713 2nd Ave N · Lake Norden, SD 57248

$155,000

3 bd · 1.0 ba · 874 sqft · SingleFamily · 21 Days on market

Built 1930 0.30 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).

• Appreciation +10.0/10.0
• Cash flow +8.9/30.0
• ARV discount +7.5/15.0
• Schools +4.6/10.0
• Livability +3.2/5.0
• 1% rule +2.7/10.0
• DSCR +2.5/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Key facts

• Future expansion
• Large corner lot
• 0.3 acre lot

Tags

• LARGE CORNER LOT
• FUTURE EXPANSION
• OPPORTUNITY TO ADD GARAGE

Property features AI

Finance

• Financial info: Annual taxes listed: $1,086.20

Exterior

• Home design: Residential single-family home; One and one-half stories
• Construction: Built as a single-family residence
• Exterior features: Asphalt and wood roof

Interior

• Flooring: Linoleum; Laminate
• Bathrooms: One full bathroom
• Interior features: Linoleum and laminate flooring

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $155k.

Deal economics

• At list price, monthly cash flow is $-124 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $137k (11.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $120k (22.6% below list).
• Recommended offer: $120k (22.6% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 65/100 on livability (#142 in SD) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, crime D+, amenities F.
• Hamlin School District 28-3 (rural): math 55% / reading 51% proficiency, ranked #18 of 59 in SD (top 30%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Hamlin Elementary - 09 (math 62% / reading 57%, grade B-, #56 of 253 statewide, top 29%, 451 students, 35% FRL); Hamlin Middle School - 02 (math 47% / reading 42%, grade D, #75 of 143 statewide, top 61%, 186 students, 30% FRL); Hamlin High School - 01 (math 54% / reading 64%, grade C+, #31 of 151 statewide, top 32%, 233 students, 23% FRL) — zoned schools at 29% FRL track the district average.
• Market conditions: 11 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 56 units permitted in Hamlin County in 2024 (5 in 5+ unit buildings).

Forward outlook

• In year one you build about $17k of equity ($1k loan paydown + $16k appreciation (10.0% local appreciation)).
• Hamlin County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• By year 3, paydown + projected appreciation supports a ~$42k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($153k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $119,952 (22.6% 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 1930 — 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. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.77% ✗
• Cap rate: 5.34%
• Cash-on-cash: -3.42%
• DSCR: 0.85
• GRM: 10.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 21.9%
• Equity multiple: 2.76×
• Total profit: $76,566
• Equity at exit: $139,636

10-year hold

• IRR: 19.7%
• Equity multiple: 6.34×
• Total profit: $231,699
• Equity at exit: $301,131

Cash invested: $43,400 (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 57248

• Home prices YoY: 9.6%
• Active inventory: 11
• Price-to-rent: 10.8×

Monthly cashflow live

• Estimated rent: $1,200 medium
• Mortgage (P&I): −$813
• Tax est. 1.5%: −$194 /mo · $2,325/yr
• Insurance: −$65
• HOA: −$0
• Vacancy / Maint / Mgmt: −$252
• Net cashflow: $-124

Break-even live

Break-even rent $1,356

Max offer price $137,122

Occupancy floor —

Sensitivity live

Price	-10% $-16	-5% $-70	+0% $-124	+5% $-177	+10% $-231
Rent	-10% $-218	-5% $-171	+0% $-124	+5% $-76	+10% $-29
Rate	-1.0pp $-45	-0.5pp $-84	base $-124	+0.5pp $-164	+1.0pp $-205

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: $38,750
• Closing costs: $4,650
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
701 2nd Ave S Clear Lake, SD	2.0	1.0	675	$1,075	$1.59	45d	1	0.33mi
1006 Vesper Ave Norden Township, SD	2.0	1.0	875	$1,372	$1.57	45d	1	0.85mi
926 Vesper Ave Norden Township, SD	3.0	1.0	1100	$1,300	$1.18	45d	1	0.92mi

Listing history 15 events

1. 2026-06-22
   days on market $155,000 Active 21 DOM
2. 2026-06-21
   days on market $155,000 Active 20 DOM
3. 2026-06-19
   days on market $155,000 Active 18 DOM
4. 2026-06-18
   days on market $155,000 Active 17 DOM
5. 2026-06-17
   days on market $155,000 Active 16 DOM
6. 2026-06-16
   days on market $155,000 Active 15 DOM
7. 2026-06-15
   days on market $155,000 Active 14 DOM
8. 2026-06-14
   days on market $155,000 Active 12 DOM
9. 2026-06-12
   days on market $155,000 Active 11 DOM
10. 2026-06-09
    days on market $155,000 Active 8 DOM
11. 2026-06-08
    days on market $155,000 Active 7 DOM
12. 2026-06-07
    days on market $155,000 Active 6 DOM
13. 2026-06-05
    days on market $155,000 Active 4 DOM
14. 2026-06-03
    days on market $155,000 Active 2 DOM
15. 2026-06-01
    listed $155,000 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $14,394
• − Mortgage interest: −$8,682
• − Property taxes: −$2,325
• − Insurance: −$775
• − Repairs & maintenance: −$1,152
• − Management: −$1,152
• − Depreciation: −$4,509
• Taxable loss: −$4,200
• Est. tax savings @ 24.0%: +$1,008
• After-tax cash flow: $-475/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: Hamlin School District 28-3
• NCES district ID: 4630800
• Math proficiency: 55% ▲ 2.00%
• Reading proficiency: 51% ▼ -7.00%
• Median HH income: $53,528
• Composite: 45.64/100
• National rank: #2584
• State rank: #18 of 59 in SD

Livability — Lake Norden

• Score: 65/100
• State rank: #142
• US rank: #12795

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lake Norden, SD
• Population (ZIP): 1,150

Population outlook (Hamlin County) Hauer SSP2

• Today (2025): 6,108 people
• By 2030: 6,113 · +0.1%
• By 2040: 6,214 · +1.7%
• By 2050: 6,346 · +3.9%
• By 2075: 7,401 · +21.2%
• By 2100: 9,572 · +56.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Hispanic / Latino 12%
• Common ancestry: Portuguese 15% Iranian 7% Scottish 2%
• Foreign-born: 8% · Canada
• Languages at home: 88% English-only · Spanish 11% German/W. Germanic 1%

Political lean MEDSL · Hamlin

• 2024 margin: Solid R (+60.5) · D 18.9% · R 79.4% · Other 1.7%
• 2008→2024 swing: -38.3pp toward R · 2008: -22.2pp · 2024: -60.5pp
• All cycles: 2024: R+60.5 2020: R+56.0 2016: R+54.2 2012: R+31.6 2008: R+22.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 38.24%
• Current HPI: 438.6
• 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

1 event — show timeline

• 2026-06-01 Listed $155,000 NESD