107 5th Ave NW · Watertown, SD 57201

$170,000

6 bd · 2.5 ba · 2,892 sqft · SingleFamily · 88 Days on market

Built 1915 4,791 sqft lot $59/sqft · 46% below area Est $315k · 46% under ↓ 32% since listing

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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 +21.4/30.0
• ARV discount +15.0/15.0
• DSCR +6.8/10.0
• 1% rule +5.4/10.0
• Schools +4.3/10.0
• 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

Charm galore here, has character!! Home has 6 bedrooms, 3 1/2 baths, beautiful woodwork, three stories plus basement, wonderful house for a large family! Very close to elementary school in great neighborhood! This home was owned by the same family for many many years!

Key facts

• 4,791 sq ft lot
• Garage
• Built 1915

What this means for you Summary

Snapshot

• This is a 6-bed/2.5-bath single-family listed at $170k.

Deal economics

• At list price, monthly cash flow is $251 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $170k).
• Recommended offer: $160k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.1% vs local median 2.3% in Watertown — 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 78/100 on livability (#11 in SD, #2,681 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: commute F.
• Watertown School District 14-4 (town): math 45% / reading 57% proficiency, ranked #28 of 59 in SD (top 48%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 228 active listings in the ZIP; 160 units permitted in Codington County in 2024 (63 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Codington County population projected at +14% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 88 days — a 6% lower offer ($160k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $159,800 (6.0% below list)

Questions for the listing agent

1. It's been on market 88 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1915 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.04% ✓
• Cap rate: 8.06%
• Cash-on-cash: 6.32%
• DSCR: 1.28
• GRM: 8.0

CMA / ARV

• ARV (median comp): $314,554
• List price: $170,000
• Delta: -45.96%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
902 N Park St	0.29mi	6/1.5	2,700 (-7%)	1mo	$75,000	$28	71
1124 Skyline Dr	0.53mi	5/2.5 (-1)	2,808 (-3%)	6mo	$329,000	$117	60
115 4th St SW	0.58mi	5/2.0 (-1)	2,645 (-8%)	15mo	$32,500	$12	39
408 6th St NE	0.62mi	6/2.0	2,512 (-13%)	10mo	$299,900	$119	38
55 10th Ave NW	0.35mi	5/1.5 (-1)	3,286 (+14%)	20mo	$264,000	$80	36
105 12th Ave NE	0.69mi	5/1.5 (-1)	2,512 (-13%)	24mo	$302,500	$120	17

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: -6.6%
• Equity multiple: 0.76×
• Total profit: $-11,579
• Equity at exit: $25,348

10-year hold

• IRR: 3.1%
• Equity multiple: 1.22×
• Total profit: $10,494
• Equity at exit: $14,698

Cash invested: $47,600 (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 57201

• Active inventory: 228
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $1,761 medium
• Mortgage (P&I): −$891
• Tax from tax record: −$179 /mo · $2,143/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$370
• Net cashflow: $251

Break-even live

Break-even rent $1,444

Max offer price $170,000

Occupancy floor 81%

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: $42,500
• Closing costs: $5,100
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-19
   days on market $170,000 Active 88 DOM
2. 2026-06-18
   days on market $170,000 Active 87 DOM
3. 2026-06-17
   days on market $170,000 Active 86 DOM
4. 2026-06-16
   days on market $170,000 Active 85 DOM
5. 2026-06-15
   days on market $170,000 Active 84 DOM
6. 2026-06-14
   days on market $170,000 Active 82 DOM
7. 2026-06-12
   days on market $170,000 Active 81 DOM
8. 2026-06-09
   days on market $170,000 Active 78 DOM
9. 2026-06-08
   days on market $170,000 Active 77 DOM
10. 2026-06-07
    days on market $170,000 Active 76 DOM
11. 2026-06-05
    days on market $170,000 Active 74 DOM
12. 2026-06-03
    days on market $170,000 Active 72 DOM
13. 2026-06-02
    days on market $170,000 Active 71 DOM
14. 2026-06-01
    days on market $170,000 Active 70 DOM
15. 2026-05-31
    days on market $170,000 Active 69 DOM
16. 2026-05-30
    days on market $170,000 Active 68 DOM
17. 2026-05-07
    price $170,000 271-char remark

    Show marketing remark (271 chars)

    Charm galore here, has character!! Home has 6 bedrooms, 3 1/2 baths, beautiful woodwork, three stories plus basement, wonderful house for a large family! Very close to elementary school in great neighborhood! This home was owned by the same family for many many years!

