316 S Broadway Ave Ave

Miller, SD 57362

$64,900B+

3 bd · 2.0 ba · 1,174 sqft · Built 1900 · SingleFamily · Pending · 36 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,088/mo
• Mortgage (P&I): −$340
• Tax + insurance: −$108
• HOA: −$0
• Vac / Maint / Mgmt: −$228
• Net cashflow: $411/mo
• Annual: $4,929/yr
• Cap rate: 13.89%
• Cash-on-cash: 27.13%
• DSCR: 2.21
• 1% rule: 1.68%
• Cash to close: $18,172

Investor read

• This is a 3-bed/2.0-bath single-family listed at $65k.
• At list price, monthly cash flow is $411 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $65k).
• It's been on market 36 days — a 3% lower offer ($63k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $63k (3.0% below list) — sets the bar for market timing.
• In year one you build about $3k of equity ($449 loan paydown + $3k appreciation (3.9% local appreciation)).
• Location reads 72/100 on livability (#43 in SD) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment C-, health & safety C-, amenities F.
• Miller 29-4 (rural): math 46% / reading 57% proficiency, ranked #25 of 59 in SD (top 42%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 16 active listings in the ZIP; 9 units permitted in Hand County in 2024 (0 in 5+ unit buildings).
• Hand County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (3.9% appreciation + 3.0% rent growth), your $18k cash investment doubles in ~3 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 36 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.