602 W 3rd Ave · Mitchell, SD 57301

$109,000

3 bd · 1.0 ba · 1,294 sqft · SingleFamily public records · 57 Days on market

Built 1900 7,100 sqft lot $84/sqft · 28% below area Est $155k · 30% under

---

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 +24.2/30.0
• ARV discount +15.0/15.0
• DSCR +7.8/10.0
• 1% rule +6.2/10.0
• Schools +4.9/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

As neat and clean as you will find! Ready to move in. Main floor laundry.

Key facts

• Spacious kitchen
• Large back yard
• Main floor utility

Tags

• ENCLOSED FRONT PORCH
• SPACIOUS KITCHEN
• MAIN FLOOR UTILITY
• LARGE BACK YARD
• DETACHED SINGLE CAR GARAGE

Property features AI

Exterior

• Parking: Attached or detached garage (1-car garage)
• Utilities: Public water; Public sewer
• Home design: Single-family residence; One-story
• Construction: Frame construction; Metal roof; Below-grade finished area
• Exterior features: Deck

Interior

• Flooring: Laminate
• Bathrooms: 1 full bathroom
• Heating & cooling: Natural gas heating; Central air conditioning
• Interior features: Laminate flooring; Partial finished basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $109k.

Deal economics

• At list price, monthly cash flow is $217 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $109k).
• Recommended offer: $106k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.7% vs local median 2.5% in Mitchell — 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 77/100 on livability (#18 in SD, #2,969 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools C-, employment C-, amenities D+.
• Mitchell School District 17-2 (town): math 55% / reading 62% proficiency, ranked #11 of 59 in SD (top 19%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 135 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 48 units permitted in Davison County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $754 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Davison County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 57 days — a 3% lower offer ($106k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $53k; list at $109k implies a 106% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $105,730 (3.0% below list)

Questions for the listing agent

1. It's been on market 57 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.12% ✓
• Cap rate: 8.68%
• Cash-on-cash: 8.52%
• DSCR: 1.38
• GRM: 7.4

CMA / ARV

• ARV (median comp): $155,294
• List price: $109,000
• Delta: -29.81%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
705 W 5th Ave	0.13mi	3/2.0	1,330 (+3%)	10mo	$145,000	$109	77
921 W 5th Ave	0.29mi	3/1.0	1,331 (+3%)	10mo	$175,000	$131	74
504 S Edmunds St	0.45mi	3/2.0	1,200 (-7%)	1mo	$184,500	$154	62
1020 W 5th Ave	0.36mi	2/1.0 (-1)	1,170 (-10%)	2mo	$75,000	$64	61
521 S Duff St	0.52mi	3/1.0	1,187 (-8%)	2mo	$155,000	$131	61
516 S Montana St	0.48mi	2/1.0 (-1)	1,235 (-5%)	7mo	$150,000	$121	59
1016 W 3rd Ave	0.33mi	3/1.0	1,101 (-15%)	1mo	$90,000	$82	59
1105 W 3rd Ave	0.37mi	3/1.0	1,106 (-14%)	1mo	$200,000	$181	58
316 E 3rd Ave	0.56mi	3/1.0	1,203 (-7%)	7mo	$157,000	$131	56
1012 W 3rd Ave	0.32mi	2/1.0 (-1)	1,100 (-15%)	1mo	$150,000	$136	54
315 E 9th Ave	0.68mi	2/2.0 (-1)	1,199 (-7%)	0mo	$115,000	$96	47
1326 W 4th Ave	0.59mi	3/2.0	1,442 (+11%)	10mo	$223,000	$155	41

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: -3.4%
• Equity multiple: 0.87×
• Total profit: $-3,845
• Equity at exit: $16,252

10-year hold

• IRR: 6.4%
• Equity multiple: 1.47×
• Total profit: $14,487
• Equity at exit: $9,424

Cash invested: $30,520 (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 57301

• Active inventory: 135
• Price-to-rent: 7.4×

Monthly cashflow live

• Estimated rent: $1,222 high
• Mortgage (P&I): −$572
• Tax from tax record: −$131 /mo · $1,576/yr
• Insurance: −$45
• HOA: −$0
• Vacancy / Maint / Mgmt: −$257
• Net cashflow: $217

