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1114 18th St S

Fourplex · 4 units: 3 bed / 2 bath ×4 unit split estimated · 1,100 sq ft

Moorhead, MN · View the listing ↗

Far off
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Photos courtesy of Better Homes and Gardens Real Estate Advantage One , via Realtor.com.

Asking price
$1,804,900
4 units · $451K per unit
Monthly cash flow
−$9,022
at 20% down, 7%
Estimated rent
$5,800/mo
medium confidence
Break-even price
$109,820
where cash flow hits $0

Adjust the numbers See the full breakdown

First look

The listing is two sentences and gives no rents, no unit mix, no expenses and no systems info, so everything here rests on our estimates. At $1.8M for a 1964 fourplex, our numbers show about -$9,022 a month and a 0.4% cap rate, and break-even is near $110K. The photos show dated but clean, vacant-looking units, and the 1,100 sq ft figure looks like one unit rather than the whole building. Before any showing, ask for the rent roll, trailing-12 expenses and the real price logic, because the ask looks like a typo or a wildly optimistic number. Don't spend time on it unless the price is corrected.

Things to consider

  1. Price versus income Our underwriting shows a 0.4% cap rate and a large monthly loss at ask; cash flow only breaks even near $110K.
  2. Rents are all estimates No actual rents are stated, so our $1,450 mid estimates per unit are unproven; verify with a rent roll.
  3. Unverified taxes and unit count Without a parcel match, taxes could be higher or the unit count different, changing the numbers.
  4. Dated interiors will need a refresh Original-looking kitchen and baths cap rents and may need budget for turns.From photo 6
  5. Unknown systems on a 1964 building Roof, heat, plumbing and electrical ages are not given and could mean large capital costs.

From the photos

Listing photo 1
1 of 8Check

Living room has older carpet and a textured ceiling; looks dated but clean and empty

Listing photo 3
2 of 8Concern

Kitchen has original-style oak cabinets, white appliances and laminate-style plank flooring; functional but dated, no updates apparent

Listing photo 2
3 of 8Check

Sliding glass door appears to be older aluminum/wood-frame; check seal, locks and energy efficiency

Listing photo 6
4 of 8Concern

Full bath has a pink tub, old tile and a vanity; dated, and a cosmetic refresh would be needed to raise rents

Listing photo 5
5 of 8Concern

Half bath looks worn with scuffed walls and old fixtures

Listing photo 8
6 of 8Check

Bedrooms have forced-air floor registers and basic carpet, suggesting forced-air heat; carpet appears worn-but-serviceable

Listing photo 10
7 of 8Check

Basement room has a small window, bare painted walls and a painted floor; no sign of moisture visible but no mechanicals shown

Listing photo 1
8 of 8Check

No exterior, roof, boiler/furnace, panel or laundry photos, so building condition and systems are unseen

Based on 10 of the listing photos. Photos can hide as much as they show; an inspection is the real answer.

AI-assisted first read of the listing description and photos (Claude), checked against public records. Every rent and repair above quotes the listing; verify with the agent, leases and an inspection.

The numbers

Down payment %
Offer $
Management
Interest rate %
Edit rents, costs and assumptions

Default: 20% down (no PMI), offer at asking, self-managed, 7.00% for 30 years, buyer pays closing costs (3%).

The deal

Price
$1,804,900
Cash to close
$415,127
Price per unit
$451,225
GRM
25.9

Each month

Cash flow
−$9,022/mo
Cash-on-cash
−26.1%
Cap rate
0.4%
DSCR
0.06×

Break-even

Price that breaks even
$109,820
Rent that breaks even
$17,517/mo

Long run

Year 30: property vs stocks
$4.12M vs $13.50M
Cash flow turns positive
not within 30 years

Monthly

Monthly breakdown

Rent$5,800
Vacancy (6%)−$348
Collected$5,452
Property tax Estimate−$3,159
Insurance Estimate−$323
Water, sewer, trash Estimate−$340
Lawn care ($120 × 6 mo ÷ 12)−$60
Repairs (9% of rent)−$522
Capital reserve (8% of rent)−$464
Net operating income$585
Mortgage (principal + interest)−$9,606
Cash flow−$9,022
Principal paid down (equity, not cash)$1,222

Cash flow each year

Rents +3%/yr, costs +3.5%/yr. Red bars are months you'd cover out of pocket.

30 years

How those totals add up

If you buy this building$4,118,108
Your equity when you sell
$4,118,108

Sells for $4,380,966 (value up 3% a year), minus 6% selling cost ($262,858). Rent paid down $1,443,920 of loan.

Rental profits, invested at 7%
$0

$0 of cash flow over 30 years, plus what it earned invested.

Same money in stocks$13,497,472
Cash to close, invested at 7%
$3,160,053

$415,127 put into an index fund instead of the down payment and closing costs.

Monthly shortfalls, invested
$10,337,419

$3,313,131 you'd have paid in while the building lost money, invested instead.

Stocks come out $9,379,364 ahead after 30 years.

