204 7th Ave W · Lemmon, SD 57638

$129,900

4 bd · 2.0 ba · 848 sqft · SingleFamily public records · 24 Days on market

Built 1949 0.40 ac lot

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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).

• Cash flow +11.9/30.0
• ARV discount +7.5/15.0
• Appreciation +6.1/10.0
• Schools +4.6/10.0
• Livability +4.0/5.0
• DSCR +3.5/10.0
• 1% rule +2.5/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Welcome to a delightful 4 bedroom, 2.-bath home. This residence embodies comfort and care, reflecting a genuine sense of ownership pride. Step inside to discover a charming living room with large window that frames the outside world beautifully. Kitchen leading to large deck for entertaining or enjoying your morning coffee! Upper level has potential for ensuite. Home features three decks, two car garage. Conveniently located close to park. The full basement stands ready for your ideas, whether it's a play area or hobby haven! Don't miss out on making this charming residence your own and experience the warmth it offers.

Key facts

• Insulated garage
• Spacious deck
• Private yard

Tags

• DETACHED GARAGE
• INSULATED GARAGE
• SPACIOUS DECK
• PRIVATE YARD
• MATURE TREES
• CUSTOM TILE SHOWER

Property features AI

Exterior

• Parking: Attached or detached 3-car garage
• Utilities: Public sewer
• Home design: Single-family residence; 1 story
• Construction: Built with concrete basement
• Exterior features: Lot approximately 125 x 140

Interior

• Bathrooms: 2 full bathrooms
• Heating & cooling: Propane heating; Cooling system present
• Interior features: Full concrete basement

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $130k.

Deal economics

• At list price, monthly cash flow is $-33 ($-398/yr) — negative.
• To cash-flow at today's rent, offer at most $124k (4.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $98k (24.5% below list).
• Recommended offer: $98k (24.5% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 79/100 on livability (#8 in SD, #2,009 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools C-, health & safety D+, amenities D.
• Lemmon School District 52-4 (rural): math 50% / reading 55% proficiency, ranked #60 of 148 in SD (top 40%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 20 active listings in the ZIP.

Forward outlook

• In year one you build about $4k of equity ($898 loan paydown + $3k appreciation (2.2% local appreciation)).
• Perkins County population projected at +15% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (2.2% appreciation + 3.0% rent growth), your $36k cash investment doubles in ~8 years — after that, you're playing with house money.
• By year 9, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 24 days — a 2% lower offer ($128k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 3y 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.

Risks & watch-outs

• Watch-outs: built in 1949 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $98,063 (24.5% 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. Built in 1949 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 5.99%
• Cash-on-cash: -1.09%
• DSCR: 0.95
• GRM: 11.0

CMA / ARV

• ARV (on-the-fly): $71,232
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
205 6th Ave W	0.04mi	3/1.0 (-1)	830 (-2%)	15mo	$69,900	$84	73

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

Projected returns pro-forma

2.18% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 4.0%
• Equity multiple: 1.22×
• Total profit: $7,954
• Equity at exit: $52,511

10-year hold

• IRR: 7.6%
• Equity multiple: 2.05×
• Total profit: $38,370
• Equity at exit: $76,609

Cash invested: $36,372 (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 57638

• Home prices YoY: 1.4%
• Active inventory: 20
• Price-to-rent: 11.0×

Monthly cashflow live

• Estimated rent: $981 medium
• Mortgage (P&I): −$681
• Tax from tax record: −$72 /mo · $870/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$206
• Net cashflow: $-33

Break-even live

Break-even rent $1,023

Max offer price $124,046

Occupancy floor 98%

Sensitivity live

Price	-10% $40	-5% $4	+0% $-33	+5% $-70	+10% $-107
Rent	-10% $-111	-5% $-72	+0% $-33	+5% $6	+10% $44
Rate	-1.0pp $32	-0.5pp $0	base $-33	+0.5pp $-67	+1.0pp $-101

