614 S 2nd Ave Ave · Sioux Falls, SD 57104

$219,900

3 bd · 5.0 ba · 2,265 sqft · Other public records · 90 Days on market

Built 1890 7,500 sqft lot $97/sqft · 19% below area Est $268k · 18% under

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Why this score? — see what drove the D 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).

• ARV discount +15.0/15.0
• Cash flow +8.0/30.0
• Rent growth +4.2/5.0
• Livability +4.2/5.0
• Schools +3.7/10.0
• 1% rule +2.7/10.0
• Condition / age +2.5/5.0
• DSCR +2.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Check out this fantastic triplex just steps from downtown Sioux Falls—an excellent investment opportunity in a highly desirable location! Each of the three units offers a 1 bedroom, 1 bathroom layout with recent updates throughout, including fresh paint, new carpet, and vinyl flooring in all units. Unit #2 stands out with a remodeled kitchen and bathroom, plus updated light fixtures and hardware. Tenants pay electricity, while the landlord covers gas, water/sewer, garbage, snow removal, and grounds—making this a manageable investment. With proximity to downtown amenities and strong rental appeal, this property is a smart addition to your portfolio. Don’t miss out—schedule a showing today!

Key facts

• Remodeled bathroom
• Remodeled kitchen
• Triplex

Tags

• TRIPLEX
• INVESTMENT OPPORTUNITY
• HIGHLY DESIRABLE LOCATION
• REMODELED KITCHEN
• REMODELED BATHROOM
• UPDATED LIGHT FIXTURES

What this means for you Summary

Snapshot

• This is a 3-bed/5.0-bath other listed at $220k.

Deal economics

• At list price, monthly cash flow is $-225 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $180k (18.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $168k (23.5% below list).
• Recommended offer: $168k (23.5% below list) — sets the bar for 1% rule.
• Cap rate 5.1% vs local median 2.6% in Sioux Falls — 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 85/100 on livability (#3 in SD, #610 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: crime F.
• Sioux Falls School District 49-5 (urban): math 39% / reading 48% proficiency, ranked #45 of 59 in SD (top 76%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Susan B. Anthony Elementary - 66 (math 40% / reading 40%, grade F, #165 of 253 statewide, top 65%, 555 students, 43% FRL); Patrick Henry Middle School - 07 (math 42% / reading 53%, grade C-, #69 of 143 statewide, top 48%, 940 students, 24% FRL); Lincoln High School - 02 (math 48% / reading 71%, grade C+, #31 of 151 statewide, top 32%, 1,883 students, 22% FRL).
• Market conditions: Rents rising fast (+7.0%/yr); 155 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 2,425 units permitted in Minnehaha County in 2024 (1,367 in 5+ unit buildings).
• This rent runs 35% of the median local income ($58k/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 $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Minnehaha County population projected at +46% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 90 days — a 6% lower offer ($207k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 11y 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 $130k; list at $220k implies a 69% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $168,275 (23.5% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 90 days. Have you received any prior offers? Is the seller open to a 23% concession, seller financing, or rate buy-down credit?
3. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
9. 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.
10. 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.
11. 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: 0.77% ✗
• Cap rate: 5.06%
• Cash-on-cash: -4.39%
• DSCR: 0.80
• GRM: 10.9

CMA / ARV

• ARV (median comp): $268,191
• List price: $219,900
• Delta: -18.01%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 6.99% rent growth · sell at horizon

5-year hold

• IRR: -19.2%
• Equity multiple: 0.30×
• Total profit: $-42,900
• Equity at exit: $32,788

10-year hold

• IRR: -5.2%
• Equity multiple: 0.60×
• Total profit: $-24,325
• Equity at exit: $19,013

Cash invested: $61,572 (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 57104

• Home prices YoY: -27.1%
• Rents YoY: 7.0%
• Active inventory: 155
• Price-to-rent: 10.9×

Monthly cashflow live

• Estimated rent: $1,683 medium
• Mortgage (P&I): −$1,153
• Tax from tax record: −$310 /mo · $3,717/yr
• Insurance: −$92
• HOA: −$0
• Vacancy / Maint / Mgmt: −$353
• Net cashflow: $-225

Break-even live

Break-even rent $1,968

Max offer price $180,126

Occupancy floor —

Sensitivity live

Price	-10% $-101	-5% $-163	+0% $-225	+5% $-287	+10% $-350
Rent	-10% $-358	-5% $-292	+0% $-225	+5% $-159	+10% $-92
Rate	-1.0pp $-114	-0.5pp $-169	base $-225	+0.5pp $-282	+1.0pp $-340

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: $54,975
• Closing costs: $6,597
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
101 S Main Ave Sioux Falls, SD	1.0–2.0	1.0–2.0	1143	$2,450	$2.14	45d	2	0.49mi
440 E 8th St Sioux Falls, SD	3.0	3.0	1900	$4,800	$2.53	23d	1	0.54mi
310 N Reid Pl Sioux Falls, SD	3.0	1.0–3.0	1251	$5,000	$4.00	15d	7	0.62mi
807 W 13th St Sioux Falls, SD	4.0	2.0	1708	$1,799	$1.05	23d	1	0.74mi
1811 S Spring Ave Sioux Falls, SD	3.0	1.0	1600	$1,595	$1.00	45d	1	0.97mi
1907 S Prairie Ave Sioux Falls, SD	4.0	1.5	1823	$1,875	$1.03	23d	1	1.15mi

