314 9th St · Springfield, SD 57062

$150,000

4 bd · 2.0 ba · 1,275 sqft · Other · 138 Days on market

Built 1930 0.29 ac lot

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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).

• Cash flow +11.2/30.0
• Appreciation +8.8/10.0
• ARV discount +7.5/15.0
• Schools +4.7/10.0
• 1% rule +3.3/10.0
• DSCR +3.3/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Very well maintained 1 1/2 story home on large corner lot in the heart of Springfield. This wonderful family home has so much to offer with 4 bedrooms, 2 bathrooms, a good sized eat in kitchen, a huge living room and tons of storage. This move-in ready home boasts a large yard with a 2 stall detached garage, a garden shed and raised garden beds, only two blocks from Springfield's Elementary school and a few blocks from the Springfield Marina and Main St. Make your appointment today!

Key facts

• Large corner lot
• Eat in kitchen
• Huge living room

Tags

• LARGE CORNER LOT
• EAT IN KITCHEN
• HUGE LIVING ROOM
• LARGE YARD
• DETACHED GARAGE
• GARDEN SHED

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath other listed at $150k.

Deal economics

• At list price, monthly cash flow is $-59 ($-703/yr) — negative.
• To cash-flow at today's rent, offer at most $142k (5.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $124k (17.5% below list).
• Recommended offer: $124k (17.5% below list) — sets the bar for 1% rule.

Location & tenants

• 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.
• Zoned schools: Bon Homme Middle School - 02 (math 52% / reading 57%, grade B-, #36 of 143 statewide, top 29%, 110 students, 24% FRL); Bon Homme High School - 01 (math 10% / reading 50%, grade F, #129 of 151 statewide, top 89%, 136 students, 24% FRL).
• Zoned-school proficiency averages 42% at this address vs 56% district-wide (-13 pts) — the specific schools serving this property underperform the Bon Homme School District 04-2 average; the district grade overstates school quality for this exact location.
• Market conditions: 7 active listings in the ZIP; 18 units permitted in Bon Homme County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $12k of equity ($1k loan paydown + $11k appreciation (7.6% local appreciation)).
• At projected returns (7.6% appreciation + 3.0% rent growth), your $42k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 138 days — a 12% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 4y ago; this cycle's ask has dropped $30k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $123,802 (17.5% 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 138 days. Have you received any prior offers? Is the seller open to a 17% concession, seller financing, or rate buy-down credit?
3. Built in 1930 — 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. 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?
7. 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.
8. 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.
9. 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: 0.83% ✗
• Cap rate: 5.82%
• Cash-on-cash: -1.67%
• DSCR: 0.93
• GRM: 10.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

7.6% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 17.8%
• Equity multiple: 2.29×
• Total profit: $54,265
• Equity at exit: $109,901

10-year hold

• IRR: 17.0%
• Equity multiple: 4.81×
• Total profit: $160,211
• Equity at exit: $214,393

Cash invested: $42,000 (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 57062

• Home prices YoY: 6.1%
• Active inventory: 7
• Price-to-rent: 10.1×

Monthly cashflow live

• Estimated rent: $1,238 medium
• Mortgage (P&I): −$787
• Tax est. 1.5%: −$188 /mo · $2,250/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$260
• Net cashflow: $-59

Break-even live

Break-even rent $1,312

Max offer price $141,523

Occupancy floor 100%

Sensitivity live

Price	-10% $45	-5% $-7	+0% $-59	+5% $-110	+10% $-162
Rent	-10% $-156	-5% $-107	+0% $-59	+5% $-10	+10% $39
Rate	-1.0pp $17	-0.5pp $-20	base $-59	+0.5pp $-97	+1.0pp $-137

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Listing history 10 events

1. 2026-04-20
   price $170,000 487-char remark

   Show marketing remark (487 chars)

   Very well maintained 1 1/2 story home on large corner lot in the heart of Springfield. This wonderful family home has so much to offer with 4 bedrooms, 2 bathrooms, a good sized eat in kitchen, a huge living room and tons of storage. This move-in ready home boasts a large yard with a 2 stall detached garage, a garden shed and raised garden beds, only two blocks from Springfield's Elementary school and a few blocks from the Springfield Marina and Main St. Make your appointment today!

2. 2026-01-09
   listed $180,000 Active 487-char remark

   Show marketing remark (487 chars)

   Very well maintained 1 1/2 story home on large corner lot in the heart of Springfield. This wonderful family home has so much to offer with 4 bedrooms, 2 bathrooms, a good sized eat in kitchen, a huge living room and tons of storage. This move-in ready home boasts a large yard with a 2 stall detached garage, a garden shed and raised garden beds, only two blocks from Springfield's Elementary school and a few blocks from the Springfield Marina and Main St. Make your appointment today!

3. 2025-02-07
   status Pending 659-char remark

   Show marketing remark (659 chars)

   Great home located on the edge of town just a walking distance from the river. Come check out this refreshed home which is move in ready that boast four bedrooms with three being on the same level. accompanied by two bathrooms. A large family room with the space needed to enjoy the cold weather is certainly found between the walls of this home. But during the warm months be ready to use this large corner lot for all the outdoor time needed. A detached 2-stall garage greets you from the west side of the lot. enjoy the spacious yard with a large patio and garden area making the space feel great for enjoying the outdoors. Schedule a time to check it out!

