921 19th St S

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

Cash flows

32 photos

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

Asking price: $339,900
Monthly cash flow: $144
Estimated rent: $4,000/mo
Break-even price: $366,907

Adjust the numbers See the full breakdown

From the listing

INVESTMENT OPPORTUNITY IN SOUTH MOORHEAD Explore the opportunity to own a well-located fourplex in South Moorhead, just blocks from Minnesota State University Moorhead and near a brand-new park. The approximately 3,824-square-foot property includes four 3-bedroom, 1-bath units and 2 double garages, offering flexible appeal for student housing, workforce housing, or traditional long-term rentals. Each unit offers a generous layout with living, kitchen, and dining areas, while the property provides off-street parking, a large yard, and shared coin-operated laundry. Four 3-bedroom units, a location near MSUM, and access to nearby amenities create a practical foundation for an income-producing multifamily investment. Great opportunity for investors to add these 4 units to your investment portfolio!

Listing courtesy of Keller Williams Inspire Realty (Jeff Shipley - Dr). Description from Realtor.com, MLS #7143292. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

First look

This is a 1963 fourplex of four 3-bed/1-bath units near MSUM, asking $339,900. Our underwriting at the ask with 20% down shows about $144/month cash flow and a 6.9% cap rate, so it works at today's rates but leaves little room for surprises. Our rent estimate is $1,000 per unit, with a wide range up to $1,475, so the actual rent roll decides this deal. The listing gives no rents, no tenant status, no tax figure and no utility info, and we couldn't match a county parcel. Photos show decent cosmetic updates, but baseboard electric-style heat, window A/C units and a shared boiler/water heater room raise system questions. Worth a showing only if the rent roll supports the estimate or better and the price has room to come down.

Things to consider

Thin cash flow at the ask About $144/month and a 6.9% cap leaves little cushion for vacancy, repairs or a higher tax bill.
Rents are the whole story Our estimate spans $950 to $1,475 per unit; the difference between ends is huge on four units. Get the rent roll before anything else.
Heat and utilities unclear A boiler-type setup in the utility room could mean the owner pays heat, which would hurt cash flow.From photo 10
Taxes unverified No parcel match, so our tax assumption could be off in either direction.
Student-area tenant mix Proximity to campus supports demand but brings turnover and wear across 12 bedrooms.Listing says: “just blocks from Minnesota State University Moorhead”
1963 build with cosmetic updates Fresh finishes may hide older plumbing, electrical and roof; inspect the systems before relying on them.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: $339,900
Cash to close: $78,177
Price per unit: $84,975
GRM: 7.1

Each month

Cash flow: $144/mo
Cash-on-cash: 2.2%
Cap rate: 6.9%
DSCR: 1.08×

Break-even

Price that breaks even: $366,907
Rent that breaks even: $3,813/mo

Long run

Year 30: property vs stocks: $1.66M vs $595K
Cash flow turns positive: year 1

Monthly

Monthly breakdown

Rent	$4,000
Vacancy (6%)	−$240
Collected	$3,760
Property tax Listing	−$348
Insurance Estimate	−$380
Water, sewer, trash Estimate	−$340
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (9% of rent)	−$360
Capital reserve (8% of rent)	−$320
Net operating income	$1,953
Mortgage (principal + interest)	−$1,809
Cash flow	$144
Principal paid down (equity, not cash)	$230

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$1,658,696

Your equity when you sell: $775,525
Rental profits, invested at 7%: $883,171

Same money in stocks$595,103

Cash to close, invested at 7%: $595,103

The building comes out $1,063,593 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 $1.66M, stocks $595K. 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 $1,000/mo · range $975–$1,500 · 7 rentals within 1.25 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	1.2 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, occupancy or lease terms given, so income is unverified Listing says: offering flexible appeal for student housing, workforce housing, or traditional long-term rentals · 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 921 19TH ST S
mediumTaxes are unknown because the parcel did not match; tax bill could move cash flow materially on thin margins Based on: data: county.tax · AI review
mediumStudent-oriented location means seasonal turnover and heavy wear across twelve bedrooms Listing says: just blocks from Minnesota State University Moorhead · AI review

Opportunities

Unit interiors look refreshed; rents may be near the upper end of the estimate range if tenants are market-rate Based on: photo 9 · AI review
Two double garages could bring extra income as paid stalls Listing says: 2 double garages · AI review
Shared coin laundry adds ancillary income; verify what it actually collects Listing says: shared coin-operated laundry · AI review
No rent cap in Moorhead, so rents can follow the market Based on: data: underwriting.rent_rule · AI review

Questions for the agent

What are the current rents, lease end dates and is anyone month-to-month?
Who pays heat, electric, water and trash? Are there separate meters?
What are the real property taxes and any special assessments?
Roof, water heater and boiler ages? What heats each unit?
What does the coin laundry earn and what were the trailing-12 expenses?
Is the rental license current for four units, and why has it been on market 23 days at this price?

Bottom line

A 3-bed fourplex that pencils to slightly positive cash flow at $339,900, so it works best if actual rents beat our $1,000 estimate or the price drops. 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.	$4,170
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 $283,600 on 2022-01-19; listed for rent at $750/mo on 2021-01-17.

Date	Event	Price
2026-09-12	Listed	$339,900
2022-01-19	Sold	$283,600
2021-11-16	Listed	$290,000
2021-06-30	Sold	$290,000
2021-06-23	Removed	—
2021-05-22	Removed	—
2021-04-14	Listed	$290,000
2021-03-16	Listed	$290,000
2021-01-23	Removed	—
2021-01-17	Listed for rent	$750/mo
2021-01-15	Removed	—
2021-01-01	Listed for rent	$750/mo
2020-12-10	Removed	—
2020-11-07	Listed for rent	$750/mo
2020-11-06	Removed	—
2020-11-01	Listed for rent	$750/mo
2018-01-19	Sold public record	$244,000
2008-06-26	Sold public record	$500,000

From the listing Listing

Listed as	four plex
Property tax, 2026	$4,170
County	Clay
Parcel number	586890830

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.