1806 23rd Ave S · Fargo, ND 58103

$220,000

2 bd · 1.0 ba · 1,164 sqft · MultiFamily public records · 31 Days on market

Built 1982 6,429 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 +13.1/30.0
• ARV discount +7.5/15.0
• Livability +4.2/5.0
• DSCR +3.9/10.0
• Rent growth +3.7/5.0
• Schools +3.6/10.0
• 1% rule +2.7/10.0
• 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

If you're looking for affordable and updated in South Fargo, this is the place for you! Enjoy a mature neighborhood with plenty of trees and a fully fenced yard with a shed! Inside you'll find a great kitchen space with stone countertops and window breakfast bar access to open and large living room! Upstairs you'll find two bedrooms, updated bathroom, and laundry. This is a great opportunity to become home owner. NO HOA.

Key facts

• Stone countertops
• Storage shed
• Window breakfast bar

Tags

• FULLY FENCED BACKYARD
• STORAGE SHED
• OPEN-CONCEPT LIVING AREA
• STONE COUNTERTOPS
• WINDOW BREAKFAST BAR
• UPDATED BATHROOM

Property features AI

Exterior

• Parking: Attached garage (1 car)
• Utilities: City water; City sewer; Natural gas
• Home design: Residential attached property; Two levels
• Construction: Asphalt roof; Slab foundation
• Exterior features: Wood exterior; Full fencing; Patio

Interior

• Kitchen: Dishwasher; Microwave; Range; Refrigerator
• Bedrooms: 2 bedrooms
• Bathrooms: 1 full bathroom
• Heating & cooling: Baseboard heating; Wall unit cooling
• Interior features: Window coverings; Patio access
• Laundry & utility: Washer; Dryer; Laundry located on upper level

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath multifamily listed at $220k.

Deal economics

• At list price, monthly cash flow is $-7 ($-79/yr) — negative.
• To cash-flow at today's rent, offer at most $219k (0.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $169k (23.0% below list).
• Recommended offer: $169k (23.0% below list) — sets the bar for 1% rule.
• Cap rate 6.3% 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: Ed Clapp Elementary School (math 17% / reading 22%, grade F, #222 of 236 statewide, top 94%, 452 students, 78% 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 51% FRL vs 25% district-wide (25 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 28% at this address vs 42% district-wide (-14 pts) — the specific schools serving this property underperform the Fargo 1 average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising fast (+5.0%/yr); 213 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 23d 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 35% 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 $2k of loan paydown is wiped out by about $7k 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 31 days — a 3% lower offer ($213k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 7y 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 $169,400 (23.0% 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 31 days. Have you received any prior offers? Is the seller open to a 23% 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: 0.77% ✗
• Cap rate: 6.26%
• Cash-on-cash: -0.13%
• DSCR: 0.99
• GRM: 10.8

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: -14.6%
• Equity multiple: 0.47×
• Total profit: $-32,766
• Equity at exit: $32,803

10-year hold

• IRR: -3.4%
• Equity multiple: 0.76×
• Total profit: $-14,940
• Equity at exit: $19,022

Cash invested: $61,600 (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: 21.6×

Monthly cashflow live

• Estimated rent: $1,694 high
• Mortgage (P&I): −$1,154
• Tax from tax record: −$100 /mo · $1,194/yr
• Insurance: −$92
• HOA: −$0
• Vacancy / Maint / Mgmt: −$356
• Net cashflow: $-7

Break-even live

Break-even rent $1,702

Max offer price $218,830

Occupancy floor 95%

Sensitivity live

Price	-10% $118	-5% $56	+0% $-7	+5% $-69	+10% $-131
Rent	-10% $-140	-5% $-74	+0% $-7	+5% $60	+10% $127
Rate	-1.0pp $104	-0.5pp $49	base $-7	+0.5pp $-64	+1.0pp $-122

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$1,694
Total (2 units)			$1,694

