511 -517 Main St S St S · Lennox, SD 57039

$325,000

8 bd · 4.8 ba · 4,372 sqft · MultiFamily · 10 Days on market

Built 1969 Average condition 7,100 sqft lot Est $455k · 29% under

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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 +30.0/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.8/10.0
• Schools +5.2/10.0
• Livability +3.6/5.0
• Condition / age +2.8/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Key facts

• 5 plex opportunity
• Newer boiler
• 4 stall garage

Tags

• 5 PLEX OPPORTUNITY
• COIN OPERATED LAUNDRY
• 4 STALL GARAGE
• SEPARATE ELECTRICAL
• NEWER BOILER

Property features AI

Finance

• Other: Bedroom counts vary by unit
• Financial info: Five rental units total; Rents: four 2-bed units at $625 each; one 1-bed unit at $750; Owner pays gas, water, trash collection, grounds care, snow removal, and sewer

Exterior

• Parking: Detached parking (garage condition could change)
• Utilities: Public water; Public sewer; Natural gas
• Home design: Two-story multifamily building; HardiPlank-type siding
• Construction: Block foundation; Composition roof
• Exterior features: Private entry; Lot approximately 142 x 50

Interior

• Kitchen: Refrigerator; Range
• Bedrooms: Four units with 2 bedrooms each; one unit with 1 bedroom
• Flooring: Carpet; Laminate
• Bathrooms: Each unit has 1 bathroom
• Heating & cooling: Baseboard and radiant heating; Natural gas heating; Window air conditioning units
• Interior features: Full basement; Carpet and laminate flooring
• Laundry & utility: Owner pays gas, water, and sewer

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1.2-bath units multifamily listed at $325k. Condition is rated average.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive. Per door: $327/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $325k).
• Cap rate 11.1% vs local median 1.8% in Lennox — 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 71/100 on livability (#50 in SD) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety D-.
• Lennox School District 41-4 (rural): math 56% / reading 64% proficiency, ranked #5 of 59 in SD (top 8%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 12% free/reduced lunch — higher-income household profile.
• Zoned schools: Lennox Elementary - 02 (math 72% / reading 67%, grade A-, #19 of 253 statewide, top 12%, 369 students, 16% FRL); Lennox Jr. High - 08 (math 57% / reading 67%, grade B+, #13 of 143 statewide, top 11%, 189 students, 15% FRL); Lennox High School - 01 (math 32% / reading 77%, grade C-, #53 of 151 statewide, top 41%, 359 students, 14% FRL) — zoned schools at 15% FRL track the district average.
• Market conditions: 56 active listings in the ZIP; 232 units permitted in Lincoln County in 2024 (14 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Lincoln County population projected at +66% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $91k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $325,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1969 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
6. 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.
7. 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.
8. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.38% ✓
• Cap rate: 11.13%
• Cash-on-cash: 17.26%
• DSCR: 1.77
• GRM: 6.0

CMA / ARV

• ARV (on-the-fly): $454,688
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
413 N Main St	0.64mi	8/4.0	4,000 (-8%)	23mo	$415,000	$104	33

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: 8.6%
• Equity multiple: 1.34×
• Total profit: $30,775
• Equity at exit: $48,459

10-year hold

• IRR: 17.8%
• Equity multiple: 2.48×
• Total profit: $134,427
• Equity at exit: $28,100

Cash invested: $91,000 (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 57039

• Active inventory: 56
• Price-to-rent: 24.1×

Monthly cashflow live

• Estimated rent: $4,500 medium
• Mortgage (P&I): −$1,704
• Tax est. 1.5%: −$406 /mo · $4,875/yr
• Insurance: −$135
• HOA: −$0
• Vacancy / Maint / Mgmt: −$945
• Net cashflow: $1,309

Break-even live

Break-even rent $2,843

Max offer price $325,000

Occupancy floor 66%

Sensitivity live

Price	-10% $1,534	-5% $1,421	+0% $1,309	+5% $1,197	+10% $1,084
Rent	-10% $953	-5% $1,131	+0% $1,309	+5% $1,487	+10% $1,664
Rate	-1.0pp $1,473	-0.5pp $1,392	base $1,309	+0.5pp $1,225	+1.0pp $1,139