Listing history 25 events

1. 2026-06-21
   days on market $219,900 Active 90 DOM
2. 2026-06-18
   days on market $219,900 Active 87 DOM
3. 2026-06-17
   days on market $219,900 Active 86 DOM
4. 2026-06-16
   days on market $219,900 Active 85 DOM
5. 2026-06-15
   days on market $219,900 Active 84 DOM
6. 2026-06-14
   days on market $219,900 Active 82 DOM
7. 2026-06-13
   days on market $219,900 Active 81 DOM
8. 2026-06-10
   days on market $219,900 Active 79 DOM
9. 2026-06-09
   days on market $219,900 Active 78 DOM
10. 2026-06-08
    days on market $219,900 Active 77 DOM
11. 2026-06-07
    days on market $219,900 Active 76 DOM
12. 2026-06-05
    days on market $219,900 Active 73 DOM
13. 2026-06-03
    days on market $219,900 Active 72 DOM
14. 2026-06-02
    days on market $219,900 Active 71 DOM
15. 2026-06-01
    days on market $219,900 Active 70 DOM
16. 2026-05-31
    days on market $219,900 Active 69 DOM
17. 2026-05-30
    days on market $219,900 Active 68 DOM
18. 2026-03-23
    listed $219,900 Active 721-char remark

    Show marketing remark (721 chars)

    Check out this fantastic triplex just steps from downtown Sioux Falls—an excellent investment opportunity in a highly desirable location! Each of the three units offers a 1 bedroom, 1 bathroom layout with recent updates throughout, including fresh paint, new carpet, and vinyl flooring in all units. Unit #2 stands out with a remodeled kitchen and bathroom, plus updated light fixtures and hardware. Tenants pay electricity, while the landlord covers gas, water/sewer, garbage, snow removal, and grounds—making this a manageable investment. With proximity to downtown amenities and strong rental appeal, this property is a smart addition to your portfolio. Don’t miss out—schedule a showing today!

19. 2026-03-12
    historical
20. 2026-01-29
    price $220,000
21. 2026-01-05
    price $230,000
22. 2025-12-12
    listed $260,000 Active
23. 2015-12-03
    soldstatus $130,000
24. 2015-10-05
    listed $139,000
25. 2013-04-15
    soldstatus $81,000

ⓘ 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: $3,717 · $310/mo
• Projected year-2 tax: $3,717 · $310/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 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥99°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: $20,193
• − Mortgage interest: −$12,318
• − Property taxes: −$3,717
• − Insurance: −$1,100
• − Repairs & maintenance: −$1,615
• − Management: −$1,615
• − Depreciation: −$6,397
• Taxable loss: −$6,569
• Est. tax savings @ 24.0%: +$1,577
• After-tax cash flow: $-1,125/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: Sioux Falls School District 49-5
• NCES district ID: 4666270
• Math proficiency: 39% ▼ -4.00%
• Reading proficiency: 48% ▼ -2.00%
• Median HH income: $51,093
• Composite: 37.47/100
• National rank: #4407
• State rank: #45 of 59 in SD

Livability — Sioux Falls

• Score: 85/100
• State rank: #3
• US rank: #610

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Sioux Falls, SD
• County: Minnehaha County · 191,523 people
• City population: 207,623
• Metro: Sioux Falls, SD
• Population (ZIP): 26,963
• Household income: $57,688
• Rent vs Own: 54.8% rent · 45.2% own
• Severe rent burden: 1111.0

Population outlook (Minnehaha County) Hauer SSP2

• Today (2025): 222,323 people
• By 2030: 241,430 · +8.6%
• By 2040: 281,643 · +26.7%
• By 2050: 325,574 · +46.4%
• By 2075: 469,313 · +111.1%
• By 2100: 664,763 · +199.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (67%)
• Race & ethnicity: White 67% Black 11% Two or more races 10% Hispanic / Latino 9% Native American 6% Asian 1%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Portuguese 9% Iranian 3% Italian 1%
• Foreign-born: 13% · Canada
• Languages at home: 83% English-only · Spanish 6% Russian/Polish/Slavic 1% Arabic 1%

Political lean MEDSL · Minnehaha

• 2024 margin: R (+12.7) · D 42.5% · R 55.2% · Other 2.4%
• 2008→2024 swing: -13.4pp toward R · 2008: 0.7pp · 2024: -12.7pp
• All cycles: 2024: R+12.7 2020: R+9.5 2016: R+14.6 2012: R+7.4 2008: D+0.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -97.10%
• Current HPI: 261.8359
• Rent YoY: ▲ 6.99%
• Metro: Sioux Falls, 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

+171.5% since first listed

8 events — show timeline

• 2026-03-23 Listed $219,900 REALTOR® Association of the Sioux Empire
• 2026-03-12 Listing Removed — REALTOR® Association of the Sioux Empire
• 2026-01-29 Price Changed $220,000 REALTOR® Association of the Sioux Empire
• 2026-01-05 Price Changed $230,000 REALTOR® Association of the Sioux Empire
• 2025-12-12 Listed $260,000 REALTOR® Association of the Sioux Empire
• 2015-12-03 Sold (Public Records) $130,000 Public Records
• 2015-10-05 Listed $139,000 REALTOR® Association of the Sioux Empire
• 2013-04-15 Sold (Public Records) $81,000 Public Records

Property tax history

+5.5%/yr

Latest (2024): $3,717 · -11.0% YoY. Source: county tax records.