1301 35th St S · Watertown, SD 57201

$69,900

3 bd · 2.0 ba · 1,344 sqft · Other · 60 Days on market

Built 1990 $52/sqft · 23% below area Est $91k · 23% under $415/mo HOA · 29% of rent

---

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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.3/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Remodeled 3 bed 2 bath doublewide mobile home with detached two stall garage in Pelican view mobile home park. $415 per month lot rent. One time lot security deposit of $350. Water billed based on consumption. The buyer needs to pass a background check before closing.

Key facts

• 2 garage spots
• Built 1990
• Listed 59 days

🏷️ Possibly a rental listed for sale. The $69,900 price doesn't fit this home's estimated sale value (~$91,166) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath other listed at $70k.

Deal economics

• At list price, monthly cash flow is $296 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $70k).
• Recommended offer: $68k (3.0% below list) — sets the bar for market timing.
• Cap rate 11.4% vs local median 2.3% in Watertown — 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 78/100 on livability (#11 in SD, #2,681 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: commute F.
• Watertown School District 14-4 (town): math 45% / reading 57% proficiency, ranked #28 of 59 in SD (top 48%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 228 active listings in the ZIP; 160 units permitted in Codington County in 2024 (63 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $483 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Codington County population projected at +14% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 60 days — a 3% lower offer ($68k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $26k; list at $70k implies a 172% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 29% of rent.

Recommended offer $67,803 (3.0% below list)

Questions for the listing agent

1. It's been on market 60 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 2.06% ✓
• Cap rate: 11.37%
• Cash-on-cash: 18.15%
• DSCR: 1.81
• GRM: 4.0

CMA / ARV

• ARV (median comp): $91,166
• List price: $69,900
• Delta: -23.33%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 10.0%
• Equity multiple: 1.40×
• Total profit: $7,766
• Equity at exit: $10,422

10-year hold

• IRR: 19.3%
• Equity multiple: 2.64×
• Total profit: $32,018
• Equity at exit: $6,044

Cash invested: $19,572 (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 57201

• Active inventory: 228
• Price-to-rent: 4.0×

Monthly cashflow live

• Estimated rent: $1,439 medium
• Mortgage (P&I): −$367
• Tax from tax record: −$30 /mo · $364/yr
• Insurance: −$29
• HOA: −$415
• Vacancy / Maint / Mgmt: −$302
• Net cashflow: $296

Break-even live

Break-even rent $1,065

Max offer price $69,900

Occupancy floor 74%

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: $17,475
• Closing costs: $2,097
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $415 · $4,980/yr
• Likely covers: watersecurity

Listing history 18 events

1. 2026-06-19
   days on market $69,900 Active 60 DOM
2. 2026-06-18
   days on market $69,900 Active 59 DOM
3. 2026-06-17
   days on market $69,900 Active 58 DOM
4. 2026-06-16
   days on market $69,900 Active 57 DOM
5. 2026-06-15
   days on market $69,900 Active 56 DOM
6. 2026-06-14
   days on market $69,900 Active 54 DOM
7. 2026-06-12
   days on market $69,900 Active 53 DOM
8. 2026-06-09
   days on market $69,900 Active 50 DOM
9. 2026-06-08
   days on market $69,900 Active 49 DOM
10. 2026-06-07
    days on market $69,900 Active 48 DOM
11. 2026-06-05
    days on market $69,900 Active 46 DOM
12. 2026-06-03
    days on market $69,900 Active 44 DOM
13. 2026-06-02
    days on market $69,900 Active 43 DOM
14. 2026-06-01
    days on market $69,900 Active 42 DOM
15. 2026-05-31
    days on market $69,900 Active 41 DOM
16. 2026-05-30
    days on market $69,900 Active 40 DOM
17. 2026-04-19
    listed $69,900 Active 268-char remark

    Show marketing remark (268 chars)

    Remodeled 3 bed 2 bath doublewide mobile home with detached two stall garage in Pelican view mobile home park. $415 per month lot rent. One time lot security deposit of $350. Water billed based on consumption. The buyer needs to pass a background check before closing.

18. 2024-12-15
    soldstatus $25,738

ⓘ 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: $364 · $30/mo
• Projected year-2 tax: $916 · $76/mo
• Expected delta: +$552/yr (+$46/mo · 151.9%)

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

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: $17,270
• − Mortgage interest: −$3,915
• − Property taxes: −$364
• − Insurance: −$350
• − Repairs & maintenance: −$1,382
• − Management: −$1,382
• − HOA: −$4,980
• − Depreciation: −$2,033
• Taxable income: $2,865
• Est. tax owed @ 24.0%: −$688
• After-tax cash flow: $2,864/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: Watertown School District 14-4
• NCES district ID: 4676620
• Math proficiency: 45% ▼ -10.00%
• Reading proficiency: 57% ▼ -7.00%
• Median HH income: $46,575
• Composite: 43.24/100
• National rank: #3057
• State rank: #28 of 59 in SD

Livability — Watertown

• Score: 78/100
• State rank: #11
• US rank: #2681

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Watertown, SD
• County: Codington County · 26,781 people
• City population: 26,781
• Metro: Watertown, SD
• Population (ZIP): 26,781
• Household income: $72,878
• Rent vs Own: 31.5% rent · 68.5% own
• Severe rent burden: 613.0

Population outlook (Codington County) Hauer SSP2

• Today (2025): 29,752 people
• By 2030: 30,627 · +2.9%
• By 2040: 32,285 · +8.5%
• By 2050: 33,812 · +13.6%
• By 2075: 39,184 · +31.7%
• By 2100: 46,673 · +56.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 5% Hispanic / Latino 3% Native American 2%
• Common ancestry: Portuguese 15% Romanian 3% Iranian 3%
• Foreign-born: 1% · Canada
• Languages at home: 97% English-only · Spanish 2% German/W. Germanic 1%

Political lean MEDSL · Codington

• 2024 margin: Solid R (+40.8) · D 28.4% · R 69.2% · Other 2.4%
• 2008→2024 swing: -34.4pp toward R · 2008: -6.4pp · 2024: -40.8pp
• All cycles: 2024: R+40.8 2020: R+38.9 2016: R+39.3 2012: R+18.3 2008: R+6.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -161.04%
• Current HPI: 165.8449
• Rent YoY: —
• Metro: Watertown, SD
• 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

+171.6% since first listed

2 events — show timeline

• 2026-04-19 Listed $69,900 NESD
• 2024-12-15 Sold (Public Records) $25,738 Public Records

Property tax history

-2.0%/yr

Latest (2025): $364 · -0.6% YoY. Source: county tax records.