208 E Washington St St

Marion, SD 57043

$75,000B

4 bd · 1.0 ba · 1,352 sqft · Built 1904 · Other · Pending · 7 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,286/mo
• Mortgage (P&I): −$393
• Tax + insurance: −$137
• HOA: −$0
• Vac / Maint / Mgmt: −$270
• Net cashflow: $486/mo
• Annual: $5,830/yr
• Cap rate: 14.07%
• Cash-on-cash: 27.76%
• DSCR: 2.24
• 1% rule: 1.72%
• Cash to close: $21,000

Investor read

• This is a 4-bed/1.0-bath other listed at $75k.
• At list price, monthly cash flow is $486 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $75k).
• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-2.0%/yr); year-one equity from $519 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Location reads 67/100 on livability (#98 in SD) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment B; Watch: crime D+, amenities F, commute F.
• Marion School District 60-3 (rural): math 45% / reading 50% proficiency, ranked #85 of 148 in SD (top 57%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1904 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 6 active listings in the ZIP; 29 units permitted in Turner County in 2024 (0 in 5+ unit buildings).
• Turner County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 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 (-2.0% appreciation + 3.0% rent growth), your $21k cash investment doubles in ~4 years — after that, you're playing with house money.

Questions for listing agent

• Built in 1904 — 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.
• 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?
• 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.
• 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.