119 N 10th St · Custer, SD 57730

$159,900

1 bd · 2.0 ba · 771 sqft · SingleFamily public records · 73 Days on market

Built 1947 5,663 sqft lot $207/sqft · 31% below area Est $233k · 31% under ↓ 16% 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
• Cash flow +11.2/30.0
• Schools +4.0/10.0
• Livability +3.8/5.0
• DSCR +3.3/10.0
• 1% rule +2.5/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Charming and cozy describes this cottage style home in Custer. This home is perfect for first-time buyers, a vacation getaway, or an investment opportunity. Situated on a city lot within walking distance to downtown and a block from the Mickelson Trail, this home offers both convenience and comfort. Numerous updates have been completed over the past five years, including the roof with class 4 shingles, fresh exterior paint, stainless steel appliances, updated furnace and replacement of water heater. Additional improvements were made when the ramp was added, such as replacing the sewer and gas lines. Outside, you'll find the perfect side yard with tall pines, space for perennial and garden beds and a seasonal spring/summertime creek bed that runs behind the home. Two outdoor sheds are included for all your storage needs, one could easily be made into a small workshop. There is also a 1 car garage. .. . what more do you need? Listed with Lisa Gaulke- Aspen+Pine Realty, 605-517-1209.

Key facts

• Updates completed
• Fresh exterior paint
• 5,663 sq ft lot

Tags

• WALKING DISTANCE TO DOWNTOWN
• BLOCK FROM MICKELSON TRAIL
• UPDATES COMPLETED
• ROOF WITH CLASS 4 SHINGLES
• FRESH EXTERIOR PAINT
• STAINLESS STEEL APPLIANCES

What this means for you Summary

Snapshot

• This is a 1-bed/2.0-bath single-family listed at $160k.

Deal economics

• At list price, monthly cash flow is $-118 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $139k (13.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $119k (25.4% below list).
• Recommended offer: $119k (25.4% below list) — sets the bar for 1% rule.
• Cap rate 5.8% vs local median 1.2% in Custer — 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 75/100 on livability (#27 in SD, #3,937 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D+, commute F.
• Custer School District 16-1 (rural): math 40% / reading 54% proficiency, ranked #37 of 59 in SD (top 63%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Custer Elementary - 02 (math 42% / reading 52%, grade D-, #134 of 253 statewide, top 55%, 304 students, 19% FRL); Custer Jr. High - 05 (math 47% / reading 62%, grade B-, #36 of 143 statewide, top 29%, 101 students, 22% FRL); Custer High School - 01 (math 37% / reading 72%, grade C-, #53 of 151 statewide, top 41%, 284 students, 16% FRL).
• Market conditions: 118 active listings in the ZIP; 229 units permitted in Custer County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Custer County population projected at +6% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 73 days — a 6% lower offer ($150k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts 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.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1947 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk; major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $119,226 (25.4% 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. It's been on market 73 days. Have you received any prior offers? Is the seller open to a 25% concession, seller financing, or rate buy-down credit?
3. Built in 1947 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 0.75% ✗
• Cap rate: 5.82%
• Cash-on-cash: -1.68%
• DSCR: 0.93
• GRM: 11.2

CMA / ARV

• ARV (median comp): $233,048
• List price: $159,900
• Delta: -31.39%
• Verdict: UNDERPRICED
• Comps: 12 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
820 Lincoln St	0.24mi	1/2.0	840 (+9%)	8mo	$164,600	$196	67
235 N 8th St	0.20mi	2/1.0 (+1)	836 (+8%)	13mo	$230,000	$275	57

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: -21.6%
• Equity multiple: 0.25×
• Total profit: $-33,448
• Equity at exit: $23,842

10-year hold

• IRR: -15.3%
• Equity multiple: 0.13×
• Total profit: $-38,859
• Equity at exit: $13,825

Cash invested: $44,772 (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 57730

• Home prices YoY: -20.4%
• Active inventory: 118
• Price-to-rent: 11.2×

Monthly cashflow live

• Estimated rent: $1,192 medium
• Mortgage (P&I): −$839
• Tax from tax record: −$99 /mo · $1,193/yr
• Insurance: −$67
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$250
• Net cashflow: $-118

Break-even live

Break-even rent $1,342

Max offer price $139,020

Occupancy floor —

Sensitivity live

Price	-10% $-28	-5% $-73	+0% $-118	+5% $-163	+10% $-209
Rent	-10% $-212	-5% $-165	+0% $-118	+5% $-71	+10% $-24
Rate	-1.0pp $-38	-0.5pp $-78	base $-118	+0.5pp $-160	+1.0pp $-202

