115 E Ivy Rd Rd · Tea, SD 57054-2428

$290,000

3 bd · 2.5 ba · 1,666 sqft · SingleFamily · 7 Days on market

Built 2019 4,633 sqft lot $174/sqft · 48% below area Est $553k · 48% under $110/mo HOA · 7% of rent ↓ 5% since listing

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Why this score? — see what drove the D- 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).

• ARV discount +15.0/15.0
• Schools +5.2/10.0
• Appreciation +5.0/10.0
• Cash flow +4.4/30.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +0.6/10.0
• DSCR +0.0/10.0

Listing remarks MLS

This 3-bedroom townhome features a main-floor master suite and a desirable loft-style layout. The upper level offers two additional bedrooms, a full bath, and a spacious loft ideal for an office or additional living space.

Key facts

• Custom kitchen
• Loft-style layout
• Vaulted ceilings

Tags

• MAIN-FLOOR MASTER SUITE
• LOFT-STYLE LAYOUT
• CUSTOM KITCHEN
• STAINLESS STEEL APPLIANCES
• LAMINATE WOOD FLOORING
• VAULTED CEILINGS

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath single-family listed at $290k.

Deal economics

• At list price, monthly cash flow is $-764 ($-9k/yr) — negative.
• To cash-flow at today's rent, offer at most $155k (46.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $162k (44.2% below list).
• Recommended offer: $155k (46.6% below list) — sets the bar for cash-flow.
• Cap rate 3.1% vs local median 1.7% in Tea — 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 74/100 on livability (#30 in SD, #4,416 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety D-.
• Tea Area School District 41-5 (rural): math 54% / reading 63% proficiency, ranked #4 of 59 in SD (top 7%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 14% free/reduced lunch — higher-income household profile.
• Market conditions: 1 active listings in the ZIP; 20 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); 45% of comp listings sitting > 30 days — soft ceiling on asking rent; 232 units permitted in Lincoln County in 2024 (14 in 5+ unit buildings).

Forward outlook

• In year one you build about $11k of equity ($2k loan paydown + $9k appreciation (3.0% local appreciation)).
• Lincoln County population projected at +66% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 4, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts; this cycle's ask has dropped $25k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $155,003 (46.6% below list)

Questions for the listing agent

1. 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?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are A-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?
5. 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?
6. 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.
7. 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.
8. 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: 0.56% ✗
• Cap rate: 3.13%
• Cash-on-cash: -11.29%
• DSCR: 0.50
• GRM: 14.9

CMA / ARV

• ARV (median comp): $552,504
• List price: $290,000
• Delta: -47.51%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2310 N Lammers Ave Ave	0.12mi	3/2.5	1,768 (+6%)	2mo	$570,000	$322	83
2430 N Main Ave Ave	0.15mi	3/2.0	1,787 (+7%)	0mo	$569,000	$318	79
505 E Mary Moore Dr	0.31mi	3/2.0	1,634 (-2%)	14mo	$550,000	$337	68
1200 N Rose Ave Ave	0.43mi	3/2.0	1,750 (+5%)	5mo	$446,500	$255	66
1220 N Rose Ave Ave	0.39mi	3/2.0	1,547 (-7%)	3mo	$441,000	$285	66
2330 N Devon Ave	0.17mi	3/2.0	1,551 (-7%)	16mo	$409,000	$264	65
415 E Mary Moore Dr Dr	0.26mi	2/2.0 (-1)	1,513 (-9%)	3mo	$519,900	$344	63
1215 N Rose Ave Ave	0.42mi	4/3.0 (+1)	1,613 (-3%)	8mo	$475,800	$295	61
2700 N Vermillion Cir Cir	0.70mi	3/2.5	1,733 (+4%)	2mo	$655,000	$378	59
1230 N Poplar Ave Ave	0.42mi	2/2.0 (-1)	1,838 (+10%)	2mo	$394,800	$215	54
1000 N Cole Ave	0.60mi	4/2.0 (+1)	1,559 (-6%)	16mo	$355,000	$228	41
830 N Rose Ave	0.72mi	3/2.0	1,431 (-14%)	22mo	$299,900	$210	23

