402 E 1st St St · Marion, SD 57043

$85,000

1 bd · 2.0 ba · 984 sqft · SingleFamily public records · 142 Days on market

Built 1906 2,814 sqft lot $86/sqft · 27% below area Est $116k · 27% under ↓ 15% since listing

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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 +22.4/30.0
• ARV discount +15.0/15.0
• DSCR +7.2/10.0
• 1% rule +5.3/10.0
• Schools +4.3/10.0
• Appreciation +4.0/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Charming acreage living--right in town! This rare property features a 1906-built 2 bed, 1 bath ranch-style home full of character and modern convenience. Enjoy main floor laundry, two cozy living rooms, and plenty of indoor and outdoor space. Room to expand, garden, or relax--all within city limits. A perfect blend of charm, location, and potential!

Key facts

• Main floor laundry
• Spacious lot
• Acreage living

Tags

• ACREAGE LIVING
• SPACIOUS LOT
• MAIN FLOOR LAUNDRY
• TWO LIVING ROOMS
• ROOM TO EXPAND
• GARDEN SPACE

What this means for you Summary

Snapshot

• This is a 1-bed/2.0-bath single-family listed at $85k.

Deal economics

• At list price, monthly cash flow is $142 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($875 rent vs $85k).
• Recommended offer: $75k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 67/100 on livability (#98 in SD) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment B; Watch: crime D+, amenities F, commute F.
• Marion School District 60-3 (rural): math 45% / reading 50% proficiency, ranked #85 of 148 in SD (top 57%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 6 active listings in the ZIP; 29 units permitted in Turner County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-2.0%/yr); year-one equity from $588 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Turner County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 142 days — a 12% lower offer ($75k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts; this cycle's ask has dropped $144k (63%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1906 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $74,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 142 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1906 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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?
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: 1.03% ✓
• Cap rate: 8.30%
• Cash-on-cash: 7.16%
• DSCR: 1.32
• GRM: 8.1

CMA / ARV

• ARV (median comp): $116,044
• List price: $85,000
• Delta: -26.75%
• Verdict: UNDERPRICED
• Comps: 13 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
400 S Juniper Ave	0.25mi	2/1.0 (+1)	1,032 (+5%)	21mo	$111,000	$108	53
204 E State St	0.34mi	2/1.0 (+1)	1,080 (+10%)	12mo	$55,000	$51	50
212 W Hieb St	0.40mi	2/1.0 (+1)	880 (-11%)	13mo	$219,000	$249	44

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-1.96% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -1.0%
• Equity multiple: 0.96×
• Total profit: $-988
• Equity at exit: $16,659

10-year hold

• IRR: 6.9%
• Equity multiple: 1.59×
• Total profit: $14,099
• Equity at exit: $14,380

Cash invested: $23,800 (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 57043

• Home prices YoY: -0.9%
• Active inventory: 6
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $875 medium
• Mortgage (P&I): −$446
• Tax from tax record: −$68 /mo · $812/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$184
• Net cashflow: $142

Break-even live

Break-even rent $695

Max offer price $85,000

Occupancy floor 79%

Sensitivity live

Price	-10% $190	-5% $166	+0% $142	+5% $118	+10% $94
Rent	-10% $73	-5% $108	+0% $142	+5% $177	+10% $211
Rate	-1.0pp $185	-0.5pp $164	base $142	+0.5pp $120	+1.0pp $98

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: $21,250
• Closing costs: $2,550
• Reserves months: —
• Total cash needed: —

Listing history 26 events

1. 2026-06-21
   days on market $85,000 Active 142 DOM
2. 2026-06-21
   days on market $85,000 Active 141 DOM
3. 2026-06-18
   days on market $85,000 Active 139 DOM
4. 2026-06-17
   days on market $85,000 Active 138 DOM
5. 2026-06-16
   days on market $85,000 Active 137 DOM
6. 2026-06-15
   days on market $85,000 Active 136 DOM
7. 2026-06-13
   days on market $85,000 Active 134 DOM
8. 2026-06-12
   days on market $85,000 Active 133 DOM
9. 2026-06-09
   days on market $85,000 Active 130 DOM
10. 2026-06-08
    days on market $85,000 Active 129 DOM
11. 2026-06-08
    days on market $85,000 Active 128 DOM
12. 2026-06-05
    days on market $85,000 Active 126 DOM
13. 2026-06-04
    days on market $85,000 Active 124 DOM
14. 2026-06-02
    days on market $85,000 Active 123 DOM
15. 2026-06-01
    days on market $85,000 Active 122 DOM
16. 2026-05-31
    days on market $85,000 Active 121 DOM
17. 2026-01-31
    price $110,000 351-char remark

    Show marketing remark (351 chars)

    Charming acreage living--right in town! This rare property features a 1906-built 2 bed, 1 bath ranch-style home full of character and modern convenience. Enjoy main floor laundry, two cozy living rooms, and plenty of indoor and outdoor space. Room to expand, garden, or relax--all within city limits. A perfect blend of charm, location, and potential!

