1808 28th Ave S · Fargo, ND 58103

$199,900

2 bd · 1.0 ba · 532 sqft · MultiFamily public records · 38 Days on market

Built 1980 3,528 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 +12.3/30.0
• ARV discount +7.5/15.0
• Livability +4.2/5.0
• DSCR +3.7/10.0
• Rent growth +3.7/5.0
• Schools +3.6/10.0
• 1% rule +3.2/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Key facts

• 3,528 sq ft lot
• Garage
• Built 1980

Property features AI

Exterior

• Parking: Attached insulated garage with concrete floor and garage door opener (1-car)
• Utilities: City water connected; City sewer connected; Electric fuel
• Home design: Residential attached property; Split-entry (bi-level) design; Entry level spans main and lower levels
• Construction: Poured concrete foundation; Asphalt roof; Built area: main level 532, below grade 532 (total living area 1,064)
• Exterior features: Deck; Storage shed

Interior

• Kitchen: Dishwasher; Microwave; Range; Refrigerator; Stainless steel appliances
• Bedrooms: 2 bedrooms
• Bathrooms: 1 full bathroom (full basement)
• Heating & cooling: Baseboard heating; Wall-mounted cooling unit(s)
• Interior features: Finished basement; Dishwasher; Dryer; Electric water heater; Microwave; Range; Refrigerator; Stainless steel appliances; Washer
• Laundry & utility: Washer and dryer located on lower level

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath multifamily listed at $200k.

Deal economics

• At list price, monthly cash flow is $-36 ($-431/yr) — negative.
• To cash-flow at today's rent, offer at most $194k (3.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $164k (18.2% below list).
• Recommended offer: $164k (18.2% below list) — sets the bar for 1% rule.
• Cap rate 6.1% 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: Lincoln Elementary School (math 22% / reading 32%, grade F, #200 of 236 statewide, top 86%, 325 students, 56% 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 43% FRL vs 25% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+5.0%/yr); 213 active listings in the ZIP; 27 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); 1,218 units permitted in Cass County in 2024 (410 in 5+ unit buildings).
• This rent runs 33% 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 $1k of loan paydown is wiped out by about $6k 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 38 days — a 3% lower offer ($194k) is reasonable based on typical stale-listing flexibility.
• 2 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 $163,600 (18.2% 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 38 days. Have you received any prior offers? Is the seller open to a 18% concession, seller financing, or rate buy-down credit?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 0.82% ✗
• Cap rate: 6.08%
• Cash-on-cash: -0.77%
• DSCR: 0.97
• GRM: 10.2

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: -15.5%
• Equity multiple: 0.44×
• Total profit: $-31,416
• Equity at exit: $29,806

10-year hold

• IRR: -4.1%
• Equity multiple: 0.71×
• Total profit: $-16,362
• Equity at exit: $17,284

Cash invested: $55,972 (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: 20.4×

Monthly cashflow live

• Estimated rent: $1,636 medium
• Mortgage (P&I): −$1,048
• Tax from tax record: −$197 /mo · $2,361/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$344
• Net cashflow: $-36

Break-even live

Break-even rent $1,681

Max offer price $193,553

Occupancy floor 97%

Sensitivity live

Price	-10% $77	-5% $21	+0% $-36	+5% $-93	+10% $-149
Rent	-10% $-165	-5% $-101	+0% $-36	+5% $29	+10% $93
Rate	-1.0pp $65	-0.5pp $15	base $-36	+0.5pp $-88	+1.0pp $-140

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$1,636
Total (2 units)			$1,636

