201 Wicker St St

Gayville, SD 57031

$599,000B

15 bd · 8.0 ba · 7,104 sqft · Built 1972 · MultiFamily · Active · 20 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $8,750/mo
• Mortgage (P&I): −$3,141
• Tax + insurance: −$998
• HOA: −$0
• Vac / Maint / Mgmt: −$1,838
• Net cashflow: $2,773/mo
• Annual: $33,275/yr
• Cap rate: 11.85%
• Cash-on-cash: 19.84%
• DSCR: 1.88
• 1% rule: 1.46%
• Cash to close: $167,720

Investor read

• This is a 5 × 3-bed/?-bath units multifamily listed at $599k. Condition is rated poor.
• At list price, monthly cash flow is $3k ($33k/yr) — positive. Per door: $555/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($9k rent vs $599k).
• It's been on market 20 days — a 2% lower offer ($590k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $590k (1.5% below list) — sets the bar for market timing.
• In year one you build about $22k of equity ($4k loan paydown + $18k appreciation (3.0% local appreciation)).
• Location reads 67/100 on livability (#100 in SD) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment B+; Watch: crime D+, health & safety D, amenities F.
• Gayville-Volin School District 63-1 (rural): math 25% / reading 40% proficiency, ranked #125 of 148 in SD (top 84%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Gayville-Volin Elementary - 02 (math 24% / reading 34%, grade F, #205 of 253 statewide, top 85%, 144 students, 28% FRL); Gayville-Volin Middle School - 03 (math 22% / reading 42%, grade F, #121 of 143 statewide, top 87%, 63 students, 27% FRL); Gayville-Volin High School - 01 (math 30% / reading 70%, grade D+, #69 of 151 statewide, top 65%, 82 students, 20% FRL) — zoned schools at 25% FRL track the district average.
• Market conditions: 7 active listings in the ZIP; 179 units permitted in Yankton County in 2024 (130 in 5+ unit buildings).
• Yankton County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 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.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $168k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1972 — 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.
• Crime grade is D 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.

Repairs flagged (vision-AI assessment)

• Major: landscaping — Overgrown vegetation needs trimming and landscaping
• Major: exterior siding — Signs of wear and tear, possibly requiring repainting or replacement
• Major: roof — Aged appearance, may need inspection and potential repair or replacement
• Major: interior walls/paint — No visible interior, but the exterior suggests potential issues