505 10th St · Bismarck, ND 58504

$215,000

4 bd · 2.0 ba · 1,690 sqft · Other · 80 Days on market

Built 1950 7,500 sqft 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 +13.9/30.0
• ARV discount +7.5/15.0
• DSCR +4.2/10.0
• Livability +4.0/5.0
• Schools +3.7/10.0
• 1% rule +3.4/10.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Don't miss out of this great investment property located in central Bismarck! Owner currently lives on the larger main level which features 3 bedrooms. As you enter the home you will find the living room which opens up to a lovely kitchen and dining area. Off the kitchen is the private laundry room and bathroom. Continuing on to the left is another entry from the backyard. This area provides extra storage or living space. From there you will find the bedrooms. The upstairs unit has a separate entry off the backyard. This charming one bedroom unit has it own laundry. The large backyard includes a storage shed, plenty of trees for your privacy, and multiple garden areas. Call today for a showing of your new home and/or investment property! Agent is related to the seller.

Key facts

• 7,500 sq ft lot
• Built 1950
• Listed 80 days

Property features AI

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer
• Home design: Residential income property; Duplex
• Construction: Block and concrete construction with vinyl siding; Concrete perimeter and block foundation; Built details not specified
• Exterior features: Asphalt roof; Shed(s) on the property; Sloped lot

Interior

• Kitchen: Microwave; Oven; Range; Refrigerator; Freezer; Dishwashing not listed
• Flooring: Vinyl flooring; Carpet
• Bathrooms: 1 full bathroom; 1 three-quarter bathroom
• Heating & cooling: Heating present; Wall/window air conditioning units
• Interior features: Washer and dryer included; Freezer; Microwave; Oven; Range; Refrigerator
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath other listed at $215k.

Deal economics

• At list price, monthly cash flow is $25 ($305/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $181k (16.0% below list).
• Recommended offer: $181k (16.0% below list) — sets the bar for 1% rule.
• Cap rate 6.4% vs local median 3.1% in Bismarck — 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 79/100 on livability (#5 in ND, #2,213 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living A; Watch: crime C-, amenities D+, commute F.
• Bismarck 1 (urban): math 41% / reading 42% proficiency, ranked #25 of 53 in ND (top 47%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 19% free/reduced lunch — higher-income household profile.
• Zoned schools: Becep Center (332 students, 0% FRL); Wachter Middle School (math 34% / reading 34%, grade F, #26 of 35 statewide, top 79%, 1,000 students, 30% FRL); Bismarck High School (math 22% / reading 38%, grade F, #90 of 144 statewide, top 66%, 1,333 students, 27% FRL) — zoned schools at 19% FRL track the district average.
• Market conditions: Rents rising (+2.8%/yr); 261 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 259 units permitted in Burleigh County in 2024 (0 in 5+ unit buildings).

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.
• Burleigh County population projected at +61% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 80 days — a 6% lower offer ($202k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 4y 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.
• Current owner paid $85k; list at $215k implies a 153% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $180,629 (16.0% below list)

Questions for the listing agent

1. It's been on market 80 days. Have you received any prior offers? Is the seller open to a 16% concession, seller financing, or rate buy-down credit?
2. Built in 1950 — 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. Schools are B-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: 0.84% ✗
• Cap rate: 6.43%
• Cash-on-cash: 0.51%
• DSCR: 1.02
• GRM: 9.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.81% rent growth · sell at horizon

5-year hold

• IRR: -15.7%
• Equity multiple: 0.44×
• Total profit: $-33,591
• Equity at exit: $32,057

10-year hold

• IRR: -7.6%
• Equity multiple: 0.52×
• Total profit: $-28,677
• Equity at exit: $18,589

Cash invested: $60,200 (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 58504

• Rents YoY: 2.8%
• Active inventory: 261
• Price-to-rent: 9.9×

Monthly cashflow live

• Estimated rent: $1,806 high
• Mortgage (P&I): −$1,127
• Tax from tax record: −$185 /mo · $2,214/yr
• Insurance: −$90
• HOA: −$0
• Vacancy / Maint / Mgmt: −$379
• Net cashflow: $25