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: $49,975
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Rent comps 27 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2601 Pacific Dr S Fargo, ND	2.0	1.0	742	$725	$0.98	15d	1	0.22mi
1532 27th Ave S Fargo, ND	1.0–2.0	1.0	725	$855	$1.18	23d	2	0.37mi
1700 25th Ave S Fargo, ND	2.0	1.0	729	$712	$0.98	15d	3	0.40mi
2411 30 1/2 Ave S Fargo, ND	1.0–2.0	1.0	730	$795	$1.09	15d	3	0.40mi
3200 22nd St S Fargo, ND	1.0–3.0	1.0–2.0	922	$932	$1.01	15d	11	0.40mi
2601 15th St S Fargo, ND	2.0	1.0	537	$820	$1.53	15d	5	0.42mi
1720 25th Ave S Fargo, ND	1.0–2.0	1.0	803	$1,045	$1.30	15d	3	0.43mi
2549 15th St S Unit 03 Fargo, ND	1.0	1.0	550	$670	$1.22	23d	1	0.44mi
2610 15th St S Fargo, ND	2.0	1.0	415	$670	$1.61	15d	6	0.48mi
2401 17th St S Fargo, ND	1.0	1.0	714	$710	$0.99	23d	1	0.50mi
2201 33rd Ave S Fargo, ND	1.0–2.0	1.0	812	$860	$1.06	15d	9	0.51mi
1625 33rd Ave S Fargo, ND	3.0	1.0–2.0	755	$993	$1.31	15d	9	0.53mi
2301 17th St S Unit 23 Fargo, ND	1.0	1.0	700	$675	$0.96	23d	1	0.56mi
2211 17th St S Unit 14 Fargo, ND	1.0	1.0	725	$750	$1.03	23d	1	0.61mi
2000 21st Ave S Fargo, ND	3.0	1.0–2.0	639	$868	$1.36	15d	7	0.67mi
1900 21st Ave S Fargo, ND	1.0–2.0	1.0	767	$835	$1.09	15d	4	0.67mi
3510 28th St S Fargo, ND	3.0	1.0–2.0	786	$1,113	$1.42	15d	10	0.98mi
3601 11th St S Fargo, ND	1.0–2.0	1.0–2.0	750	$800	$1.07	15d	4	1.01mi
2510 36th Ave S Fargo, ND	3.0	1.0–2.0	945	$1,092	$1.16	15d	18	1.02mi
1843 13 1/2 St S Fargo, ND	2.0	1.0	650	$915	$1.41	15d	4	1.02mi
3301 32nd St S Fargo, ND	3.0	1.0–2.0	808	$1,261	$1.56	15d	9	1.06mi
3302 31st Ave S Fargo, ND	1.0–3.0	1.0–2.0	926	$1,036	$1.12	15d	13	1.09mi
3343 31st Ave S Fargo, ND	1.0–3.0	1.0	839	$765	$0.91	23d	1	1.12mi
1670 E Gateway Cir S Fargo, ND	1.0	0.5	702	$765	$1.09	15d	3	1.32mi
1621 S University Dr Fargo, ND	2.0	1.0–2.0	870	$1,895	$2.18	15d	13	1.36mi
1502 E Gateway Cir S Unit 105 Fargo, ND	2.0	1.0	700	$675	$0.96	23d	1	1.50mi
1502 E Gateway Cir S Unit 301 Fargo, ND	2.0	1.0	700	$700	$1.00	23d	1	1.50mi

Listing history 20 events

1. 2026-06-21
   days on market $199,900 Active 38 DOM
2. 2026-06-18
   days on market $199,900 Active 35 DOM
3. 2026-06-17
   days on market $199,900 Active 34 DOM
4. 2026-06-16
   days on market $199,900 Active 33 DOM
5. 2026-06-15
   days on market $199,900 Active 32 DOM
6. 2026-06-14
   days on market $199,900 Active 30 DOM
7. 2026-06-13
   pricedays on market $199,900 Active 29 DOM
8. 2026-06-10
   days on market $204,900 Active 27 DOM
9. 2026-06-09
   days on market $204,900 Active 26 DOM
10. 2026-06-08
    days on market $204,900 Active 25 DOM
11. 2026-06-07
    days on market $204,900 Active 24 DOM
12. 2026-06-02
    days on market $204,900 Active 19 DOM
13. 2026-06-01
    days on market $204,900 Active 18 DOM
14. 2026-05-31
    days on market $204,900 Active 17 DOM
15. 2026-05-30
    statusdays on market $204,900 Active 16 DOM
16. 2026-05-16
    historical Contingent - Inspection
17. 2026-05-16
    status Pending
18. 2026-05-14
    listed $204,900 Active
19. 2024-01-01
    historical $1,250
20. 2023-12-14
    listed $1,250

ⓘ 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: $2,361 · $197/mo
• Projected year-2 tax: $2,361 · $197/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 (shaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 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: $19,632
• − Mortgage interest: −$11,198
• − Property taxes: −$2,361
• − Insurance: −$1,000
• − Repairs & maintenance: −$1,571
• − Management: −$1,571
• − Depreciation: −$5,815
• Taxable loss: −$3,883
• Est. tax savings @ 24.0%: +$932
• After-tax cash flow: $501/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: 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

+16292.0% since first listed

5 events — show timeline

• 2026-05-16 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-16 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-14 Listed $204,900 NORTHSTARMLS as Distributed by MLS Grid
• 2024-01-01 Rental Removed $1,250 APPFOLIO
• 2023-12-14 Listed for Rent $1,250 APPFOLIO

Property tax history

+9.3%/yr

Latest (2025): $2,361 · +3.9% YoY. Source: county tax records.