1022 N Van Eps Ave Ave · Sioux Falls, SD 57103-0637

$234,900

4 bd · 3.0 ba · 1,812 sqft · SingleFamily public records · 4 Days on market

Built 1920 6,247 sqft lot Est $272k · 14% under

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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 +24.3/30.0
• ARV discount +13.6/15.0
• DSCR +7.9/10.0
• 1% rule +5.7/10.0
• Appreciation +5.0/10.0
• Livability +4.2/5.0
• Schools +3.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Key facts

• 6,247 sq ft lot
• Garage
• Built 1920

Tags

• FULLY FENCED BACKYARD
• AMPLE ROOM FOR GARDENING

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath single-family listed at $235k.

Deal economics

• At list price, monthly cash flow is $475 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $235k).
• Cap rate 8.7% vs local median 2.6% in Sioux Falls — 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 85/100 on livability (#3 in SD, #610 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: crime F.
• Sioux Falls School District 49-5 (urban): math 39% / reading 48% proficiency, ranked #45 of 59 in SD (top 76%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Terry Redlin Elementary - 11 (math 17% / reading 27%, grade F, #228 of 253 statewide, top 92%, 473 students, 77% FRL) — zoned schools average 77% FRL vs 36% district-wide (42 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 22% at this address vs 44% district-wide (-22 pts) — the specific schools serving this property underperform the Sioux Falls School District 49-5 average; the district grade overstates school quality for this exact location.
• Market conditions: 1 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 2,425 units permitted in Minnehaha County in 2024 (1,367 in 5+ unit buildings).

Forward outlook

• In year one you build about $9k of equity ($2k loan paydown + $7k appreciation (3.0% local appreciation)).
• Minnehaha County population projected at +46% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $66k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts since 24y 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 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $234,900

Questions for the listing agent

1. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
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: 1.07% ✓
• Cap rate: 8.72%
• Cash-on-cash: 8.67%
• DSCR: 1.39
• GRM: 7.8

CMA / ARV

• ARV (on-the-fly): $271,800
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1601 E Tracy Ln Ln	0.14mi	4/2.5	2,001 (+10%)	8mo	$335,000	$167	67
743 N Leadale Ave Ave	0.42mi	3/2.0 (-1)	1,772 (-2%)	4mo	$197,000	$111	65
1412 E Russell St St	0.45mi	4/2.5	1,656 (-9%)	3mo	$248,500	$150	60
418 N Cliff Ave Ave	0.41mi	4/1.5	2,016 (+11%)	0mo	$189,000	$94	56
515 Nesmith Ave Ave	0.61mi	4/2.0	1,681 (-7%)	2mo	$315,000	$187	54
919 N Omaha Ave Ave	0.56mi	5/2.0 (+1)	1,729 (-5%)	4mo	$265,000	$153	54
2104 E Russell St St	0.62mi	4/1.5	1,658 (-8%)	0mo	$137,500	$83	50
2109 E 1st St St	0.48mi	3/2.0 (-1)	1,590 (-12%)	2mo	$277,900	$175	47
1612 E 5th St St	0.43mi	3/2.0 (-1)	1,578 (-13%)	6mo	$245,000	$155	44
705 N Highland Ave Ave	0.33mi	3/1.0 (-1)	1,557 (-14%)	7mo	$185,000	$119	42
636 N Leadale Ave Ave	0.61mi	3/1.0 (-1)	1,578 (-13%)	2mo	$200,000	$127	36
225 N Franklin Ave Ave	0.72mi	3/2.0 (-1)	1,568 (-14%)	8mo	$219,500	$140	28

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: 15.6%
• Equity multiple: 1.89×
• Total profit: $58,513
• Equity at exit: $105,621

10-year hold

• IRR: 17.2%
• Equity multiple: 3.52×
• Total profit: $165,894
• Equity at exit: $162,775

Cash invested: $65,772 (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 57103-0637

• Active inventory: 1
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $2,506 high
• Mortgage (P&I): −$1,232
• Tax from tax record: −$175 /mo · $2,104/yr
• Insurance: −$98
• HOA: −$0
• Vacancy / Maint / Mgmt: −$526
• Net cashflow: $475