Break-even live

Break-even rent $1,774

Max offer price $215,000

Occupancy floor 94%

Sensitivity live

Price	-10% $147	-5% $86	+0% $25	+5% $-35	+10% $-96
Rent	-10% $-117	-5% $-46	+0% $25	+5% $97	+10% $168
Rate	-1.0pp $134	-0.5pp $80	base $25	+0.5pp $-30	+1.0pp $-87

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: $53,750
• Closing costs: $6,450
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
505 1/2 S 10th St Bismarck, ND	3.0	1.0	1500	$1,600	$1.07	22d	1	0.02mi
2316 E Broadway Ave Bismarck, ND	3.0	1.0	1113	$1,250	$1.12	22d	1	1.06mi
2220 East Avenue A Unit 1/2 Bismarck, ND	3.0	1.0	1227	$1,150	$0.94	22d	1	1.09mi
1121 N 12th St Unit Main Bismarck, ND	3.0	1.0	1600	$1,500	$0.94	22d	1	1.15mi
926 N Mandan St Bismarck, ND	4.0	2.0	2032	$2,436	$1.20	22d	1	1.22mi
1543 S Washington St Bismarck, ND	3.0	2.0	1500	$2,050	$1.37	22d	1	1.26mi
2020 S 12th St Bismarck, ND	3.0	1.0–2.0	1185	$1,955	$1.65	22d	19	1.35mi
2130 S 12th St Bismarck, ND	1.0–3.0	1.0–2.0	1152	$1,980	$1.72	22d	12	1.46mi

Listing history 25 events

1. 2026-06-21
   days on market $215,000 Active 80 DOM
2. 2026-06-19
   days on market $215,000 Active 78 DOM
3. 2026-06-18
   days on market $215,000 Active 77 DOM
4. 2026-06-17
   days on market $215,000 Active 76 DOM
5. 2026-06-16
   days on market $215,000 Active 75 DOM
6. 2026-06-15
   days on market $215,000 Active 74 DOM
7. 2026-06-14
   days on market $215,000 Active 72 DOM
8. 2026-06-13
   days on market $215,000 Active 71 DOM
9. 2026-06-10
   days on market $215,000 Active 69 DOM
10. 2026-06-09
    days on market $215,000 Active 68 DOM
11. 2026-06-08
    days on market $215,000 Active 67 DOM
12. 2026-06-07
    days on market $215,000 Active 66 DOM
13. 2026-06-05
    days on market $215,000 Active 63 DOM
14. 2026-06-03
    days on market $215,000 Active 62 DOM
15. 2026-06-02
    days on market $215,000 Active 61 DOM
16. 2026-06-01
    days on market $215,000 Active 60 DOM
17. 2026-05-31
    days on market $215,000 Active 59 DOM
18. 2026-05-30
    days on market $215,000 Active 58 DOM
19. 2026-04-02
    listed $215,000 Active
20. 2023-04-14
    soldstatus 782-char remark

    Show marketing remark (782 chars)

    Don't miss out of this great investment property located in central Bismarck! Owner currently lives on the larger main level which features 3 bedrooms. As you enter the home you will find the living room which opens up to a lovely kitchen and dining area. Off the kitchen is the private laundry room and bathroom. Continuing on to the left is another entry from the backyard. This area provides extra storage or living space. From there you will find the bedrooms. The upstairs unit has a separate entry off the backyard. This charming one bedroom unit has it own laundry. The large backyard includes a storage shed, plenty of trees for your privacy, and multiple garden areas. Call today for a showing of your new home and/or investment property! Agent is related to the seller.

