2210 10th Ave SW · Watertown, SD 57201

$120,000

6 bd · 3.0 ba · 2,432 sqft · Manufactured · 11 Days on market

Built 2014

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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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.5/10.0
• ARV discount +7.5/15.0
• Schools +4.3/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

2014 Adventure Home Mojave Serial #INADD01AB03563-MJ13. No real estate is being sold with the home. It is on a rental lot.

Key facts

• Move-in ready
• Two storage sheds
• Built 2014

Tags

• FUNCTIONAL FLOOR PLAN
• JACK-AND-JILL BATHROOM
• FULLY EQUIPPED KITCHEN
• MOVE-IN READY
• TWO STORAGE SHEDS

Property features AI

Exterior

• Utilities: Sewer connected
• Home design: Single-family residence; One level
• Construction: Asphalt roof
• Exterior features: Rented lot (monthly $350)

Interior

• Kitchen: Electric cooktop; Dishwasher; Refrigerator; Microwave
• Bedrooms: Total rooms: 12 (includes bedrooms and living spaces)
• Flooring: Carpet; Linoleum
• Bathrooms: 3 full bathrooms
• Interior features: Electric cooktop; Dishwasher; Refrigerator; Microwave
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 6-bed/3.0-bath manufactured listed at $120k.

Deal economics

• At list price, monthly cash flow is $589 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• Cap rate 12.2% vs local median 2.3% in Watertown — 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.

Location & tenants

• Location reads 78/100 on livability (#11 in SD, #2,681 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: commute F.
• Watertown School District 14-4 (town): math 45% / reading 57% proficiency, ranked #28 of 59 in SD (top 48%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Watertown High School - 01 (math 42% / reading 67%, grade C-, #53 of 151 statewide, top 41%, 1,220 students, 22% FRL) — zoned schools at 22% FRL track the district average.
• Market conditions: 228 active listings in the ZIP; 160 units permitted in Codington County in 2024 (63 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $830 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Codington County population projected at +14% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $34k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 6y 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 $80k; list at $120k implies a 50% gain — meaningful room to come down on a strong offer.

Recommended offer $120,000

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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.
4. 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.
5. 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: 1.45% ✓
• Cap rate: 12.18%
• Cash-on-cash: 21.03%
• DSCR: 1.94
• GRM: 5.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 13.5%
• Equity multiple: 1.54×
• Total profit: $18,063
• Equity at exit: $17,892

10-year hold

• IRR: 22.3%
• Equity multiple: 2.91×
• Total profit: $64,025
• Equity at exit: $10,375

Cash invested: $33,600 (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 57201

• Active inventory: 228
• Price-to-rent: 5.7×

Monthly cashflow live

• Estimated rent: $1,741 medium
• Mortgage (P&I): −$629
• Tax from tax record: −$107 /mo · $1,283/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$366
• Net cashflow: $589

Break-even live

Break-even rent $995

Max offer price $120,000

Occupancy floor 61%

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-06-19
   days on market $120,000 Active 11 DOM
2. 2026-06-18
   days on market $120,000 Active 10 DOM
3. 2026-06-17
   days on market $120,000 Active 9 DOM
4. 2026-06-16
   days on market $120,000 Active 8 DOM
5. 2026-06-15
   days on market $120,000 Active 7 DOM
6. 2026-06-14
   days on market $120,000 Active 5 DOM
7. 2026-06-12
   days on market $120,000 Active 4 DOM
8. 2026-06-09
   listed $120,000 Active 1 DOM

ⓘ 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: $1,283 · $107/mo
• Projected year-2 tax: $1,572 · $131/mo
• Expected delta: +$289/yr (+$24/mo · 22.5%)

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

Climate risk First Street

• 🌡 Heat 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,888
• − Mortgage interest: −$6,722
• − Property taxes: −$1,283
• − Insurance: −$600
• − Repairs & maintenance: −$1,671
• − Management: −$1,671
• − Depreciation: −$3,491
• Taxable income: $5,450
• Est. tax owed @ 24.0%: −$1,308
• After-tax cash flow: $5,759/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: Watertown School District 14-4
• NCES district ID: 4676620
• Math proficiency: 45% ▼ -10.00%
• Reading proficiency: 57% ▼ -7.00%
• Median HH income: $46,575
• Composite: 43.24/100
• National rank: #3057
• State rank: #28 of 59 in SD

Livability — Watertown

• Score: 78/100
• State rank: #11
• US rank: #2681

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Watertown, SD
• County: Codington County · 26,781 people
• City population: 26,781
• Metro: Watertown, SD
• Population (ZIP): 26,781
• Household income: $72,878
• Rent vs Own: 31.5% rent · 68.5% own
• Severe rent burden: 613.0

Population outlook (Codington County) Hauer SSP2

• Today (2025): 29,752 people
• By 2030: 30,627 · +2.9%
• By 2040: 32,285 · +8.5%
• By 2050: 33,812 · +13.6%
• By 2075: 39,184 · +31.7%
• By 2100: 46,673 · +56.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 5% Hispanic / Latino 3% Native American 2%
• Common ancestry: Portuguese 15% Romanian 3% Iranian 3%
• Foreign-born: 1% · Canada
• Languages at home: 97% English-only · Spanish 2% German/W. Germanic 1%

Political lean MEDSL · Codington

• 2024 margin: Solid R (+40.8) · D 28.4% · R 69.2% · Other 2.4%
• 2008→2024 swing: -34.4pp toward R · 2008: -6.4pp · 2024: -40.8pp
• All cycles: 2024: R+40.8 2020: R+38.9 2016: R+39.3 2012: R+18.3 2008: R+6.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -161.04%
• Current HPI: 165.8449
• Rent YoY: —
• Metro: Watertown, SD
• 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

+41.3% since first listed

4 events — show timeline

• 2026-06-08 Listed $120,000 NESD
• 2021-07-30 Sold (Public Records) $80,000 Public Records
• 2021-07-02 Sold (MLS) $80,000 NESD
• 2020-10-27 Listed $84,900 NESD

Property tax history

+2.4%/yr

Latest (2026): $1,283 · +10.5% YoY. Source: county tax records.