701 E 6th St St · Freeman, SD 57029

$460,000

15 bd · 8.0 ba · 7,104 sqft · MultiFamily · 3 Days on market

Built 1973 Average condition 0.32 ac lot

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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 +28.2/30.0
• DSCR +10.0/10.0
• 1% rule +7.8/10.0
• ARV discount +7.5/15.0
• Schools +4.8/10.0
• Livability +3.9/5.0
• Condition / age +2.8/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 5 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Key facts

• High occupancy rate
• Fresh paint
• Newer carpet

Tags

• 8 UNIT APARTMENT BUILDING
• HIGH OCCUPANCY RATE
• UPDATES DONE
• WELL MAINTAINED APPLIANCES
• NEWER CARPET
• FRESH PAINT

What this means for you Summary

Snapshot

• This is a 5 × 3-bed/?-bath units multifamily listed at $460k. Condition is rated average.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive. Per door: $291/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $460k).

Location & tenants

• Location reads 78/100 on livability (#12 in SD, #2,764 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D+, amenities F, commute F.
• Freeman School District 33-1 (rural): math 45% / reading 65% proficiency, ranked #46 of 148 in SD (top 31%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Freeman Jr High - 05 (math 47% / reading 57%, grade C+, #46 of 143 statewide, top 37%, 60 students, 23% FRL) — zoned schools at 23% FRL track the district average.
• Market conditions: 15 active listings in the ZIP; 21 units permitted in Hutchinson County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $14k of value loss. Plan a longer hold.
• Hutchinson County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $129k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $460,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1973 — 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 B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.28% ✓
• Cap rate: 10.09%
• Cash-on-cash: 13.57%
• DSCR: 1.60
• GRM: 6.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 3.7%
• Equity multiple: 1.14×
• Total profit: $18,331
• Equity at exit: $68,587

10-year hold

• IRR: 13.2%
• Equity multiple: 2.05×
• Total profit: $135,794
• Equity at exit: $39,772

Cash invested: $128,800 (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 57029

• Home prices YoY: -9.5%
• Active inventory: 15
• Price-to-rent: 32.7×

Monthly cashflow live

• Estimated rent: $5,868 medium
• Mortgage (P&I): −$2,412
• Tax est. 1.5%: −$575 /mo · $6,900/yr
• Insurance: −$192
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,232
• Net cashflow: $1,457

Break-even live

Break-even rent $4,024

Max offer price $460,000

Occupancy floor 70%

Sensitivity live

Price	-10% $1,775	-5% $1,616	+0% $1,457	+5% $1,298	+10% $1,139
Rent	-10% $993	-5% $1,225	+0% $1,457	+5% $1,689	+10% $1,920
Rate	-1.0pp $1,688	-0.5pp $1,574	base $1,457	+0.5pp $1,338	+1.0pp $1,216

5-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 5× units	3	—	$5,870
Total (5 units)			$5,868

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: $115,000
• Closing costs: $13,800
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-04-16
   status Pending
2. 2026-04-10
   listed $460,000 Active

ⓘ 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 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $70,416
• − Mortgage interest: −$25,767
• − Property taxes: −$6,900
• − Insurance: −$2,300
• − Repairs & maintenance: −$5,633
• − Management: −$5,633
• − Depreciation: −$13,382
• Taxable income: $10,800
• Est. tax owed @ 24.0%: −$2,592
• After-tax cash flow: $14,889/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 · 13 photos

Average 55/100 Cosmetic rehab

The property is in average condition with some minor signs of wear. Painting and landscaping would significantly improve its curb appeal and overall value.

Repairs flagged

• Minor Paint — There are some minor signs of wear on the exterior and interior walls.
• Minor Landscaping — There are some minor signs of wear on the landscaping and curb appeal.

Value-add opportunities

• Both Paint exterior and interior walls — Painting will improve the curb appeal and interior aesthetics.
• Both Landscaping — Landscaping will improve the curb appeal and enhance the overall aesthetic of the property.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Paint · There are some minor signs of wear on the exterior and interior walls.	Minor	$500–3,000
Landscaping · There are some minor signs of wear on the landscaping and curb appeal.	Minor	$500–3,000
Total estimated repair cost · 2 items		$1,000–6,000

Value-add ROI direction

• Both Paint exterior and interior walls — Painting will improve the curb appeal and interior aesthetics. ↑
• Both Landscaping — Landscaping will improve the curb appeal and enhance the overall aesthetic of the property. ↑

ⓘ 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: Freeman School District 33-1
• NCES district ID: 4625500
• Math proficiency: 45% ▬ 0.00%
• Reading proficiency: 65% ▲ 5.00%
• Median HH income: $47,023
• Composite: 48.42/100
• National rank: #4657
• State rank: #46 of 148 in SD

Livability — Freeman

• Score: 78/100
• State rank: #12
• US rank: #2764

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Freeman, SD
• Population (ZIP): 2,317

Population outlook (Hutchinson County) Hauer SSP2

• Today (2025): 6,914 people
• By 2030: 6,789 · -1.8%
• By 2040: 6,608 · -4.4%
• By 2050: 6,357 · -8.1%
• By 2075: 6,323 · -8.5%
• By 2100: 5,632 · -18.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Two or more races 10% Hispanic / Latino 4%
• Common ancestry: Estonian 7% Portuguese 6% Scottish 3%
• Foreign-born: 2% · Canada
• Languages at home: 95% English-only · Spanish 3% German/W. Germanic 2%

Political lean MEDSL · Hutchinson

• 2024 margin: Solid R (+57.9) · D 20.2% · R 78.1% · Other 1.7%
• 2008→2024 swing: -29.0pp toward R · 2008: -28.9pp · 2024: -57.9pp
• All cycles: 2024: R+57.9 2020: R+57.9 2016: R+54.2 2012: R+44.6 2008: R+28.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -20.34%
• Current HPI: 193.2556
• 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

2 events — show timeline

• 2026-04-16 Pending — REALTOR® Association of the Sioux Empire
• 2026-04-10 Listed $460,000 REALTOR® Association of the Sioux Empire