1001 N 5th St · Grand Forks, ND 58203

$385,000

9 bd · 3.9 ba · 2,292 sqft · MultiFamily public records · 230 Days on market

Built 1998 7,000 sqft 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 +25.7/30.0
• DSCR +8.5/10.0
• ARV discount +7.5/15.0
• 1% rule +6.8/10.0
• Rent growth +4.0/5.0
• Livability +3.9/5.0
• 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 (2-4 Unit). Listing-text estimate: 3 units. confirmed

Key facts

• Steel siding
• Newer roof
• Handicap accessible

Tags

• STEEL SIDING
• NEWER ROOF
• FUNCTIONAL LAYOUT
• HANDICAP ACCESSIBLE
• DETACHED HEATED GARAGE

Property features AI

Exterior

• Parking: Other parking
• Utilities: Electricity connected; Natural gas connected; Sewer connected; Water connected
• Home design: Multi-family residential income property; Two levels; Zoned B-3 General Business
• Construction: Multi Family structure
• Exterior features: Underground utilities

Interior

• Kitchen: Dishwasher; Range; Refrigerator
• Heating & cooling: Forced air heating; Natural gas heating
• Interior features: Dishwasher; Dryer; Range; Refrigerator
• Laundry & utility: Shared/common area laundry

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/1.3-bath units multifamily listed at $385k.

Deal economics

• At list price, monthly cash flow is $916 ($11k/yr) — positive. Per door: $305/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $385k).
• Recommended offer: $339k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.1% vs local median 2.2% in 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 78/100 on livability (#8 in ND, #2,645 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment C-, crime D+.
• Grand Forks 1 (urban): math 37% / reading 49% proficiency, ranked #27 of 53 in ND (top 51%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+6.0%/yr); 56 active listings in the ZIP; 133 units permitted in Grand Forks County in 2024 (0 in 5+ unit buildings).
• At $4,528/mo this rent would consume 90% of the median local household income ($60k/yr) (locally 1031% 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.
• Grand Forks County population projected at +43% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 6.0% rent growth), your $108k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 230 days — a 12% lower offer ($339k) is reasonable based on typical stale-listing flexibility.

Recommended offer $338,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 230 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. Crime grade is D 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?
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: 1.18% ✓
• Cap rate: 9.15%
• Cash-on-cash: 10.20%
• DSCR: 1.45
• GRM: 7.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.95% rent growth · sell at horizon

5-year hold

• IRR: 2.3%
• Equity multiple: 1.09×
• Total profit: $9,889
• Equity at exit: $57,405

10-year hold

• IRR: 14.6%
• Equity multiple: 2.34×
• Total profit: $144,374
• Equity at exit: $33,288

Cash invested: $107,800 (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 58203

• Rents YoY: 6.0%
• Active inventory: 56
• Price-to-rent: 21.3×

Monthly cashflow live

• Estimated rent: $4,528 medium
• Mortgage (P&I): −$2,019
• Tax est. 1.5%: −$481 /mo · $5,775/yr
• Insurance: −$160
• HOA: −$0
• Vacancy / Maint / Mgmt: −$951
• Net cashflow: $916

Break-even live

Break-even rent $3,368

Max offer price $385,000

Occupancy floor 75%

Sensitivity live

Price	-10% $1,183	-5% $1,050	+0% $916	+5% $783	+10% $650
Rent	-10% $559	-5% $738	+0% $916	+5% $1,095	+10% $1,274
Rate	-1.0pp $1,110	-0.5pp $1,014	base $916	+0.5pp $817	+1.0pp $715

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	1.3	$4,527
Total (3 units)			$4,528

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: $96,250
• Closing costs: $11,550
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-06-02
   status $385,000 Pending 230 DOM
2. 2026-06-01
   days on market $385,000 Active Under Contract 230 DOM
3. 2026-05-31
   days on market $385,000 Active Under Contract 229 DOM
4. 2026-05-30
   days on market $385,000 Active Under Contract 228 DOM
5. 2026-05-05
   historical Active Under Contract
6. 2025-10-14
   listed $385,000 Active

ⓘ 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 FEMA zone X · 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: $54,336
• − Mortgage interest: −$21,566
• − Property taxes: −$5,775
• − Insurance: −$1,925
• − Repairs & maintenance: −$4,347
• − Management: −$4,347
• − Depreciation: −$11,200
• Taxable income: $5,176
• Est. tax owed @ 24.0%: −$1,242
• After-tax cash flow: $9,755/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: Grand Forks 1
• NCES district ID: 3808130
• Math proficiency: 37% ▼ -8.00%
• Reading proficiency: 49% ▲ 1.00%
• Median HH income: $44,234
• Composite: 36.39/100
• National rank: #4681
• State rank: #27 of 53 in ND

Livability — Grand Forks

• Score: 78/100
• State rank: #8
• US rank: #2645

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Grand Forks, ND
• County: Grand Forks County · 58,851 people
• City population: 58,851
• Metro: Grand Forks, ND-MN
• Population (ZIP): 16,478
• Household income: $60,474
• Rent vs Own: 55.2% rent · 44.8% own
• Severe rent burden: 1031.0

Population outlook (Grand Forks County) Hauer SSP2

• Today (2025): 80,606 people
• By 2030: 86,489 · +7.3%
• By 2040: 99,506 · +23.4%
• By 2050: 115,269 · +43.0%
• By 2075: 171,303 · +112.5%
• By 2100: 238,330 · +195.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (78%)
• Race & ethnicity: White 78% Hispanic / Latino 6% Asian 6% Two or more races 6% Native American 3% Black 3%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Portuguese 23% Romanian 4% Lithuanian 2%
• Foreign-born: 10% · Canada, China, South Korea
• Languages at home: 88% English-only · Spanish 3% Other Indo-European 2% Chinese 2%

Political lean MEDSL · Grand Forks

• 2024 margin: R (+18.2) · D 40.1% · R 58.3% · Other 1.6%
• 2008→2024 swing: -23.3pp toward R · 2008: 5.1pp · 2024: -18.2pp
• All cycles: 2024: R+18.2 2020: R+13.3 2016: R+18.5 2012: R+3.5 2008: D+5.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -146.25%
• Current HPI: 183.3667
• Rent YoY: ▲ 5.95%
• Metro: Grand Forks, 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

2 events — show timeline

• 2026-05-05 Contingent — GFAAR
• 2025-10-14 Listed $385,000 GFAAR