Break-even live

Break-even rent $1,905

Max offer price $234,900

Occupancy floor 76%

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: $58,725
• Closing costs: $7,047
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
310 N Reid Pl Sioux Falls, SD	3.0	1.0–3.0	1251	$5,000	$4.00	14d	7	0.87mi
440 E 8th St Sioux Falls, SD	3.0	3.0	1900	$4,800	$2.53	21d	1	0.89mi
2909 E 6th St Sioux Falls, SD	3.0	1.0–2.0	773	$1,539	$1.99	14d	1	1.15mi
500 N Shepherd Ave Unit 201 Sioux Falls, SD	3.0	2.0	1346	$1,475	$1.10	14d	1	1.19mi
500 N Shepherd Ave Unit 203 Sioux Falls, SD	3.0	2.0	1346	$1,475	$1.10	44d	1	1.19mi
3210 E 3rd St Unit 3210 Sioux Falls, SD	3.0	2.0	2100	$1,895	$0.90	21d	1	1.19mi
809 E Presentation St Sioux Falls, SD	3.0	1.0	1350	$1,800	$1.33	44d	1	1.46mi

Listing history 13 events

1. 2026-03-19
   soldstatus $233,000
2. 2026-01-26
   status Pending
3. 2026-01-22
   listed $234,900 Active
4. 2026-01-01
   historical
5. 2025-11-22
   listed $239,900 Active
6. 2025-11-21
   historical
7. 2025-10-31
   price $239,900
8. 2025-10-11
   listed $245,000 Active
9. 2016-07-05
   soldstatus $120,000
10. 2016-06-08
    listed $119,900
11. 2013-05-06
    historical
12. 2013-02-06
    listed $116,700
13. 2002-11-01
    listed $84,900

ⓘ 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: $2,104 · $175/mo
• Projected year-2 tax: $3,077 · $256/mo
• Expected delta: +$973/yr (+$81/mo · 46.3%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥99°F today · 14 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $30,076
• − Mortgage interest: −$13,158
• − Property taxes: −$2,104
• − Insurance: −$1,174
• − Repairs & maintenance: −$2,406
• − Management: −$2,406
• − Depreciation: −$6,833
• Taxable income: $1,994
• Est. tax owed @ 24.0%: −$479
• After-tax cash flow: $5,221/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: Sioux Falls School District 49-5
• NCES district ID: 4666270
• Math proficiency: 39% ▼ -4.00%
• Reading proficiency: 48% ▼ -2.00%
• Median HH income: $51,093
• Composite: 37.47/100
• National rank: #4407
• State rank: #45 of 59 in SD

Livability — Sioux Falls

• Score: 85/100
• State rank: #3
• US rank: #610

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Sioux Falls, SD

Population outlook (Minnehaha County) Hauer SSP2

• Today (2025): 222,323 people
• By 2030: 241,430 · +8.6%
• By 2040: 281,643 · +26.7%
• By 2050: 325,574 · +46.4%
• By 2075: 469,313 · +111.1%
• By 2100: 664,763 · +199.0%

Not yet ingested

• Political lean: —
• Race & ethnicity: —
• Common origin: —
• Civics: —

Market trends

• HPI YoY: —
• Current HPI: —
• 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

+174.4% since first listed

13 events — show timeline

• 2026-03-19 Sold (Public Records) $233,000 Public Records
• 2026-01-26 Pending — REALTOR® Association of the Sioux Empire
• 2026-01-22 Listed $234,900 REALTOR® Association of the Sioux Empire
• 2026-01-01 Listing Removed — REALTOR® Association of the Sioux Empire
• 2025-11-22 Listed $239,900 REALTOR® Association of the Sioux Empire
• 2025-11-21 Listing Removed — REALTOR® Association of the Sioux Empire
• 2025-10-31 Price Changed $239,900 REALTOR® Association of the Sioux Empire
• 2025-10-11 Listed $245,000 REALTOR® Association of the Sioux Empire
• 2016-07-05 Sold (Public Records) $120,000 Public Records
• 2016-06-08 Listed $119,900 REALTOR® Association of the Sioux Empire
• 2013-05-06 Listing Removed — REALTOR® Association of the Sioux Empire
• 2013-02-06 Listed $116,700 REALTOR® Association of the Sioux Empire
• 2002-11-01 Listed $84,900 REALTOR® Association of the Sioux Empire

Property tax history

+4.5%/yr

Latest (2024): $2,104 · +2.1% YoY. Source: county tax records.