18. 2026-01-29
    listed $229,000 Active 351-char remark

    Show marketing remark (351 chars)

    Charming acreage living--right in town! This rare property features a 1906-built 2 bed, 1 bath ranch-style home full of character and modern convenience. Enjoy main floor laundry, two cozy living rooms, and plenty of indoor and outdoor space. Room to expand, garden, or relax--all within city limits. A perfect blend of charm, location, and potential!

19. 2026-01-15
    listed $110,000 Active 595-char remark

    Show marketing remark (595 chars)

    Charming Acreage Living—Right in Town! Don’t miss this rare opportunity to own a piece of history right in the heart of town! Built in 1906, this 2 bed, 1 bath ranch-style home offers timeless character paired with modern-day convenience. Enjoy main floor laundry, not one but two cozy living rooms, and plenty of space both inside and out. Whether you're looking for room to expand, garden, or simply stretch out, this property offers the flexibility and freedom you’ve been dreaming of—all without leaving city limits. A perfect blend of charm, location, and potential!

20. 2025-10-10
    historical
21. 2025-07-09
    listed $122,000 Active
22. 2025-07-04
    historical
23. 2025-06-09
    listed $130,000 Active
24. 2025-05-07
    status Active
25. 2025-04-26
    historical Active - Contingent Misc
26. 2025-03-31
    listed $130,000 Active - New

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast SD · Resets to sale price

• Current annual tax: $812 · $68/mo
• Projected year-2 tax: $1,114 · $93/mo
• Expected delta: +$301/yr (+$25/mo · 37.1%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥100°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: $10,495
• − Mortgage interest: −$4,761
• − Property taxes: −$812
• − Insurance: −$425
• − Repairs & maintenance: −$840
• − Management: −$840
• − Depreciation: −$2,473
• Taxable income: $345
• Est. tax owed @ 24.0%: −$83
• After-tax cash flow: $1,622/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: Marion School District 60-3
• NCES district ID: 4645450
• Math proficiency: 45% ▼ -10.00%
• Reading proficiency: 50% ▼ -15.00%
• Median HH income: $46,834
• Composite: 42.52/100
• National rank: #6863
• State rank: #85 of 148 in SD

Livability — Marion

• Score: 67/100
• State rank: #98
• US rank: #10618

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Marion, SD
• Population (ZIP): 1,625

Population outlook (Turner County) Hauer SSP2

• Today (2025): 8,006 people
• By 2030: 7,850 · -1.9%
• By 2040: 7,446 · -7.0%
• By 2050: 6,970 · -12.9%
• By 2075: 6,241 · -22.0%
• By 2100: 5,788 · -27.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Two or more races 3%
• Common ancestry: Portuguese 7% Iranian 5% Danish 2%
• Foreign-born: 0%
• Languages at home: 97% English-only · German/W. Germanic 2% Other Indo-European 1%

Political lean MEDSL · Turner

• 2024 margin: Solid R (+51.3) · D 23.0% · R 74.3% · Other 2.6%
• 2008→2024 swing: -31.7pp toward R · 2008: -19.7pp · 2024: -51.3pp
• All cycles: 2024: R+51.3 2020: R+47.3 2016: R+47.6 2012: R+31.0 2008: R+19.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -1.96%
• Current HPI: 211.2508
• 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

-15.4% since first listed

10 events — show timeline

• 2026-01-31 Price Changed $110,000 MBOR
• 2026-01-29 Listed $229,000 MBOR
• 2026-01-15 Listed $110,000 REALTOR® Association of the Sioux Empire
• 2025-10-10 Listing Removed — REALTOR® Association of the Sioux Empire
• 2025-07-09 Listed $122,000 REALTOR® Association of the Sioux Empire
• 2025-07-04 Listing Removed — REALTOR® Association of the Sioux Empire
• 2025-06-09 Listed $130,000 MBOR
• 2025-05-07 Relisted — REALTOR® Association of the Sioux Empire
• 2025-04-26 Contingent — REALTOR® Association of the Sioux Empire
• 2025-03-31 Listed $130,000 REALTOR® Association of the Sioux Empire

Property tax history

+7.5%/yr

Latest (2025): $812 · +10.0% YoY. Source: county tax records.