Break-even live

Break-even rent $947

Max offer price $109,000

Occupancy floor 77%

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: $27,250
• Closing costs: $3,270
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
316 W 2nd Ave Mitchell, SD	4.0	2.0	1726	$1,450	$0.84	43d	1	0.21mi
200 W 4th Ave Unit 3 Mitchell, SD	2.0	1.0	1085	$725	$0.67	43d	1	0.30mi
310 S Edmunds St Mitchell, SD	4.0	1.0	1399	$1,450	$1.04	43d	1	0.34mi
605 W 10th Ave Mitchell, SD	4.0	1.0	1200	$1,450	$1.21	43d	1	0.45mi
408 S Duff St Unit B Mitchell, SD	2.0	1.0	1200	$800	$0.67	43d	1	0.47mi
122 W 9th Ave Unit 122 1/2 Mitchell, SD	3.0	1.0	965	$1,000	$1.04	43d	1	0.51mi
401 W 11th Ave Mitchell, SD	3.0	1.0	1196	$1,400	$1.17	43d	1	0.54mi
420 E 6th Ave Unit 2 (back) Mitchell, SD	3.0	1.0	1542	$1,200	$0.78	43d	1	0.66mi
509 E 1st Ave Mitchell, SD	3.0	1.0	1425	$1,350	$0.95	43d	1	0.71mi
623 E Hanson Ave Mitchell, SD	3.0	1.0	1023	$1,200	$1.17	43d	1	0.83mi
1523 W Elm St Unit 1415 Mitchell, SD	2.0	1.0	1000	$1,250	$1.25	43d	1	0.85mi
400 E 12th Ave Unit 1 Mitchell, SD	2.0	1.0	900	$1,000	$1.11	43d	1	0.85mi
821 E 7th Ave Unit 2 (up) Mitchell, SD	2.0	1.0	925	$750	$0.81	43d	1	0.95mi
910 N Winsor St Mitchell, SD	3.0	1.0	996	$1,300	$1.31	43d	1	0.98mi
111 E Juniper Ave Unit 9 Mitchell, SD	3.0	2.5	1737	$1,950	$1.12	43d	1	1.02mi
933 E 5th Ave Mitchell, SD	3.0	1.0	1138	$1,450	$1.27	43d	1	1.02mi
1820 N Wisconsin St Unit F7 Mitchell, SD	2.0	1.0	1000	$1,300	$1.30	43d	1	1.03mi
1820 N Wisconsin St Unit B2 Mitchell, SD	2.0	1.0	1000	$915	$0.92	43d	1	1.03mi
2050 Quail St Mitchell, SD	2.0	2.0	1335	$1,900	$1.42	43d	1	1.08mi

Listing history 21 events

1. 2026-06-19
   days on market $109,000 Active 57 DOM
2. 2026-06-18
   days on market $109,000 Active 56 DOM
3. 2026-06-17
   days on market $109,000 Active 55 DOM
4. 2026-06-16
   days on market $109,000 Active 54 DOM
5. 2026-06-15
   days on market $109,000 Active 53 DOM
6. 2026-06-14
   days on market $109,000 Active 51 DOM
7. 2026-06-12
   days on market $109,000 Active 50 DOM
8. 2026-06-09
   pricedays on market $109,000 Active 47 DOM
9. 2026-06-08
   days on market $119,000 Active 46 DOM
10. 2026-06-07
    days on market $119,000 Active 45 DOM
11. 2026-06-05
    days on market $119,000 Active 43 DOM
12. 2026-06-04
    days on market $119,000 Active 41 DOM
13. 2026-06-02
    days on market $119,000 Active 40 DOM
14. 2026-06-01
    days on market $119,000 Active 39 DOM
15. 2026-05-31
    days on market $119,000 Active 38 DOM
16. 2026-05-31
    days on market $119,000 Active 37 DOM
17. 2026-05-12
    price $119,000 412-char remark
18. 2026-04-23
    listed $134,000 Active 412-char remark
19. 2012-09-07
    soldstatus $53,000
20. 2001-09-26
    soldstatus $36,000
21. 2001-09-25
    soldstatus $36,000 73-char remark

    Show marketing remark (73 chars)

    As neat and clean as you will find! Ready to move in. Main floor laundry.

ⓘ 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: $1,576 · $131/mo
• Projected year-2 tax: $1,576 · $131/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 5/10 Major
• 🌡 Heat 3/10 Moderate 7 d/yr ≥101°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: $14,659
• − Mortgage interest: −$6,106
• − Property taxes: −$1,576
• − Insurance: −$545
• − Repairs & maintenance: −$1,173
• − Management: −$1,173
• − Depreciation: −$3,171
• Taxable income: $916
• Est. tax owed @ 24.0%: −$220
• After-tax cash flow: $2,381/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: Mitchell School District 17-2
• NCES district ID: 4648390
• Math proficiency: 55% ▬ 0.00%
• Reading proficiency: 62% ▲ 5.00%
• Median HH income: $45,912
• Composite: 49.42/100
• National rank: #2008
• State rank: #11 of 59 in SD

Livability — Mitchell

• Score: 77/100
• State rank: #18
• US rank: #2969

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Mitchell, SD
• County: Davison County · 19,104 people
• City population: 19,104
• Metro: Mitchell, SD
• Population (ZIP): 19,104
• Household income: $65,620
• Rent vs Own: 38.4% rent · 61.6% own
• Severe rent burden: 537.0

Population outlook (Davison County) Hauer SSP2

• Today (2025): 20,529 people
• By 2030: 20,856 · +1.6%
• By 2040: 21,415 · +4.3%
• By 2050: 21,925 · +6.8%
• By 2075: 24,245 · +18.1%
• By 2100: 29,222 · +42.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Hispanic / Latino 5% Native American 4% Two or more races 3%
• Common ancestry: Portuguese 10% Iranian 7% Lithuanian 3%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 2%

Political lean MEDSL · Davison

• 2024 margin: Solid R (+37.8) · D 29.9% · R 67.7% · Other 2.5%
• 2008→2024 swing: -23.8pp toward R · 2008: -13.9pp · 2024: -37.8pp
• All cycles: 2024: R+37.8 2020: R+35.1 2016: R+35.2 2012: R+21.5 2008: R+13.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -136.01%
• Current HPI: 179.7909
• Rent YoY: —
• Metro: Mitchell, 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

+202.8% since first listed

6 events — show timeline

• 2026-06-09 Price Changed $109,000 MBOR
• 2026-05-12 Price Changed $119,000 MBOR
• 2026-04-23 Listed $134,000 MBOR
• 2012-09-07 Sold (Public Records) $53,000 Public Records
• 2001-09-26 Sold (Public Records) $36,000 Public Records
• 2001-09-25 Sold (MLS) $36,000 MBOR

Property tax history

+2.6%/yr

Latest (2025): $1,576 · +3.0% YoY. Source: county tax records.