412 1st Ave N · Lake Norden, SD 57248

$269,500

4 bd · 3.0 ba · 4,446 sqft · SingleFamily · 73 Days on market

Built 1882 7,405 sqft lot $61/sqft · 43% below area Est $469k · 43% under

---

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
• Appreciation +10.0/10.0
• Cash flow +5.6/30.0
• Schools +4.6/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +1.1/10.0
• DSCR +0.0/10.0

Listing remarks MLS

If space is what your needing then look no further than this one of a kind 4 Bedroom 4 bath 2 story house with a double deep 3 stall garage on a corner lot in Lake Norden. This home is full of character and charm with a fireplace that take centerstage in living room and sky high vaulted ceiling is sure to please. The home is very well kept with master bedroom suite on the main level. This house is definitely worth a look.

Key facts

• 7,405 sq ft lot
• 3 garage spots
• Built 1882

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath single-family listed at $270k.

Deal economics

• At list price, monthly cash flow is $-562 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $188k (30.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $165k (38.9% below list).
• Recommended offer: $165k (38.9% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 65/100 on livability (#142 in SD) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, crime D+, amenities F.
• Hamlin School District 28-3 (rural): math 55% / reading 51% proficiency, ranked #18 of 59 in SD (top 30%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Hamlin Elementary - 09 (math 62% / reading 57%, grade B-, #56 of 253 statewide, top 29%, 451 students, 35% FRL); Hamlin Middle School - 02 (math 47% / reading 42%, grade D, #75 of 143 statewide, top 61%, 186 students, 30% FRL); Hamlin High School - 01 (math 54% / reading 64%, grade C+, #31 of 151 statewide, top 32%, 233 students, 23% FRL) — zoned schools at 29% FRL track the district average.
• Market conditions: 11 active listings in the ZIP; 56 units permitted in Hamlin County in 2024 (5 in 5+ unit buildings).

Forward outlook

• In year one you build about $29k of equity ($2k loan paydown + $27k appreciation (10.0% local appreciation)).
• Hamlin County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• By year 2, paydown + projected appreciation supports a ~$46k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 73 days — a 6% lower offer ($253k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 12y ago; this cycle's ask has dropped $20k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $109k; list at $270k implies a 147% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1882 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $164,608 (38.9% 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 73 days. Have you received any prior offers? Is the seller open to a 39% concession, seller financing, or rate buy-down credit?
3. Built in 1882 — 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 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?
7. 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?
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: 0.61% ✗
• Cap rate: 3.79%
• Cash-on-cash: -8.94%
• DSCR: 0.60
• GRM: 13.6

CMA / ARV

• ARV (median comp): $469,118
• List price: $269,500
• Delta: -42.55%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 18.0%
• Equity multiple: 2.47×
• Total profit: $111,004
• Equity at exit: $242,787

10-year hold

• IRR: 16.8%
• Equity multiple: 5.71×
• Total profit: $355,090
• Equity at exit: $523,579

Cash invested: $75,460 (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 57248

• Home prices YoY: 9.6%
• Active inventory: 11
• Price-to-rent: 13.6×

Monthly cashflow live

• Estimated rent: $1,646 medium
• Mortgage (P&I): −$1,413
• Tax est. 1.5%: −$337 /mo · $4,042/yr
• Insurance: −$112
• HOA: −$0
• Vacancy / Maint / Mgmt: −$346
• Net cashflow: $-562

Break-even live

Break-even rent $2,358

Max offer price $188,170

Occupancy floor —

Sensitivity live

Price	-10% $-376	-5% $-469	+0% $-562	+5% $-655	+10% $-748
Rent	-10% $-692	-5% $-627	+0% $-562	+5% $-497	+10% $-432
Rate	-1.0pp $-426	-0.5pp $-494	base $-562	+0.5pp $-632	+1.0pp $-703

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: $67,375
• Closing costs: $8,085
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-21
   days on market $269,500 Active 73 DOM
2. 2026-06-19
   days on market $269,500 Active 71 DOM
3. 2026-06-18
   days on market $269,500 Active 70 DOM
4. 2026-06-18
   price $269,500 Active 69 DOM
5. 2026-06-17
   days on market $279,900 Active 69 DOM
6. 2026-06-16
   days on market $279,900 Active 68 DOM
7. 2026-06-15
   days on market $279,900 Active 67 DOM
8. 2026-06-14
   days on market $279,900 Active 65 DOM
9. 2026-06-12
   days on market $279,900 Active 64 DOM
10. 2026-06-09
    days on market $279,900 Active 61 DOM
11. 2026-06-08
    days on market $279,900 Active 60 DOM
12. 2026-06-07
    days on market $279,900 Active 59 DOM
13. 2026-06-05
    days on market $279,900 Active 57 DOM
14. 2026-06-03
    days on market $279,900 Active 55 DOM
15. 2026-06-02
    days on market $279,900 Active 54 DOM
16. 2026-06-01
    days on market $279,900 Active 53 DOM
17. 2026-05-31
    days on market $279,900 Active 52 DOM
18. 2026-05-30
    days on market $279,900 Active 51 DOM
19. 2026-05-12
    price $279,900 425-char remark

    Show marketing remark (425 chars)

    If space is what your needing then look no further than this one of a kind 4 Bedroom 4 bath 2 story house with a double deep 3 stall garage on a corner lot in Lake Norden. This home is full of character and charm with a fireplace that take centerstage in living room and sky high vaulted ceiling is sure to please. The home is very well kept with master bedroom suite on the main level. This house is definitely worth a look.

