721 Fuller St · Spencer, SD 57374

$99,000

2 bd · 1.0 ba · 1,430 sqft · SingleFamily public records · 88 Days on market

Built 1912

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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 +20.9/30.0
• Appreciation +8.7/10.0
• ARV discount +7.5/15.0
• DSCR +6.7/10.0
• 1% rule +6.1/10.0
• Schools +4.2/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Lots of character and lots of charm. When you walk into the home you will immediately notice the abundance of sunlight in the dining room and living room areas. A perfect home for plant lovers! The main floor master bedroom is attached to the bathroom and offers a large closet, as well as space for a washer and dryer. The upper floor offers a big bedroom space as well as a bonus space that could be used as a bedroom, family room, or any number of things. The basement exterior walls have been framed and you could easily add more living space down there. Plumbing updated approximately 4 months ago. New electrical box just installed. Metal roof. Property offers two lots so there’s plenty of room!

Key facts

• Ample storage space
• Well-sized lot
• Built 1912

Tags

• AMPLE STORAGE SPACE
• BONUS HEATED ATTIC ROOM
• WELL-SIZED LOT
• OUTDOOR GRILL HARD-LINED

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $99k.

Deal economics

• At list price, monthly cash flow is $139 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $99k).
• Recommended offer: $93k (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 61/100 on livability (#230 in SD) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime D+, amenities F, commute F.
• Mccook Central School District 43-7 (rural): math 44% / reading 50% proficiency, ranked #87 of 148 in SD (top 59%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Mccook Central Elementary - 02 (math 24% / reading 24%, grade F, #219 of 253 statewide, top 89%, 184 students, 21% FRL); Mccook Central Middle School - 03 (math 47% / reading 57%, grade C+, #46 of 143 statewide, top 37%, 96 students, 18% FRL); Mccook Central High School - 01 (math 30% / reading 50%, grade F, #114 of 151 statewide, top 81%, 128 students, 16% FRL).
• Market conditions: 4 active listings in the ZIP; 22 units permitted in McCook County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $8k of equity ($684 loan paydown + $7k appreciation (7.5% local appreciation)).
• McCook County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (7.5% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 88 days — a 6% lower offer ($93k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 4y ago; this cycle's ask has dropped $21k (18%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $83k; 19% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1912 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $93,060 (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 1912 — 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 F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. Crime grade is D 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?
7. 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.
8. 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.
9. 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: 1.11% ✓
• Cap rate: 7.97%
• Cash-on-cash: 6.00%
• DSCR: 1.27
• GRM: 7.5

CMA / ARV

• ARV (on-the-fly): $227,370
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
719 East St St	0.19mi	3/1.0 (+1)	1,468 (+3%)	6mo	$125,000	$85	77
304 E 4th St St	0.26mi	3/3.0 (+1)	1,364 (-5%)	4mo	$225,000	$165	64
550 East St	0.30mi	2/2.0	1,568 (+10%)	22mo	$249,000	$159	48

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

7.49% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 23.5%
• Equity multiple: 2.68×
• Total profit: $46,447
• Equity at exit: $71,805

10-year hold

• IRR: 21.6%
• Equity multiple: 5.63×
• Total profit: $128,280
• Equity at exit: $139,400

Cash invested: $27,720 (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 57374

• Home prices YoY: 4.1%
• Active inventory: 4
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $1,095 medium
• Mortgage (P&I): −$519
• Tax from tax record: −$166 /mo · $1,992/yr
• Insurance: −$41
• HOA: −$0
• Vacancy / Maint / Mgmt: −$230
• Net cashflow: $139

Break-even live

Break-even rent $920

Max offer price $99,000

Occupancy floor 82%

Sensitivity live

Price	-10% $195	-5% $167	+0% $139	+5% $111	+10% $83
Rent	-10% $52	-5% $95	+0% $139	+5% $182	+10% $225
Rate	-1.0pp $188	-0.5pp $164	base $139	+0.5pp $113	+1.0pp $87

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: $24,750
• Closing costs: $2,970
• Reserves months: —
• Total cash needed: —

Listing history 9 events

1. 2026-04-07
   status Pending
2. 2026-02-10
   price $99,000
3. 2026-01-22
   price $110,000
4. 2026-01-09
   listed $120,000 Active
5. 2022-05-17
   status Pending 708-char remark

   Show marketing remark (708 chars)

   Lots of character and lots of charm. When you walk into the home you will immediately notice the abundance of sunlight in the dining room and living room areas. A perfect home for plant lovers! The main floor master bedroom is attached to the bathroom and offers a large closet, as well as space for a washer and dryer. The upper floor offers a big bedroom space as well as a bonus space that could be used as a bedroom, family room, or any number of things. The basement exterior walls have been framed and you could easily add more living space down there. Plumbing updated approximately 4 months ago. New electrical box just installed. Metal roof. Property offers two lots so there’s plenty of room!

