1113 10th St NW · Minot, ND 58703

$245,000

4 bd · 2.0 ba · 1,911 sqft · MultiFamily public records · 14 Days on market

Built 1954 7,405 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 +17.6/30.0
• ARV discount +7.5/15.0
• DSCR +5.5/10.0
• 1% rule +4.2/10.0
• Rent growth +3.9/5.0
• 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 (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Key facts

• Private entrance
• Updated kitchen
• Cold storage

Tags

• FULLY RENOVATED DUPLEX
• UPDATED KITCHEN
• PRIVATE ENTRANCE
• ATTACHED SINGLE-STALL GARAGE
• COLD STORAGE
• HIGH-DEMAND RENTAL AREA

Property features AI

Finance

• Other: Zoning: R3B

Exterior

• Parking: Detached garage (1 car) with concrete parking
• Utilities: Public water; Public sewer
• Home design: Duplex residential income property; Single-story
• Construction: Basement: Finished, full
• Exterior features: Porch

Interior

• Kitchen: Dishwasher; Microwave; Range/Oven; Refrigerator
• Heating & cooling: Central air conditioning; Forced air heating; Natural gas heating
• Interior features: Finished full basement; Dishwasher; Microwave; Range/Oven; Refrigerator

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $245k.

Deal economics

• At list price, monthly cash flow is $192 ($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 $226k (7.9% below list).
• Recommended offer: $226k (7.9% below list) — sets the bar for 1% rule.
• Cap rate 7.2% 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.
• Zoned schools: Longfellow Elementary School (math 32% / reading 37%, grade F, #162 of 236 statewide, top 73%, 412 students, 43% FRL); Erik Ramstad Middle School (math 45% / reading 49%, grade D+, #11 of 35 statewide, top 29%, 689 students, 32% FRL); Magic City Campus High School (933 students, 22% FRL).
• Market conditions: Rents rising fast (+5.7%/yr); 150 active listings in the ZIP; solid renter incomes; 123 units permitted in Ward County in 2024 (0 in 5+ unit buildings).
• This rent runs 33% of the median local income ($83k/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.
• Ward County population projected at +76% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 2y ago; this cycle's ask is 3% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $30k; list at $245k implies a 717% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1954 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $225,600 (7.9% below list)

Questions for the listing agent

1. Built in 1954 — 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. 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?
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: 0.92% ✗
• Cap rate: 7.23%
• Cash-on-cash: 3.36%
• DSCR: 1.15
• GRM: 9.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.74% rent growth · sell at horizon

5-year hold

• IRR: -8.1%
• Equity multiple: 0.69×
• Total profit: $-21,099
• Equity at exit: $36,530

10-year hold

• IRR: 4.5%
• Equity multiple: 1.36×
• Total profit: $25,007
• Equity at exit: $21,183

Cash invested: $68,600 (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 58703

• Rents YoY: 5.7%
• Active inventory: 150
• Price-to-rent: 18.1×

Monthly cashflow live

• Estimated rent: $2,256 medium
• Mortgage (P&I): −$1,285
• Tax from tax record: −$203 /mo · $2,438/yr
• Insurance: −$102
• HOA: −$0
• Vacancy / Maint / Mgmt: −$474
• Net cashflow: $192

Break-even live

Break-even rent $2,013

Max offer price $245,000

Occupancy floor 86%

Sensitivity live

Price	-10% $331	-5% $262	+0% $192	+5% $123	+10% $54
Rent	-10% $14	-5% $103	+0% $192	+5% $281	+10% $370
Rate	-1.0pp $316	-0.5pp $255	base $192	+0.5pp $129	+1.0pp $64

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,256
Total (2 units)			$2,256

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: $61,250
• Closing costs: $7,350
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-04-30
   status Pending
2. 2026-04-17
   historical Active Under Contract
3. 2026-04-17
   price $245,000
4. 2026-04-16
   listed $237,500 Active
5. 2025-07-08
   price $250,000
6. 2024-01-02
   listed $65,000 Active
7. 2023-05-30
   soldstatus $30,000
8. 2005-09-23
   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: $2,438 · $203/mo
• Projected year-2 tax: $2,438 · $203/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 1/10 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: $27,072
• − Mortgage interest: −$13,724
• − Property taxes: −$2,438
• − Insurance: −$1,225
• − Repairs & maintenance: −$2,166
• − Management: −$2,166
• − Depreciation: −$7,127
• Taxable loss: −$1,774
• Est. tax savings @ 24.0%: +$426
• After-tax cash flow: $2,732/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): 22,139
• Household income: $82,728
• Rent vs Own: 39.0% rent · 61.0% own
• Severe rent burden: 543.0

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 (79%)
• Race & ethnicity: White 79% Hispanic / Latino 9% Two or more races 8% Black 6% Asian 1%
• Hispanic origin (detail): Mexican 5% Puerto Rican 1%
• Common ancestry: Portuguese 20% Lithuanian 3% Scottish 2%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 2%

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: ▼ -203.01%
• Current HPI: 138.9083
• Rent YoY: ▲ 5.74%
• 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

+716.7% since first listed

8 events — show timeline

• 2026-04-30 Pending — MMLS
• 2026-04-17 Contingent — MMLS
• 2026-04-17 Price Changed $245,000 MMLS
• 2026-04-16 Listed $237,500 MMLS
• 2025-07-08 Price Changed $250,000 MMLS
• 2024-01-02 Listed $65,000 MMLS
• 2023-05-30 Sold (Public Records) $30,000 Public Records
• 2005-09-23 Sold (Public Records) — Public Records

Property tax history

+5.4%/yr

Latest (2025): $2,438 · +220.9% YoY. Source: county tax records.