702 (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 →

Active competition Active MLS

• For sale now: 60 active · 42 under contract
• Median asking: $389,900 ($195/sqft)
• Median days on market: 79 d
• This list price: 28% of active listings are priced below it
• ARV vs active asking: +11.9% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 58047

• Active inventory: 525
• Price-to-rent: 11.2×

Monthly cashflow live

• Estimated rent: $2,682 high
• Mortgage (P&I): −$1,886
• Tax from tax record: −$398 /mo · $4,781/yr
• Insurance: −$150
• HOA: −$0
• Vacancy / Maint / Mgmt: −$563
• Net cashflow: $-316

Break-even live

Break-even rent $3,081

Max offer price $303,884

Occupancy floor —

Sensitivity live

Price	-10% $-112	-5% $-214	+0% $-316	+5% $-417	+10% $-519
Rent	-10% $-528	-5% $-422	+0% $-316	+5% $-210	+10% $-104
Rate	-1.0pp $-135	-0.5pp $-224	base $-316	+0.5pp $-409	+1.0pp $-504

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: $89,912
• Closing costs: $10,790
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
806 United Dr Unit 1 Horace, ND	4.0	3.0	1856	$2,275	$1.23	109d	1	0.12mi
826 United Dr Unit 1 Horace, ND	4.0	3.0	2200	$2,295	$1.04	0d	1	0.12mi
831 United Dr Horace, ND	3.0	2.0	1856	$2,300	$1.24	6d	1	0.14mi
6365 Saint Ann Ave Horace, ND	4.0	3.5	2800	$2,450	$0.88	0d	1	0.38mi
6761 71st Ave S Horace, ND	3.0	2.0	1790	$2,195	$1.23	117d	1	1.37mi

Property features AI

Finance

• Other: Total living area approximately 2,098 sq ftAbove-grade finished area approximately 1,605Below-grade finished area approximately 493Total building area approximately 2,163Foundation area 1,467

Exterior

• Parking: Attached 2-car garage
• Utilities: City water connectedCity sewer connectedNatural gas
• Home design: Residential propertyThree-level splitNew construction
• Construction: Asphalt roofPoured concrete foundationBuilt by BROOKSTONE PROPERTY, LLC
• Exterior features: Stone and vinyl exteriorLot about 0.158 acres (approx. 53 x 127)

Interior

• Kitchen: Kitchen center islandDishwasherMicrowaveRangeRefrigeratorStainless steel appliances
• Bedrooms: 4 bedrooms (one bedroom located on lower level)
• Bathrooms: 3 full bathroomsPrimary or bath with double sink
• Heating & cooling: Forced air heatingCentral air conditioning
• Interior features: Finished basementKitchen with center islandPrimary bedroom with walk-in closetStainless steel appliances
• Laundry & utility: Laundry closet on upper levelWasher/dryer hookup

Listing history 50 events

1. 2026-08-14
   days on market $359,650 Active 77 DOM
2. 2026-08-13
   days on market $359,650 Active 76 DOM
3. 2026-08-12
   days on market $359,650 Active 75 DOM
4. 2026-08-11
   days on market $359,650 Active 74 DOM
5. 2026-08-10
   days on market $359,650 Active 73 DOM
6. 2026-08-09
   days on market $359,650 Active 72 DOM
7. 2026-08-08
   days on market $359,650 Active 71 DOM
8. 2026-08-07
   days on market $359,650 Active 70 DOM
9. 2026-08-06
   days on market $359,650 Active 69 DOM
10. 2026-08-05
    days on market $359,650 Active 68 DOM
11. 2026-08-04
    days on market $359,650 Active 67 DOM
12. 2026-08-03
    days on market $359,650 Active 66 DOM
13. 2026-07-31
    days on market $359,650 Active 63 DOM
14. 2026-07-30
    days on market $359,650 Active 62 DOM
15. 2026-07-29
    days on market $359,650 Active 61 DOM
16. 2026-07-27
    days on market $359,650 Active 59 DOM
17. 2026-07-25
    days on market $359,650 Active 57 DOM
18. 2026-07-24
    days on market $359,650 Active 56 DOM
19. 2026-07-23
    days on market $359,650 Active 55 DOM
20. 2026-07-22
    days on market $359,650 Active 54 DOM
21. 2026-07-21
    days on market $359,650 Active 53 DOM
22. 2026-07-18
    days on market $359,650 Active 50 DOM
23. 2026-07-16
    days on market $359,650 Active 48 DOM
24. 2026-07-16
    days on market $359,650 Active 47 DOM
25. 2026-07-14
    days on market $359,650 Active 46 DOM
26. 2026-07-13
    days on market $359,650 Active 45 DOM
27. 2026-07-12
    days on market $359,650 Active 44 DOM
28. 2026-07-11
    days on market $359,650 Active 43 DOM
29. 2026-07-10
    days on market $359,650 Active 42 DOM
30. 2026-07-09
    days on market $359,650 Active 41 DOM
31. 2026-07-08
    days on market $359,650 Active 40 DOM
32. 2026-07-07
    days on market $359,650 Active 39 DOM
33. 2026-07-06
    days on market $359,650 Active 38 DOM
34. 2026-07-05
    days on market $359,650 Active 37 DOM
35. 2026-07-04
    days on market $359,650 Active 36 DOM
36. 2026-07-03
    days on market $359,650 Active 35 DOM
37. 2026-07-02
    days on market $359,650 Active 34 DOM
38. 2026-07-01
    days on market $359,650 Active 33 DOM
39. 2026-06-30
    days on market $359,650 Active 32 DOM
40. 2026-06-29
    days on market $359,650 Active 31 DOM
41. 2026-06-28
    days on market $359,650 Active 30 DOM
42. 2026-06-28
    days on market $359,650 Active 29 DOM
43. 2026-06-27
    days on market $359,650 Active 28 DOM
44. 2026-06-25
    days on market $359,650 Active 26 DOM
45. 2026-06-23
    days on market $359,650 Active 24 DOM
46. 2026-06-21
    days on market $359,650 Active 23 DOM
47. 2026-06-18
    days on market $359,650 Active 20 DOM
48. 2026-06-17
    days on market $359,650 Active 19 DOM
49. 2026-06-16
    days on market $359,650 Active 18 DOM
50. 2026-06-15
    days on market $359,650 Active 17 DOM

