360 Hillsview Rd · North Spearfish, SD 57783

$55,000

2 bd · 1.0 ba · 784 sqft · Manufactured · 38 Days on market

Built 1975 Poor condition Est $52k · 6% over

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +4.7/15.0
• Schools +4.3/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +1.0/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

2 Bedroom, 1 bathroom located in Kens Mobile Home Park. Located near BHSU on a large lot. Lot rent is $295/Month and includes water, sewer and garbage. Subletting is allowed and pets upon approval.

Key facts

• Gas furnace
• Gas water heater
• New flooring

Tags

• OPEN FIELD ACROSS
• NEW FLOORING
• GAS STOVE
• GAS FURNACE
• GAS WATER HEATER
• SMART CONTROLLED LIGHTING

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $55k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $865 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $55k).
• Recommended offer: $53k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 66/100 on livability (#116 in SD) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools D-, amenities F, commute F.
• Spearfish School District 40-2 (town): math 45% / reading 56% proficiency, ranked #32 of 59 in SD (top 54%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 288 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 217 units permitted in Lawrence County in 2024 (11 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $380 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Lawrence County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $15k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 38 days — a 3% lower offer ($53k) is reasonable based on typical stale-listing flexibility.
• 12 sale attempts since 11y 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.

Recommended offer $53,350 (3.0% below list)

Questions for the listing agent

1. It's been on market 38 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 2.87% ✓
• Cap rate: 25.17%
• Cash-on-cash: 67.42%
• DSCR: 4.00
• GRM: 2.9

CMA / ARV

• ARV (on-the-fly): $51,744
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
360 Hillsview Rd	0.00mi	2/1.0	728 (-7%)	8mo	$48,000	$66	81
353 Hillsview Rd	0.05mi	2/1.0	672 (-14%)	18mo	$43,500	$65	58

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: 66.8%
• Equity multiple: 4.00×
• Total profit: $46,222
• Equity at exit: $8,201

10-year hold

• IRR: 71.0%
• Equity multiple: 8.23×
• Total profit: $111,310
• Equity at exit: $4,755

Cash invested: $15,400 (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 57783

• Active inventory: 288
• Price-to-rent: 2.9×

Monthly cashflow live

• Estimated rent: $1,576 medium
• Mortgage (P&I): −$288
• Tax est. 1.5%: −$69 /mo · $825/yr
• Insurance: −$23
• HOA: −$0
• Vacancy / Maint / Mgmt: −$331
• Net cashflow: $865

Break-even live

Break-even rent $481

Max offer price $55,000

Occupancy floor 40%

Sensitivity live

Price	-10% $903	-5% $884	+0% $865	+5% $846	+10% $827
Rent	-10% $741	-5% $803	+0% $865	+5% $928	+10% $990
Rate	-1.0pp $893	-0.5pp $879	base $865	+0.5pp $851	+1.0pp $837

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: $13,750
• Closing costs: $1,650
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
501 N Yale St Spearfish, SD	1.0	1.0	605	$1,529	$2.53	22d	18	1.07mi

Listing history 45 events

1. 2026-06-19
   days on market $55,000 Active 38 DOM
2. 2026-06-18
   days on market $55,000 Active 37 DOM
3. 2026-06-17
   days on market $55,000 Active 36 DOM
4. 2026-06-16
   days on market $55,000 Active 35 DOM
5. 2026-06-15
   days on market $55,000 Active 34 DOM
6. 2026-06-14
   days on market $55,000 Active 32 DOM
7. 2026-06-12
   days on market $55,000 Active 31 DOM
8. 2026-06-09
   days on market $55,000 Active 28 DOM
9. 2026-06-08
   days on market $55,000 Active 27 DOM
10. 2026-06-07
    days on market $55,000 Active 26 DOM
11. 2026-06-05
    days on market $55,000 Active 24 DOM
12. 2026-06-04
    days on market $55,000 Active 22 DOM
13. 2026-06-02
    days on market $55,000 Active 21 DOM
14. 2026-06-01
    days on market $55,000 Active 20 DOM
15. 2026-05-31
    days on market $55,000 Active 19 DOM
16. 2026-05-31
    days on market $55,000 Active 18 DOM
17. 2026-05-12
    listed $55,000 Active 851-char remark
18. 2025-10-20
    soldstatus $48,000 Closed 197-char remark

    Show marketing remark (197 chars)

    2 Bedroom, 1 bathroom located in Kens Mobile Home Park. Located near BHSU on a large lot. Lot rent is $295/Month and includes water, sewer and garbage. Subletting is allowed and pets upon approval.

19. 2025-09-23
    historical Active Under Contract 197-char remark

    Show marketing remark (197 chars)

    2 Bedroom, 1 bathroom located in Kens Mobile Home Park. Located near BHSU on a large lot. Lot rent is $295/Month and includes water, sewer and garbage. Subletting is allowed and pets upon approval.