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: $55,000
• Closing costs: $6,600
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2000 21st Ave S Fargo, ND	3.0	1.0–2.0	639	$868	$1.36	15d	7	0.20mi
1900 21st Ave S Fargo, ND	1.0–2.0	1.0	767	$835	$1.09	15d	4	0.23mi
1720 25th Ave S Fargo, ND	1.0–2.0	1.0	803	$1,045	$1.30	15d	3	0.32mi
2401 17th St S Fargo, ND	1.0	1.0	714	$710	$0.99	22d	1	0.34mi
2301 17th St S Unit 12 Fargo, ND	2.0	1.0	900	$705	$0.78	22d	1	0.35mi
2301 17th St S Unit 20 Fargo, ND	2.0	1.0	900	$760	$0.84	22d	1	0.35mi
2301 17th St S Unit 23 Fargo, ND	1.0	1.0	700	$675	$0.96	22d	1	0.35mi
1700 25th Ave S Fargo, ND	2.0	1.0	729	$712	$0.98	15d	3	0.35mi
2211 17th St S Unit 14 Fargo, ND	1.0	1.0	725	$750	$1.03	22d	1	0.36mi
2414 17th St S Unit 206 Fargo, ND	2.0	1.0	910	$785	$0.86	22d	1	0.38mi
2414 17th St S Unit 301 Fargo, ND	2.0	2.0	891	$855	$0.96	15d	1	0.38mi
2402 17th St S Fargo, ND	1.0–2.0	1.0–1.5	822	$905	$1.10	15d	3	0.38mi
2302 17th St S Fargo, ND	1.0–2.0	1.0–2.0	845	$850	$1.01	22d	6	0.38mi
2202 17th St S Unit 107 Fargo, ND	2.0	2.0	864	$855	$0.99	22d	1	0.40mi
2202 17th St S Unit 203 Fargo, ND	2.0	1.0	910	$785	$0.86	15d	1	0.40mi
2420 20th Ave S Fargo, ND	2.0	1.0	975	$972	$1.00	15d	5	0.44mi
2601 Pacific Dr S Fargo, ND	2.0	1.0	742	$725	$0.98	15d	1	0.47mi
1526 21st Ave S Apt 107 Fargo, ND	2.0	1.0	925	$800	$0.86	22d	1	0.49mi
2626 Pacific Dr S Fargo, ND	2.0	1.0	801	$740	$0.92	22d	1	0.54mi
3039 23rd Ave S Fargo, ND	2.0–3.0	1.5–3.0	1524	$1,350	$0.89	15d	7	0.55mi
2549 15th St S Unit 16 Fargo, ND	2.0	1.0	800	$675	$0.84	22d	1	0.60mi
2601 15th St S Fargo, ND	2.0	1.0	537	$820	$1.53	15d	5	0.62mi
1408 Oak Manor Ave S Unit 102 Fargo, ND	2.0	1.0	920	$795	$0.86	22d	1	0.64mi
2411 30 1/2 Ave S Fargo, ND	1.0–2.0	1.0	730	$795	$1.09	15d	3	0.64mi
1532 27th Ave S Fargo, ND	1.0–2.0	1.0	725	$855	$1.18	22d	2	0.71mi
2550 14th St S Unit 101 Fargo, ND	2.0	1.0	1005	$850	$0.85	22d	1	0.73mi
2660 15th St S Unit 202 Fargo, ND	3.0	1.0	1100	$915	$0.83	22d	1	0.77mi
1670 E Gateway Cir S Fargo, ND	1.0	0.5	702	$765	$1.09	15d	3	0.79mi
1843 13 1/2 St S Fargo, ND	2.0	1.0	650	$915	$1.41	15d	4	0.84mi
3200 22nd St S Fargo, ND	1.0–3.0	1.0–2.0	922	$932	$1.01	15d	11	0.85mi
2701 32nd Ave S Fargo, ND	2.0	1.0	1015	$895	$0.88	15d	3	0.86mi
1544 E Gateway Cir S Apt 305 Fargo, ND	2.0	1.0	950	$795	$0.84	22d	1	0.90mi
2201 33rd Ave S Fargo, ND	1.0–2.0	1.0	812	$860	$1.06	15d	9	0.90mi
1544 E Gateway Cir S Unit 304 Fargo, ND	1.0	1.0	800	$700	$0.88	22d	1	0.91mi
1544 E Gateway Cir S Apt 104 Fargo, ND	1.0	1.0	800	$745	$0.93	22d	1	0.91mi
1510 E Gateway Cir S #106 Fargo, ND	2.0	1.0	800	$800	$1.00	15d	1	0.95mi
3100 33rd St S Unit 3120-301 Fargo, ND	3.0	1.0	1050	$985	$0.94	15d	1	0.96mi
2429 W Country Club Dr S Fargo, ND	2.0	1.0	919	$785	$0.85	22d	4	0.96mi
1502 E Gateway Cir S Unit 301 Fargo, ND	2.0	1.0	700	$700	$1.00	22d	1	0.97mi
1502 E Gateway Cir S Unit 105 Fargo, ND	2.0	1.0	700	$675	$0.96	22d	1	0.97mi

