128 3rd Ave #6

Fort Pierre, SD 57532

$65,000B-

2 bd · 1.0 ba · 1,024 sqft · Built 1990 · SingleFamily · Pending · 3 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $944/mo
• Mortgage (P&I): −$341
• Tax + insurance: −$108
• HOA: −$0
• Vac / Maint / Mgmt: −$198
• Net cashflow: $296/mo
• Annual: $3,555/yr
• Cap rate: 11.76%
• Cash-on-cash: 19.53%
• DSCR: 1.87
• 1% rule: 1.45%
• Cash to close: $18,200

Investor read

• This is a 2-bed/1.0-bath single-family listed at $65k. Condition is rated fair.
• At list price, monthly cash flow is $296 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($944 rent vs $65k).
• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $449 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 77/100 on livability (#14 in SD, #2,802 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, cost of living A+; Watch: health & safety C-, schools D+, amenities F.
• Stanley County School District 57-1 (town): math 34% / reading 53% proficiency, ranked #42 of 59 in SD (top 71%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 38 active listings in the ZIP; 12 units permitted in Stanley County in 2024 (0 in 5+ unit buildings).
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $18k cash investment doubles in ~7 years — after that, you're playing with house money.

Questions for listing agent

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.

Repairs flagged (vision-AI assessment)

• Major: roof — The roof appears to be in poor condition, with visible wear and tear.
• Moderate: exterior siding — The siding is in fair condition, with some discoloration and wear.
• Major: flooring — The flooring in the living room and kitchen appears to be carpeted and in poor condition.
• Moderate: interior walls/paint — The interior walls and paint appear to be in fair condition, with some discoloration.
• Major: landscaping — The landscaping and curb appeal are poor, with overgrown grass and a lack of maintenance.