21. 2023-04-14
    soldstatus

    Show marketing remark (782 chars)

    Don't miss out of this great investment property located in central Bismarck! Owner currently lives on the larger main level which features 3 bedrooms. As you enter the home you will find the living room which opens up to a lovely kitchen and dining area. Off the kitchen is the private laundry room and bathroom. Continuing on to the left is another entry from the backyard. This area provides extra storage or living space. From there you will find the bedrooms. The upstairs unit has a separate entry off the backyard. This charming one bedroom unit has it own laundry. The large backyard includes a storage shed, plenty of trees for your privacy, and multiple garden areas. Call today for a showing of your new home and/or investment property! Agent is related to the seller.

22. 2022-11-10
    listed $169,900 782-char remark

    Show marketing remark (782 chars)

    Don't miss out of this great investment property located in central Bismarck! Owner currently lives on the larger main level which features 3 bedrooms. As you enter the home you will find the living room which opens up to a lovely kitchen and dining area. Off the kitchen is the private laundry room and bathroom. Continuing on to the left is another entry from the backyard. This area provides extra storage or living space. From there you will find the bedrooms. The upstairs unit has a separate entry off the backyard. This charming one bedroom unit has it own laundry. The large backyard includes a storage shed, plenty of trees for your privacy, and multiple garden areas. Call today for a showing of your new home and/or investment property! Agent is related to the seller.

23. 2018-03-14
    soldstatus
24. 2018-03-02
    soldstatus
25. 2012-10-16
    soldstatus $85,000

ⓘ 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: $2,214 · $185/mo
• Projected year-2 tax: $2,214 · $185/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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥97°F today · 12 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,675
• − Mortgage interest: −$12,043
• − Property taxes: −$2,214
• − Insurance: −$1,075
• − Repairs & maintenance: −$1,734
• − Management: −$1,734
• − Depreciation: −$6,255
• Taxable loss: −$3,380
• Est. tax savings @ 24.0%: +$811
• After-tax cash flow: $1,116/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: Bismarck 1
• NCES district ID: 3800014
• Math proficiency: 41% ▼ -5.00%
• Reading proficiency: 42% ▼ -6.00%
• Median HH income: $60,649
• Composite: 36.76/100
• National rank: #4577
• State rank: #25 of 53 in ND

Livability — Bismarck

• Score: 79/100
• State rank: #5
• US rank: #2213

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Bismarck, ND
• County: Burleigh County · 97,300 people
• City population: 97,300
• Metro: Bismarck, ND
• Population (ZIP): 30,212
• Household income: $85,637
• Rent vs Own: 25.6% rent · 74.4% own
• Severe rent burden: 400.0

Population outlook (Burleigh County) Hauer SSP2

• Today (2025): 119,359 people
• By 2030: 133,047 · +11.5%
• By 2040: 161,545 · +35.3%
• By 2050: 191,960 · +60.8%
• By 2075: 274,569 · +130.0%
• By 2100: 350,910 · +194.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Native American 8% Two or more races 5% Hispanic / Latino 4%
• Common ancestry: Portuguese 13% Scotch-Irish 5% Romanian 2%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 2%

Political lean MEDSL · Burleigh

• 2024 margin: Solid R (+43.2) · D 27.5% · R 70.7% · Other 1.8%
• 2008→2024 swing: -19.7pp toward R · 2008: -23.6pp · 2024: -43.2pp
• All cycles: 2024: R+43.2 2020: R+40.2 2016: R+46.1 2012: R+32.1 2008: R+23.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -158.70%
• Current HPI: 210.0651
• Rent YoY: ▲ 2.81%
• 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

+152.9% since first listed

7 events — show timeline

• 2026-04-02 Listed $215,000 GNMLS
• 2023-04-14 Sold (Public Records) — Public Records
• 2023-04-14 Sold (MLS) — GNMLS
• 2022-11-10 Listed $169,900 GNMLS
• 2018-03-14 Sold (Public Records) — Public Records
• 2018-03-02 Sold (Public Records) — Public Records
• 2012-10-16 Sold (Public Records) $85,000 Public Records

Property tax history

+6.3%/yr

Latest (2025): $2,214 · -2.9% YoY. Source: county tax records.