Listing history 17 events

1. 2026-06-07
   statusdays on market $220,000 Pending 31 DOM
2. 2026-06-02
   days on market $220,000 Contingent - Inspection 28 DOM
3. 2026-06-01
   days on market $220,000 Contingent - Inspection 27 DOM
4. 2026-05-31
   days on market $220,000 Contingent - Inspection 26 DOM
5. 2026-05-30
   days on market $220,000 Contingent - Inspection 25 DOM
6. 2026-05-18
   historical Contingent - Inspection
7. 2026-05-05
   listed $220,000 Active
8. 2023-11-30
   soldstatus $199,900 424-char remark

   Show marketing remark (424 chars)

   If you're looking for affordable and updated in South Fargo, this is the place for you! Enjoy a mature neighborhood with plenty of trees and a fully fenced yard with a shed! Inside you'll find a great kitchen space with stone countertops and window breakfast bar access to open and large living room! Upstairs you'll find two bedrooms, updated bathroom, and laundry. This is a great opportunity to become home owner. NO HOA.

9. 2023-11-28
   soldstatus $199,900
10. 2023-10-26
    listed $199,900 424-char remark

    Show marketing remark (424 chars)

    If you're looking for affordable and updated in South Fargo, this is the place for you! Enjoy a mature neighborhood with plenty of trees and a fully fenced yard with a shed! Inside you'll find a great kitchen space with stone countertops and window breakfast bar access to open and large living room! Upstairs you'll find two bedrooms, updated bathroom, and laundry. This is a great opportunity to become home owner. NO HOA.

11. 2022-04-25
    soldstatus $181,500
12. 2022-04-22
    soldstatus $181,500 437-char remark

    Show marketing remark (437 chars)

    Welcome home! This 2 story twinhome has everything you'd need! It features 2 bedrooms, a full bathroom, and your laundry room all on the upper level. Walk down the stairs to your kitchen that features a pantry and breakfast bar. On the other side is your living room with a ton of natural lighting and updated flooring. Walk out the patio door and enjoy your large fenced in yard. Call your favorite Realtor and schedule a showing today!

13. 2022-03-08
    listed $179,900 437-char remark

    Show marketing remark (437 chars)

    Welcome home! This 2 story twinhome has everything you'd need! It features 2 bedrooms, a full bathroom, and your laundry room all on the upper level. Walk down the stairs to your kitchen that features a pantry and breakfast bar. On the other side is your living room with a ton of natural lighting and updated flooring. Walk out the patio door and enjoy your large fenced in yard. Call your favorite Realtor and schedule a showing today!

14. 2019-06-14
    soldstatus $147,800
15. 2019-06-13
    soldstatus $147,800
16. 2019-04-12
    listed $146,800
17. 2014-07-08
    soldstatus $99,500

ⓘ 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: $1,194 · $100/mo
• Projected year-2 tax: $2,156 · $180/mo
• Expected delta: +$962/yr (+$80/mo · 80.5%)

ⓘ 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 1/10 Low
• 🌡 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: $20,328
• − Mortgage interest: −$12,323
• − Property taxes: −$1,194
• − Insurance: −$1,100
• − Repairs & maintenance: −$1,626
• − Management: −$1,626
• − Depreciation: −$6,400
• Taxable loss: −$3,942
• Est. tax savings @ 24.0%: +$946
• After-tax cash flow: $867/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

+121.1% since first listed

12 events — show timeline

• 2026-05-18 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-05 Listed $220,000 NORTHSTARMLS as Distributed by MLS Grid
• 2023-11-30 Sold (MLS) $199,900 NORTHSTARMLS as Distributed by MLS Grid
• 2023-11-28 Sold (Public Records) $199,900 Public Records
• 2023-10-26 Listed $199,900 NORTHSTARMLS as Distributed by MLS Grid
• 2022-04-25 Sold (Public Records) $181,500 Public Records
• 2022-04-22 Sold (MLS) $181,500 NORTHSTARMLS as Distributed by MLS Grid
• 2022-03-08 Listed $179,900 NORTHSTARMLS as Distributed by MLS Grid
• 2019-06-14 Sold (Public Records) $147,800 Public Records
• 2019-06-13 Sold (MLS) $147,800 NORTHSTARMLS as Distributed by MLS Grid
• 2019-04-12 Listed $146,800 NORTHSTARMLS as Distributed by MLS Grid
• 2014-07-08 Sold (Public Records) $99,500 Public Records

Property tax history

+0.1%/yr

Latest (2025): $1,194 · -45.6% YoY. Source: county tax records.