313 9th St SE · Watertown, SD 57201

$144,900

3 bd · 1.0 ba · 1,672 sqft · Other · 87 Days on market

Built 1895 7,405 sqft lot $87/sqft · 31% below area Est $211k · 31% under

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Why this score? — see what drove the C+ 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 +20.5/30.0
• ARV discount +15.0/15.0
• DSCR +6.5/10.0
• 1% rule +5.2/10.0
• 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

Opportunity awaits with this 3-bedroom, 1-bath home full of potential! Whether you're an investor or a buyer looking to build sweat equity, this fixer-upper offers a great chance to make it your own. Priced below assessed value, this property presents immediate upside for the right buyer. The home features a great layout with three bedrooms and spacious living area, ready for your updates and personal touch. Outside, you'll find a fully fenced yard--perfect for pets, gardening, or outdoor entertaining--as well as convenient alley access to the detached garage. With room in the budget for improvement, this property is a smart investment with strong equity potential. Don't miss your chance to turn this property into something special!

Key facts

• Alley access
• Fully fenced yard
• Detached garage

Tags

• FULLY FENCED YARD
• ALLEY ACCESS
• DETACHED GARAGE

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath other listed at $145k.

Deal economics

• At list price, monthly cash flow is $191 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $145k).
• Recommended offer: $136k (6.0% below list) — sets the bar for market timing.
• Cap rate 7.9% 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: 227 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 $1k of loan paydown is wiped out by about $4k 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.

Negotiation context

• It's been on market 87 days — a 6% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $75k; list at $145k implies a 93% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1895 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $136,206 (6.0% below list)

Questions for the listing agent

1. It's been on market 87 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1895 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.02% ✓
• Cap rate: 7.87%
• Cash-on-cash: 5.64%
• DSCR: 1.25
• GRM: 8.2

CMA / ARV

• ARV (median comp): $210,612
• List price: $144,900
• Delta: -31.20%
• 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: -7.6%
• Equity multiple: 0.72×
• Total profit: $-11,325
• Equity at exit: $21,605

10-year hold

• IRR: 2.0%
• Equity multiple: 1.14×
• Total profit: $5,807
• Equity at exit: $12,528

Cash invested: $40,572 (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: 227
• Price-to-rent: 8.2×

Monthly cashflow live

• Estimated rent: $1,476 medium
• Mortgage (P&I): −$760
• Tax from tax record: −$155 /mo · $1,859/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$310
• Net cashflow: $191

Break-even live

Break-even rent $1,234

Max offer price $144,900

Occupancy floor 82%

Sensitivity live

Price	-10% $273	-5% $232	+0% $191	+5% $150	+10% $109
Rent	-10% $74	-5% $132	+0% $191	+5% $249	+10% $307
Rate	-1.0pp $264	-0.5pp $228	base $191	+0.5pp $153	+1.0pp $115

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: $36,225
• Closing costs: $4,347
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-19
   days on market $144,900 Active 87 DOM
2. 2026-06-18
   days on market $144,900 Active 86 DOM
3. 2026-06-17
   days on market $144,900 Active 85 DOM
4. 2026-06-16
   days on market $144,900 Active 84 DOM
5. 2026-06-15
   days on market $144,900 Active 83 DOM
6. 2026-06-14
   days on market $144,900 Active 81 DOM
7. 2026-06-12
   days on market $144,900 Active 80 DOM
8. 2026-06-09
   days on market $144,900 Active 77 DOM
9. 2026-06-08
   days on market $144,900 Active 76 DOM
10. 2026-06-07
    days on market $144,900 Active 75 DOM
11. 2026-06-05
    days on market $144,900 Active 73 DOM
12. 2026-06-03
    days on market $144,900 Active 71 DOM
13. 2026-06-02
    days on market $144,900 Active 70 DOM
14. 2026-06-01
    days on market $144,900 Active 69 DOM
15. 2026-05-31
    days on market $144,900 Active 68 DOM
16. 2026-05-30
    pricedays on market $144,900 Active 67 DOM
17. 2026-03-23
    listed $149,999 Active 742-char remark

    Show marketing remark (742 chars)

    Opportunity awaits with this 3-bedroom, 1-bath home full of potential! Whether you're an investor or a buyer looking to build sweat equity, this fixer-upper offers a great chance to make it your own. Priced below assessed value, this property presents immediate upside for the right buyer. The home features a great layout with three bedrooms and spacious living area, ready for your updates and personal touch. Outside, you'll find a fully fenced yard--perfect for pets, gardening, or outdoor entertaining--as well as convenient alley access to the detached garage. With room in the budget for improvement, this property is a smart investment with strong equity potential. Don't miss your chance to turn this property into something special!

18. 2014-02-07
    soldstatus $75,000
19. 2006-12-12
    soldstatus $84,400

ⓘ 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: $1,859 · $155/mo
• Projected year-2 tax: $1,898 · $158/mo
• Expected delta: +$39/yr (+$3/mo · 2.1%)

ⓘ 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 ≥97°F today · 13 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: $17,710
• − Mortgage interest: −$8,117
• − Property taxes: −$1,859
• − Insurance: −$724
• − Repairs & maintenance: −$1,417
• − Management: −$1,417
• − Depreciation: −$4,215
• Taxable loss: −$39
• Est. tax savings @ 24.0%: +$9
• After-tax cash flow: $2,298/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

+77.7% since first listed

3 events — show timeline

• 2026-03-23 Listed $149,999 NESD
• 2014-02-07 Sold (Public Records) $75,000 Public Records
• 2006-12-12 Sold (Public Records) $84,400 Public Records

Property tax history

+3.4%/yr

Latest (2025): $1,859 · -1.1% YoY. Source: county tax records.