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: $39,975
• Closing costs: $4,797
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-21
   days on market $159,900 Active 73 DOM
2. 2026-06-19
   days on market $159,900 Active 71 DOM
3. 2026-06-18
   days on market $159,900 Active 70 DOM
4. 2026-06-17
   days on market $159,900 Active 69 DOM
5. 2026-06-16
   days on market $159,900 Active 68 DOM
6. 2026-06-15
   days on market $159,900 Active 67 DOM
7. 2026-06-14
   days on market $159,900 Active 65 DOM
8. 2026-06-13
   days on market $159,900 Active 64 DOM
9. 2026-06-10
   days on market $159,900 Active 62 DOM
10. 2026-06-09
    days on market $159,900 Active 61 DOM
11. 2026-06-08
    days on market $159,900 Active 60 DOM
12. 2026-06-07
    days on market $159,900 Active 59 DOM
13. 2026-06-05
    days on market $159,900 Active 56 DOM
14. 2026-06-03
    days on market $159,900 Active 55 DOM
15. 2026-06-02
    days on market $159,900 Active 54 DOM
16. 2026-06-01
    days on market $159,900 Active 53 DOM
17. 2026-05-31
    days on market $159,900 Active 52 DOM
18. 2026-05-30
    days on market $159,900 Active 51 DOM
19. 2026-04-09
    listed $159,900 Active 995-char remark

    Show marketing remark (995 chars)

    Charming and cozy describes this cottage style home in Custer. This home is perfect for first-time buyers, a vacation getaway, or an investment opportunity. Situated on a city lot within walking distance to downtown and a block from the Mickelson Trail, this home offers both convenience and comfort. Numerous updates have been completed over the past five years, including the roof with class 4 shingles, fresh exterior paint, stainless steel appliances, updated furnace and replacement of water heater. Additional improvements were made when the ramp was added, such as replacing the sewer and gas lines. Outside, you'll find the perfect side yard with tall pines, space for perennial and garden beds and a seasonal spring/summertime creek bed that runs behind the home. Two outdoor sheds are included for all your storage needs, one could easily be made into a small workshop. There is also a 1 car garage. .. . what more do you need? Listed with Lisa Gaulke- Aspen+Pine Realty, 605-517-1209.

20. 2026-01-26
    status Active
21. 2026-01-12
    historical Active Under Contract
22. 2025-10-30
    price $165,000
23. 2025-09-29
    listed $190,000 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: $1,193 · $99/mo
• Projected year-2 tax: $2,095 · $175/mo
• Expected delta: +$902/yr (+$75/mo · 75.6%)

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

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 7/10 Severe
• 🌡 Heat 1/10 Low 7 d/yr ≥87°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,307
• − Mortgage interest: −$8,957
• − Property taxes: −$1,193
• − Insurance: −$1,466
• − Repairs & maintenance: −$1,145
• − Management: −$1,145
• − Depreciation: −$4,652
• Taxable loss: −$4,249
• Est. tax savings @ 24.0%: +$1,020
• After-tax cash flow: $-399/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: Custer School District 16-1
• NCES district ID: 4616950
• Math proficiency: 40% ▬ 0.00%
• Reading proficiency: 54% ▬ 0.00%
• Median HH income: $50,785
• Composite: 40.32/100
• National rank: #3750
• State rank: #37 of 59 in SD

Livability — Custer

• Score: 75/100
• State rank: #27
• US rank: #3937

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Custer, SD
• Population (ZIP): 5,647

Population outlook (Custer County) Hauer SSP2

• Today (2025): 9,045 people
• By 2030: 9,220 · +1.9%
• By 2040: 9,459 · +4.6%
• By 2050: 9,597 · +6.1%
• By 2075: 10,938 · +20.9%
• By 2100: 14,306 · +58.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 6% Hispanic / Latino 2% Native American 2%
• Common ancestry: Portuguese 6% Lithuanian 5% Italian 3%
• Foreign-born: 2% · Canada
• Languages at home: 95% English-only · German/W. Germanic 2% Spanish 2%

Political lean MEDSL · Custer

• 2024 margin: Solid R (+45.8) · D 26.1% · R 71.9% · Other 2.0%
• 2008→2024 swing: -13.9pp toward R · 2008: -31.8pp · 2024: -45.8pp
• All cycles: 2024: R+45.8 2020: R+42.4 2016: R+46.0 2012: R+38.2 2008: R+31.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -72.26%
• Current HPI: 281.6391
• 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

-15.8% since first listed

5 events — show timeline

• 2026-04-09 Listed $159,900 MRAOR
• 2026-01-26 Relisted — MRAOR
• 2026-01-12 Contingent — MRAOR
• 2025-10-30 Price Changed $165,000 MRAOR
• 2025-09-29 Listed $190,000 MRAOR

Property tax history

+1.5%/yr

Latest (2025): $1,193 · -17.3% YoY. Source: county tax records.