902-904 N 1st Street North St N · Fargo, ND 58102

$250,000

6 bd · 2.0 ba · 2,468 sqft · MultiFamily · 22 Days on market

Built 1930 Good condition 6,969 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 +24.2/30.0
• DSCR +7.8/10.0
• ARV discount +7.5/15.0
• 1% rule +6.3/10.0
• Livability +4.2/5.0
• Condition / age +3.8/5.0
• Rent growth +3.7/5.0
• Schools +3.6/10.0
• 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

• Updates
• Near downtown
• Near ndsu

Tags

• CORNER LOT
• DETACHED GARAGE
• UPDATES
• NEAR NDSU
• NEAR DOWNTOWN

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath multifamily listed at $250k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $498 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $250k).
• Recommended offer: $246k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.7% 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 (+4.7%/yr); 205 active listings in the ZIP; 1,218 units permitted in Cass County in 2024 (410 in 5+ unit buildings).
• At $2,817/mo this rent would consume 57% of the median local household income ($60k/yr) (locally 1919% 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 $8k 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.
• At projected returns (-3.0% appreciation + 4.7% rent growth), your $70k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 22 days — a 2% lower offer ($246k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $246,250 (1.5% below list)

Questions for the listing agent

1. Built in 1930 — 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. 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?
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: 1.13% ✓
• Cap rate: 8.68%
• Cash-on-cash: 8.53%
• DSCR: 1.38
• GRM: 7.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.71% rent growth · sell at horizon

5-year hold

• IRR: -1.4%
• Equity multiple: 0.95×
• Total profit: $-3,838
• Equity at exit: $37,276

10-year hold

• IRR: 10.0%
• Equity multiple: 1.84×
• Total profit: $58,597
• Equity at exit: $21,615

Cash invested: $70,000 (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 58102

• Rents YoY: 4.7%
• Active inventory: 205
• Price-to-rent: 14.8×

Monthly cashflow live

• Estimated rent: $2,817 high
• Mortgage (P&I): −$1,311
• Tax est. 1.5%: −$312 /mo · $3,750/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$592
• Net cashflow: $498

Break-even live

Break-even rent $2,187

Max offer price $250,000

Occupancy floor 77%

Sensitivity live

Price	-10% $671	-5% $584	+0% $498	+5% $411	+10% $325
Rent	-10% $275	-5% $386	+0% $498	+5% $609	+10% $720
Rate	-1.0pp $624	-0.5pp $561	base $498	+0.5pp $433	+1.0pp $367

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1.5	$2,816
Total (2 units)			$2,817

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: $62,500
• Closing costs: $7,500
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-04-12
   status Pending
2. 2026-03-27
   historical Contingent - Inspection
3. 2026-03-20
   listed $250,000 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 (shaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥98°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: $33,804
• − Mortgage interest: −$14,004
• − Property taxes: −$3,750
• − Insurance: −$1,250
• − Repairs & maintenance: −$2,704
• − Management: −$2,704
• − Depreciation: −$7,273
• Taxable income: $2,119
• Est. tax owed @ 24.0%: −$508
• After-tax cash flow: $5,464/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 · 13 photos

Good 75/100 Cosmetic rehab

This multi-family home is in good condition with recent updates, making it a solid investment opportunity.

Value-add opportunities

• Both paint exterior — enhances curb appeal and value
• Both replace old windows with energy-efficient ones — improves energy efficiency and aesthetics
• Both install new HVAC system — enhances comfort and energy efficiency

Renovation cost estimate screening

Value-add ROI direction

• Both paint exterior — enhances curb appeal and value ↑
• Both replace old windows with energy-efficient ones — improves energy efficiency and aesthetics ↑
• Both install new HVAC system — enhances comfort and energy efficiency ↑

ⓘ 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: 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): 32,912
• Household income: $59,533
• Rent vs Own: 53.8% rent · 46.2% own
• Severe rent burden: 1919.0

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 (84%)
• Race & ethnicity: White 84% Hispanic / Latino 5% Two or more races 5% Black 4% Asian 3%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2%
• Common ancestry: Portuguese 27% Romanian 3% Scottish 2%
• Foreign-born: 4% · Canada, China
• Languages at home: 92% English-only · Spanish 3% Other Indo-European 2%

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: ▼ -171.16%
• Current HPI: 155.885
• Rent YoY: ▲ 4.71%
• 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

3 events — show timeline

• 2026-04-12 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2026-03-27 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2026-03-20 Listed $250,000 NORTHSTARMLS as Distributed by MLS Grid