237 St. Patrick St · Rapid City, SD 57701

$97,500

2 bd · 1.0 ba · 760 sqft · SingleFamily public records · 21 Days on market

Built 1949 6,970 sqft lot

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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 +26.3/30.0
• DSCR +8.9/10.0
• ARV discount +7.5/15.0
• 1% rule +7.2/10.0
• 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

Listing remarks MLS

This 1 bedroom, 1 bathroom property offers an opportunity for investors, flippers, or buyers looking for a true handyman special. The home is in need of repairs and updating but has potential for renovation or redevelopment. Situated on a convenient corner lot with easy access to downtown. Spacious 20x32 two car garage, providing excellent storage, workspace, or parking options. Bring your tools, vision, and creativity to restore this property to its full potential. Property is being sold as-is.

Key facts

• Two car garage
• Excellent storage
• Corner lot

Tags

• CORNER LOT
• EASY ACCESS TO DOWNTOWN
• TWO CAR GARAGE
• EXCELLENT STORAGE

Property features AI

Finance

• Other: Located in the SOUTH BLVD subdivision
• HOA & community: No association amenities

Exterior

• Parking: Detached 2-car garage
• Utilities: Electric service with circuit breakers
• Home design: Single-family residence; One story
• Construction: Metal roof
• Exterior features: Corner lot; Has a view

Interior

• Flooring: Laminate
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; Ceiling fan(s)
• Interior features: Laminate flooring; Basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $98k.

Deal economics

• At list price, monthly cash flow is $252 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $98k).
• Recommended offer: $96k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.4% 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.
• Market conditions: Rents rising (+1.7%/yr); 216 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 1,181 units permitted in Pennington County in 2024 (715 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $674 of loan paydown is wiped out by about $3k 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

• It's been on market 21 days — a 2% lower offer ($96k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Risks & watch-outs

• Watch-outs: built in 1949 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $96,037 (1.5% below list)

Questions for the listing agent

1. Built in 1949 — 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: 1.22% ✓
• Cap rate: 9.39%
• Cash-on-cash: 11.06%
• DSCR: 1.49
• GRM: 6.8

CMA / ARV

• ARV (on-the-fly): $231,800
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
237 St Patrick St	0.00mi	1/1.0 (-1)	760 (0%)	0mo	$85,000	$112	95
209 Saint Paul St	0.28mi	2/1.0	768 (+1%)	1mo	$264,900	$345	84
17 St Andrew St	0.30mi	2/1.0	768 (+1%)	0mo	$237,500	$309	84
28 Meade St	0.31mi	2/1.0	768 (+1%)	2mo	$105,000	$137	82
28 St Andrew St	0.29mi	2/1.0	720 (-5%)	2mo	$261,000	$363	76
126 E St Andrew	0.43mi	2/1.0	768 (+1%)	7mo	$235,000	$306	73
203 E St Patrick St	0.48mi	2/1.0	768 (+1%)	5mo	$237,500	$309	72
32 St Francis St	0.26mi	2/1.0	672 (-12%)	0mo	$205,000	$305	68
2111 Oak Ave	0.26mi	2/1.0	864 (+14%)	2mo	$191,000	$221	63
37 St. Andrew St	0.26mi	2/1.0	871 (+15%)	10mo	$199,900	$230	55
820 4th St	0.62mi	2/1.0	790 (+4%)	11mo	$155,000	$196	55
301 E Meade St	0.67mi	2/1.0	864 (+14%)	8mo	$205,000	$237	39

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: -1.2%
• Equity multiple: 0.95×
• Total profit: $-1,270
• Equity at exit: $14,538

10-year hold

• IRR: 7.0%
• Equity multiple: 1.50×
• Total profit: $13,540
• Equity at exit: $8,430

Cash invested: $27,300 (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: 216
• Price-to-rent: 6.8×

Monthly cashflow live

• Estimated rent: $1,191 high
• Mortgage (P&I): −$511
• Tax from tax record: −$138 /mo · $1,651/yr
• Insurance: −$41
• HOA: −$0
• Vacancy / Maint / Mgmt: −$250
• Net cashflow: $252

Break-even live

Break-even rent $873

Max offer price $97,500

Occupancy floor 74%

Sensitivity live

Price	-10% $307	-5% $279	+0% $252	+5% $224	+10% $196
Rent	-10% $158	-5% $205	+0% $252	+5% $299	+10% $346
Rate	-1.0pp $301	-0.5pp $276	base $252	+0.5pp $226	+1.0pp $201

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: $24,375
• Closing costs: $2,925
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
27 Signal Dr Rapid City, SD	2.0	1.0	648	$925	$1.43	22d	1	0.44mi
231 Quincy St Unit 231 1/2 Quincy Rapid City, SD	1.0	1.0	930	$850	$0.91	22d	1	0.67mi
706 South St Unit 2 Rapid City, SD	1.0	1.0	700	$1,200	$1.71	22d	1	0.73mi
1230 Estes Park Ct Rapid City, SD	2.0	1.0–2.0	956	$1,035	$1.08	22d	9	0.75mi
100 Saint Joseph St Rapid City, SD	2.0	1.0–2.0	744	$1,750	$2.35	22d	4	0.87mi
612 6th St Rapid City, SD	2.0	1.0–2.0	772	$2,945	$3.81	22d	19	0.91mi
426 E Fairmont Blvd Rapid City, SD	3.0	2.0	990	$999	$1.01	22d	1	1.18mi
118 Waterloo St Apt 110 Rapid City, SD	1.0–4.0	1.0–1.5	810	$1,064	$1.31	22d	7	1.47mi
1800 Shaver St Rapid City, SD	3.0	1.0–2.0	920	$1,673	$1.82	22d	2	1.49mi

Listing history 2 events

1. 2026-05-05
   listed $97,500 Active 500-char remark

   Show marketing remark (500 chars)

   This 1 bedroom, 1 bathroom property offers an opportunity for investors, flippers, or buyers looking for a true handyman special. The home is in need of repairs and updating but has potential for renovation or redevelopment. Situated on a convenient corner lot with easy access to downtown. Spacious 20x32 two car garage, providing excellent storage, workspace, or parking options. Bring your tools, vision, and creativity to restore this property to its full potential. Property is being sold as-is.

2. 2026-05-05
   listed $97,500 Active

   Show marketing remark (500 chars)

   This 1 bedroom, 1 bathroom property offers an opportunity for investors, flippers, or buyers looking for a true handyman special. The home is in need of repairs and updating but has potential for renovation or redevelopment. Situated on a convenient corner lot with easy access to downtown. Spacious 20x32 two car garage, providing excellent storage, workspace, or parking options. Bring your tools, vision, and creativity to restore this property to its full potential. Property is being sold as-is.

ⓘ 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: $1,651 · $138/mo
• Projected year-2 tax: $1,651 · $138/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 6/10 Major FEMA zone X (unshaded) · 74% chance over 30 yrs
• 🔥 Wildfire 7/10 Severe
• 🌡 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: $14,296
• − Mortgage interest: −$5,462
• − Property taxes: −$1,651
• − Insurance: −$488
• − Repairs & maintenance: −$1,144
• − Management: −$1,144
• − Depreciation: −$2,836
• Taxable income: $1,572
• Est. tax owed @ 24.0%: −$377
• After-tax cash flow: $2,642/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

+0.0% since first listed

2 events — show timeline

• 2026-05-05 Listed $97,500 BHMLS
• 2026-05-05 Listed $97,500 MRAOR

Property tax history

+2.3%/yr

Latest (2025): $1,651 · -0.7% YoY. Source: county tax records.