20. 2025-09-05
    listed $60,000 Active 197-char remark

    Show marketing remark (197 chars)

    2 Bedroom, 1 bathroom located in Kens Mobile Home Park. Located near BHSU on a large lot. Lot rent is $295/Month and includes water, sewer and garbage. Subletting is allowed and pets upon approval.

21. 2024-09-09
    soldstatus $80,000 Closed

    Show marketing remark (567 chars)

    Cozy 2 bedroom, 1 bathroom manufactured home in a great location! This home has numerous updates including: all new siding, new windows, new kitchen flooring, new gas water heater, new AC unit, new roof, all new plumbing and more! One of the only lots to have two side yards! Includes a storage shed and two decks as well! Make this mobile home your first home or a great investment property! Mobile home court allows subleasing, lot rent is $455/Month and includes water, sewer and garbage. Listed by: Krista Heid | Engel & Voelkers Black Hills | 605.645.4297.

22. 2024-08-22
    historical Active Under Contract

    Show marketing remark (567 chars)

    Cozy 2 bedroom, 1 bathroom manufactured home in a great location! This home has numerous updates including: all new siding, new windows, new kitchen flooring, new gas water heater, new AC unit, new roof, all new plumbing and more! One of the only lots to have two side yards! Includes a storage shed and two decks as well! Make this mobile home your first home or a great investment property! Mobile home court allows subleasing, lot rent is $455/Month and includes water, sewer and garbage. Listed by: Krista Heid | Engel & Voelkers Black Hills | 605.645.4297.

23. 2024-08-19
    price $84,000

    Show marketing remark (567 chars)

    Cozy 2 bedroom, 1 bathroom manufactured home in a great location! This home has numerous updates including: all new siding, new windows, new kitchen flooring, new gas water heater, new AC unit, new roof, all new plumbing and more! One of the only lots to have two side yards! Includes a storage shed and two decks as well! Make this mobile home your first home or a great investment property! Mobile home court allows subleasing, lot rent is $455/Month and includes water, sewer and garbage. Listed by: Krista Heid | Engel & Voelkers Black Hills | 605.645.4297.

24. 2024-07-08
    listed $89,000 Active

    Show marketing remark (567 chars)

    Cozy 2 bedroom, 1 bathroom manufactured home in a great location! This home has numerous updates including: all new siding, new windows, new kitchen flooring, new gas water heater, new AC unit, new roof, all new plumbing and more! One of the only lots to have two side yards! Includes a storage shed and two decks as well! Make this mobile home your first home or a great investment property! Mobile home court allows subleasing, lot rent is $455/Month and includes water, sewer and garbage. Listed by: Krista Heid | Engel & Voelkers Black Hills | 605.645.4297.

25. 2023-10-09
    soldstatus $85,000 Closed
26. 2023-09-20
    status Pending
27. 2023-09-10
    historical Active Under Contract
28. 2023-08-29
    listed $90,000 Active
29. 2022-05-09
    soldstatus $137,500 Closed
30. 2022-04-13
    historical
31. 2022-04-11
    listed $129,900
32. 2017-01-13
    soldstatus $34,000
33. 2017-01-13
    soldstatus $34,000
34. 2016-12-03
    listed $39,000
35. 2016-12-03
    listed $39,000
36. 2016-08-12
    soldstatus $19,000
37. 2016-07-29
    listed $19,000
38. 2016-03-22
    soldstatus $10,600
39. 2016-03-16
    listed $10,500
40. 2015-08-10
    soldstatus $8,000
41. 2015-07-23
    listed $10,000
42. 2015-05-01
    soldstatus $16,500
43. 2015-05-01
    soldstatus $16,500
44. 2015-03-17
    listed $16,500
45. 2015-03-17
    listed $16,500

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌡 Heat 3/10 Moderate
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,917
• − Mortgage interest: −$3,081
• − Property taxes: −$825
• − Insurance: −$275
• − Repairs & maintenance: −$1,513
• − Management: −$1,513
• − Depreciation: −$1,600
• Taxable income: $10,110
• Est. tax owed @ 24.0%: −$2,426
• After-tax cash flow: $7,957/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.

Condition & rehab AI · 1 photo

Poor 20/100 Extensive rehab

This manufactured home requires extensive repairs and updates, including new siding, roof, flooring, HVAC, windows, and landscaping, to improve its condition and value.

