917 19th St S

Fourplex · 4 units: 3 bed / 1 bath ×4 unit split estimated · 3,824 sq ft

Cash flows

35 photos

Photos courtesy of Keller Williams Inspire Realty, via Realtor.com.

Asking price: $319,900
Monthly cash flow: $180
Estimated rent: $3,900/mo
Break-even price: $353,771

Adjust the numbers See the full breakdown

From the listing

PRIME SOUTH MOORHEAD MULTIFAMILY INVESTMENT OPPORTUNITY Position your portfolio for long-term growth with this well-located South Moorhead fourplex, ideally situated just blocks from Minnesota State University Moorhead and near a brand-new park. The approximately 3,824 SF property features four spacious 3-bedroom, 1-bath units, totaling 12 bedrooms and offering a highly desirable rental configuration. Each unit provides a functional living, kitchen, and dining layout, while the property offers off-street parking, a large yard, and shared coin-operated laundry. The strong 3-bedroom unit mix and proximity to MSUM create excellent appeal for student, workforce, or traditional long-term rental demand. A compelling opportunity to acquire four income-producing units in one property and add scale to a multifamily portfolio in a convenient South Moorhead location.

Listing courtesy of Keller Williams Inspire Realty (Jeff Shipley - Dr). Description from Realtor.com, MLS #7143288. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

First look

This is a 1963 student-area fourplex with four 3-bed/1-bath units at $319,900, and the listing gives no rents, no expenses and no tax figure. Our model shows only about $180/month cash flow at asking with 20% down, a 7.1% cap rate and a break-even price of about $354K, so there is little cushion if taxes or repairs come in high. Our mid rent estimate is $975 per unit against a high of $1,450, and that gap decides whether this works. Photos show refreshed interiors, but the heat is electric baseboard and the units have window air conditioners, so check who pays electric and what the common water heater costs the owner. Get the rent roll, leases, trailing-12 expenses and the real tax bill first, then decide on a showing.

Things to consider

Cash flow is thin at asking About $180/month leaves almost no room for a vacancy, a repair or higher taxes. Break-even price is about $354K, only about 11% above asking.
Rents are unknown Our mid estimate is $975 against a high of $1,450. Which end is real changes the deal, so the rent roll comes first.
Taxes are unverified No parcel match means the tax bill, and the unit count, are guesses. Investor taxes in a fourplex can run well above what the seller pays.
Student and workforce tenant mix Proximity to the university supports demand, but 3-beds with one bath each tend to see more wear and turnover.Listing says: “just blocks from Minnesota State University Moorhead”
Heating and shared systems Electric baseboard heat is costly for tenants, which can hold rents down. A shared water heater may fall on the owner.From photo 4

From the photos

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

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: $319,900
Cash to close: $73,577
Price per unit: $79,975
GRM: 6.8

Each month

Cash flow: $180/mo
Cash-on-cash: 2.9%
Cap rate: 7.1%
DSCR: 1.11×

Break-even

Price that breaks even: $353,771
Rent that breaks even: $3,666/mo

Long run

Year 30: property vs stocks: $1.63M vs $560K
Cash flow turns positive: year 1

Monthly

Monthly breakdown

Rent	$3,900
Vacancy (6%)	−$234
Collected	$3,666
Property tax Listing	−$340
Insurance Estimate	−$380
Water, sewer, trash Estimate	−$340
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (9% of rent)	−$351
Capital reserve (8% of rent)	−$312
Net operating income	$1,883
Mortgage (principal + interest)	−$1,703
Cash flow	$180
Principal paid down (equity, not cash)	$217

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$1,625,623

Your equity when you sell: $729,892
Rental profits, invested at 7%: $895,730

Same money in stocks$560,087

Cash to close, invested at 7%: $560,087

The building comes out $1,065,536 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 $1.63M, stocks $560K. The property wins.

Comparable rentals

The closest rental listings with each unit's bedroom count, as of 2026-10-06. The estimate is the median asking rent of every rental we found nearby (the count is shown for each); houses are left out. Asking rents from Realtor.com rental listings, not signed leases.

3 bed estimate $975/mo · range $950–$1,475 · 7 rentals within 1.5 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
921 19th St S Apt 4, Moorhead	$1,000	3 / 1	850	0.0 mi	2026-09-27	Apartment
915-18 1/2 St S, Moorhead	$945	3 / 2	1,035	0.1 mi	2025-01-03	Apartment
1011 18 1/2 St S, Moorhead	$925	3 / 1	—	0.1 mi	2025-12-25	Apartment
1810 12th Ave S, Moorhead	$925	3 / 1	—	0.1 mi	2026-06-24	Apartment
1802 12th Ave S, Moorhead	$925	3 / 1	—	0.1 mi	2025-12-25	Apartment
1521 1st Ave N, Moorhead	$1,440	3 / 2	1,400	0.8 mi	2025-04-29	Apartment
1102 28th Ave S, Moorhead	$1,695	3 / 2	1,617	1.3 mi	2026-08-12	Apartment

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

Red flags and opportunities

Watch for

highNo rents, expenses or occupancy in the listing. Income is entirely our estimate. Listing says: four income-producing units in one property · 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 917 19TH ST S
mediumTaxes and unit count are unverified, so the cash flow figure could shift a lot. Based on: data: rule_flags · AI review
mediumStudent-oriented demand means heavier turnover and wear in 3-bedroom units, and fall-to-spring lease cycles. Listing says: just blocks from Minnesota State University Moorhead · AI review
lowShared water heater and laundry room suggest common systems the owner likely pays for. Based on: photo 10 · AI review

Opportunities

Our high rent estimate of $1,450 is far above the $950 mid. If current rents are low, there is room to raise them, and Moorhead has no rent cap. Based on: data: rent_estimate · AI review
Coin-operated laundry adds a small income line the owner can verify. Listing says: shared coin-operated laundry · AI review
Units already have refreshed kitchens, baths and flooring, so near-term rehab looks light. Based on: photo 6 · AI review

Questions for the agent

What are the current rents, lease end dates and is each unit occupied?
What were trailing-12 expenses, including taxes, insurance, water, sewer, trash and snow removal?
Who pays heat and electric? Is each unit separately metered?
How old are the roof, the water heater and the electrical panel?
Is the building licensed as a four-unit rental in Moorhead and when was it last inspected?
When were the interiors updated and who did the work?

Bottom line

Updated-looking student fourplex that only barely cash flows at asking on our estimated rents, so it hinges on real rents and expenses. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Listinglisting, tax year 2026. The tax the listing states. If the seller lives there it may be at the lower homestead rate; an investor owner pays the non-homestead rate, often 20–40% more on the owner's unit.	$4,085
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$4,556
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 wear	9% / 8%

Price history Realtor.com

On the market since 2026-09-12 (23 days); last sold for $276,600 on 2022-01-19.

Date	Event	Price
2026-09-12	Listed	$319,900
2022-01-19	Sold	$276,600
2021-11-06	Listed	$275,000
2021-07-01	Sold public record	$265,000
2021-05-22	Removed	—
2021-02-15	Listed	$265,000
2018-01-19	Sold public record	$240,000
2008-06-26	Sold public record	$500,000

From the listing Listing

Listed as	four plex
Property tax, 2026	$4,085
County	Clay
Parcel number	586890840

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.