4. 2025-02-03
   soldstatus $155,000 Sold 659-char remark

   Show marketing remark (659 chars)

   Great home located on the edge of town just a walking distance from the river. Come check out this refreshed home which is move in ready that boast four bedrooms with three being on the same level. accompanied by two bathrooms. A large family room with the space needed to enjoy the cold weather is certainly found between the walls of this home. But during the warm months be ready to use this large corner lot for all the outdoor time needed. A detached 2-stall garage greets you from the west side of the lot. enjoy the spacious yard with a large patio and garden area making the space feel great for enjoying the outdoors. Schedule a time to check it out!

5. 2024-12-31
   historical Active - Contingent Misc 659-char remark

   Show marketing remark (659 chars)

   Great home located on the edge of town just a walking distance from the river. Come check out this refreshed home which is move in ready that boast four bedrooms with three being on the same level. accompanied by two bathrooms. A large family room with the space needed to enjoy the cold weather is certainly found between the walls of this home. But during the warm months be ready to use this large corner lot for all the outdoor time needed. A detached 2-stall garage greets you from the west side of the lot. enjoy the spacious yard with a large patio and garden area making the space feel great for enjoying the outdoors. Schedule a time to check it out!

6. 2024-11-05
   price $165,900 659-char remark

   Show marketing remark (659 chars)

   Great home located on the edge of town just a walking distance from the river. Come check out this refreshed home which is move in ready that boast four bedrooms with three being on the same level. accompanied by two bathrooms. A large family room with the space needed to enjoy the cold weather is certainly found between the walls of this home. But during the warm months be ready to use this large corner lot for all the outdoor time needed. A detached 2-stall garage greets you from the west side of the lot. enjoy the spacious yard with a large patio and garden area making the space feel great for enjoying the outdoors. Schedule a time to check it out!

7. 2024-09-11
   price $189,900 659-char remark

   Show marketing remark (659 chars)

   Great home located on the edge of town just a walking distance from the river. Come check out this refreshed home which is move in ready that boast four bedrooms with three being on the same level. accompanied by two bathrooms. A large family room with the space needed to enjoy the cold weather is certainly found between the walls of this home. But during the warm months be ready to use this large corner lot for all the outdoor time needed. A detached 2-stall garage greets you from the west side of the lot. enjoy the spacious yard with a large patio and garden area making the space feel great for enjoying the outdoors. Schedule a time to check it out!

8. 2024-07-22
   listed $199,900 Active - New 659-char remark

   Show marketing remark (659 chars)

   Great home located on the edge of town just a walking distance from the river. Come check out this refreshed home which is move in ready that boast four bedrooms with three being on the same level. accompanied by two bathrooms. A large family room with the space needed to enjoy the cold weather is certainly found between the walls of this home. But during the warm months be ready to use this large corner lot for all the outdoor time needed. A detached 2-stall garage greets you from the west side of the lot. enjoy the spacious yard with a large patio and garden area making the space feel great for enjoying the outdoors. Schedule a time to check it out!

9. 2022-04-19
   soldstatus $124,900
10. 2022-03-21
    listed $124,900

ⓘ 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 4/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥104°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: $14,856
• − Mortgage interest: −$8,402
• − Property taxes: −$2,250
• − Insurance: −$750
• − Repairs & maintenance: −$1,188
• − Management: −$1,188
• − Depreciation: −$4,364
• Taxable loss: −$3,287
• Est. tax savings @ 24.0%: +$789
• After-tax cash flow: $86/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: Bon Homme School District 04-2
• NCES district ID: 4607400
• Math proficiency: 55% ▲ 9.00%
• Reading proficiency: 56% ▬ 0.00%
• Median HH income: $44,226
• Composite: 46.8/100
• National rank: #2380
• State rank: #15 of 59 in SD

Livability — Springfield

• Score: 66/100
• State rank: #119
• US rank: #11524

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: Springfield, SD
• Population (ZIP): 2,531

Population outlook (Bon Homme County) Hauer SSP2

• Today (2025): 6,947 people
• By 2030: 6,956 · +0.1%
• By 2040: 6,978 · +0.4%
• By 2050: 7,140 · +2.8%
• By 2075: 8,411 · +21.1%
• By 2100: 10,108 · +45.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (68%)
• Race & ethnicity: White 68% Native American 17% Two or more races 8% Hispanic / Latino 6% Black 5%
• Hispanic origin (detail): Mexican 3% Puerto Rican 1%
• Common ancestry: Portuguese 8% Iranian 4% Lithuanian 2%
• Foreign-born: 1% · Canada
• Languages at home: 89% English-only · Spanish 4% Other Asian/Pacific 1% German/W. Germanic 1%

Political lean MEDSL · Bon Homme

• 2024 margin: Solid R (+51.4) · D 23.3% · R 74.7% · Other 2.0%
• 2008→2024 swing: -40.6pp toward R · 2008: -10.9pp · 2024: -51.4pp
• All cycles: 2024: R+51.4 2020: R+50.5 2016: R+47.1 2012: R+21.6 2008: R+10.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 7.60%
• Current HPI: 132.8528
• 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

+36.1% since first listed

10 events — show timeline

• 2026-04-20 Price Changed $170,000 MARMLS
• 2026-01-09 Listed $180,000 MARMLS
• 2025-02-07 Pending — REALTOR® Association of the Sioux Empire
• 2025-02-03 Sold (MLS) $155,000 REALTOR® Association of the Sioux Empire
• 2024-12-31 Contingent — REALTOR® Association of the Sioux Empire
• 2024-11-05 Price Changed $165,900 REALTOR® Association of the Sioux Empire
• 2024-09-11 Price Changed $189,900 REALTOR® Association of the Sioux Empire
• 2024-07-22 Listed $199,900 REALTOR® Association of the Sioux Empire
• 2022-04-19 Sold (MLS) $124,900 MARMLS
• 2022-03-21 Listed $124,900 MARMLS