900 W Center St St · Madison, SD 57042

$164,900

3 bd · 1.0 ba · 1,050 sqft · SingleFamily public records · 16 Days on market

Built 1938 7,150 sqft lot Est $146k · 13% over

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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).

• Cash flow +17.6/30.0
• DSCR +5.5/10.0
• 1% rule +4.4/10.0
• Schools +4.1/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +1.7/15.0
• Appreciation +0.0/10.0

Key facts

• Hardwood flooring
• Heated and insulated
• Unfinished basement

Tags

• DETACHED GARAGE
• CORNER LOT
• RECENTLY RENOVATED
• HARDWOOD FLOORING
• UNFINISHED BASEMENT
• HEATED AND INSULATED

Property features AI

Exterior

• Parking: Detached oversized 2-car garage (approx. 26 x 30) with drain and garage heater, concrete parking
• Utilities: Public water; Public sewer
• Home design: Single family ranch-style residence; Above-grade and below-grade finished areas present
• Construction: Synthetic stucco and wood siding; Block foundation; Composition roof; Property owned (land)
• Exterior features: Deck; Patio; 3-season porch; Corner city lot

Interior

• Kitchen: Painted cabinets
• Bedrooms: Main-level master bedroom with wood floor and single closet (approx. 11 x 12); Main-level second bedroom with wood floor and single closet (approx. 10 x 10)
• Flooring: Carpet; Wood; Laminate; Vinyl
• Bathrooms: Main-level 3/4 bathroom
• Heating & cooling: Hot water heating; Central air
• Interior features: Formal dining room; Full basement; Remodeled entry/sunroom; Owned water softener
• Laundry & utility: Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $165k.

Deal economics

• At list price, monthly cash flow is $129 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $155k (5.9% below list).
• Recommended offer: $155k (5.9% below list) — sets the bar for 1% rule.
• Cap rate 7.2% vs local median 2.8% in Madison — 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 75/100 on livability (#26 in SD, #3,922 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Madison Central School District 39-2 (town): math 41% / reading 55% proficiency, ranked #36 of 59 in SD (top 61%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Madison Elementary - 07 (math 48% / reading 55%, grade C-, #109 of 253 statewide, top 43%, 508 students, 24% FRL); Madison Middle School - 02 (math 36% / reading 51%, grade D, #89 of 143 statewide, top 63%, 257 students, 20% FRL); Madison High School - 01 (math 37% / reading 72%, grade C-, #53 of 151 statewide, top 41%, 382 students, 16% FRL) — zoned schools at 20% FRL track the district average.
• Market conditions: 130 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; 35 units permitted in Lake County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Lake County population projected at +32% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($162k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1938 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $155,170 (5.9% below list)

Questions for the listing agent

1. Built in 1938 — 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. 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?
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: 0.94% ✗
• Cap rate: 7.23%
• Cash-on-cash: 3.36%
• DSCR: 1.15
• GRM: 8.9

CMA / ARV

• ARV (on-the-fly): $145,950
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
123 N Chicago Ave Ave	0.16mi	3/1.0	1,040 (-1%)	3mo	$181,000	$174	88
717 NW 2nd St St	0.15mi	2/1.0 (-1)	1,072 (+2%)	6mo	$132,000	$123	79
609 NW 2nd St St	0.22mi	3/1.0	1,172 (+12%)	6mo	$163,000	$139	65
521 N Olive Ave Ave	0.34mi	3/2.0	1,106 (+5%)	9mo	$173,000	$156	64
212 S Chicago Ave	0.21mi	3/2.0	1,000 (-5%)	19mo	$139,000	$139	63
916 NW 3rd St	0.22mi	3/2.0	1,088 (+4%)	21mo	$184,900	$170	62
505 S Union Ave	0.46mi	2/1.0 (-1)	1,010 (-4%)	10mo	$115,000	$114	59
610 NW 2nd St	0.24mi	3/1.5	1,172 (+12%)	20mo	$166,600	$142	51
715 N Catherine Ave	0.47mi	3/1.0	1,176 (+12%)	11mo	$210,000	$179	49
518 SW 4th St	0.41mi	3/1.0	925 (-12%)	17mo	$110,000	$119	46
420 S Egan Ave Ave	0.67mi	2/1.0 (-1)	926 (-12%)	7mo	$110,000	$119	38
326 NW 7th St	0.66mi	4/1.0 (+1)	1,172 (+12%)	23mo	$142,500	$122	25