ⓘ 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: $4,781 · $398/mo
• Projected year-2 tax: $4,781 · $398/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: $32,182
• − Mortgage interest: −$20,146
• − Property taxes: −$4,781
• − Insurance: −$1,798
• − Repairs & maintenance: −$2,575
• − Management: −$2,575
• − Depreciation: −$10,463
• Taxable loss: −$10,155
• Est. tax savings @ 24.0%: +$2,437
• After-tax cash flow: $-1,351/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 · 12 photos

Good 80/100 Cosmetic rehab Est. rehab $10,490–$31,470 screening

This home is in good condition with a fresh exterior and neutral interior. Minor updates to the exterior trim and light fixtures would significantly enhance its curb appeal and resale value.

Value-add opportunities

• Resale Paint exterior trim — Enhances curb appeal and value. ↑
• Resale Replace light fixtures — Modernizes the home's appearance. ↑
• Rental Clean carpets — Keeps the home looking fresh and inviting for tenants. ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

D Composite school gradezoned avg 54/100

Zoned Schools

Elementary Horace Elementary School B- ND #19/236 Nat'l #7,252/41,679 Middle Heritage Middle School C- ND #10/35 Nat'l #4,042/14,009 High Horace High School

Schools (NCES district)

• District: West Fargo 6
• NCES district ID: 3819410
• Math proficiency: 41% ▼ -10.00%
• Reading proficiency: 42% ▼ -10.00%
• Median HH income: $58,914
• Composite: 36.6/100
• National rank: #4628
• State rank: #26 of 53 in ND

B Composite livability gradescore 74/100

Livability — Horace

• Score: 74/100
• State rank: #29
• US rank: #4718

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Horace, ND
• County: Cass County · 223,771 people
• City population: 5,636
• Metro: Fargo, ND-MN
• Population (ZIP): 5,636
• Household income: $142,361
• Rent vs Own: 4.7% rent · 95.3% own

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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%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Hispanic / Latino 6% Two or more races 4% Black 2%
• Hispanic origin (detail): Mexican 4% Puerto Rican 2%
• Common ancestry: Portuguese 26% Scotch-Irish 7% Lithuanian 4%
• Foreign-born: 2% · Canada
• Languages at home: 95% English-only · Spanish 4%

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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: ▼ -113.83%
• Current HPI: 178.7028
• Rent YoY: —
• Metro: Fargo, ND-MN
• State GDP YoY: ▲ 2.09%
• F500 in state: 2

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Industry mix (Fortune 500 HQ in ND)

Industry	F500 HQs	Revenue
▸Utilities / Construction	1	$6B

Property features AI

Finance

• Other: Total living area approximately 2,098 sq ftAbove-grade finished area approximately 1,605Below-grade finished area approximately 493Total building area approximately 2,163Foundation area 1,467

Exterior

• Parking: Attached 2-car garage
• Utilities: City water connectedCity sewer connectedNatural gas
• Home design: Residential propertyThree-level splitNew construction
• Construction: Asphalt roofPoured concrete foundationBuilt by BROOKSTONE PROPERTY, LLC
• Exterior features: Stone and vinyl exteriorLot about 0.158 acres (approx. 53 x 127)

Interior

• Kitchen: Kitchen center islandDishwasherMicrowaveRangeRefrigeratorStainless steel appliances
• Bedrooms: 4 bedrooms (one bedroom located on lower level)
• Bathrooms: 3 full bathroomsPrimary or bath with double sink
• Heating & cooling: Forced air heatingCentral air conditioning
• Interior features: Finished basementKitchen with center islandPrimary bedroom with walk-in closetStainless steel appliances
• Laundry & utility: Laundry closet on upper levelWasher/dryer hookup

Price history

+1.7% since first listed

5 events — show timeline

• 2026-05-29 Listed $359,650 NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-27 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2026-02-10 Listed $353,650 NORTHSTARMLS as Distributed by MLS Grid
• 2026-02-06 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2025-10-28 Listed $353,650 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+286.4%/yr

Latest (2025): $4,781 · +471.3% YoY. Source: county tax records.