515 4th ST St · Cando, ND 58324

$239,000

15 bd · 8.0 ba · 3,504 sqft · MultiFamily · 59 Days on market

Built 1974 Fair condition 0.38 ac lot

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Appreciation +5.0/10.0
• Schools +3.5/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 5 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Key facts

• 0.38 acre lot
• Built 1974
• Listed 59 days

Property features AI

Finance

• Financial info: Income property (Residential Income)

Exterior

• Parking: Off-street parking
• Home design: Multi-family residential income property; Two levels
• Construction: Multi Family structure
• Exterior features: Off-street parking; Lot approximately 0.38 acres (132 x 140); Zoned A-1 Limited Development

Interior

• Kitchen: Range; Refrigerator
• Heating & cooling: Hot water heating; Oil fuel
• Interior features: Dryer; Range; Refrigerator
• Laundry & utility: Common area laundry (shared)

What this means for you Summary

Snapshot

• This is a 5 × 3-bed/?-bath units multifamily listed at $239k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $2k ($24k/yr) — positive. Per door: $398/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $239k).
• Recommended offer: $232k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 70/100 on livability (#90 in ND) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D, amenities F, commute F.
• North Star 10 (rural): math 40% / reading 35% proficiency, ranked #113 of 169 in ND (top 67%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: North Star Elementary School (math 42% / reading 47%, grade F, #102 of 236 statewide, top 49%, 223 students, 30% FRL); North Star High School (math 24% / reading 75%, grade D+, #16 of 144 statewide, top 12%, 76 students, 32% FRL).
• Market conditions: 11 active listings in the ZIP.

Forward outlook

• In year one you build about $9k of equity ($2k loan paydown + $7k appreciation (3.0% local appreciation)).
• Towner County population projected at +23% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $67k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 59 days — a 3% lower offer ($232k) is reasonable based on typical stale-listing flexibility.

Recommended offer $231,830 (3.0% below list)

Questions for the listing agent

1. It's been on market 59 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
8. 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.
9. 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.
10. 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: 1.93% ✓
• Cap rate: 16.29%
• Cash-on-cash: 35.72%
• DSCR: 2.59
• GRM: 4.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 41.4%
• Equity multiple: 3.33×
• Total profit: $155,720
• Equity at exit: $107,465

10-year hold

• IRR: 41.3%
• Equity multiple: 6.63×
• Total profit: $376,692
• Equity at exit: $165,616

Cash invested: $66,920 (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 58324

• Active inventory: 11
• Price-to-rent: 21.6×

Monthly cashflow live

• Estimated rent: $4,612 medium
• Mortgage (P&I): −$1,253
• Tax est. 1.5%: −$299 /mo · $3,585/yr
• Insurance: −$100
• HOA: −$0
• Vacancy / Maint / Mgmt: −$969
• Net cashflow: $1,992

Break-even live

Break-even rent $2,091

Max offer price $239,000

Occupancy floor 52%

Sensitivity live

Price	-10% $2,157	-5% $2,074	+0% $1,992	+5% $1,909	+10% $1,827
Rent	-10% $1,627	-5% $1,810	+0% $1,992	+5% $2,174	+10% $2,356
Rate	-1.0pp $2,112	-0.5pp $2,053	base $1,992	+0.5pp $1,930	+1.0pp $1,867

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

Units	Beds	Baths	Est. rent
▸ 5× units	3	—	$4,610
Total (5 units)			$4,612

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: $59,750
• Closing costs: $7,170
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-21
   days on market $239,000 Active 59 DOM
2. 2026-06-21
   days on market $239,000 Active 58 DOM
3. 2026-06-18
   days on market $239,000 Active 56 DOM
4. 2026-06-17
   days on market $239,000 Active 55 DOM
5. 2026-06-16
   days on market $239,000 Active 54 DOM
6. 2026-06-15
   days on market $239,000 Active 53 DOM
7. 2026-06-13
   days on market $239,000 Active 51 DOM
8. 2026-06-12
   days on market $239,000 Active 50 DOM
9. 2026-06-09
   days on market $239,000 Active 47 DOM
10. 2026-06-08
    days on market $239,000 Active 46 DOM
11. 2026-06-07
    days on market $239,000 Active 45 DOM
12. 2026-06-05
    days on market $239,000 Active 43 DOM
13. 2026-06-04
    days on market $239,000 Active 41 DOM
14. 2026-06-02
    days on market $239,000 Active 40 DOM
15. 2026-06-01
    days on market $239,000 Active 39 DOM
16. 2026-05-31
    days on market $239,000 Active 38 DOM
17. 2026-04-21
    listed $239,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $55,344
• − Mortgage interest: −$13,388
• − Property taxes: −$3,585
• − Insurance: −$1,195
• − Repairs & maintenance: −$4,428
• − Management: −$4,428
• − Depreciation: −$6,953
• Taxable income: $21,369
• Est. tax owed @ 24.0%: −$5,128
• After-tax cash flow: $18,773/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.

Condition & rehab AI · 6 photos

Fair 45/100 Moderate rehab

A moderate rehab project is needed to improve the exterior and landscaping, which can significantly boost its value.

Repairs flagged

• Minor Landscaping — Some areas of grass appear patchy
• Minor Sidewalk — Some cracks visible

Value-add opportunities

• Both Paint exterior — Fresh paint enhances curb appeal and value
• Both Landscaping — Improved landscaping can increase both resale and rental value

Renovation cost estimate screening

Repair item	Severity	Est. cost
Landscaping · Some areas of grass appear patchy	Minor	$500–3,000
Sidewalk · Some cracks visible	Minor	$500–3,000
Total estimated repair cost · 2 items		$1,000–6,000

Value-add ROI direction

• Both Paint exterior — Fresh paint enhances curb appeal and value ↑
• Both Landscaping — Improved landscaping can increase both resale and rental value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: North Star 10
• NCES district ID: 3800390
• Math proficiency: 40% ▬ 0.00%
• Reading proficiency: 35% ▼ -25.00%
• Median HH income: $50,163
• Composite: 34.97/100
• National rank: #9959
• State rank: #113 of 169 in ND

Livability — Cando

• Score: 70/100
• State rank: #90
• US rank: #8005

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cando, ND
• Population (ZIP): 1,354

Population outlook (Towner County) Hauer SSP2

• Today (2025): 2,328 people
• By 2030: 2,390 · +2.7%
• By 2040: 2,588 · +11.2%
• By 2050: 2,861 · +22.9%
• By 2075: 4,024 · +72.9%
• By 2100: 4,838 · +107.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (80%)
• Race & ethnicity: White 80% Native American 9% Two or more races 8% Hispanic / Latino 6%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Portuguese 24% Scottish 6% Slovak 3%
• Foreign-born: 4% · Canada
• Languages at home: 96% English-only · Spanish 3%

Political lean MEDSL · Towner

• 2024 margin: Solid R (+45.7) · D 26.0% · R 71.7% · Other 2.2%
• 2008→2024 swing: -52.8pp toward R · 2008: 7.1pp · 2024: -45.7pp
• All cycles: 2024: R+45.7 2020: R+43.7 2016: R+37.6 2012: R+9.3 2008: D+7.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: —
• Current HPI: —
• Rent YoY: —
• Metro: —
• 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

1 event — show timeline

• 2026-04-21 Listed $239,000 GFAAR