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: -11.0%
• Equity multiple: 0.60×
• Total profit: $-18,496
• Equity at exit: $24,587

10-year hold

• IRR: -1.8%
• Equity multiple: 0.88×
• Total profit: $-5,523
• Equity at exit: $14,258

Cash invested: $46,172 (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 57042

• Active inventory: 130
• Price-to-rent: 8.9×

Monthly cashflow live

• Estimated rent: $1,552 medium
• Mortgage (P&I): −$865
• Tax from tax record: −$163 /mo · $1,958/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$326
• Net cashflow: $129

Break-even live

Break-even rent $1,388

Max offer price $164,900

Occupancy floor 87%

Sensitivity live

Price	-10% $223	-5% $176	+0% $129	+5% $83	+10% $36
Rent	-10% $7	-5% $68	+0% $129	+5% $190	+10% $252
Rate	-1.0pp $212	-0.5pp $171	base $129	+0.5pp $86	+1.0pp $43

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: $41,225
• Closing costs: $4,947
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
418 8th St SW Madison, SD	1.0–2.0	1.0–2.5	1012	$1,590	$1.57	45d	1	0.64mi
415 SW 8th St Madison, SD	1.0–2.0	1.0–2.0	1057	$1,590	$1.50	45d	1	0.74mi
1034 Washington Ave S Madison, SD	2.0	1.0	627	$1,350	$2.15	45d	1	1.11mi

Listing history 11 events

1. 2026-06-21
   days on market $164,900 Active 16 DOM
2. 2026-06-21
   days on market $164,900 Active 15 DOM
3. 2026-06-18
   days on market $164,900 Active 13 DOM
4. 2026-06-17
   days on market $164,900 Active 12 DOM
5. 2026-06-16
   days on market $164,900 Active 11 DOM
6. 2026-06-15
   days on market $164,900 Active 10 DOM
7. 2026-06-13
   days on market $164,900 Active 8 DOM
8. 2026-06-12
   days on market $164,900 Active 7 DOM
9. 2026-06-09
   days on market $164,900 Active 4 DOM
10. 2026-06-08
    days on market $164,900 Active 3 DOM
11. 2026-06-08
    listed $164,900 Active 2 DOM

ⓘ 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: $1,958 · $163/mo
• Projected year-2 tax: $2,160 · $180/mo
• Expected delta: +$202/yr (+$17/mo · 10.3%)

ⓘ 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 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥97°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: $18,620
• − Mortgage interest: −$9,237
• − Property taxes: −$1,958
• − Insurance: −$824
• − Repairs & maintenance: −$1,490
• − Management: −$1,490
• − Depreciation: −$4,797
• Taxable loss: −$1,176
• Est. tax savings @ 24.0%: +$282
• After-tax cash flow: $1,832/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: Madison Central School District 39-2
• NCES district ID: 4639600
• Math proficiency: 41% ▼ -8.00%
• Reading proficiency: 55% ▼ -3.00%
• Median HH income: $47,304
• Composite: 40.82/100
• National rank: #3635
• State rank: #36 of 59 in SD

Livability — Madison

• Score: 75/100
• State rank: #26
• US rank: #3922

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Madison, SD
• Population (ZIP): 7,900

Population outlook (Lake County) Hauer SSP2

• Today (2025): 15,062 people
• By 2030: 16,261 · +8.0%
• By 2040: 18,290 · +21.4%
• By 2050: 19,881 · +32.0%
• By 2075: 23,907 · +58.7%
• By 2100: 29,664 · +96.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Hispanic / Latino 4% Two or more races 2%
• Common ancestry: Portuguese 20% Iranian 3% Scottish 2%
• Foreign-born: 1% · China
• Languages at home: 98% English-only · German/W. Germanic 1% Spanish 1%

Political lean MEDSL · Lake

• 2024 margin: Solid R (+31.2) · D 33.5% · R 64.7% · Other 1.9%
• 2008→2024 swing: -31.8pp toward R · 2008: 0.7pp · 2024: -31.2pp
• All cycles: 2024: R+31.2 2020: R+27.5 2016: R+25.4 2012: R+11.1 2008: D+0.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -111.13%
• Current HPI: 200.0944
• 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

• 2026-06-05 Listed $164,900 REALTOR® Association of the Sioux Empire

Property tax history

+2.7%/yr

Latest (2025): $1,958 · +3.8% YoY. Source: county tax records.