618 & 620 8th Ave N · Grand Forks, ND 58203

$205,000

4 bd · 2.0 ba · 1,747 sqft · MultiFamily public records · 91 Days on market

Built 1899 9,139 sqft lot Est $250k · 18% under

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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
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.3/10.0
• Rent growth +4.0/5.0
• Livability +3.9/5.0
• Schools +3.6/10.0
• 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

Listing remarks MLS

Great investment property. Side by side duplex with an excellent income & rental history. Newer shingles & several newer windows.

Key facts

• Income potential
• Functional layouts
• 9,139 sq ft lot

Tags

• FULL UNFINISHED BASEMENT
• INCOME POTENTIAL
• FUNCTIONAL LAYOUTS

Property features AI

Finance

• Financial info: Annual taxes listed (see listing for amount)

Exterior

• Parking: Off-street parking; Parking pad
• Utilities: Electricity connected; Natural gas connected; Public water connected; Public sewer connected
• Home design: Duplex; Two-story; Residential income / Multi-family property; Zoned A-1 Limited Development
• Construction: Above-grade finished area approximately 1,934; Total building area approximately 3,120
• Exterior features: Concrete parking pad; Off-street parking

Interior

• Kitchen: Range; Refrigerator
• Heating & cooling: Forced air heating; Natural gas heating
• Interior features: Range; Refrigerator
• Laundry & utility: In-unit laundry

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $205k.

Deal economics

• At list price, monthly cash flow is $773 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $205k).
• Recommended offer: $187k (9.0% below list) — sets the bar for market timing.
• Cap rate 10.8% vs local median 2.2% in Grand Forks — 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 78/100 on livability (#8 in ND, #2,645 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment C-, crime D+.
• Grand Forks 1 (urban): math 37% / reading 49% proficiency, ranked #27 of 53 in ND (top 51%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Wilder Elementary School (math 27% / reading 37%, grade F, #173 of 236 statewide, top 76%, 177 students, 62% FRL); Valley Middle School (math 22% / reading 40%, grade F, #31 of 35 statewide, top 88%, 513 students, 56% FRL); Central High School (math 29% / reading 56%, grade F, #48 of 144 statewide, top 33%, 1,093 students, 32% FRL) — zoned schools average 50% FRL vs 29% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+6.0%/yr); 56 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 133 units permitted in Grand Forks County in 2024 (0 in 5+ unit buildings).
• At $2,732/mo this rent would consume 54% of the median local household income ($60k/yr) (locally 1031% 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 $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Grand Forks County population projected at +43% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 6.0% rent growth), your $57k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 91 days — a 9% lower offer ($187k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 12y ago; this cycle's ask has dropped $20k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1899 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $186,550 (9.0% below list)

Questions for the listing agent

1. It's been on market 91 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 1899 — 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. Crime grade is D 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?
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 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: 1.33% ✓
• Cap rate: 10.82%
• Cash-on-cash: 16.15%
• DSCR: 1.72
• GRM: 6.3

CMA / ARV

• ARV (on-the-fly): $249,821
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1115 N 20th St	0.55mi	5/3.0 (+1)	1,715 (-2%)	11mo	$245,000	$143	53
1513 University Ave	0.47mi	3/2.0 (-1)	1,522 (-13%)	2mo	$159,900	$105	50

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 · 5.95% rent growth · sell at horizon

5-year hold

• IRR: 10.4%
• Equity multiple: 1.42×
• Total profit: $24,362
• Equity at exit: $30,566

10-year hold

• IRR: 21.7%
• Equity multiple: 3.11×
• Total profit: $121,068
• Equity at exit: $17,725

Cash invested: $57,400 (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 58203

• Rents YoY: 6.0%
• Active inventory: 56
• Price-to-rent: 12.5×

Monthly cashflow live

• Estimated rent: $2,732 medium
• Mortgage (P&I): −$1,075
• Tax from tax record: −$225 /mo · $2,702/yr
• Insurance: −$85
• HOA: −$0
• Vacancy / Maint / Mgmt: −$574
• Net cashflow: $773

Break-even live

Break-even rent $1,754

Max offer price $205,000

Occupancy floor 67%

Sensitivity live

Price	-10% $889	-5% $831	+0% $773	+5% $715	+10% $657
Rent	-10% $557	-5% $665	+0% $773	+5% $881	+10% $988
Rate	-1.0pp $876	-0.5pp $825	base $773	+0.5pp $720	+1.0pp $665

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,732
Total (2 units)			$2,732

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: $51,250
• Closing costs: $6,150
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
214 N 4th St Grand Forks, ND	3.0	1.0–2.0	974	$2,345	$2.41	45d	1	0.46mi

