121 E College Ave · Rapid City, SD 57701

$140,000

3 bd · 1.0 ba · 1,174 sqft · SingleFamily public records · 4 Days on market

Built 1951 5,663 sqft lot Est $250k · 44% 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 +22.4/30.0
• ARV discount +15.0/15.0
• DSCR +7.2/10.0
• 1% rule +5.6/10.0
• Livability +3.7/5.0
• Schools +3.4/10.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Key facts

• 5,663 sq ft lot
• Built 1951
• Listed 4 days

Property features AI

Finance

• Other: Subdivision: Nowlin & Wood
• HOA & community: No association amenities

Exterior

• Utilities: Electric with circuit breakers
• Home design: Single-family residence; One story
• Construction: Metal siding; Slab foundation
• Exterior features: Chain link fencing around front and back yard; Rolling slope lot; Has a view

Interior

• Kitchen: Refrigerator; Electric oven; Oven; Dishwasher
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced-air heating; No central cooling
• Interior features: Wood-burning fireplace; Refrigerator; Electric oven; Oven; Dishwasher; Washer; Dryer
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $140k.

Deal economics

• At list price, monthly cash flow is $232 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $140k).
• Cap rate 8.3% vs local median 2.5% in Rapid City — 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 74/100 on livability (#34 in SD, #4,720 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime F, commute F.
• Rapid City Area School District 51-4 (urban): math 34% / reading 46% proficiency, ranked #50 of 59 in SD (top 85%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: General Beadle Elementary - 01 (math 12% / reading 17%, grade F, #241 of 253 statewide, top 96%, 444 students, 100% FRL); North Middle School - 35 (math 15% / reading 24%, grade F, #135 of 143 statewide, top 96%, 513 students, 100% FRL); Central High School - 41 (math 35% / reading 61%, grade D, #106 of 151 statewide, top 71%, 1,768 students, 37% FRL) — zoned schools average 79% FRL vs 36% district-wide (43 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 27% at this address vs 40% district-wide (-13 pts) — the specific schools serving this property underperform the Rapid City Area School District 51-4 average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising (+1.7%/yr); 217 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 1,181 units permitted in Pennington County in 2024 (715 in 5+ unit buildings).
• This rent runs 31% of the median local income ($56k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $968 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Pennington County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts since 12y 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 $83k; list at $140k implies a 69% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1951 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $140,000

Questions for the listing agent

1. Built in 1951 — 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. 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?
4. 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.
5. 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.
6. 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: 1.06% ✓
• Cap rate: 8.28%
• Cash-on-cash: 7.11%
• DSCR: 1.32
• GRM: 7.9

CMA / ARV

• ARV (on-the-fly): $250,062
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
102 E Madison St	0.34mi	3/1.0	1,156 (-2%)	10mo	$250,500	$217	73
513 E Waterloo St	0.38mi	3/1.0	1,128 (-4%)	4mo	$236,000	$209	73
1004 Racine St	0.39mi	3/1.0	1,073 (-9%)	4mo	$246,000	$229	64
316 Curtis St	0.67mi	3/1.0	1,121 (-4%)	1mo	$198,500	$177	60
914 Farlow Ave	0.63mi	3/1.5	1,108 (-6%)	2mo	$181,000	$163	58
230 Adams St	0.44mi	3/1.0	1,030 (-12%)	2mo	$80,000	$78	58
8 Monroe St	0.29mi	3/1.5	1,298 (+11%)	12mo	$280,000	$216	57
821 Wood Ave	0.53mi	3/2.0	1,140 (-3%)	13mo	$230,000	$202	56
1314 Downing St	0.36mi	3/1.0	1,298 (+11%)	12mo	$277,000	$213	55
222 E Monroe St	0.31mi	3/2.0	1,057 (-10%)	12mo	$235,000	$222	55
1515 Brentwood St	0.38mi	3/1.0	1,008 (-14%)	13mo	$267,000	$265	48
812 Wood Ave	0.50mi	3/1.0	1,050 (-11%)	13mo	$218,500	$208	48

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 · 1.71% rent growth · sell at horizon

5-year hold

• IRR: -6.8%
• Equity multiple: 0.75×
• Total profit: $-9,783
• Equity at exit: $20,874

10-year hold

• IRR: 1.1%
• Equity multiple: 1.08×
• Total profit: $2,967
• Equity at exit: $12,105

Cash invested: $39,200 (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 57701

• Rents YoY: 1.7%
• Active inventory: 217
• Price-to-rent: 7.9×

Monthly cashflow live

• Estimated rent: $1,480 high
• Mortgage (P&I): −$734
• Tax from tax record: −$144 /mo · $1,728/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$311
• Net cashflow: $232

