912 7th St

Springfield, SD 57062

$89,900B+

4 bd · 1.5 ba · 1,732 sqft · Built 1900 · SingleFamily · Active · 13 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,305/mo
• Mortgage (P&I): −$471
• Tax + insurance: −$150
• HOA: −$0
• Vac / Maint / Mgmt: −$274
• Net cashflow: $409/mo
• Annual: $4,914/yr
• Cap rate: 11.76%
• Cash-on-cash: 19.52%
• DSCR: 1.87
• 1% rule: 1.45%
• Cash to close: $25,172

Investor read

• This is a 4-bed/1.5-bath single-family listed at $90k.
• At list price, monthly cash flow is $409 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $90k).
• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $7k of equity ($622 loan paydown + $7k appreciation (7.6% local appreciation)).
• Location reads 66/100 on livability (#119 in SD) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: employment C-, amenities F, commute F.
• Bon Homme School District 04-2 (rural): math 55% / reading 56% proficiency, ranked #15 of 59 in SD (top 25%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 7 active listings in the ZIP; 18 units permitted in Bon Homme County in 2024 (0 in 5+ unit buildings).
• At projected returns (7.6% appreciation + 3.0% rent growth), your $25k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.
• 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.