Listing history 30 events

1. 2026-06-19
   days on market $205,000 Active 91 DOM
2. 2026-06-18
   days on market $205,000 Active 90 DOM
3. 2026-06-17
   days on market $205,000 Active 89 DOM
4. 2026-06-16
   days on market $205,000 Active 88 DOM
5. 2026-06-15
   days on market $205,000 Active 87 DOM
6. 2026-06-14
   days on market $205,000 Active 85 DOM
7. 2026-06-13
   pricedays on market $205,000 Active 84 DOM
8. 2026-06-10
   days on market $215,000 Active 82 DOM
9. 2026-06-09
   days on market $215,000 Active 81 DOM
10. 2026-06-08
    days on market $215,000 Active 80 DOM
11. 2026-06-07
    days on market $215,000 Active 79 DOM
12. 2026-06-05
    days on market $215,000 Active 76 DOM
13. 2026-06-03
    days on market $215,000 Active 75 DOM
14. 2026-06-02
    days on market $215,000 Active 74 DOM
15. 2026-06-01
    days on market $215,000 Active 73 DOM
16. 2026-05-31
    days on market $215,000 Active 72 DOM
17. 2026-05-30
    days on market $215,000 Active 71 DOM
18. 2026-05-07
    price $215,000
19. 2026-03-20
    listed $225,000 Active
20. 2024-04-10
    historical $750
21. 2024-03-13
    listed $750
22. 2014-09-02
    soldstatus
23. 2014-08-29
    soldstatus 142-char remark

    Show marketing remark (142 chars)

    Great investment property. Side by side duplex with an excellent income & rental history. Newer shingles & several newer windows.

24. 2014-05-28
    listed $136,000 142-char remark

    Show marketing remark (142 chars)

    Great investment property. Side by side duplex with an excellent income & rental history. Newer shingles & several newer windows.

25. 2010-09-02
    soldstatus
26. 2006-02-16
    soldstatus
27. 2005-12-21
    soldstatus
28. 2005-08-31
    soldstatus
29. 2005-08-31
    soldstatus
30. 2001-12-11
    soldstatus

ⓘ 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: $2,702 · $225/mo
• Projected year-2 tax: $2,702 · $225/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 · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥96°F today · 12 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $32,784
• − Mortgage interest: −$11,483
• − Property taxes: −$2,702
• − Insurance: −$1,025
• − Repairs & maintenance: −$2,623
• − Management: −$2,623
• − Depreciation: −$5,964
• Taxable income: $6,365
• Est. tax owed @ 24.0%: −$1,528
• After-tax cash flow: $7,744/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: Grand Forks 1
• NCES district ID: 3808130
• Math proficiency: 37% ▼ -8.00%
• Reading proficiency: 49% ▲ 1.00%
• Median HH income: $44,234
• Composite: 36.39/100
• National rank: #4681
• State rank: #27 of 53 in ND

Livability — Grand Forks

• Score: 78/100
• State rank: #8
• US rank: #2645

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Grand Forks, ND
• County: Grand Forks County · 58,851 people
• City population: 58,851
• Metro: Grand Forks, ND-MN
• Population (ZIP): 16,478
• Household income: $60,474
• Rent vs Own: 55.2% rent · 44.8% own
• Severe rent burden: 1031.0

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 (78%)
• Race & ethnicity: White 78% Hispanic / Latino 6% Asian 6% Two or more races 6% Native American 3% Black 3%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Portuguese 23% Romanian 4% Lithuanian 2%
• Foreign-born: 10% · Canada, China, South Korea
• Languages at home: 88% English-only · Spanish 3% Other Indo-European 2% Chinese 2%

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: ▼ -146.25%
• Current HPI: 183.3667
• Rent YoY: ▲ 5.95%
• Metro: Grand Forks, 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

+58.1% since first listed

13 events — show timeline

• 2026-05-07 Price Changed $215,000 GFAAR
• 2026-03-20 Listed $225,000 GFAAR
• 2024-04-10 Rental Removed $750 APPFOLIO
• 2024-03-13 Listed for Rent $750 APPFOLIO
• 2014-09-02 Sold (Public Records) — Public Records
• 2014-08-29 Sold (MLS) — GFAAR
• 2014-05-28 Listed $136,000 GFAAR
• 2010-09-02 Sold (Public Records) — Public Records
• 2006-02-16 Sold (Public Records) — Public Records
• 2005-12-21 Sold (Public Records) — Public Records
• 2005-08-31 Sold (Public Records) — Public Records
• 2005-08-31 Sold (Public Records) — Public Records
• 2001-12-11 Sold (Public Records) — Public Records

Property tax history

+7.1%/yr

Latest (2025): $2,702 · -7.3% YoY. Source: county tax records.