For Grand Forks, the current Zillow decision frame is a typical city home value of $303,687 and a typical observed monthly market rent of $1,172. Their implied gross yield is 4.6%, before vacancy, maintenance, management, taxes, insurance, utilities, capital work and financing. The Zillow value equals 4.8x ACS median household income, while annual Zillow rent equals 22.1% of that income. These affordability comparisons are broad household benchmarks, not evidence that a specific unit’s achievable rent supports its purchase price.
Citywide stock comprises 28,129 housing units, with renters occupying 53.6% of occupied units and an overall vacancy rate of 7.0%. The ACS median home value is $249,900, while ACS median gross rent is $980 and includes contract rent plus selected utilities. These surveyed occupied-housing measures differ in definition and period from Zillow’s typical market value and observed rent, so they should not be averaged or used interchangeably. Vacancy is housing-stock context, not proof that a chosen rental will lease quickly.
Direct city depth is mixed. Among renter households measured by ACS, 45.2% are rent-burdened. Single-family properties represent 47.0% of units and large multifamily properties 28.4%; these structure shares do not measure investable supply. Of vacant units, 53.9% are classified as for rent, but vacancy reasons do not show condition, asking rent or current availability. Population increased from 56,500 to 59,042, a 4.5% change between overlapping ACS vintages that should not be annualized and may reflect boundary changes. Median household income is $63,627, with poverty at 15.5% and unemployment at 2.4%; these describe demand constraints without establishing causation or tenant quality.
At the county scope, Grand Forks County had a median marketing time of 48 days and price reductions on 9.2% of active listings; these county figures can inform negotiation expectations but do not measure city liquidity. At the metro scope, Grand Forks, ND job growth was 0.3% and building permits totaled 314 in the supplied periods; these metro indicators frame labor momentum and construction flow, not city demand or available inventory. At the national scope, the Freddie Mac 30-year mortgage rate was 6.66%, a national financing benchmark rather than a quote for any borrower.
Underwriting is limited by citywide benchmarks, overlapping ACS surveys and wider geographies that cannot resolve a building’s economics. Verify the subject’s price, rent roll or signed lease, achieved rent comps, concessions, occupancy history, taxes, insurance, utilities and flood or climate exposure. Inspect major systems; then model maintenance, management, turnover, capital work, financing and exit assumptions.