1824 14th St S · Fargo, ND 58103

$399,900

9 bd · 5.1 ba · 4,564 sqft · MultiFamily public records · 28 Days on market

Built 1959 0.33 ac 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 +21.7/30.0
• ARV discount +7.5/15.0
• DSCR +6.9/10.0
• 1% rule +5.2/10.0
• 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 (5+ Unit). Listing-text estimate: 3 units. estimate disagrees with records

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.

Listing remarks MLS

Rare investment opportunity in the heart of South Fargo! Fully rented 3-plex located in South Fargo. The upper level unit is truly one of a kind! It boasts 2 large living rooms, 2 private patios, master suite, laundry in unit and an attached 3 stall garage. The main floor has 2 units. The main level has a shared common area and coin-op laundry. Updates include new lighting throughout, new trim, repainted, new roof in 2019, new vinyl siding and new vinyl fence. Schedule your showing today!, Unit 1 Total Baths: 1, Unit 2 Total Baths: 1, Unit 3 Total Baths: 3, Income/Expenses: (Total Income: 3125.00), Unit 1 Kitchen: YES, Unit 3 Kitchen: YES, Unit 2 Kitchen: YES

Key facts

• Heated garage
• Upper level unit
• Private patios

Tags

• 3 PLEX INVESTMENT OPPORTUNITY
• UPPER LEVEL UNIT
• PRIVATE PATIOS
• IN UNIT LAUNDRY OPTION
• HEATED GARAGE
• RENTAL INCOME

Property features AI

Finance

• Financial info: Property is a 3-unit triplex; Gross income reported at $40,800; Fuel expense reported at $4,050; Water & sewer expense reported at $750; Trash expense reported at $750; Insurance expense reported at $2,300; Maintenance expense reported at $350; Other expenses reported at $350
• HOA & community: Coin-op laundry owned

Exterior

• Parking: Attached garage with 3 garage spaces; Additional parking spaces associated with units
• Utilities: City water (in street); City sewer (in street); Natural gas
• Home design: Residential income property — Triplex; Two-level building; Not owner occupied
• Construction: Poured concrete foundation; Roof replaced/installed within the last 8 years
• Exterior features: Patio; Stone and vinyl exterior; Vinyl fencing; City street frontage

Interior

• Kitchen: Dishwasher, Microwave, Range, Refrigerator (in each unit)
• Bedrooms: Total of 8 bedrooms
• Bathrooms: Multiple bathrooms across units (includes full and half baths)
• Heating & cooling: Boiler hot-water heating
• Interior features: Daylight/Lookout windows in the basement; Common-area laundry
• Laundry & utility: Coin-operated laundry owned (association amenity); Common-area laundry

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/?-bath units multifamily listed at $400k.

Deal economics

• At list price, monthly cash flow is $611 ($7k/yr) — positive. Per door: $204/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $400k).
• Recommended offer: $394k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.1% 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; 1,218 units permitted in Cass County in 2024 (410 in 5+ unit buildings).
• At $4,090/mo this rent would consume 83% of the median local household income ($59k/yr) (locally 1782% 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 $12k 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 28 days — a 2% lower offer ($394k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 6y 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 $318k; 26% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1959 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $393,901 (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 1959 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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: 1.02% ✓
• Cap rate: 8.13%
• Cash-on-cash: 6.55%
• DSCR: 1.29
• GRM: 8.1

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: -4.1%
• Equity multiple: 0.84×
• Total profit: $-17,705
• Equity at exit: $59,626

10-year hold

• IRR: 7.6%
• Equity multiple: 1.62×
• Total profit: $69,552
• Equity at exit: $34,576

Cash invested: $111,972 (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: 24.4×

Monthly cashflow live

• Estimated rent: $4,090 high
• Mortgage (P&I): −$2,097
• Tax from tax record: −$356 /mo · $4,271/yr
• Insurance: −$167
• HOA: −$0
• Vacancy / Maint / Mgmt: −$859
• Net cashflow: $611

Break-even live

Break-even rent $3,316

Max offer price $399,900

Occupancy floor 80%

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	—	$4,089
Total (3 units)			$4,090

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: $99,975
• Closing costs: $11,997
• Reserves months: —
• Total cash needed: —