Break-even live

Break-even rent $1,185

Max offer price $140,000

Occupancy floor 79%

Sensitivity live

Price	-10% $312	-5% $272	+0% $232	+5% $193	+10% $153
Rent	-10% $115	-5% $174	+0% $232	+5% $291	+10% $349
Rate	-1.0pp $303	-0.5pp $268	base $232	+0.5pp $196	+1.0pp $159

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: $35,000
• Closing costs: $4,200
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
927 Blaine Ave Rapid City, SD	3.0	1.0	925	$1,550	$1.68	22d	1	0.27mi
761 E Anamosa St Rapid City, SD	2.0–3.0	1.5	882	$1,542	$1.75	22d	1	0.64mi
1314 Atlas St Rapid City, SD	1.0–3.0	1.0	775	$1,080	$1.39	22d	13	0.67mi
118 Waterloo St Apt 110 Rapid City, SD	1.0–4.0	1.0–1.5	810	$1,180	$1.46	22d	7	0.83mi
100 Saint Joseph St Rapid City, SD	2.0	1.0–2.0	744	$1,750	$2.35	22d	4	1.17mi
965 E Omaha St Unit 100 Rapid City, SD	2.0	2.0	858	$1,263	$1.47	22d	1	1.20mi
612 6th St Rapid City, SD	2.0	1.0–2.0	772	$2,945	$3.81	22d	19	1.32mi
1230 Estes Park Ct Rapid City, SD	2.0	1.0–2.0	956	$1,035	$1.08	22d	9	1.43mi

Listing history 3 events

1. 2026-06-21
   days on market $140,000 Active 4 DOM
2. 2026-06-19
   days on market $140,000 Active 2 DOM
3. 2026-06-17
   listed $140,000 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: $1,728 · $144/mo
• Projected year-2 tax: $1,834 · $153/mo
• Expected delta: +$106/yr (+$9/mo · 6.1%)

ⓘ 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 2/10 Low 7 d/yr ≥95°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,754
• − Mortgage interest: −$7,842
• − Property taxes: −$1,728
• − Insurance: −$700
• − Repairs & maintenance: −$1,420
• − Management: −$1,420
• − Depreciation: −$4,073
• Taxable income: $571
• Est. tax owed @ 24.0%: −$137
• After-tax cash flow: $2,651/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: Rapid City Area School District 51-4
• NCES district ID: 4659820
• Math proficiency: 34% ▼ -8.00%
• Reading proficiency: 46% ▼ -4.00%
• Median HH income: $50,145
• Composite: 34.47/100
• National rank: #5189
• State rank: #50 of 59 in SD

Livability — Rapid City

• Score: 74/100
• State rank: #34
• US rank: #4720

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Rapid City, SD
• County: Pennington County · 99,403 people
• City population: 99,403
• Metro: Rapid City, SD
• Population (ZIP): 45,795
• Household income: $56,461
• Rent vs Own: 39.2% rent · 60.8% own
• Severe rent burden: 1646.0

Population outlook (Pennington County) Hauer SSP2

• Today (2025): 125,504 people
• By 2030: 133,370 · +6.3%
• By 2040: 147,505 · +17.5%
• By 2050: 160,507 · +27.9%
• By 2075: 197,585 · +57.4%
• By 2100: 241,736 · +92.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (73%)
• Race & ethnicity: White 73% Native American 11% Two or more races 11% Hispanic / Latino 6% Black 2%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Portuguese 7% Lithuanian 4% Slovak 3%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 1%

Political lean MEDSL · Pennington

• 2024 margin: Strong R (+26.4) · D 35.4% · R 61.9% · Other 2.7%
• 2008→2024 swing: -5.3pp toward R · 2008: -21.2pp · 2024: -26.4pp
• All cycles: 2024: R+26.4 2020: R+25.1 2016: R+33.0 2012: R+29.5 2008: R+21.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -189.12%
• Current HPI: 222.9041
• Rent YoY: ▲ 1.71%
• Metro: Rapid City, 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

+412.8% since first listed

13 events — show timeline

• 2026-06-10 Listed $140,000 BHMLS
• 2026-03-06 Pending — MRAOR
• 2026-03-02 Relisted — MRAOR
• 2026-01-12 Price Changed $190,000 MRAOR
• 2026-01-07 Listed $217,000 MRAOR
• 2025-04-04 Sold (Public Records) $83,000 Public Records
• 2023-04-21 Price Changed $140,000 BHMLS
• 2023-03-15 Relisted — BHMLS
• 2023-03-06 Contingent — BHMLS
• 2022-10-11 Listed $150,000 BHMLS
• 2022-08-05 Sold (Public Records) $50,000 Public Records
• 2014-06-19 Sold (MLS) $26,500 MRAOR
• 2014-03-18 Listed $27,300 MRAOR

Property tax history

+4.0%/yr

Latest (2025): $1,728 · -2.9% YoY. Source: county tax records.