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

Projected returns pro-forma

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

5-year hold

• IRR: -2.9%
• Equity multiple: 0.83×
• Total profit: $-13,688
• Equity at exit: $130,397

10-year hold

• IRR: 1.6%
• Equity multiple: 1.24×
• Total profit: $19,595
• Equity at exit: $200,957

Cash invested: $81,200 (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 57054-2428

• Active inventory: 1
• Price-to-rent: 14.9×

Monthly cashflow live

• Estimated rent: $1,620 high
• Mortgage (P&I): −$1,521
• Tax from tax record: −$292 /mo · $3,504/yr
• Insurance: −$121
• HOA: −$110
• Vacancy / Maint / Mgmt: −$340
• Net cashflow: $-764

Break-even live

Break-even rent $2,587

Max offer price $155,003

Occupancy floor —

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: $72,500
• Closing costs: $8,700
• Reserves months: —
• Total cash needed: —

Rent comps 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2235 N Main Ave Unit 1 Tea, SD	3.0	2.0	1453	$1,795	$1.24	43d	1	0.08mi
301 E Ivy Rd Unit 1 Tea, SD	3.0	2.0	1337	$1,748	$1.31	13d	1	0.14mi
2200 N Main Ave Tea, SD	2.0	2.5	1330	$1,361	$1.02	43d	1	0.14mi
2112 N Main Ave Tea, SD	1.0–3.0	1.0–2.5	1144	$2,050	$1.79	13d	1	0.14mi
100 Denver Pl Tea, SD	2.0–3.0	1.5–2.5	1375	$1,700	$1.24	13d	1	0.16mi
2112 N Carla Ave Tea, SD	2.0	2.0	1196	$1,295	$1.08	43d	1	0.17mi
2115 N Carla Ave Unit 305 Tea, SD	2.0	2.0	1385	$1,750	$1.26	43d	1	0.17mi
2230 Devon Ave Tea, SD	2.0	1.0	1050	$1,100	$1.05	13d	1	0.18mi
N Carla Ave Tea, SD	1.0–3.0	1.0–2.5	1083	$1,700	$1.57	13d	11	0.37mi
600 W Samantha St Tea, SD	3.0	2.0	1400	$1,775	$1.27	43d	1	0.44mi
100 Tanner Ct Unit 100-4 Tea, SD	3.0	2.0	1300	$1,625	$1.25	13d	1	0.47mi
110 Tanner Ct Tea, SD	3.0	2.0	1400	$1,610	$1.15	43d	1	0.47mi
610 W Samantha St Unit 3 Tea, SD	3.0	2.0	1400	$1,795	$1.28	43d	1	0.48mi
1023 Tanner Ct Tea, SD	3.0	2.5	1350	$1,595	$1.18	43d	1	0.51mi
815 Prescott St Tea, SD	1.0–3.0	1.0–2.0	1050	$1,170	$1.11	13d	1	0.73mi
812 E Brian St Tea, SD	2.0–3.0	2.0	1185	$895	$0.76	43d	1	0.82mi
510 Morgan Ln Tea, SD	2.0	1.0	1483	$1,375	$0.93	13d	1	0.84mi
200 Heritage Pkwy Tea, SD	1.0–3.0	1.0–2.0	943	$1,450	$1.54	13d	4	1.21mi
300 Granite Ave Tea, SD	1.0–3.0	1.0–2.0	1041	$1,890	$1.82	13d	9	1.43mi
231 W 4th St Tea, SD	3.0	2.0	1082	$1,299	$1.20	13d	1	1.44mi