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	2	1.2	$4,500
Total (4 units)			$4,500

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: $81,250
• Closing costs: $9,750
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-06-21
   days on market $325,000 Active 10 DOM
2. 2026-06-18
   days on market $325,000 Active 7 DOM
3. 2026-06-17
   days on market $325,000 Active 6 DOM
4. 2026-06-16
   days on market $325,000 Active 5 DOM
5. 2026-06-15
   days on market $325,000 Active 4 DOM
6. 2026-06-14
   days on market $325,000 Active 2 DOM
7. 2026-06-13
   listed $325,000 Active 1 DOM

ⓘ 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

• 🌡 Heat 3/10 Moderate
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $54,000
• − Mortgage interest: −$18,205
• − Property taxes: −$4,875
• − Insurance: −$1,625
• − Repairs & maintenance: −$4,320
• − Management: −$4,320
• − Depreciation: −$9,455
• Taxable income: $11,200
• Est. tax owed @ 24.0%: −$2,688
• After-tax cash flow: $13,020/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.

Condition & rehab AI · 12 photos

Average 55/100 Moderate rehab

The property is in average condition with moderate repairs needed in the kitchen and bathrooms. Upgrading these areas would significantly increase its resale and rental value.

Repairs flagged

• Moderate kitchen cabinets — dated and in need of replacement
• Moderate bathroom fixtures — dated and in need of replacement
• Minor HVAC system — may need cleaning or minor repairs

Value-add opportunities

• Both update kitchen cabinets and appliances — modernizing the kitchen would appeal to buyers and renters
• Both replace bathroom fixtures and cabinets — modernizing the bathrooms would appeal to buyers and renters
• Both paint exterior — painting the exterior would improve curb appeal and increase property value

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · dated and in need of replacement	Moderate	$3,000–15,000
bathroom fixtures · dated and in need of replacement	Moderate	$3,000–15,000
HVAC system · may need cleaning or minor repairs	Minor	$500–3,000
Total estimated repair cost · 3 items		$6,500–33,000

Value-add ROI direction

• Both update kitchen cabinets and appliances — modernizing the kitchen would appeal to buyers and renters ↑
• Both replace bathroom fixtures and cabinets — modernizing the bathrooms would appeal to buyers and renters ↑
• Both paint exterior — painting the exterior would improve curb appeal and increase property value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Lennox School District 41-4
• NCES district ID: 4641550
• Math proficiency: 56% ▲ 3.00%
• Reading proficiency: 64% ▲ 2.00%
• Median HH income: $63,780
• Composite: 52.37/100
• National rank: #1584
• State rank: #5 of 59 in SD

Livability — Lennox

• Score: 71/100
• State rank: #50
• US rank: #6618

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lennox, SD
• Population (ZIP): 3,875

Population outlook (Lincoln County) Hauer SSP2

• Today (2025): 70,138 people
• By 2030: 78,929 · +12.5%
• By 2040: 97,132 · +38.5%
• By 2050: 116,136 · +65.6%
• By 2075: 166,314 · +137.1%
• By 2100: 219,430 · +212.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 5% Hispanic / Latino 3% Black 1%
• Common ancestry: Portuguese 21% Iranian 9% Romanian 3%
• Foreign-born: 0% · Canada
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Lincoln

• 2024 margin: Strong R (+26.5) · D 35.7% · R 62.2% · Other 2.2%
• 2008→2024 swing: -11.3pp toward R · 2008: -15.2pp · 2024: -26.5pp
• All cycles: 2024: R+26.5 2020: R+23.6 2016: R+29.4 2012: R+25.6 2008: R+15.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -88.67%
• Current HPI: 149.1732
• 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

1 event — show timeline

• 2026-06-01 Listed $325,000 REALTOR® Association of the Sioux Empire