1505 9th Ave NW · Mandan, ND 58554

$1,100,000

24 bd · 12.0 ba · 11,700 sqft · MultiFamily · 109 Days on market

Built 1977 0.55 ac lot

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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).

• Cash flow +11.5/30.0
• ARV discount +7.5/15.0
• Rent growth +5.0/5.0
• Livability +3.5/5.0
• DSCR +3.4/10.0
• 1% rule +3.3/10.0
• Schools +3.3/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 8 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Key facts

• Units have balconies
• Single car garages
• All brick exterior

Tags

• ALL BRICK EXTERIOR
• SINGLE CAR GARAGES
• UNITS HAVE BALCONIES
• ON AND OFF STREET PARKING

Property features AI

Exterior

• Parking: Detached garage; 12 garage spaces; Shared driveway; Off-street parking; Additional assigned parking
• Utilities: Public water; Public sewer; Sewer connected; Water connected; Electricity connected; Cable available
• Home design: Residential income property (multi-family); Three or more levels
• Construction: Brick construction; Concrete perimeter foundation
• Exterior features: Deck; Level lot; City street frontage; Asphalt road (public maintained)

Interior

• Kitchen: Dishwasher, Microwave, Oven, Refrigerator
• Flooring: Vinyl flooring; Carpet flooring
• Bathrooms: 12 full bathrooms
• Heating & cooling: Baseboard heating (electric); Wall/window cooling units
• Interior features: Finished full basement; Dishwasher, Microwave, Oven, Refrigerator

What this means for you Summary

Snapshot

• This is a 8 × 3-bed/1.5-bath units multifamily listed at $1.10M.

Deal economics

• At list price, monthly cash flow is $-365 ($-4k/yr) — negative. Per door: $-46/mo.
• To cash-flow at today's rent, offer at most $1.05M (4.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $916k (16.7% below list).
• Recommended offer: $916k (16.7% below list) — sets the bar for 1% rule.
• Cap rate 5.9% vs local median 2.7% in Mandan — 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 70/100 on livability (#76 in ND) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment A; Watch: crime C-, amenities F, commute F.
• Mandan 1 (suburban): math 35% / reading 38% proficiency, ranked #32 of 53 in ND (top 60%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Mandan Middle School (math 36% / reading 40%, grade F, #21 of 35 statewide, top 59%, 928 students, 30% FRL); Mandan High School (math 18% / reading 42%, grade F, #90 of 144 statewide, top 66%, 1,138 students, 25% FRL) — zoned schools at 28% FRL track the district average.
• Market conditions: Rents rising fast (+14.0%/yr); 304 active listings in the ZIP; solid renter incomes; 94 units permitted in Morton County in 2024 (5 in 5+ unit buildings).
• At $9,161/mo this rent would consume 137% of the median local household income ($80k/yr) (locally 915% 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 $8k of loan paydown is wiped out by about $33k of value loss. Plan a longer hold.
• Morton County population projected at +48% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 109 days — a 9% lower offer ($1.00M) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 3y ago 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 $916,100 (16.7% 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 109 days. Have you received any prior offers? Is the seller open to a 17% 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. Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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.
10. 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.
11. 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: 0.83% ✗
• Cap rate: 5.90%
• Cash-on-cash: -1.42%
• DSCR: 0.94
• GRM: 10.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -13.2%
• Equity multiple: 0.50×
• Total profit: $-152,921
• Equity at exit: $164,014

10-year hold

• IRR: 2.2%
• Equity multiple: 1.19×
• Total profit: $57,845
• Equity at exit: $95,108

Cash invested: $308,000 (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 58554

• Rents YoY: 14.0%
• Active inventory: 304
• Price-to-rent: 80.1×

Monthly cashflow live

• Estimated rent: $9,161 high
• Mortgage (P&I): −$5,769
• Tax est. 1.5%: −$1,375 /mo · $16,500/yr
• Insurance: −$458
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,924
• Net cashflow: $-365

Break-even live

Break-even rent $9,623

Max offer price $1,047,233

Occupancy floor 99%

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

Units	Beds	Baths	Est. rent
▸ 8× units	3	1.5	$9,160
Total (8 units)			$9,161

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: $275,000
• Closing costs: $33,000
• Reserves months: —
• Total cash needed: —

