185 N Dakota Ave

Corsica, SD 57328

$99,000B-

4 bd · 1.0 ba · 1,153 sqft · Built 1905 · SingleFamily · Active · 70 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,127/mo
• Mortgage (P&I): −$519
• Tax + insurance: −$165
• HOA: −$0
• Vac / Maint / Mgmt: −$237
• Net cashflow: $207/mo
• Annual: $2,478/yr
• Cap rate: 8.80%
• Cash-on-cash: 8.94%
• DSCR: 1.40
• 1% rule: 1.14%
• Cash to close: $27,720

Investor read

• This is a 4-bed/1.0-bath single-family listed at $99k. Condition is rated good.
• At list price, monthly cash flow is $207 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $99k).
• It's been on market 70 days — a 6% lower offer ($93k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $93k (6.0% below list) — sets the bar for market timing.
• In year one you build about $4k of equity ($684 loan paydown + $3k appreciation (3.0% local appreciation)).
• Location reads 65/100 on livability (#146 in SD) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime D-, amenities F, commute F.
• Watch-outs: built in 1905 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 7 active listings in the ZIP; 6 units permitted in Douglas County in 2024 (0 in 5+ unit buildings).
• Douglas County population projected to shrink 3% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 9, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 70 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1905 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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?
• 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.