115 E Turner St St

Irene, SD 57037

$75,000A-

4 bd · 1.0 ba · 1,182 sqft · Built 1910 · SingleFamily · Pending · 18 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,151/mo
• Mortgage (P&I): −$393
• Tax + insurance: −$146
• HOA: −$0
• Vac / Maint / Mgmt: −$242
• Net cashflow: $371/mo
• Annual: $4,446/yr
• Cap rate: 12.22%
• Cash-on-cash: 21.17%
• DSCR: 1.94
• 1% rule: 1.54%
• Cash to close: $21,000

Investor read

• This is a 4-bed/1.0-bath single-family listed at $75k.
• At list price, monthly cash flow is $371 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $75k).
• It's been on market 18 days — a 2% lower offer ($74k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $74k (1.5% below list) — sets the bar for market timing.
• In year one you build about $3k of equity ($519 loan paydown + $2k appreciation (2.7% local appreciation)).
• Location reads 63/100 on livability (#192 in SD) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment C-, crime F, amenities F.
• Irene-Wakonda School District 13-3 (rural): math 40% / reading 50% proficiency, ranked #100 of 148 in SD (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Irene - Wakonda Elementary - 02 (math 32% / reading 47%, grade F, #169 of 253 statewide, top 71%, 162 students, 28% FRL); Irene - Wakonda High School - 01 (math 50% / reading 70%, grade C+, #31 of 151 statewide, top 32%, 82 students, 27% FRL) — zoned schools at 27% FRL track the district average.
• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 2 active listings in the ZIP; 29 units permitted in Turner County in 2024 (0 in 5+ unit buildings).
• Turner County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (2.7% appreciation + 3.0% rent growth), your $21k cash investment doubles in ~3 years — after that, you're playing with house money.

Questions for listing agent

• Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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?
• 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.
• 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.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.