1120 5th Ave Ave NW · East Grand Forks, MN 56721

$239,900

24 bd · 4.5 ba · 2,224 sqft · MultiFamily · 123 Days on market

Fair condition 7,000 sqft lot $108/sqft · 8% above area Est $221k · 8% over

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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
• Schools +4.0/10.0
• ARV discount +3.8/15.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

Fully rented 8 bedroom tri-plex located in EGF. 3 bedroom/1 bath, 3 bedroom/1.5 bath, and 2 bedroom/1 bath. Annual gross $39,180.

Key facts

• 7,000 sq ft lot
• Listed 122 days

What this means for you Summary

Snapshot

• This is a 1×3bd/1ba + 1×3bd/1.5ba + 1×2bd/1ba units multifamily listed at $240k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $2k ($19k/yr) — positive. Per door: $517/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $240k).
• Recommended offer: $211k (12.0% below list) — sets the bar for market timing.
• Cap rate 14.0% vs local median 3.1% in East Grand Forks — 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 76/100 on livability (#167 in MN, #3,598 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, health & safety A+; Watch: amenities D, commute F.
• East Grand Forks Public School District (suburban): math 42% / reading 49% proficiency, ranked #168 of 301 in MN (top 56%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 57 active listings in the ZIP; solid renter incomes; 42 units permitted in Polk County in 2024 (0 in 5+ unit buildings).
• At $4,060/mo this rent would consume 59% of the median local household income ($83k/yr) (locally 276% 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 $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Polk County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $67k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 123 days — a 12% lower offer ($211k) is reasonable based on typical stale-listing flexibility.
• 8 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.
• Current owner paid $120k; list at $240k implies a 100% gain — meaningful room to come down on a strong offer.

Recommended offer $211,112 (12.0% below list)

Questions for the listing agent

1. It's been on market 123 days. Have you received any prior offers? Is the seller open to a 12% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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: 1.69% ✓
• Cap rate: 14.04%
• Cash-on-cash: 27.68%
• DSCR: 2.23
• GRM: 4.9

CMA / ARV

• ARV (median comp): $221,460
• List price: $239,900
• Delta: 8.33%
• Verdict: FAIR
• Comps: 4 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 21.8%
• Equity multiple: 1.89×
• Total profit: $59,876
• Equity at exit: $35,770

10-year hold

• IRR: 29.9%
• Equity multiple: 3.67×
• Total profit: $179,465
• Equity at exit: $20,742

Cash invested: $67,172 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 46 Balanced
• State Minnesota: 46 Balanced · D+2
• County: — inherits STATE
• City: — inherits STATE

2024 reforms strengthened tenant protections; ramsey/hennepin courts paced moderate to slow.

Methodology + full state rankings →

ZIP-level market 56721

• Active inventory: 57
• Price-to-rent: 13.5×

Monthly cashflow live

• Estimated rent: $4,060 medium
• Mortgage (P&I): −$1,258
• Tax est. 1.5%: −$300 /mo · $3,598/yr
• Insurance: −$100
• HOA: −$0
• Vacancy / Maint / Mgmt: −$853
• Net cashflow: $1,550

Break-even live

Break-even rent $2,099

Max offer price $239,900

Occupancy floor 57%

Sensitivity live

Price	-10% $1,715	-5% $1,632	+0% $1,550	+5% $1,467	+10% $1,384
Rent	-10% $1,229	-5% $1,389	+0% $1,550	+5% $1,710	+10% $1,870
Rate	-1.0pp $1,670	-0.5pp $1,611	base $1,550	+0.5pp $1,487	+1.0pp $1,424

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

Units	Beds	Baths	Est. rent
1× unit	3	1	$1,475
1× unit	3	1.5	$1,475
1× unit	2	1	$1,109
Total (3 units)			$4,060

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: $59,975
• Closing costs: $7,197
• Reserves months: —
• Total cash needed: —

Listing history 31 events

1. 2026-06-19
   days on market $239,900 Active 123 DOM
2. 2026-06-18
   days on market $239,900 Active 122 DOM
3. 2026-06-17
   days on market $239,900 Active 121 DOM
4. 2026-06-16
   days on market $239,900 Active 120 DOM
5. 2026-06-15
   days on market $239,900 Active 119 DOM
6. 2026-06-14
   days on market $239,900 Active 117 DOM
7. 2026-06-13
   days on market $239,900 Active 116 DOM
8. 2026-06-10
   days on market $239,900 Active 114 DOM
9. 2026-06-09
   days on market $239,900 Active 113 DOM
10. 2026-06-08
    days on market $239,900 Active 112 DOM
11. 2026-06-07
    days on market $239,900 Active 111 DOM
12. 2026-06-03
    days on market $239,900 Active 107 DOM
13. 2026-06-02
    days on market $239,900 Active 106 DOM
14. 2026-06-01
    days on market $239,900 Active 105 DOM
15. 2026-05-31
    days on market $239,900 Active 104 DOM
16. 2026-05-30
    days on market $239,900 Active 103 DOM
17. 2026-02-16
    listed $239,900 Active 129-char remark

    Show marketing remark (129 chars)

    Fully rented 8 bedroom tri-plex located in EGF. 3 bedroom/1 bath, 3 bedroom/1.5 bath, and 2 bedroom/1 bath. Annual gross $39,180.