Repairs flagged

• Major exterior siding — Peeling and damaged in places
• Major roof — Visible signs of wear
• Major flooring — Home described as needing new flooring
• Major HVAC/mechanicals — Home described as having gas stove, furnace, and water heater
• Major windows — Home described as needing new flooring
• Major foundation/structure — Home described as needing new flooring
• Major landscaping/curb appeal — Home described as needing new flooring

Value-add opportunities

• Both New exterior siding — Improves both resale and rental value by enhancing curb appeal and structural integrity
• Both New roof — Improves both resale and rental value by addressing a major structural issue
• Both New flooring — Improves both resale and rental value by making the home more attractive and functional
• Both New HVAC and mechanical systems — Improves both resale and rental value by ensuring the home is energy-efficient and comfortable
• Both New windows — Improves both resale and rental value by increasing energy efficiency and curb appeal
• Both New landscaping and curb appeal — Improves both resale and rental value by enhancing the home's overall appearance

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · Peeling and damaged in places	Major	$15,000–50,000
roof · Visible signs of wear	Major	$15,000–50,000
flooring · Home described as needing new flooring	Major	$15,000–50,000
HVAC/mechanicals · Home described as having gas stove, furnace, and water heater	Major	$15,000–50,000
windows · Home described as needing new flooring	Major	$15,000–50,000
foundation/structure · Home described as needing new flooring	Major	$15,000–50,000
landscaping/curb appeal · Home described as needing new flooring	Major	$15,000–50,000
Total estimated repair cost · 7 items		$105,000–350,000

Value-add ROI direction

• Both New exterior siding — Improves both resale and rental value by enhancing curb appeal and structural integrity ↑
• Both New roof — Improves both resale and rental value by addressing a major structural issue ↑
• Both New flooring — Improves both resale and rental value by making the home more attractive and functional ↑
• Both New HVAC and mechanical systems — Improves both resale and rental value by ensuring the home is energy-efficient and comfortable ↑
• Both New windows — Improves both resale and rental value by increasing energy efficiency and curb appeal ↑
• Both New landscaping and curb appeal — Improves both resale and rental value by enhancing the home's overall appearance ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Spearfish School District 40-2
• NCES district ID: 4666930
• Math proficiency: 45% ▼ -3.00%
• Reading proficiency: 56% ▲ 1.00%
• Median HH income: $43,524
• Composite: 42.54/100
• National rank: #3199
• State rank: #32 of 59 in SD

Livability — North Spearfish

• Score: 66/100
• State rank: #116
• US rank: #11447

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: North Spearfish, SD
• County: Lawrence County · 17,248 people
• Metro: Spearfish, SD
• Population (ZIP): 17,248
• Household income: $74,844
• Rent vs Own: 41.4% rent · 58.6% own
• Severe rent burden: 580.0

Population outlook (Lawrence County) Hauer SSP2

• Today (2025): 27,092 people
• By 2030: 28,137 · +3.9%
• By 2040: 29,908 · +10.4%
• By 2050: 31,789 · +17.3%
• By 2075: 38,917 · +43.6%
• By 2100: 50,407 · +86.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Two or more races 4% Hispanic / Latino 3% Native American 3%
• Common ancestry: Portuguese 12% Iranian 3% Serbian 2%
• Foreign-born: 3% · Canada, China
• Languages at home: 94% English-only · Spanish 3% German/W. Germanic 1%

Political lean MEDSL · Lawrence

• 2024 margin: Solid R (+31.3) · D 32.9% · R 64.3% · Other 2.8%
• 2008→2024 swing: -15.9pp toward R · 2008: -15.4pp · 2024: -31.3pp
• All cycles: 2024: R+31.3 2020: R+30.5 2016: R+34.2 2012: R+26.9 2008: R+15.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -174.59%
• Current HPI: 206.2001
• Rent YoY: —
• Metro: Spearfish, 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

+233.3% since first listed

29 events — show timeline

• 2026-05-12 Listed $55,000 FSBO.com
• 2025-10-20 Sold (MLS) $48,000 MRAOR
• 2025-09-23 Contingent — MRAOR
• 2025-09-05 Listed $60,000 MRAOR
• 2024-09-09 Sold (MLS) $80,000 MRAOR
• 2024-08-22 Contingent — MRAOR
• 2024-08-19 Price Changed $84,000 MRAOR
• 2024-07-08 Listed $89,000 MRAOR
• 2023-10-09 Sold (MLS) $85,000 MRAOR
• 2023-09-20 Pending — MRAOR
• 2023-09-10 Contingent — MRAOR
• 2023-08-29 Listed $90,000 MRAOR
• 2022-05-09 Sold (MLS) $137,500 MRAOR
• 2022-04-13 Delisted — MRAOR
• 2022-04-11 Listed $129,900 MRAOR
• 2017-01-13 Sold (MLS) $34,000 MRAOR
• 2017-01-13 Sold (MLS) $34,000 BHMLS
• 2016-12-03 Listed $39,000 MRAOR
• 2016-12-03 Listed $39,000 BHMLS
• 2016-08-12 Sold (MLS) $19,000 MRAOR
• 2016-07-29 Listed $19,000 MRAOR
• 2016-03-22 Sold (MLS) $10,600 MRAOR
• 2016-03-16 Listed $10,500 MRAOR
• 2015-08-10 Sold (MLS) $8,000 MRAOR
• 2015-07-23 Listed $10,000 MRAOR
• 2015-05-01 Sold (MLS) $16,500 MRAOR
• 2015-05-01 Sold (MLS) $16,500 BHMLS
• 2015-03-17 Listed $16,500 MRAOR
• 2015-03-17 Listed $16,500 BHMLS