409 N Wallace Ave · Wessington Springs, SD 57382

$65,000

2 bd · 1.0 ba · 775 sqft · Other · 31 Days on market

Built 1903 0.29 ac lot

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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 +28.8/30.0
• DSCR +10.0/10.0
• 1% rule +8.0/10.0
• ARV discount +7.5/15.0
• Appreciation +7.2/10.0
• Schools +3.8/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Nice 2 bedroom 1 bathroom home sitting on two corner lots in Wessington Springs. Numerous windows have been recently updated. Hardwood flooring throughout the home. All appliances included. Property is sold as-is.

Key facts

• 0.29 acre lot
• Built 1903
• Listed 31 days

Property features AI

Finance

• Financial info: Annual tax listed (not included per instructions)

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-family residence; 1 story
• Construction: Frame construction; Wood siding
• Exterior features: Lot approximately 88 x 146; Residential zoning

Interior

• Kitchen: Range, Oven, Microwave, Refrigerator, Dishwasher not listed
• Flooring: Hardwood
• Bathrooms: 1 full bathroom
• Heating & cooling: Propane heating; Baseboard heating; Window air conditioning units
• Interior features: Dryer, Washer, Microwave, Range, Oven, Refrigerator; Hardwood floors; Crawl space basement
• Laundry & utility: Washer and Dryer included

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath other listed at $65k.

Deal economics

• At list price, monthly cash flow is $219 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($846 rent vs $65k).
• Recommended offer: $63k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 62/100 on livability (#212 in SD) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment D+, crime D-, amenities F.
• Wessington Springs School District 36-2 (rural): math 35% / reading 50% proficiency, ranked #108 of 148 in SD (top 73%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 6 active listings in the ZIP; 3 units permitted in Jerauld County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $3k of equity ($449 loan paydown + $3k appreciation (4.3% local appreciation)).
• Jerauld County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (4.3% appreciation + 3.0% rent growth), your $18k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 10, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 31 days — a 3% lower offer ($63k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 5y ago; this cycle's ask has dropped $4k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $40k; list at $65k implies a 62% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1903 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $63,050 (3.0% below list)

Questions for the listing agent

1. It's been on market 31 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1903 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Crime grade is D 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: 1.30% ✓
• Cap rate: 10.33%
• Cash-on-cash: 14.42%
• DSCR: 1.64
• GRM: 6.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

4.35% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 24.0%
• Equity multiple: 2.46×
• Total profit: $26,537
• Equity at exit: $34,292

10-year hold

• IRR: 23.7%
• Equity multiple: 4.81×
• Total profit: $69,431
• Equity at exit: $57,181

Cash invested: $18,200 (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 57382

• Home prices YoY: 3.1%
• Active inventory: 6
• Price-to-rent: 6.4×

Monthly cashflow live

• Estimated rent: $846 medium
• Mortgage (P&I): −$341
• Tax est. 1.5%: −$81 /mo · $975/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$178
• Net cashflow: $219

Break-even live

Break-even rent $569

Max offer price $65,000

Occupancy floor 69%

Sensitivity live

Price	-10% $264	-5% $241	+0% $219	+5% $196	+10% $174
Rent	-10% $152	-5% $185	+0% $219	+5% $252	+10% $286
Rate	-1.0pp $251	-0.5pp $235	base $219	+0.5pp $202	+1.0pp $185

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: $16,250
• Closing costs: $1,950
• Reserves months: —
• Total cash needed: —