Future dollars. At 3% inflation, divide year-30 figures by about 2.4 for today's buying power. Rental profits are assumed invested, not spent.

30 years: this property vs. the same money in stocks

This propertyStocks at 7%

Year 30 (loan paid off): property $4.12M, stocks $13.50M. Stocks win.

Comparable rentals

Nearby rentals RentCast matched to each unit type, as of 2026-10-05. The estimate above is RentCast's, weighted toward the closest matches.

3 bed / 2 bath estimate $1,450/mo · range $1,275–$1,625

AddressRentBd / BaSq ftDistanceListedMatch
810 4th Ave S, Apt 200, Moorhead 56560 off market $1,395 3 / 2 1,196 1.0 mi 2026-04-17 97%
810 4th Ave S, Apt 212, Moorhead 56560 off market $1,375 3 / 2 1,196 1.0 mi 2025-11-13 97%
810 4th Ave S, Apt 234, Moorhead 56560 off market $1,375 3 / 2 1,338 1.0 mi 2026-02-03 94%
810 4th Ave S, Apt 232, Moorhead 56560 off market $1,425 3 / 2 1,338 1.0 mi 2025-12-17 94%
802 7th Ave S, Apt 5, Moorhead 56560 off market $1,595 3 / 2 — 0.8 mi 2026-08-25 93%
808 7th Ave S, Apt 3, Moorhead 56560 off market $1,695 3 / 2 — 0.8 mi 2026-08-07 93%
808 7th Ave S, Moorhead 56560 off market $1,595 3 / 2 — 0.8 mi 2026-07-15 93%
808 7th Ave S, Apt 6, Moorhead 56560 off market $1,595 3 / 2 — 0.8 mi 2026-07-15 93%
802 7th Ave S, Apt 2, Moorhead 56560 off market $1,595 3 / 2 — 0.8 mi 2026-04-24 93%
1204 34th Street Cir S, Moorhead 56560 $1,025 3 / 1 1,066 1.2 mi 2025-01-03 93%

On the maps, this property and comparable rentals. Comparable rentals and rent estimate: RentCast. Rents are asking rents from listings; check them against the actual leases.

Red flags and opportunities

Watch for

  • highAsk price is roughly 2.9x the break-even price; the numbers don't work at this price Based on: data: underwriting.break_even_price · AI review
  • mediumCouldn't match this address to a county parcel record, so taxes and unit count are unverified. Public record: County parcels: no match for 1114 18TH ST S
  • mediumAsking is $1,695,080 above the price where cash flow breaks even ($109,820) at the default scenario. Based on: Derived: price $1,804,900 vs. break-even $109,820
  • mediumTaxes and unit count unverified because no county parcel matched Based on: data: county.tax · AI review
  • mediumDescription is almost empty: no rents, leases, utilities, or systems info Listing says: Nice 4 plexes. Perfect for investor. · AI review
  • mediumListed square footage of 1,100 looks too small for four units; likely wrong or per-unit Based on: data: listing.sqft · AI review

Opportunities

  • Long time on market: room to negotiate. Based on: Listing data: 147 days on market
  • 147 days on market suggests room to negotiate hard, if the price ever gets near the income Based on: data: listing.days_on_market · AI review
  • Units look vacant and in clean, basic shape, so rents could be reset without tenant constraints; Moorhead has no rent cap Based on: data: underwriting.rent_rule · AI review

Questions for the agent

  • Is $1,804,900 the correct price? What is it based on?
  • Can I see the rent roll, leases and trailing-12 expenses?
  • Are the units occupied or vacant, and what are they actually bedroom/bath counts?
  • Who pays heat, water, sewer and trash, and are there separate meters?
  • What are the ages of the roof, furnaces, water heaters and electrical panels?
  • What are the real property taxes and any special assessments?

Bottom line

At this ask the numbers are deeply negative, so verify the price and get real rents before spending any time on it. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Estimateestimate. No tax record found; 2.1% of price.$37,903
Insurance / yr Estimateestimate. from units, square feet and age; get a quote$3,875
Water, sewer, trash / mo Estimateestimate. $85/unit/mo, owner-paid$340
Heat / mo Assumptionassumption. tenants pay heat; confirm with the agent$0
Lawn care / mo Assumptionassumption. $120/mo for 6 months, spread over 12; no snow removal$60
Repairs / capital reserve Rulerule. 12 bedrooms: +1 pt repairs for wear9% / 8%

Price history Realtor.com

On the market since 2026-05-11 (147 days); down $114,500 (6.0%) from the first ask of $1,919,400.

DateEventPrice
Price changed$1,804,900
Listed$1,919,400

From the listing Listing

Listed asfour plex
Property tax, 2025$4,541
CountyClay
Parcel number586890490

As the listing states it (NorthstarMLS, via Realtor.com). We don't have county records here yet; check the tax, homestead status and special assessments with the county.

Crime, rental-license and vacant-building records are only available for St. Paul and Minneapolis so far. Check with Moorhead on rental licensing before you buy.