Listing history 25 events

1. 2026-06-19
   days on market $1,100,000 Active 109 DOM
2. 2026-06-18
   days on market $1,100,000 Active 108 DOM
3. 2026-06-17
   days on market $1,100,000 Active 107 DOM
4. 2026-06-16
   days on market $1,100,000 Active 106 DOM
5. 2026-06-15
   days on market $1,100,000 Active 105 DOM
6. 2026-06-14
   days on market $1,100,000 Active 103 DOM
7. 2026-06-13
   days on market $1,100,000 Active 102 DOM
8. 2026-06-10
   days on market $1,100,000 Active 100 DOM
9. 2026-06-09
   days on market $1,100,000 Active 99 DOM
10. 2026-06-08
    days on market $1,100,000 Active 98 DOM
11. 2026-06-07
    days on market $1,100,000 Active 97 DOM
12. 2026-06-05
    days on market $1,100,000 Active 94 DOM
13. 2026-06-03
    days on market $1,100,000 Active 93 DOM
14. 2026-06-02
    days on market $1,100,000 Active 92 DOM
15. 2026-06-01
    days on market $1,100,000 Active 91 DOM
16. 2026-05-31
    days on market $1,100,000 Active 90 DOM
17. 2026-05-30
    days on market $1,100,000 Active 89 DOM
18. 2026-03-02
    listed $1,100,000 Active
19. 2024-04-14
    historical $800
20. 2024-04-12
    listed $800
21. 2024-04-10
    historical $800
22. 2024-03-28
    listed $800
23. 2024-01-20
    historical $850
24. 2023-12-15
    listed $850
25. 2022-03-11
    price $750

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

Taxation est. · year 1

• Rental income: $109,932
• − Mortgage interest: −$61,617
• − Property taxes: −$16,500
• − Insurance: −$5,500
• − Repairs & maintenance: −$8,795
• − Management: −$8,795
• − Depreciation: −$32,000
• Taxable loss: −$23,274
• Est. tax savings @ 24.0%: +$5,586
• After-tax cash flow: $1,210/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: Mandan 1
• NCES district ID: 3811820
• Math proficiency: 35% ▼ -11.00%
• Reading proficiency: 38% ▼ -5.00%
• Median HH income: $60,131
• Composite: 32.55/100
• National rank: #5692
• State rank: #32 of 53 in ND

Livability — Mandan

• Score: 70/100
• State rank: #76
• US rank: #7567

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Mandan, ND
• County: Morton County · 29,479 people
• City population: 29,479
• Metro: Bismarck, ND
• Population (ZIP): 29,479
• Household income: $80,120
• Rent vs Own: 27.2% rent · 72.8% own
• Severe rent burden: 915.0

Population outlook (Morton County) Hauer SSP2

• Today (2025): 36,682 people
• By 2030: 39,967 · +9.0%
• By 2040: 46,921 · +27.9%
• By 2050: 54,157 · +47.6%
• By 2075: 73,661 · +100.8%
• By 2100: 89,885 · +145.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Hispanic / Latino 5% Native American 4% Two or more races 4% Black 2%
• Common ancestry: Portuguese 14% Scotch-Irish 4% Iranian 2%
• Foreign-born: 1% · Canada
• Languages at home: 95% English-only · Spanish 3% German/W. Germanic 1%

Political lean MEDSL · Morton

• 2024 margin: Solid R (+53.8) · D 22.2% · R 75.9% · Other 1.9%
• 2008→2024 swing: -32.7pp toward R · 2008: -21.0pp · 2024: -53.8pp
• All cycles: 2024: R+53.8 2020: R+50.4 2016: R+53.0 2012: R+31.1 2008: R+21.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -161.81%
• Current HPI: 137.8984
• Rent YoY: ▲ 14.00%
• Metro: Bismarck, ND
• 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

8 events — show timeline

• 2026-03-02 Listed $1,100,000 GNMLS
• 2024-04-14 Rental Removed $800 APPFOLIO
• 2024-04-12 Listed for Rent $800 APPFOLIO
• 2024-04-10 Rental Removed $800 APPFOLIO
• 2024-03-28 Listed for Rent $800 APPFOLIO
• 2024-01-20 Rental Removed $850 APPFOLIO
• 2023-12-15 Listed for Rent $850 APPFOLIO
• 2022-03-11 Price Changed $750 APPFOLIO