Listing history 25 events

1. 2026-06-18
   days on market $399,900 Active 28 DOM
2. 2026-06-17
   days on market $399,900 Active 27 DOM
3. 2026-06-16
   days on market $399,900 Active 26 DOM
4. 2026-06-15
   days on market $399,900 Active 25 DOM
5. 2026-06-14
   days on market $399,900 Active 23 DOM
6. 2026-06-13
   days on market $399,900 Active 22 DOM
7. 2026-06-10
   days on market $399,900 Active 20 DOM
8. 2026-06-09
   days on market $399,900 Active 19 DOM
9. 2026-06-08
   days on market $399,900 Active 18 DOM
10. 2026-06-07
    days on market $399,900 Active 17 DOM
11. 2026-06-02
    days on market $399,900 Active 12 DOM
12. 2026-06-01
    days on market $399,900 Active 11 DOM
13. 2026-05-31
    days on market $399,900 Active 10 DOM
14. 2026-05-30
    days on market $399,900 Active 9 DOM
15. 2026-05-21
    listed $399,900 Active
16. 2022-11-13
    historical
17. 2022-03-16
    soldstatus $317,500
18. 2022-03-15
    soldstatus $317,500 668-char remark

    Show marketing remark (668 chars)

    Rare investment opportunity in the heart of South Fargo! Fully rented 3-plex located in South Fargo. The upper level unit is truly one of a kind! It boasts 2 large living rooms, 2 private patios, master suite, laundry in unit and an attached 3 stall garage. The main floor has 2 units. The main level has a shared common area and coin-op laundry. Updates include new lighting throughout, new trim, repainted, new roof in 2019, new vinyl siding and new vinyl fence. Schedule your showing today!, Unit 1 Total Baths: 1, Unit 2 Total Baths: 1, Unit 3 Total Baths: 3, Income/Expenses: (Total Income: 3125.00), Unit 1 Kitchen: YES, Unit 3 Kitchen: YES, Unit 2 Kitchen: YES

19. 2022-02-07
    listed $329,000 668-char remark

    Show marketing remark (668 chars)

    Rare investment opportunity in the heart of South Fargo! Fully rented 3-plex located in South Fargo. The upper level unit is truly one of a kind! It boasts 2 large living rooms, 2 private patios, master suite, laundry in unit and an attached 3 stall garage. The main floor has 2 units. The main level has a shared common area and coin-op laundry. Updates include new lighting throughout, new trim, repainted, new roof in 2019, new vinyl siding and new vinyl fence. Schedule your showing today!, Unit 1 Total Baths: 1, Unit 2 Total Baths: 1, Unit 3 Total Baths: 3, Income/Expenses: (Total Income: 3125.00), Unit 1 Kitchen: YES, Unit 3 Kitchen: YES, Unit 2 Kitchen: YES

20. 2021-06-23
    historical
21. 2021-05-06
    listed $349,000
22. 2020-11-13
    soldstatus $265,000
23. 2020-04-08
    historical
24. 2020-01-08
    listed $280,000
25. 2015-11-24
    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: $4,271 · $356/mo
• Projected year-2 tax: $4,271 · $356/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 ≥97°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: $49,080
• − Mortgage interest: −$22,401
• − Property taxes: −$4,271
• − Insurance: −$2,000
• − Repairs & maintenance: −$3,926
• − Management: −$3,926
• − Depreciation: −$11,633
• Taxable income: $922
• Est. tax owed @ 24.0%: −$221
• After-tax cash flow: $7,116/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

+42.8% since first listed

11 events — show timeline

• 2026-05-21 Listed $399,900 NORTHSTARMLS as Distributed by MLS Grid
• 2022-11-13 Rental Removed — RENT.
• 2022-03-16 Sold (Public Records) $317,500 Public Records
• 2022-03-15 Sold (MLS) $317,500 NORTHSTARMLS as Distributed by MLS Grid
• 2022-02-07 Listed $329,000 NORTHSTARMLS as Distributed by MLS Grid
• 2021-06-23 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2021-05-06 Listed $349,000 NORTHSTARMLS as Distributed by MLS Grid
• 2020-11-13 Sold (Public Records) $265,000 Public Records
• 2020-04-08 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2020-01-08 Listed $280,000 NORTHSTARMLS as Distributed by MLS Grid
• 2015-11-24 Sold (Public Records) — Public Records

Property tax history

+3.1%/yr

Latest (2025): $4,271 · -21.7% YoY. Source: county tax records.