2800 E Green St

Pierre, SD 57501

$55,000B

3 bd · 2.0 ba · 1,216 sqft · Built 2012 · Manufactured · Active · 375 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,432/mo
• Mortgage (P&I): −$288
• Tax + insurance: −$92
• HOA: −$0
• Vac / Maint / Mgmt: −$301
• Net cashflow: $751/mo
• Annual: $9,012/yr
• Cap rate: 22.68%
• Cash-on-cash: 58.52%
• DSCR: 3.60
• 1% rule: 2.60%
• Cash to close: $15,400

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $55k. Condition is rated fair.
• At list price, monthly cash flow is $751 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $55k).
• It's been on market 375 days — a 12% lower offer ($48k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $48k (12.0% below list) — sets the bar for market timing.
• 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.
• Location reads 74/100 on livability (#31 in SD, #4,502 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime F, amenities F, commute F.
• Pierre School District 32-2 (town): math 47% / reading 54% proficiency, ranked #24 of 59 in SD (top 41%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Buchanan Elementary - 03 (math 57% / reading 57%, grade C+, #77 of 253 statewide, top 32%, 418 students, 27% FRL); Georgia Morse Middle School - 02 (math 46% / reading 53%, grade C, #55 of 143 statewide, top 46%, 684 students, 26% FRL); T F Riggs High School - 01 (math 42% / reading 67%, grade C-, #53 of 151 statewide, top 41%, 842 students, 17% FRL) — zoned schools at 24% FRL track the district average.
• Market conditions: 129 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 135 units permitted in Hughes County in 2024 (115 in 5+ unit buildings).
• Hughes 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 $15k cash investment doubles in ~2 years — after that, you're playing with house money.
• Cap rate 22.7% vs local median 3.4% in Pierre — 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.

Questions for listing agent

• It's been on market 375 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• 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 F 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.

Repairs flagged (vision-AI assessment)

• Minor: deck railings — slight wear
• Minor: deck flooring — slight wear