HOA detail

• Monthly dues: $110 · $1,320/yr

Listing history 21 events

1. 2026-06-18
   days on market $290,000 Active 7 DOM
2. 2026-06-17
   days on market $290,000 Active 6 DOM
3. 2026-06-16
   days on market $290,000 Active 5 DOM
4. 2026-06-15
   days on market $290,000 Active 4 DOM
5. 2026-06-14
   days on market $290,000 Active 2 DOM
6. 2026-06-13
   days on marketlisting id $290,000 Active 1 DOM
7. 2026-06-10
   days on market $290,000 Active 92 DOM
8. 2026-06-09
   days on market $290,000 Active 91 DOM
9. 2026-06-08
   days on market $290,000 Active 90 DOM
10. 2026-06-07
    pricedays on market $290,000 Active 89 DOM
11. 2026-06-03
    days on market $300,000 Active 85 DOM
12. 2026-06-02
    days on market $300,000 Active 84 DOM
13. 2026-06-01
    days on market $300,000 Active 83 DOM
14. 2026-05-31
    days on market $300,000 Active 82 DOM
15. 2026-05-30
    days on market $300,000 Active 81 DOM
16. 2026-04-28
    price $300,000 222-char remark

    Show marketing remark (222 chars)

    This 3-bedroom townhome features a main-floor master suite and a desirable loft-style layout. The upper level offers two additional bedrooms, a full bath, and a spacious loft ideal for an office or additional living space.

17. 2026-04-22
    price $300,000 331-char remark

    Show marketing remark (331 chars)

    Join us for an Open House on April 25, 2026, from 12:30 PM to 2:00 PM. This beautifully designed 3-bedroom townhome features a convenient main-floor master suite and an open loft-style layout. The upper level includes two spacious bedrooms, a full bathroom, and a versatile loft that can be used as an office or extra living space.

18. 2026-04-19
    price $300,000
19. 2026-04-08
    listed $315,000 Active 222-char remark

    Show marketing remark (222 chars)

    This 3-bedroom townhome features a main-floor master suite and a desirable loft-style layout. The upper level offers two additional bedrooms, a full bath, and a spacious loft ideal for an office or additional living space.

20. 2026-03-15
    listed $315,000 Active 331-char remark

    Show marketing remark (331 chars)

    Join us for an Open House on April 25, 2026, from 12:30 PM to 2:00 PM. This beautifully designed 3-bedroom townhome features a convenient main-floor master suite and an open loft-style layout. The upper level includes two spacious bedrooms, a full bathroom, and a versatile loft that can be used as an office or extra living space.

21. 2026-03-10
    listed $315,000 Active

ⓘ 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: $3,504 · $292/mo
• Projected year-2 tax: $3,799 · $317/mo
• Expected delta: +$295/yr (+$25/mo · 8.4%)

ⓘ 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 2/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥99°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: $19,434
• − Mortgage interest: −$16,245
• − Property taxes: −$3,504
• − Insurance: −$1,450
• − Repairs & maintenance: −$1,555
• − Management: −$1,555
• − HOA: −$1,320
• − Depreciation: −$8,436
• Taxable loss: −$14,630
• Est. tax savings @ 24.0%: +$3,511
• After-tax cash flow: $-5,659/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: Tea Area School District 41-5
• NCES district ID: 4600052
• Math proficiency: 54% ▲ 3.00%
• Reading proficiency: 63% ▲ 7.00%
• Median HH income: $77,208
• Composite: 52.4/100
• National rank: #1578
• State rank: #4 of 59 in SD

Livability — Tea

• Score: 74/100
• State rank: #30
• US rank: #4416

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Tea, SD

Population outlook (Lincoln County) Hauer SSP2

• Today (2025): 70,138 people
• By 2030: 78,929 · +12.5%
• By 2040: 97,132 · +38.5%
• By 2050: 116,136 · +65.6%
• By 2075: 166,314 · +137.1%
• By 2100: 219,430 · +212.9%

Not yet ingested

• Political lean: —
• Race & ethnicity: —
• Common origin: —
• Civics: —

Market trends

• HPI YoY: —
• Current HPI: —
• 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

-4.8% since first listed

6 events — show timeline

• 2026-04-28 Price Changed $300,000 CSDBR
• 2026-04-22 Price Changed $300,000 MBOR
• 2026-04-19 Price Changed $300,000 REALTOR® Association of the Sioux Empire
• 2026-04-08 Listed $315,000 CSDBR
• 2026-03-15 Listed $315,000 MBOR
• 2026-03-10 Listed $315,000 REALTOR® Association of the Sioux Empire

Property tax history

+2.0%/yr

Latest (2025): $3,504 · -0.2% YoY. Source: county tax records.