47649 250th St St

Baltic, SD 57030

$530,000D-

3 bd · 4.0 ba · 2,040 sqft · Built 2000 · SingleFamily · Pending · 70 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,375/mo
• Mortgage (P&I): −$2,779
• Tax + insurance: −$658
• HOA: −$0
• Vac / Maint / Mgmt: −$289
• Net cashflow: $-2,351/mo
• Annual: $-28,214/yr
• Cap rate: 0.97%
• Cash-on-cash: -19.01%
• DSCR: 0.15
• 1% rule: 0.26%
• Cash to close: $148,400

Investor read

• This is a 3-bed/4.0-bath single-family listed at $530k.
• At list price, monthly cash flow is $-2k ($-28k/yr) — negative.
• To cash-flow at today's rent, offer at most $115k (78.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $138k (74.1% below list).
• It's been on market 70 days — a 6% lower offer ($498k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $115k (78.4% below list) — sets the bar for cash-flow.
• In year one you build about $57k of equity ($4k loan paydown + $53k appreciation (10.0% local appreciation)).
• Location reads 74/100 on livability (#35 in SD, #4,979 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, cost of living A+; Watch: amenities F, commute F, health & safety D-.
• Baltic School District 49-1 (rural): math 46% / reading 64% proficiency, ranked #13 of 59 in SD (top 22%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 14% free/reduced lunch — higher-income household profile.
• Market conditions: 28 active listings in the ZIP; 2,425 units permitted in Minnehaha County in 2024 (1,367 in 5+ unit buildings).
• Minnehaha County population projected at +46% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 4 sale attempts since 23y 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.
• Current owner paid $200k; list at $530k implies a 166% gain — meaningful room to come down on a strong offer.
• By year 2, paydown + projected appreciation supports a ~$91k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• 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?
• It's been on market 70 days. Have you received any prior offers? Is the seller open to a 78% concession, seller financing, or rate buy-down credit?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.