401 N Spruce · Rapid City, SD 57701

$129,900

3 bd · 2.0 ba · 1,280 sqft · Manufactured · 146 Days on market

Built 2010 Est $210k · 38% under ↓ 4% 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 +23.8/30.0
• ARV discount +15.0/15.0
• DSCR +7.7/10.0
• 1% rule +6.2/10.0
• 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

Super well maintained and affordable 2010 Shult Mobile Home ready for new owners. Spacious 3 bedroom, 2 bath home situated on an ideal rented lot in the Meadowlark Hills community. Newer roof, siding and water heater. Shed is included for extra storage! Lot rent is only $440 and includes gas. Call your favorite agent to schedule a showing today!

Key facts

• Newer roof
• Newer siding
• Shed included

Tags

• NEWER ROOF
• NEWER SIDING
• NEWER WATER HEATER
• SHED INCLUDED
• MEADOWLARK HILLS COMMUNITY

Property features AI

Finance

• Other: Located in the Meadowlark Hills subdivision
• HOA & community: No association amenities

Exterior

• Utilities: Electric with circuit breakers
• Home design: Manufactured home; Single-story
• Construction: Composition roof
• Exterior features: Chain link fencing; Level lot; Has a view

Interior

• Kitchen: Dishwasher; Microwave; Range; Oven; Refrigerator
• Flooring: Carpet
• Bathrooms: 2 full bathrooms
• Interior features: Ceiling fans; Central air; Forced air heating

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $130k.

Deal economics

• At list price, monthly cash flow is $251 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $130k).
• Recommended offer: $114k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.6% 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); 217 active listings in the ZIP; 5 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).
• This rent runs 31% of the median local income ($56k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $898 of loan paydown is wiped out by about $4k 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 146 days — a 12% lower offer ($114k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y ago; this cycle's ask has dropped $9k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $114,312 (12.0% below list)

Questions for the listing agent

1. It's been on market 146 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 1.12% ✓
• Cap rate: 8.61%
• Cash-on-cash: 8.28%
• DSCR: 1.37
• GRM: 7.4

CMA / ARV

• ARV (on-the-fly): $209,920
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1101 Riley Ct	0.29mi	3/2.0	1,216 (-5%)	8mo	$149,900	$123	72
1717.107 E Philadelphia St	0.51mi	3/2.0	1,285 (+0%)	7mo	$221,500	$172	70
1717.101 E Philadelphia St	0.51mi	3/2.0	1,155 (-10%)	1mo	$182,500	$158	60
1717.102 E Philadelphia St	0.51mi	3/2.0	1,155 (-10%)	2mo	$190,000	$165	59
1717.99 E Philadelphia St	0.51mi	2/2.0 (-1)	1,216 (-5%)	5mo	$169,900	$140	58
1717.103 E Philadelphia St	0.51mi	3/2.0	1,155 (-10%)	4mo	$181,500	$157	57
1661.145 E Philadelphia St	0.51mi	2/2.0 (-1)	1,155 (-10%)	1mo	$189,900	$164	54
1717.94 E Philadelphia St	0.51mi	3/2.0	1,155 (-10%)	7mo	$175,000	$152	54
1717.100 E Philadelphia St	0.51mi	3/2.0	1,155 (-10%)	9mo	$205,000	$177	53
1717.104 E Philadelphia St	0.51mi	2/2.0 (-1)	1,150 (-10%)	7mo	$255,000	$222	48
1717.108 E Philadelphia St	0.51mi	3/2.0	1,440 (+12%)	10mo	$249,500	$173	47
1717.92 E Philadelphia St	0.51mi	2/2.0 (-1)	1,100 (-14%)	11mo	$164,900	$150	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: -5.2%
• Equity multiple: 0.81×
• Total profit: $-6,916
• Equity at exit: $19,369

10-year hold

• IRR: 2.9%
• Equity multiple: 1.20×
• Total profit: $7,187
• Equity at exit: $11,231

Cash invested: $36,372 (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: 217
• Price-to-rent: 7.4×

Monthly cashflow live

• Estimated rent: $1,454 high
• Mortgage (P&I): −$681
• Tax est. 1.5%: −$162 /mo · $1,948/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$305
• Net cashflow: $251

Break-even live

Break-even rent $1,136

Max offer price $129,900

Occupancy floor 78%

Sensitivity live

Price	-10% $341	-5% $296	+0% $251	+5% $206	+10% $161
Rent	-10% $136	-5% $193	+0% $251	+5% $308	+10% $366
Rate	-1.0pp $316	-0.5pp $284	base $251	+0.5pp $217	+1.0pp $183