18. 2024-05-17
    price $249,000
19. 2024-05-16
    listed $249,900 Active
20. 2023-11-01
    status Active
21. 2023-10-04
    price $280,000
22. 2023-10-02
    status Active
23. 2023-02-20
    listed $294,900
24. 2022-02-04
    soldstatus
25. 2022-02-04
    soldstatus $120,000 Sold
26. 2021-12-08
    status Pending
27. 2021-11-28
    historical Contingent - Inspection
28. 2021-11-15
    price $130,000
29. 2021-10-26
    listed $130,000
30. 2021-10-26
    listed $135,000 Active
31. 2019-08-30
    listed $215,000

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

Climate risk First Street

• 🌊 Flood 1/10 Low 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥96°F today · 12 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $48,720
• − Mortgage interest: −$13,438
• − Property taxes: −$3,598
• − Insurance: −$1,200
• − Repairs & maintenance: −$3,898
• − Management: −$3,898
• − Depreciation: −$6,979
• Taxable income: $15,710
• Est. tax owed @ 24.0%: −$3,770
• After-tax cash flow: $14,824/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 · 11 photos

Fair 45/100 Moderate rehab

The property requires moderate renovations, focusing on updating the kitchen, bathrooms, and interior paint. These improvements will significantly enhance its value for both resale and rental purposes.

Repairs flagged

• Moderate Kitchen cabinets — Worn appearance and need for cleaning.
• Moderate Bathroom fixtures — Dated and need replacement.
• Minor Paint — Faded in some areas, could be refreshed with a fresh coat.

Value-add opportunities

• Both Paint interior walls and trim — Fresh paint enhances the home's appearance and can increase both resale and rental value.
• Both Replace dated bathroom fixtures — New fixtures improve functionality and aesthetics, boosting both resale and rental appeal.
• Both Replace worn kitchen cabinets — New cabinets can significantly improve the kitchen's functionality and appearance, enhancing both resale and rental value.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen cabinets · Worn appearance and need for cleaning.	Moderate	$3,000–15,000
Bathroom fixtures · Dated and need replacement.	Moderate	$3,000–15,000
Paint · Faded in some areas, could be refreshed with a fresh coat.	Minor	$500–3,000
Total estimated repair cost · 3 items		$6,500–33,000

Value-add ROI direction

• Both Paint interior walls and trim — Fresh paint enhances the home's appearance and can increase both resale and rental value. ↑
• Both Replace dated bathroom fixtures — New fixtures improve functionality and aesthetics, boosting both resale and rental appeal. ↑
• Both Replace worn kitchen cabinets — New cabinets can significantly improve the kitchen's functionality and appearance, enhancing 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: East Grand Forks Public School District
• NCES district ID: 2711130
• Math proficiency: 42% ▼ -10.00%
• Reading proficiency: 49% ▼ -5.00%
• Median HH income: $55,956
• Composite: 39.6/100
• National rank: #3924
• State rank: #168 of 301 in MN

Livability — East Grand Forks

• Score: 76/100
• State rank: #167
• US rank: #3598

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: East Grand Forks, MN
• County: Polk County · 10,679 people
• City population: 10,679
• Metro: Grand Forks, ND-MN
• Population (ZIP): 10,679
• Household income: $82,525
• Rent vs Own: 27.8% rent · 72.2% own
• Severe rent burden: 276.0

Population outlook (Polk County) Hauer SSP2

• Today (2025): 31,123 people
• By 2030: 30,720 · -1.3%
• By 2040: 29,806 · -4.2%
• By 2050: 29,022 · -6.8%
• By 2075: 27,972 · -10.1%
• By 2100: 26,953 · -13.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (82%)
• Race & ethnicity: White 82% Two or more races 8% Hispanic / Latino 7% Black 4% Native American 1%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Portuguese 31% Lithuanian 4% Romanian 4%
• Foreign-born: 3% · Canada
• Languages at home: 95% English-only · Spanish 2% Arabic 1%

Political lean MEDSL · Polk

• 2024 margin: Solid R (+33.8) · D 32.3% · R 66.0% · Other 1.7%
• 2008→2024 swing: -38.3pp toward R · 2008: 4.6pp · 2024: -33.8pp
• All cycles: 2024: R+33.8 2020: R+28.4 2016: R+29.0 2012: R+5.8 2008: D+4.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -120.89%
• Current HPI: 176.3062
• Rent YoY: —
• Metro: Grand Forks, ND-MN
• State GDP YoY: ▲ 2.41%
• F500 in state: 34

Industry mix (Fortune 500 HQ in MN)

Industry	F500 HQs	Revenue
▸Healthcare	2	$407B
▸Retail	2	$150B
▸Consumer Goods	2	$32B
▸Industrial Machinery	2	$6B
▸Agriculture	1	$40B
▸Healthcare / Medical Devices	1	$32B

Price history

+11.6% since first listed

15 events — show timeline

• 2026-02-16 Listed $239,900 GFAAR
• 2024-05-17 Price Changed $249,000 GFAAR
• 2024-05-16 Listed $249,900 GFAAR
• 2023-11-01 Relisted — GFAAR
• 2023-10-04 Price Changed $280,000 GFAAR
• 2023-10-02 Relisted — GFAAR
• 2023-02-20 Listed $294,900 GFAAR
• 2022-02-04 Sold (MLS) $120,000 NORTHSTARMLS as Distributed by MLS Grid
• 2022-02-04 Sold (MLS) — GFAAR
• 2021-12-08 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2021-11-28 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2021-11-15 Price Changed $130,000 NORTHSTARMLS as Distributed by MLS Grid
• 2021-10-26 Listed $135,000 NORTHSTARMLS as Distributed by MLS Grid
• 2021-10-26 Listed $130,000 GFAAR
• 2019-08-30 Listed $215,000 GFAAR