6. 2022-05-16
   soldstatus $83,000 Sold 708-char remark

   Show marketing remark (708 chars)

   Lots of character and lots of charm. When you walk into the home you will immediately notice the abundance of sunlight in the dining room and living room areas. A perfect home for plant lovers! The main floor master bedroom is attached to the bathroom and offers a large closet, as well as space for a washer and dryer. The upper floor offers a big bedroom space as well as a bonus space that could be used as a bedroom, family room, or any number of things. The basement exterior walls have been framed and you could easily add more living space down there. Plumbing updated approximately 4 months ago. New electrical box just installed. Metal roof. Property offers two lots so there’s plenty of room!

7. 2022-04-11
   historical Active - Contingent Misc 708-char remark

   Show marketing remark (708 chars)

   Lots of character and lots of charm. When you walk into the home you will immediately notice the abundance of sunlight in the dining room and living room areas. A perfect home for plant lovers! The main floor master bedroom is attached to the bathroom and offers a large closet, as well as space for a washer and dryer. The upper floor offers a big bedroom space as well as a bonus space that could be used as a bedroom, family room, or any number of things. The basement exterior walls have been framed and you could easily add more living space down there. Plumbing updated approximately 4 months ago. New electrical box just installed. Metal roof. Property offers two lots so there’s plenty of room!

8. 2022-03-28
   listed $86,900 Active - New 708-char remark

   Show marketing remark (708 chars)

   Lots of character and lots of charm. When you walk into the home you will immediately notice the abundance of sunlight in the dining room and living room areas. A perfect home for plant lovers! The main floor master bedroom is attached to the bathroom and offers a large closet, as well as space for a washer and dryer. The upper floor offers a big bedroom space as well as a bonus space that could be used as a bedroom, family room, or any number of things. The basement exterior walls have been framed and you could easily add more living space down there. Plumbing updated approximately 4 months ago. New electrical box just installed. Metal roof. Property offers two lots so there’s plenty of room!

9. 2007-02-01
   soldstatus $53,500 371-char remark

   Show marketing remark (371 chars)

   A very comfortable home in a rural community of Spencer. This 2 bedroom home with large open front porch includes many improvement with newer cement siding, shingles, furnace and updated main floor bathroom, also has main floor laundry, updated kitchen, and formal dining room, full drain tiled basement ready to be finished, single car garage with storage unit attached.

ⓘ 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: $1,992 · $166/mo
• Projected year-2 tax: $1,992 · $166/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 4/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥102°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: $13,139
• − Mortgage interest: −$5,546
• − Property taxes: −$1,992
• − Insurance: −$495
• − Repairs & maintenance: −$1,051
• − Management: −$1,051
• − Depreciation: −$2,880
• Taxable income: $124
• Est. tax owed @ 24.0%: −$30
• After-tax cash flow: $1,633/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: Mccook Central School District 43-7
• NCES district ID: 4601026
• Math proficiency: 44% ▲ 9.00%
• Reading proficiency: 50% ▬ 0.00%
• Median HH income: $50,476
• Composite: 42.47/100
• National rank: #6885
• State rank: #87 of 148 in SD

Livability — Spencer

• Score: 61/100
• State rank: #230
• US rank: #17494

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Spencer, SD
• Population (ZIP): 318

Population outlook (McCook County) Hauer SSP2

• Today (2025): 5,591 people
• By 2030: 5,617 · +0.5%
• By 2040: 5,771 · +3.2%
• By 2050: 5,996 · +7.2%
• By 2075: 7,870 · +40.8%
• By 2100: 11,517 · +106.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Two or more races 4%
• Common ancestry: Portuguese 8% Romanian 3% Scotch-Irish 2%
• Foreign-born: 0% · Canada
• Languages at home: 98% English-only · German/W. Germanic 2%

Political lean MEDSL · McCook

• 2024 margin: Solid R (+49.3) · D 24.2% · R 73.5% · Other 2.3%
• 2008→2024 swing: -34.8pp toward R · 2008: -14.5pp · 2024: -49.3pp
• All cycles: 2024: R+49.3 2020: R+44.8 2016: R+45.3 2012: R+28.7 2008: R+14.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 7.49%
• Current HPI: 191.5968
• 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

+85.0% since first listed

9 events — show timeline

• 2026-04-07 Pending — MBOR
• 2026-02-10 Price Changed $99,000 MBOR
• 2026-01-22 Price Changed $110,000 MBOR
• 2026-01-09 Listed $120,000 MBOR
• 2022-05-17 Pending — REALTOR® Association of the Sioux Empire
• 2022-05-16 Sold (MLS) $83,000 REALTOR® Association of the Sioux Empire
• 2022-04-11 Contingent — REALTOR® Association of the Sioux Empire
• 2022-03-28 Listed $86,900 REALTOR® Association of the Sioux Empire
• 2007-02-01 Sold (MLS) $53,500 MBOR

Property tax history

+2.1%/yr

Latest (2025): $1,992 · +4.9% YoY. Source: county tax records.