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: $32,475
• Closing costs: $3,897
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
118 Waterloo St Apt 110 Rapid City, SD	1.0–4.0	1.0–1.5	810	$1,180	$1.46	22d	7	0.41mi
761 E Anamosa St Rapid City, SD	2.0–3.0	1.5	882	$1,542	$1.75	22d	1	0.65mi
927 Blaine Ave Rapid City, SD	3.0	1.0	925	$1,550	$1.68	22d	1	1.07mi
1230 Estes Park Ct Rapid City, SD	2.0	1.0–2.0	956	$1,035	$1.08	22d	9	1.09mi
100 Saint Joseph St Rapid City, SD	2.0	1.0–2.0	744	$1,750	$2.35	22d	4	1.15mi

Listing history 24 events

1. 2026-06-21
   days on market $129,900 Active 146 DOM
2. 2026-06-19
   days on market $129,900 Active 144 DOM
3. 2026-06-18
   days on market $129,900 Active 143 DOM
4. 2026-06-17
   days on market $129,900 Active 142 DOM
5. 2026-06-16
   days on market $129,900 Active 141 DOM
6. 2026-06-15
   days on market $129,900 Active 140 DOM
7. 2026-06-14
   days on market $129,900 Active 138 DOM
8. 2026-06-13
   days on market $129,900 Active 137 DOM
9. 2026-06-10
   days on market $129,900 Active 135 DOM
10. 2026-06-09
    days on market $129,900 Active 134 DOM
11. 2026-06-08
    days on market $129,900 Active 133 DOM
12. 2026-06-07
    days on market $129,900 Active 132 DOM
13. 2026-06-05
    days on market $129,900 Active 129 DOM
14. 2026-06-02
    days on market $129,900 Active 127 DOM
15. 2026-06-01
    days on market $129,900 Active 126 DOM
16. 2026-05-31
    days on market $129,900 Active 125 DOM
17. 2026-05-30
    days on market $129,900 Active 124 DOM
18. 2026-04-22
    price $129,900
19. 2026-03-27
    price $134,900
20. 2026-01-27
    listed $139,000 Active
21. 2024-08-14
    soldstatus $125,000 Closed 347-char remark

    Show marketing remark (347 chars)

    Super well maintained and affordable 2010 Shult Mobile Home ready for new owners. Spacious 3 bedroom, 2 bath home situated on an ideal rented lot in the Meadowlark Hills community. Newer roof, siding and water heater. Shed is included for extra storage! Lot rent is only $440 and includes gas. Call your favorite agent to schedule a showing today!

22. 2024-06-05
    historical Active Under Contract 347-char remark

    Show marketing remark (347 chars)

    Super well maintained and affordable 2010 Shult Mobile Home ready for new owners. Spacious 3 bedroom, 2 bath home situated on an ideal rented lot in the Meadowlark Hills community. Newer roof, siding and water heater. Shed is included for extra storage! Lot rent is only $440 and includes gas. Call your favorite agent to schedule a showing today!

23. 2024-05-23
    price $129,000 347-char remark

    Show marketing remark (347 chars)

    Super well maintained and affordable 2010 Shult Mobile Home ready for new owners. Spacious 3 bedroom, 2 bath home situated on an ideal rented lot in the Meadowlark Hills community. Newer roof, siding and water heater. Shed is included for extra storage! Lot rent is only $440 and includes gas. Call your favorite agent to schedule a showing today!

24. 2024-05-09
    listed $135,000 Active 347-char remark

    Show marketing remark (347 chars)

    Super well maintained and affordable 2010 Shult Mobile Home ready for new owners. Spacious 3 bedroom, 2 bath home situated on an ideal rented lot in the Meadowlark Hills community. Newer roof, siding and water heater. Shed is included for extra storage! Lot rent is only $440 and includes gas. Call your favorite agent to schedule a showing today!

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

Taxation est. · year 1

• Rental income: $17,446
• − Mortgage interest: −$7,276
• − Property taxes: −$1,948
• − Insurance: −$650
• − Repairs & maintenance: −$1,396
• − Management: −$1,396
• − Depreciation: −$3,779
• Taxable income: $1,001
• Est. tax owed @ 24.0%: −$240
• After-tax cash flow: $2,769/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

-3.8% since first listed

7 events — show timeline

• 2026-04-22 Price Changed $129,900 BHMLS
• 2026-03-27 Price Changed $134,900 BHMLS
• 2026-01-27 Listed $139,000 BHMLS
• 2024-08-14 Sold (MLS) $125,000 BHMLS
• 2024-06-05 Contingent — BHMLS
• 2024-05-23 Price Changed $129,000 BHMLS
• 2024-05-09 Listed $135,000 BHMLS