928 E Hanson Ave · Mitchell, SD 57301

$120,000

3 bd · 1.0 ba · 1,043 sqft · SingleFamily public records · 1 Days on market

Built 1925 6,970 sqft lot Est $202k · 41% under

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Why this score? — see what drove the C- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +16.1/30.0
• ARV discount +15.0/15.0
• DSCR +5.0/10.0
• Schools +4.9/10.0
• 1% rule +4.2/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

For those that are searching for their first home or rental property - take a look at this ONE! Spacious livingroom with built-in entertainment center, eat-in kitchen, 3 bedroom. .. single Attached garage. Main floor bedroom has large walk-in closet & washer/dryer hook-ups. The shingles were just recently replaced. .. newer Furnace too! Located close to Hitchcock Park & Longfellow Elementary!

Key facts

• Stucco siding
• Newer furnace
• Newer windows

Tags

• NEWER WINDOWS
• REMODELED BATH
• NEWER FURNACE
• ENTERTAINMENT CENTER BUILT-IN
• DRY BASEMENT
• STUCCO SIDING

Property features AI

Exterior

• Parking: Attached garage (1 car)
• Utilities: Public water; Public sewer
• Home design: Single-family residence; One story
• Construction: Frame construction; Asphalt roof
• Exterior features: Patio

Interior

• Kitchen: Microwave; Range/Oven; Refrigerator; Dishwasher
• Flooring: Laminate
• Bathrooms: One full bathroom
• Heating & cooling: Natural gas heating; Central air conditioning
• Interior features: Partial basement; Microwave; Range/Oven; Refrigerator
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $61 ($728/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $110k (8.0% below list).
• Recommended offer: $110k (8.0% below list) — sets the bar for 1% rule.
• Cap rate 6.9% vs local median 2.5% in Mitchell — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 77/100 on livability (#18 in SD, #2,969 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools C-, employment C-, amenities D+.
• Mitchell School District 17-2 (town): math 55% / reading 62% proficiency, ranked #11 of 59 in SD (top 19%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 135 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 48 units permitted in Davison County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $830 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Davison County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 14y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $65k; list at $120k implies a 85% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $110,460 (8.0% below list)

Questions for the listing agent

1. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. 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.

Investment metrics

• 1% rule: 0.92% ✗
• Cap rate: 6.90%
• Cash-on-cash: 2.17%
• DSCR: 1.10
• GRM: 9.1

CMA / ARV

• ARV (on-the-fly): $202,342
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
600 E Hanson Ave	0.28mi	3/1.0	1,069 (+2%)	5mo	$140,000	$131	79
1000 E 7th Ave	0.49mi	2/1.0 (-1)	988 (-5%)	1mo	$225,000	$228	63
1506 E 3rd Ave	0.49mi	2/2.0 (-1)	1,008 (-3%)	3mo	$197,000	$195	61
212 S Wallace St	0.53mi	4/2.0 (+1)	1,008 (-3%)	4mo	$187,500	$186	58
206 Charles St	0.58mi	2/2.0 (-1)	1,008 (-3%)	1mo	$235,000	$233	58
708 S Davison St	0.51mi	2/1.0 (-1)	972 (-7%)	4mo	$129,900	$134	56
808 E 7th Ave	0.50mi	3/1.0	936 (-10%)	5mo	$185,000	$198	56
916 E 6th Ave	0.42mi	2/1.0 (-1)	955 (-8%)	7mo	$180,000	$188	55
209 E 7th Ave	0.71mi	2/1.0 (-1)	1,008 (-3%)	3mo	$234,500	$233	54
613 E 1st Ave	0.25mi	2/1.0 (-1)	904 (-13%)	15mo	$175,000	$194	49
921 E 6th Ave	0.39mi	2/2.0 (-1)	904 (-13%)	3mo	$119,000	$132	48
521 E 5th Ave	0.44mi	2/1.5 (-1)	1,156 (+11%)	14mo	$212,500	$184	43

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -12.9%
• Equity multiple: 0.54×
• Total profit: $-15,573
• Equity at exit: $17,892

10-year hold

• IRR: -3.8%
• Equity multiple: 0.75×
• Total profit: $-8,558
• Equity at exit: $10,375

Cash invested: $33,600 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 83 Strongly Landlord-Friendly
• State South Dakota: 83 Strongly Landlord-Friendly · R+16
• County: — inherits STATE
• City: — inherits STATE

3-day notice; mostly landlord-friendly.

