2366 20th Ave S · Fargo, ND 58103

$197,500

3 bd · 2.0 ba · 722 sqft · MultiFamily public records · 24 Days on market

Built 1976 5,662 sqft lot

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Why this score? — see what drove the C- 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 +18.3/30.0
• ARV discount +7.5/15.0
• DSCR +5.7/10.0
• 1% rule +4.7/10.0
• Livability +4.2/5.0
• Rent growth +3.7/5.0
• 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

Key facts

• Open living room
• Deck
• 5,662 sq ft lot

Tags

• OPEN LIVING ROOM
• DECK
• EASY ACCESS TO INTERSTATE 94

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $198k.

Deal economics

• At list price, monthly cash flow is $180 ($2k/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 $191k (3.5% below list).
• Recommended offer: $191k (3.5% below list) — sets the bar for 1% rule.
• Cap rate 7.4% 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.
• Market conditions: Rents rising fast (+5.0%/yr); 208 active listings in the ZIP; 26 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); 1,218 units permitted in Cass County in 2024 (410 in 5+ unit buildings).
• This rent runs 39% 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 24 days — a 2% lower offer ($195k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 19y 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 $106k; list at $198k implies a 86% gain — meaningful room to come down on a strong offer.

Recommended offer $190,600 (3.5% below list)

Questions for the listing agent

1. Built in 1976 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 0.97% ✗
• Cap rate: 7.39%
• Cash-on-cash: 3.90%
• DSCR: 1.17
• GRM: 8.6

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: -8.1%
• Equity multiple: 0.70×
• Total profit: $-16,727
• Equity at exit: $29,448

10-year hold

• IRR: 3.8%
• Equity multiple: 1.30×
• Total profit: $16,489
• Equity at exit: $17,076

Cash invested: $55,300 (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: 208
• Price-to-rent: 17.3×

Monthly cashflow live

• Estimated rent: $1,906 medium
• Mortgage (P&I): −$1,036
• Tax from tax record: −$208 /mo · $2,494/yr
• Insurance: −$82
• HOA: −$0
• Vacancy / Maint / Mgmt: −$400
• Net cashflow: $180

Break-even live

Break-even rent $1,678

Max offer price $197,500

Occupancy floor 86%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$1,906
Total (2 units)			$1,906

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: $49,375
• Closing costs: $5,925
• Reserves months: —
• Total cash needed: —

Rent comps 26 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2000 21st Ave S Fargo, ND	3.0	1.0–2.0	639	$1,045	$1.63	13d	7	0.27mi
1900 21st Ave S Fargo, ND	1.0–2.0	1.0	767	$835	$1.09	13d	4	0.28mi
1720 25th Ave S Fargo, ND	1.0–2.0	1.0	803	$1,045	$1.30	13d	3	0.57mi
1502 E Gateway Cir S Unit 105 Fargo, ND	2.0	1.0	700	$675	$0.96	21d	1	0.57mi
1502 E Gateway Cir S Unit 301 Fargo, ND	2.0	1.0	700	$700	$1.00	21d	1	0.57mi
1700 25th Ave S Fargo, ND	2.0	1.0	729	$712	$0.98	13d	3	0.61mi
1843 13 1/2 St S Fargo, ND	2.0	1.0	650	$915	$1.41	13d	4	0.74mi
2601 Pacific Dr S Fargo, ND	2.0	1.0	742	$725	$0.98	13d	1	0.80mi
2610 15th St S Fargo, ND	2.0	1.0	415	$670	$1.61	13d	6	0.86mi
2601 15th St S Fargo, ND	2.0	1.0	537	$820	$1.53	13d	5	0.86mi
3238 15th Ave S Fargo, ND	1.0–2.0	1.0	800	$1,770	$2.21	13d	1	0.87mi
1621 S University Dr Fargo, ND	2.0	1.0–2.0	870	$1,895	$2.18	13d	13	0.87mi
1532 27th Ave S Fargo, ND	1.0–2.0	1.0	725	$855	$1.18	21d	2	1.01mi
3331 15th Ave S Fargo, ND	1.0–2.0	1.0	725	$815	$1.12	13d	7	1.02mi
1102 22nd St S Fargo, ND	1.0–2.0	1.0	800	$815	$1.02	13d	9	1.02mi
2411 30 1/2 Ave S Fargo, ND	1.0–2.0	1.0	730	$795	$1.09	13d	3	1.05mi
1114 University Dr S Unit 3 Fargo, ND	2.0	1.0	727	$850	$1.17	13d	1	1.24mi
3200 22nd St S Fargo, ND	1.0–3.0	1.0–2.0	922	$1,100	$1.19	13d	11	1.26mi
2201 33rd Ave S Fargo, ND	1.0–2.0	1.0	812	$860	$1.06	13d	9	1.32mi
3343 31st Ave S Fargo, ND	1.0–3.0	1.0	839	$905	$1.08	21d	1	1.34mi
3302 31st Ave S Fargo, ND	1.0–3.0	1.0–2.0	926	$1,150	$1.24	13d	13	1.36mi
1848 39th St SW Fargo, ND	3.0	1.0–2.0	964	$1,665	$1.73	13d	8	1.39mi
1721 39th St S Fargo, ND	1.0–2.0	1.0–2.0	900	$990	$1.10	13d	17	1.40mi
1881 39th St SW Fargo, ND	3.0	1.0–2.0	900	$1,140	$1.27	13d	12	1.42mi
1625 33rd Ave S Fargo, ND	3.0	1.0–2.0	755	$1,180	$1.56	13d	9	1.44mi
1882 39th St S Fargo, ND	2.0	1.0–2.0	888	$1,640	$1.85	13d	6	1.46mi

Listing history 13 events

1. 2026-04-20
   status Pending
2. 2026-04-06
   historical Contingent - Inspection
3. 2026-03-27
   listed $197,500 Active
4. 2026-03-20
   status Pending
5. 2026-03-20
   historical
6. 2026-03-13
   historical Contingent - Inspection
7. 2026-03-11
   listed $189,900 Active
8. 2013-10-22
   soldstatus $106,000
9. 2013-07-11
   soldstatus $112,000
10. 2007-12-28
    soldstatus $106,000
11. 2007-12-27
    soldstatus $106,000
12. 2007-10-16
    historical
13. 2007-05-30
    listed $104,900

ⓘ 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: $2,494 · $208/mo
• Projected year-2 tax: $2,494 · $208/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 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: $22,872
• − Mortgage interest: −$11,063
• − Property taxes: −$2,494
• − Insurance: −$988
• − Repairs & maintenance: −$1,830
• − Management: −$1,830
• − Depreciation: −$5,745
• Taxable loss: −$1,077
• Est. tax savings @ 24.0%: +$259
• After-tax cash flow: $2,418/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

+88.3% since first listed

13 events — show timeline

• 2026-04-20 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-06 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2026-03-27 Listed $197,500 NORTHSTARMLS as Distributed by MLS Grid
• 2026-03-20 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2026-03-20 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2026-03-13 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2026-03-11 Listed $189,900 NORTHSTARMLS as Distributed by MLS Grid
• 2013-10-22 Sold (Public Records) $106,000 Public Records
• 2013-07-11 Sold (Public Records) $112,000 Public Records
• 2007-12-28 Sold (Public Records) $106,000 Public Records
• 2007-12-27 Sold (MLS) $106,000 NORTHSTARMLS as Distributed by MLS Grid
• 2007-10-16 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2007-05-30 Listed $104,900 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+6.3%/yr

Latest (2025): $2,494 · +6.6% YoY. Source: county tax records.