Listing history 24 events

1. 2026-06-21
   pricedays on market $65,000 Active 31 DOM
2. 2026-06-18
   days on market $69,000 Active 29 DOM
3. 2026-06-17
   days on market $69,000 Active 28 DOM
4. 2026-06-16
   days on market $69,000 Active 27 DOM
5. 2026-06-15
   days on market $69,000 Active 26 DOM
6. 2026-06-13
   days on market $69,000 Active 24 DOM
7. 2026-06-12
   days on market $69,000 Active 23 DOM
8. 2026-06-09
   days on market $69,000 Active 20 DOM
9. 2026-06-08
   days on market $69,000 Active 19 DOM
10. 2026-06-08
    days on market $69,000 Active 18 DOM
11. 2026-06-05
    days on market $69,000 Active 16 DOM
12. 2026-06-04
    days on market $69,000 Active 14 DOM
13. 2026-06-02
    days on market $69,000 Active 13 DOM
14. 2026-06-01
    days on market $69,000 Active 12 DOM
15. 2026-05-31
    days on market $69,000 Active 11 DOM
16. 2026-05-20
    listed $69,000 Active
17. 2025-09-07
    price $74,900
18. 2025-06-09
    price $89,900
19. 2025-05-14
    price $99,000
20. 2025-04-30
    price $110,000
21. 2025-04-16
    listed $115,000 Active
22. 2021-12-09
    soldstatus 213-char remark

    Show marketing remark (213 chars)

    Nice 2 bedroom 1 bathroom home sitting on two corner lots in Wessington Springs. Numerous windows have been recently updated. Hardwood flooring throughout the home. All appliances included. Property is sold as-is.

23. 2021-12-09
    soldstatus $40,000

    Show marketing remark (213 chars)

    Nice 2 bedroom 1 bathroom home sitting on two corner lots in Wessington Springs. Numerous windows have been recently updated. Hardwood flooring throughout the home. All appliances included. Property is sold as-is.

24. 2021-10-06
    listed $44,900 213-char remark

    Show marketing remark (213 chars)

    Nice 2 bedroom 1 bathroom home sitting on two corner lots in Wessington Springs. Numerous windows have been recently updated. Hardwood flooring throughout the home. All appliances included. Property is sold as-is.

ⓘ 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 5/10 Major
• 🌡 Heat 3/10 Moderate 7 d/yr ≥101°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: $10,146
• − Mortgage interest: −$3,641
• − Property taxes: −$975
• − Insurance: −$325
• − Repairs & maintenance: −$812
• − Management: −$812
• − Depreciation: −$1,891
• Taxable income: $1,691
• Est. tax owed @ 24.0%: −$406
• After-tax cash flow: $2,219/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: Wessington Springs School District 36-2
• NCES district ID: 4677460
• Math proficiency: 35% ▼ -5.00%
• Reading proficiency: 50% ▲ 5.00%
• Median HH income: $44,760
• Composite: 38.36/100
• National rank: #8526
• State rank: #108 of 148 in SD

Livability — Wessington Springs

• Score: 62/100
• State rank: #212
• US rank: #16254

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Wessington Springs, SD
• Population (ZIP): 1,238

Population outlook (Jerauld County) Hauer SSP2

• Today (2025): 1,883 people
• By 2030: 1,795 · -4.7%
• By 2040: 1,651 · -12.3%
• By 2050: 1,559 · -17.2%
• By 2075: 1,540 · -18.2%
• By 2100: 1,757 · -6.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 7% Hispanic / Latino 2%
• Common ancestry: Portuguese 11% Slovak 4% Iranian 2%
• Foreign-born: 1%
• Languages at home: 99% English-only · German/W. Germanic 1%

Political lean MEDSL · Jerauld

• 2024 margin: Solid R (+43.2) · D 27.6% · R 70.9% · Other 1.5%
• 2008→2024 swing: -42.9pp toward R · 2008: -0.4pp · 2024: -43.2pp
• All cycles: 2024: R+43.2 2020: R+44.8 2016: R+39.7 2012: R+8.6 2008: R+0.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 4.35%
• Current HPI: 142.7267
• 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

+53.7% since first listed

9 events — show timeline

• 2026-05-20 Listed $69,000 MBOR
• 2025-09-07 Price Changed $74,900 MBOR
• 2025-06-09 Price Changed $89,900 MBOR
• 2025-05-14 Price Changed $99,000 MBOR
• 2025-04-30 Price Changed $110,000 MBOR
• 2025-04-16 Listed $115,000 MBOR
• 2021-12-09 Sold (Public Records) $40,000 Public Records
• 2021-12-09 Sold (MLS) — HBOR
• 2021-10-06 Listed $44,900 HBOR