205 19th St SE · Minot, ND 58701

$475,000

21 bd · 11.2 ba · 5,762 sqft · MultiFamily public records · 18 Days on market

Built 1960 0.54 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
• Rent growth +3.8/5.0
• Schools +3.8/10.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 7 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

• Boiler heat system
• 0.54 acre lot
• Built 1960

Tags

• COMMON AREA LAUNDRY ROOM
• BOILER HEAT SYSTEM
• TENANTS PAY THEIR OWN ELECTRIC

Property features AI

Finance

• Financial info: Annual property tax approximately $4,613.48

Exterior

• Home design: Two-story multi-family residential income property
• Construction: Built as a multi-family structure
• Exterior features: Zoned R3B

What this means for you Summary

Snapshot

• This is a 7 × 3-bed/?-bath units multifamily listed at $475k.

Deal economics

• At list price, monthly cash flow is $3k ($37k/yr) — positive. Per door: $441/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $475k).
• Recommended offer: $468k (1.5% below list) — sets the bar for market timing.
• Cap rate 14.2% vs local median 2.4% in Minot — 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 75/100 on livability (#21 in ND, #3,953 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• Minot 1 (town): math 41% / reading 46% proficiency, ranked #24 of 53 in ND (top 45%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+5.0%/yr); 174 active listings in the ZIP; 123 units permitted in Ward County in 2024 (0 in 5+ unit buildings).
• At $7,843/mo this rent would consume 128% of the median local household income ($73k/yr) (locally 1146% 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 $3k of loan paydown is wiped out by about $14k of value loss. Plan a longer hold.
• Ward County population projected at +76% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 5.0% rent growth), your $133k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 18 days — a 2% lower offer ($468k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $467,875 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.65% ✓
• Cap rate: 14.23%
• Cash-on-cash: 28.35%
• DSCR: 2.26
• GRM: 5.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.05% rent growth · sell at horizon

5-year hold

• IRR: 24.2%
• Equity multiple: 2.02×
• Total profit: $136,119
• Equity at exit: $70,824

10-year hold

• IRR: 33.3%
• Equity multiple: 4.33×
• Total profit: $442,333
• Equity at exit: $41,069

Cash invested: $133,000 (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 58701

• Rents YoY: 5.0%
• Active inventory: 174
• Price-to-rent: 35.3×

Monthly cashflow live

• Estimated rent: $7,843 medium
• Mortgage (P&I): −$2,491
• Tax from tax record: −$365 /mo · $4,383/yr
• Insurance: −$198
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,647
• Net cashflow: $3,086

Break-even live

Break-even rent $3,936

Max offer price $475,000

Occupancy floor 56%

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

Units	Beds	Baths	Est. rent
▸ 7× units	3	—	$7,840
Total (7 units)			$7,843

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: $118,750
• Closing costs: $14,250
• Reserves months: —
• Total cash needed: —

Listing history 9 events

1. 2026-06-12
   status $475,000 Pending 18 DOM
2. 2026-06-09
   days on market $475,000 Active Under Contract 18 DOM
3. 2026-06-08
   days on market $475,000 Active Under Contract 17 DOM
4. 2026-06-07
   days on market $475,000 Active Under Contract 16 DOM
5. 2026-06-02
   days on market $475,000 Active Under Contract 11 DOM
6. 2026-06-01
   days on market $475,000 Active Under Contract 10 DOM
7. 2026-05-31
   days on market $475,000 Active Under Contract 9 DOM
8. 2026-05-30
   days on market $475,000 Active Under Contract 8 DOM
9. 2026-05-22
   listed $475,000 Active

ⓘ 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: $4,383 · $365/mo
• Projected year-2 tax: $4,655 · $388/mo
• Expected delta: +$272/yr (+$23/mo · 6.2%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X (shaded) · 76% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥95°F today · 12 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 5/10 Major 7 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $94,116
• − Mortgage interest: −$26,607
• − Property taxes: −$4,383
• − Insurance: −$3,042
• − Repairs & maintenance: −$7,529
• − Management: −$7,529
• − Depreciation: −$13,818
• Taxable income: $31,208
• Est. tax owed @ 24.0%: −$7,490
• After-tax cash flow: $29,546/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: Minot 1
• NCES district ID: 3813030
• Math proficiency: 41% ▼ -4.00%
• Reading proficiency: 46% ▼ -1.00%
• Median HH income: $54,224
• Composite: 37.79/100
• National rank: #4341
• State rank: #24 of 53 in ND

Livability — Minot

• Score: 75/100
• State rank: #21
• US rank: #3953

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Minot, ND
• County: Ward County · 55,225 people
• City population: 55,225
• Metro: Minot, ND
• Population (ZIP): 33,086
• Household income: $73,269
• Rent vs Own: 39.4% rent · 60.6% own
• Severe rent burden: 1146.0

Population outlook (Ward County) Hauer SSP2

• Today (2025): 92,683 people
• By 2030: 104,825 · +13.1%
• By 2040: 131,945 · +42.4%
• By 2050: 163,134 · +76.0%
• By 2075: 256,561 · +176.8%
• By 2100: 354,426 · +282.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Two or more races 8% Hispanic / Latino 5% Black 3% Native American 2% Asian 2%
• Common ancestry: Portuguese 27% Scotch-Irish 3% Lithuanian 2%
• Foreign-born: 5% · Canada
• Languages at home: 94% English-only · Spanish 2% Other Asian/Pacific 1% Tagalog/Filipino 1%

Political lean MEDSL · Ward

• 2024 margin: Solid R (+47.4) · D 25.5% · R 72.8% · Other 1.7%
• 2008→2024 swing: -28.2pp toward R · 2008: -19.2pp · 2024: -47.4pp
• All cycles: 2024: R+47.4 2020: R+44.9 2016: R+47.7 2012: R+30.8 2008: R+19.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -227.47%
• Current HPI: 144.9492
• Rent YoY: ▲ 5.05%
• Metro: Minot, ND
• 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

• 2026-05-22 Listed $475,000 MMLS

Property tax history

-3.3%/yr

Latest (2025): $4,383 · -2.5% YoY. Source: county tax records.