438 Other · Sturgis, SD 57785

$65,000

2 bd · 2.0 ba · 924 sqft · Manufactured · 72 Days on market

Built 1986 Fair condition $70/sqft · 78% below area ↓ 13% since listing

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Why this score? — see what drove the B 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.3/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This home is located in Cactus Heights Mobile Home Park on a rented lot and is a 2 bedroom, 2 bathroom home with interior updates to some of the flooring and counter tops. The exterior of the home has recently been updated with new vinyl siding and skirting in the last two years. The primary bedroom has its own bathroom with large tub/shower and separate walk-in shower. There are two sheds on the property, the large shed was built by the owner, and the small shed is provided/owned by the MH park. New water heater in 2025. Mobile home park allows for subleasing and would make a great rental as well.

Key facts

• Built 1986
• Listed 71 days

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $65k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $361 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $65k).
• Recommended offer: $61k (6.0% below list) — sets the bar for market timing.
• Cap rate 12.9% vs local median 1.5% in Sturgis — 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 75/100 on livability (#25 in SD, #3,821 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A-; Watch: employment D+, amenities F, commute F.
• Meade School District 46-1 (rural): math 45% / reading 55% proficiency, ranked #30 of 59 in SD (top 51%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 167 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 141 units permitted in Meade County in 2024 (25 in 5+ unit buildings).

Forward outlook

• 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.
• Meade County population projected at +35% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $18k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 72 days — a 6% lower offer ($61k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $10k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $61,100 (6.0% below list)

Questions for the listing agent

1. It's been on market 72 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
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. 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.
6. 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.
7. 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: 1.58% ✓
• Cap rate: 12.95%
• Cash-on-cash: 23.77%
• DSCR: 2.06
• GRM: 5.3

CMA / ARV

• ARV (median comp): $300,000
• List price: $65,000
• Delta: -78.33%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1851 Hill St	0.57mi	2/1.0	960 (+4%)	17mo	$79,000	$82	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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 16.9%
• Equity multiple: 1.68×
• Total profit: $12,446
• Equity at exit: $9,692

10-year hold

• IRR: 25.5%
• Equity multiple: 3.22×
• Total profit: $40,470
• Equity at exit: $5,620

Cash invested: $18,200 (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 57785

• Active inventory: 167
• Price-to-rent: 5.3×

Monthly cashflow live

• Estimated rent: $1,025 medium
• Mortgage (P&I): −$341
• Tax est. 1.5%: −$81 /mo · $975/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$215
• Net cashflow: $361

Break-even live

Break-even rent $569

Max offer price $65,000

Occupancy floor 60%

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: $16,250
• Closing costs: $1,950
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1900 Ellen St Sturgis, SD	2.0	1.0	726	$1,025	$1.41	20d	1	0.11mi

Listing history 21 events

1. 2026-06-19
   days on market $65,000 Active 72 DOM
2. 2026-06-18
   days on market $65,000 Active 71 DOM
3. 2026-06-17
   days on market $65,000 Active 70 DOM
4. 2026-06-16
   days on market $65,000 Active 69 DOM
5. 2026-06-15
   days on market $65,000 Active 68 DOM
6. 2026-06-14
   days on market $65,000 Active 66 DOM
7. 2026-06-13
   days on market $65,000 Active 65 DOM
8. 2026-06-10
   days on market $65,000 Active 63 DOM
9. 2026-06-09
   days on market $65,000 Active 62 DOM
10. 2026-06-08
    days on market $65,000 Active 61 DOM
11. 2026-06-07
    days on market $65,000 Active 60 DOM
12. 2026-06-05
    days on market $65,000 Active 57 DOM
13. 2026-06-03
    days on market $65,000 Active 56 DOM
14. 2026-06-02
    days on market $65,000 Active 55 DOM
15. 2026-06-01
    days on market $65,000 Active 54 DOM
16. 2026-05-31
    days on market $65,000 Active 53 DOM
17. 2026-05-30
    days on market $65,000 Active 52 DOM
18. 2026-05-18
    price $65,000 606-char remark

    Show marketing remark (606 chars)

    This home is located in Cactus Heights Mobile Home Park on a rented lot and is a 2 bedroom, 2 bathroom home with interior updates to some of the flooring and counter tops. The exterior of the home has recently been updated with new vinyl siding and skirting in the last two years. The primary bedroom has its own bathroom with large tub/shower and separate walk-in shower. There are two sheds on the property, the large shed was built by the owner, and the small shed is provided/owned by the MH park. New water heater in 2025. Mobile home park allows for subleasing and would make a great rental as well.

