1034 N Euclid Ave

Pierre, SD 57501

$30,000B

3 bd · 1.5 ba · 744 sqft · Built 1974 · Manufactured · Active · 17 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,214/mo
• Mortgage (P&I): −$157
• Tax + insurance: −$50
• HOA: −$0
• Vac / Maint / Mgmt: −$255
• Net cashflow: $752/mo
• Annual: $9,025/yr
• Cap rate: 36.38%
• Cash-on-cash: 107.45%
• DSCR: 5.78
• 1% rule: 4.05%
• Cash to close: $8,400

Investor read

• This is a 3-bed/1.5-bath manufactured listed at $30k.
• At list price, monthly cash flow is $752 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $30k).
• It's been on market 17 days — a 2% lower offer ($30k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $30k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $207 of loan paydown is wiped out by about $900 of value loss. Plan a longer hold.
• Location reads 74/100 on livability (#31 in SD, #4,502 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime F, amenities F, commute F.
• Pierre School District 32-2 (town): math 47% / reading 54% proficiency, ranked #24 of 59 in SD (top 41%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Jefferson Elementary - 06 (math 44% / reading 45%, grade F, #144 of 253 statewide, top 63%, 430 students, 34% FRL); Georgia Morse Middle School - 02 (math 46% / reading 53%, grade C, #55 of 143 statewide, top 46%, 684 students, 26% FRL); T F Riggs High School - 01 (math 42% / reading 67%, grade C-, #53 of 151 statewide, top 41%, 842 students, 17% FRL) — zoned schools at 26% FRL track the district average.
• Market conditions: 130 active listings in the ZIP; solid renter incomes; 135 units permitted in Hughes County in 2024 (115 in 5+ unit buildings).
• Hughes County population projected at +14% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 2 sale attempts since 2y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $8k cash investment doubles in ~2 years — after that, you're playing with house money.
• Cap rate 36.4% vs local median 3.4% in Pierre — 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.
• This rent is only 18% of the median local income ($82k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Questions for listing agent

• Built in 1974 — 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.
• 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?
• 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.