46296 Eastman Rd

Peever, SD 57262

$55,000B

4 bd · 2.0 ba · 2,796 sqft · Built 1900 · SingleFamily · Pending · 5 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,429/mo
• Mortgage (P&I): −$288
• Tax + insurance: −$92
• HOA: −$0
• Vac / Maint / Mgmt: −$300
• Net cashflow: $749/mo
• Annual: $8,985/yr
• Cap rate: 22.63%
• Cash-on-cash: 58.35%
• DSCR: 3.60
• 1% rule: 2.60%
• Cash to close: $15,400

Investor read

• This is a 4-bed/2.0-bath single-family listed at $55k. Condition is rated poor.
• At list price, monthly cash flow is $749 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $55k).
• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $2k of equity ($380 loan paydown + $2k appreciation (3.0% local appreciation)).
• Location reads 54/100 on livability (#310 in SD) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+; Watch: health & safety C-, crime F, amenities F.
• Sisseton School District 54-2 (rural): math 34% / reading 42% proficiency, ranked #54 of 59 in SD (top 92%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Westside Elementary - 03 (math 47% / reading 47%, grade D-, #134 of 253 statewide, top 55%, 395 students, 67% FRL); Sisseton Middle School - 02 (math 29% / reading 35%, grade F, #121 of 143 statewide, top 87%, 288 students, 54% FRL); Sisseton High School - 01 (math 24% / reading 64%, grade F, #111 of 151 statewide, top 75%, 296 students, 51% FRL) — zoned schools at 58% FRL track the district average.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 5 active listings in the ZIP; 23 units permitted in Roberts County in 2024 (0 in 5+ unit buildings).
• Roberts County population projected at +8% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $15k cash investment doubles in ~2 years — after that, you're playing with house money.

Questions for listing agent

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1900 — 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 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?
• Crime grade is F 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.

Repairs flagged (vision-AI assessment)

• Major: exterior siding — Severe damage and peeling
• Major: roof — Exposed structure
• Major: flooring — Worn and uneven
• Major: interior walls — Peeling paint and exposed wood
• Major: bathroom fixtures — Dirty and worn
• Major: kitchen cabinets — Old and worn