19. 2026-05-18
    price $65,000 606-char remark

    Show marketing remark (606 chars)

    This home is located in Cactus Heights Mobile Home Park on a rented lot and is a 2 bedroom, 2 bathroom home with interior updates to some of the flooring and counter tops. The exterior of the home has recently been updated with new vinyl siding and skirting in the last two years. The primary bedroom has its own bathroom with large tub/shower and separate walk-in shower. There are two sheds on the property, the large shed was built by the owner, and the small shed is provided/owned by the MH park. New water heater in 2025. Mobile home park allows for subleasing and would make a great rental as well.

20. 2026-04-08
    listed $75,000 Active 606-char remark

    Show marketing remark (606 chars)

    This home is located in Cactus Heights Mobile Home Park on a rented lot and is a 2 bedroom, 2 bathroom home with interior updates to some of the flooring and counter tops. The exterior of the home has recently been updated with new vinyl siding and skirting in the last two years. The primary bedroom has its own bathroom with large tub/shower and separate walk-in shower. There are two sheds on the property, the large shed was built by the owner, and the small shed is provided/owned by the MH park. New water heater in 2025. Mobile home park allows for subleasing and would make a great rental as well.

21. 2026-04-07
    listed $75,000 Active 606-char remark

    Show marketing remark (606 chars)

    This home is located in Cactus Heights Mobile Home Park on a rented lot and is a 2 bedroom, 2 bathroom home with interior updates to some of the flooring and counter tops. The exterior of the home has recently been updated with new vinyl siding and skirting in the last two years. The primary bedroom has its own bathroom with large tub/shower and separate walk-in shower. There are two sheds on the property, the large shed was built by the owner, and the small shed is provided/owned by the MH park. New water heater in 2025. Mobile home park allows for subleasing and would make a great rental as well.

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

Climate risk First Street

• 🌡 Heat 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,300
• − Mortgage interest: −$3,641
• − Property taxes: −$975
• − Insurance: −$325
• − Repairs & maintenance: −$984
• − Management: −$984
• − Depreciation: −$1,891
• Taxable income: $3,500
• Est. tax owed @ 24.0%: −$840
• After-tax cash flow: $3,487/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.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab

This manufactured home requires moderate renovations to improve its condition and appeal. Interior updates, such as painting and replacing fixtures, would significantly enhance its resale and rental value.

Repairs flagged

• Minor kitchen backsplash — worn and dated
• Minor bathroom vanity — dated design
• Minor exterior siding — light wear

Value-add opportunities

• Both paint interior walls — fresh paint enhances curb appeal and interior aesthetics
• Both replace kitchen backsplash — new backsplash improves functionality and aesthetics
• Both replace bathroom vanity — new vanity enhances functionality and aesthetics

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen backsplash · worn and dated	Minor	$500–3,000
bathroom vanity · dated design	Minor	$500–3,000
exterior siding · light wear	Minor	$500–3,000
Total estimated repair cost · 3 items		$1,500–9,000

Value-add ROI direction

• Both paint interior walls — fresh paint enhances curb appeal and interior aesthetics ↑
• Both replace kitchen backsplash — new backsplash improves functionality and aesthetics ↑
• Both replace bathroom vanity — new vanity enhances functionality and aesthetics ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Meade School District 46-1
• NCES district ID: 4669930
• Math proficiency: 45% ▼ -6.00%
• Reading proficiency: 55% ▼ -3.00%
• Median HH income: $50,706
• Composite: 42.82/100
• National rank: #3139
• State rank: #30 of 59 in SD

Livability — Sturgis

• Score: 75/100
• State rank: #25
• US rank: #3821

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Sturgis, SD
• Population (ZIP): 10,705

Population outlook (Meade County) Hauer SSP2

• Today (2025): 31,231 people
• By 2030: 33,361 · +6.8%
• By 2040: 37,528 · +20.2%
• By 2050: 42,061 · +34.7%
• By 2075: 56,659 · +81.4%
• By 2100: 73,429 · +135.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 5% Hispanic / Latino 3% Black 1%
• Common ancestry: Portuguese 11% Lithuanian 4% Scotch-Irish 3%
• Foreign-born: 2% · China, Canada
• Languages at home: 97% English-only · Russian/Polish/Slavic 1% Spanish 1% Chinese 1%

Political lean MEDSL · Meade

• 2024 margin: Solid R (+50.9) · D 23.3% · R 74.2% · Other 2.5%
• 2008→2024 swing: -18.5pp toward R · 2008: -32.4pp · 2024: -50.9pp
• All cycles: 2024: R+50.9 2020: R+48.2 2016: R+53.5 2012: R+42.9 2008: R+32.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -176.69%
• Current HPI: 197.4942
• Rent YoY: —
• Metro: —
• 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

-13.3% since first listed

4 events — show timeline

• 2026-05-18 Price Changed $65,000 MRAOR
• 2026-05-18 Price Changed $65,000 BHMLS
• 2026-04-08 Listed $75,000 BHMLS
• 2026-04-07 Listed $75,000 MRAOR