4144 Fleetwood Dr

Blackhawk, SD 57718

$99,999B-

3 bd · 2.0 ba · 1,280 sqft · Built 2005 · Other · Active · 4 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,624/mo
• Mortgage (P&I): −$524
• Tax + insurance: −$86
• HOA: −$0
• Vac / Maint / Mgmt: −$341
• Net cashflow: $673/mo
• Annual: $8,078/yr
• Cap rate: 14.37%
• Cash-on-cash: 28.85%
• DSCR: 2.28
• 1% rule: 1.62%
• Cash to close: $28,000

Investor read

• This is a 3-bed/2.0-bath other listed at $100k.
• At list price, monthly cash flow is $673 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $100k).
• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $691 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 66/100 on livability (#125 in SD) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Rapid City Area School District 51-4 (urban): math 34% / reading 46% proficiency, ranked #50 of 59 in SD (top 85%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Black Hawk Elementary - 03 (math 27% / reading 27%, grade F, #217 of 253 statewide, top 86%, 370 students, 34% FRL); West Middle School - 37 (math 42% / reading 51%, grade D+, #73 of 143 statewide, top 51%, 612 students, 26% FRL); Stevens High School - 42 (math 56% / reading 86%, grade B+, #11 of 151 statewide, top 7%, 1,686 students, 14% FRL).
• Market conditions: 29 active listings in the ZIP; 1,181 units permitted in Pennington County in 2024 (715 in 5+ unit buildings).
• Pennington County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts since 10y ago; this cycle's ask has dropped $18k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $48k; list at $100k implies a 109% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~5 years — after that, you're playing with house money.
• Climate carrying-cost: severe wildfire risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.