20. 2026-04-10
    listed $289,500 Active 425-char remark

    Show marketing remark (425 chars)

    If space is what your needing then look no further than this one of a kind 4 Bedroom 4 bath 2 story house with a double deep 3 stall garage on a corner lot in Lake Norden. This home is full of character and charm with a fireplace that take centerstage in living room and sky high vaulted ceiling is sure to please. The home is very well kept with master bedroom suite on the main level. This house is definitely worth a look.

21. 2015-01-06
    soldstatus $109,000 826-char remark

    Show marketing remark (826 chars)

    BRIGHT SPACIOUS LIVING in a family-friendly community. Revamped with style the white walls and timber floors add a dramatic tone to the interior. This home bursts with character and personality. The fireplace is the centerpiece of the living room including high, vaulted ceilings in the living area that enhances its spacious look with an open-plan kitchen and dining area that has plenty of stylish appeal accented with sleek white cabinetry. All new windows, vinyl siding, new updated electrical with tons of outlets and new steel roof. Adding yet another unexpected element to a property full of surprises the lower level is equipped with a full living area you can use yourself and rent out. It includes 2 bedroom 2 bathrooms, kitchen, living room, dining area and separate entrance. Once you see it you'll want to own it!

22. 2014-05-12
    listed $119,900 826-char remark

    Show marketing remark (826 chars)

    BRIGHT SPACIOUS LIVING in a family-friendly community. Revamped with style the white walls and timber floors add a dramatic tone to the interior. This home bursts with character and personality. The fireplace is the centerpiece of the living room including high, vaulted ceilings in the living area that enhances its spacious look with an open-plan kitchen and dining area that has plenty of stylish appeal accented with sleek white cabinetry. All new windows, vinyl siding, new updated electrical with tons of outlets and new steel roof. Adding yet another unexpected element to a property full of surprises the lower level is equipped with a full living area you can use yourself and rent out. It includes 2 bedroom 2 bathrooms, kitchen, living room, dining area and separate entrance. Once you see it you'll want to own it!

ⓘ 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

• 🌊 Flood 1/10 Low 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 1/10 Low 7 d/yr ≥98°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: $19,753
• − Mortgage interest: −$15,096
• − Property taxes: −$4,042
• − Insurance: −$1,348
• − Repairs & maintenance: −$1,580
• − Management: −$1,580
• − Depreciation: −$7,840
• Taxable loss: −$11,734
• Est. tax savings @ 24.0%: +$2,816
• After-tax cash flow: $-3,929/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: Hamlin School District 28-3
• NCES district ID: 4630800
• Math proficiency: 55% ▲ 2.00%
• Reading proficiency: 51% ▼ -7.00%
• Median HH income: $53,528
• Composite: 45.64/100
• National rank: #2584
• State rank: #18 of 59 in SD

Livability — Lake Norden

• Score: 65/100
• State rank: #142
• US rank: #12795

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lake Norden, SD
• Population (ZIP): 1,150

Population outlook (Hamlin County) Hauer SSP2

• Today (2025): 6,108 people
• By 2030: 6,113 · +0.1%
• By 2040: 6,214 · +1.7%
• By 2050: 6,346 · +3.9%
• By 2075: 7,401 · +21.2%
• By 2100: 9,572 · +56.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Hispanic / Latino 12%
• Common ancestry: Portuguese 15% Iranian 7% Scottish 2%
• Foreign-born: 8% · Canada
• Languages at home: 88% English-only · Spanish 11% German/W. Germanic 1%

Political lean MEDSL · Hamlin

• 2024 margin: Solid R (+60.5) · D 18.9% · R 79.4% · Other 1.7%
• 2008→2024 swing: -38.3pp toward R · 2008: -22.2pp · 2024: -60.5pp
• All cycles: 2024: R+60.5 2020: R+56.0 2016: R+54.2 2012: R+31.6 2008: R+22.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 38.24%
• Current HPI: 438.6
• 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

+133.4% since first listed

4 events — show timeline

• 2026-05-12 Price Changed $279,900 NESD
• 2026-04-10 Listed $289,500 NESD
• 2015-01-06 Sold (MLS) $109,000 NESD
• 2014-05-12 Listed $119,900 NESD