Methodology + full state rankings →

ZIP-level market 57301

• Active inventory: 135
• Price-to-rent: 9.1×

Monthly cashflow live

• Estimated rent: $1,105 high
• Mortgage (P&I): −$629
• Tax from tax record: −$133 /mo · $1,592/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$232
• Net cashflow: $61

Break-even live

Break-even rent $1,028

Max offer price $120,000

Occupancy floor 90%

Sensitivity live

Price	-10% $129	-5% $95	+0% $61	+5% $27	+10% $-7
Rent	-10% $-27	-5% $17	+0% $61	+5% $104	+10% $148
Rate	-1.0pp $121	-0.5pp $91	base $61	+0.5pp $30	+1.0pp $-2

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1020 E 1st Ave Mitchell, SD	2.0	1.0	864	$975	$1.13	44d	1	0.11mi
623 E Hanson Ave Mitchell, SD	3.0	1.0	1023	$1,200	$1.17	44d	1	0.22mi
933 E 5th Ave Mitchell, SD	3.0	1.0	1138	$1,450	$1.27	44d	1	0.30mi
509 E 1st Ave Mitchell, SD	3.0	1.0	1425	$1,350	$0.95	44d	1	0.32mi
821 E 7th Ave Unit 2 (up) Mitchell, SD	2.0	1.0	925	$750	$0.81	44d	1	0.45mi
910 N Winsor St Mitchell, SD	3.0	1.0	996	$1,300	$1.31	44d	1	0.64mi
1803 E 1st Ave Mitchell, SD	3.0	1.0	960	$1,100	$1.15	44d	1	0.66mi
200 W 4th Ave Unit 3 Mitchell, SD	2.0	1.0	1085	$725	$0.67	44d	1	0.76mi
408 S Duff St Apt A Mitchell, SD	2.0	1.0	750	$775	$1.03	44d	1	0.77mi
408 S Duff St Unit B Mitchell, SD	2.0	1.0	1200	$800	$0.67	44d	1	0.77mi
310 S Edmunds St Mitchell, SD	4.0	1.0	1399	$1,450	$1.04	44d	1	0.90mi
122 W 9th Ave Unit 122 1/2 Mitchell, SD	3.0	1.0	965	$1,000	$1.04	44d	1	0.92mi
400 E 12th Ave Unit 1 Mitchell, SD	2.0	1.0	900	$1,000	$1.11	44d	1	0.92mi
501 W 3rd Ave Unit 5 Mitchell, SD	3.0	1.0	750	$900	$1.20	44d	1	0.93mi
401 W 11th Ave Mitchell, SD	3.0	1.0	1196	$1,400	$1.17	44d	1	1.12mi
605 W 10th Ave Mitchell, SD	4.0	1.0	1200	$1,450	$1.21	44d	1	1.20mi
915 W 4th Ave Unit 2 Mitchell, SD	2.0	1.0	700	$750	$1.07	44d	1	1.27mi
1701 N Main St Apt 9A Mitchell, SD	2.0	1.0	711	$895	$1.26	44d	1	1.36mi

Listing history 1 events

1. 2026-06-19
   listed $120,000 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast SD · Resets to sale price

• Current annual tax: $1,592 · $133/mo
• Projected year-2 tax: $1,592 · $133/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥101°F today · 14 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,255
• − Mortgage interest: −$6,722
• − Property taxes: −$1,592
• − Insurance: −$600
• − Repairs & maintenance: −$1,060
• − Management: −$1,060
• − Depreciation: −$3,491
• Taxable loss: −$1,270
• Est. tax savings @ 24.0%: +$305
• After-tax cash flow: $1,033/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Mitchell School District 17-2
• NCES district ID: 4648390
• Math proficiency: 55% ▬ 0.00%
• Reading proficiency: 62% ▲ 5.00%
• Median HH income: $45,912
• Composite: 49.42/100
• National rank: #2008
• State rank: #11 of 59 in SD

Livability — Mitchell

• Score: 77/100
• State rank: #18
• US rank: #2969

Category grades

Amenities D+ Commute F Cost of living A+ Crime C+ Employment C- Housing A+ Health & safety A+ User ratings B+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Mitchell, SD
• County: Davison County · 19,104 people
• City population: 19,104
• Metro: Mitchell, SD
• Population (ZIP): 19,104
• Household income: $65,620
• Rent vs Own: 38.4% rent · 61.6% own
• Severe rent burden: 537.0

Population outlook (Davison County) Hauer SSP2

• Today (2025): 20,529 people
• By 2030: 20,856 · +1.6%
• By 2040: 21,415 · +4.3%
• By 2050: 21,925 · +6.8%
• By 2075: 24,245 · +18.1%
• By 2100: 29,222 · +42.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Hispanic / Latino 5% Native American 4% Two or more races 3%
• Common ancestry: Portuguese 10% Iranian 7% Lithuanian 3%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 2%

Political lean MEDSL · Davison

• 2024 margin: Solid R (+37.8) · D 29.9% · R 67.7% · Other 2.5%
• 2008→2024 swing: -23.8pp toward R · 2008: -13.9pp · 2024: -37.8pp
• All cycles: 2024: R+37.8 2020: R+35.1 2016: R+35.2 2012: R+21.5 2008: R+13.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -136.01%
• Current HPI: 179.7909
• Rent YoY: —
• Metro: Mitchell, SD
• State GDP YoY: ▲ 0.70%
• F500 in state: 2

Industry mix (Fortune 500 HQ in SD)

Industry	F500 HQs	Revenue
▸Utilities	1	$1B

Price history

+76.5% since first listed

4 events — show timeline

• 2026-06-18 Listed $120,000 MBOR
• 2012-08-17 Sold (Public Records) $65,000 Public Records
• 2012-08-17 Sold (MLS) $65,000 MBOR
• 2012-07-24 Listed $68,000 MBOR

Property tax history

+2.5%/yr

Latest (2025): $1,592 · +2.8% YoY. Source: county tax records.