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: $32,475
• Closing costs: $3,897
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-21
   days on market $129,900 Active 24 DOM
2. 2026-06-18
   days on market $129,900 Active 22 DOM
3. 2026-06-17
   days on market $129,900 Active 21 DOM
4. 2026-06-16
   days on market $129,900 Active 20 DOM
5. 2026-06-15
   days on market $129,900 Active 19 DOM
6. 2026-06-13
   days on market $129,900 Active 17 DOM
7. 2026-06-12
   days on market $129,900 Active 16 DOM
8. 2026-06-09
   days on market $129,900 Active 13 DOM
9. 2026-06-08
   days on market $129,900 Active 12 DOM
10. 2026-06-08
    days on market $129,900 Active 11 DOM
11. 2026-06-05
    days on market $129,900 Active 9 DOM
12. 2026-06-04
    days on market $129,900 Active 7 DOM
13. 2026-06-02
    days on market $129,900 Active 6 DOM
14. 2026-06-01
    days on market $129,900 Active 5 DOM
15. 2026-05-31
    days on market $129,900 Active 4 DOM
16. 2026-05-21
    status Active
17. 2026-04-27
    status Pending
18. 2026-04-02
    listed $129,900 Active
19. 2023-12-29
    soldstatus Closed 627-char remark

    Show marketing remark (627 chars)

    Welcome to a delightful 4 bedroom, 2.-bath home. This residence embodies comfort and care, reflecting a genuine sense of ownership pride. Step inside to discover a charming living room with large window that frames the outside world beautifully. Kitchen leading to large deck for entertaining or enjoying your morning coffee! Upper level has potential for ensuite. Home features three decks, two car garage. Conveniently located close to park. The full basement stands ready for your ideas, whether it's a play area or hobby haven! Don't miss out on making this charming residence your own and experience the warmth it offers.

20. 2023-10-14
    listed $99,000 Active 627-char remark

    Show marketing remark (627 chars)

    Welcome to a delightful 4 bedroom, 2.-bath home. This residence embodies comfort and care, reflecting a genuine sense of ownership pride. Step inside to discover a charming living room with large window that frames the outside world beautifully. Kitchen leading to large deck for entertaining or enjoying your morning coffee! Upper level has potential for ensuite. Home features three decks, two car garage. Conveniently located close to park. The full basement stands ready for your ideas, whether it's a play area or hobby haven! Don't miss out on making this charming residence your own and experience the warmth it offers.

ⓘ 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: $870 · $72/mo
• Projected year-2 tax: $1,702 · $142/mo
• Expected delta: +$832/yr (+$69/mo · 95.6%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 2/10 Low 7 d/yr ≥97°F today · 13 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $11,768
• − Mortgage interest: −$7,276
• − Property taxes: −$870
• − Insurance: −$650
• − Repairs & maintenance: −$941
• − Management: −$941
• − Depreciation: −$3,779
• Taxable loss: −$2,690
• Est. tax savings @ 24.0%: +$646
• After-tax cash flow: $248/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: Lemmon School District 52-4
• NCES district ID: 4641520
• Math proficiency: 50% ▬ 0.00%
• Reading proficiency: 55% ▲ 5.00%
• Median HH income: $38,532
• Composite: 45.67/100
• National rank: #5633
• State rank: #60 of 148 in SD

Livability — Lemmon

• Score: 79/100
• State rank: #8
• US rank: #2009

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lemmon, SD
• Population (ZIP): 1,963

Population outlook (Perkins County) Hauer SSP2

• Today (2025): 3,128 people
• By 2030: 3,207 · +2.5%
• By 2040: 3,391 · +8.4%
• By 2050: 3,602 · +15.2%
• By 2075: 4,340 · +38.7%
• By 2100: 4,754 · +52.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Native American 4% Two or more races 1% Hispanic / Latino 1%
• Common ancestry: Portuguese 21% Scottish 2% Scotch-Irish 1%
• Foreign-born: 1% · Canada

Political lean MEDSL · Perkins

• 2024 margin: Solid R (+70.0) · D 14.3% · R 84.3% · Other 1.3%
• 2008→2024 swing: -34.3pp toward R · 2008: -35.8pp · 2024: -70.0pp
• All cycles: 2024: R+70.0 2020: R+69.6 2016: R+71.3 2012: R+55.7 2008: R+35.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 2.18%
• Current HPI: 152.8514
• 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

+31.2% since first listed

5 events — show timeline

• 2026-05-21 Relisted — Badlands BOR MLS
• 2026-04-27 Pending — Badlands BOR MLS
• 2026-04-02 Listed $129,900 Badlands BOR MLS
• 2023-12-29 Sold (MLS) — Badlands BOR MLS
• 2023-10-14 Listed $99,000 Badlands BOR MLS