18. 2026-04-27
    price $180,000 271-char remark

    Show marketing remark (271 chars)

    Charm galore here, has character!! Home has 6 bedrooms, 3 1/2 baths, beautiful woodwork, three stories plus basement, wonderful house for a large family! Very close to elementary school in great neighborhood! This home was owned by the same family for many many years!

19. 2026-04-17
    price $199,900 271-char remark

    Show marketing remark (271 chars)

    Charm galore here, has character!! Home has 6 bedrooms, 3 1/2 baths, beautiful woodwork, three stories plus basement, wonderful house for a large family! Very close to elementary school in great neighborhood! This home was owned by the same family for many many years!

20. 2026-04-03
    price $219,000 271-char remark

    Show marketing remark (271 chars)

    Charm galore here, has character!! Home has 6 bedrooms, 3 1/2 baths, beautiful woodwork, three stories plus basement, wonderful house for a large family! Very close to elementary school in great neighborhood! This home was owned by the same family for many many years!

21. 2026-03-24
    listed $250,000 Active 271-char remark

    Show marketing remark (271 chars)

    Charm galore here, has character!! Home has 6 bedrooms, 3 1/2 baths, beautiful woodwork, three stories plus basement, wonderful house for a large family! Very close to elementary school in great neighborhood! This home was owned by the same family for many many years!

ⓘ 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: $2,143 · $179/mo
• Projected year-2 tax: $2,227 · $186/mo
• Expected delta: +$84/yr (+$7/mo · 3.9%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 1/10 Low 7 d/yr ≥96°F today · 13 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: $21,138
• − Mortgage interest: −$9,523
• − Property taxes: −$2,143
• − Insurance: −$850
• − Repairs & maintenance: −$1,691
• − Management: −$1,691
• − Depreciation: −$4,945
• Taxable income: $294
• Est. tax owed @ 24.0%: −$71
• After-tax cash flow: $2,937/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: Watertown School District 14-4
• NCES district ID: 4676620
• Math proficiency: 45% ▼ -10.00%
• Reading proficiency: 57% ▼ -7.00%
• Median HH income: $46,575
• Composite: 43.24/100
• National rank: #3057
• State rank: #28 of 59 in SD

Livability — Watertown

• Score: 78/100
• State rank: #11
• US rank: #2681

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Watertown, SD
• County: Codington County · 26,781 people
• City population: 26,781
• Metro: Watertown, SD
• Population (ZIP): 26,781
• Household income: $72,878
• Rent vs Own: 31.5% rent · 68.5% own
• Severe rent burden: 613.0

Population outlook (Codington County) Hauer SSP2

• Today (2025): 29,752 people
• By 2030: 30,627 · +2.9%
• By 2040: 32,285 · +8.5%
• By 2050: 33,812 · +13.6%
• By 2075: 39,184 · +31.7%
• By 2100: 46,673 · +56.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 5% Hispanic / Latino 3% Native American 2%
• Common ancestry: Portuguese 15% Romanian 3% Iranian 3%
• Foreign-born: 1% · Canada
• Languages at home: 97% English-only · Spanish 2% German/W. Germanic 1%

Political lean MEDSL · Codington

• 2024 margin: Solid R (+40.8) · D 28.4% · R 69.2% · Other 2.4%
• 2008→2024 swing: -34.4pp toward R · 2008: -6.4pp · 2024: -40.8pp
• All cycles: 2024: R+40.8 2020: R+38.9 2016: R+39.3 2012: R+18.3 2008: R+6.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -161.04%
• Current HPI: 165.8449
• Rent YoY: —
• Metro: Watertown, 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

-32.0% since first listed

5 events — show timeline

• 2026-05-07 Price Changed $170,000 NESD
• 2026-04-27 Price Changed $180,000 NESD
• 2026-04-17 Price Changed $199,900 NESD
• 2026-04-03 Price Changed $219,000 NESD
• 2026-03-24 Listed $250,000 NESD

Property tax history

+1.7%/yr

Latest (2025): $2,143 · +4.8% YoY. Source: county tax records.