1103 2nd Ave W · Lemmon, SD 57638

$80,000

2 bd · 1.0 ba · 776 sqft · SingleFamily public records · 325 Days on market

Built 1949 0.32 ac lot $103/sqft · 60% above area ↓ 11% since listing

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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 +20.7/30.0
• ARV discount +7.5/15.0
• DSCR +6.6/10.0
• Appreciation +6.1/10.0
• 1% rule +5.6/10.0
• Schools +4.6/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

INSIDE PICS COMING SOON! Looking for a Home, business, Airbnb, rental, or hunting lodge? This property offers endless possibilities! The first building is a attractive, cozy 2-bedroom, 1-bath home with a modern kitchen featuring sleek black cabinetry and main floor laundry! The second building is currently used as a separate living space and includes two separate rooms with a kitchen and bathroom, offering tons of flexibility. Live in one and rent the other, run a business, a mother-in-law suite or guesthouse--the choice is yours!

Key facts

• Two separate rooms
• Modern kitchen
• Turnkey opportunity

Tags

• MODERN KITCHEN
• TWO SEPARATE ROOMS
• TURNKEY OPPORTUNITY

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $80k.

Deal economics

• At list price, monthly cash flow is $109 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($845 rent vs $80k).
• Recommended offer: $70k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 79/100 on livability (#8 in SD, #2,009 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools C-, health & safety D+, amenities D.
• Lemmon School District 52-4 (rural): math 50% / reading 55% proficiency, ranked #60 of 148 in SD (top 40%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 21 active listings in the ZIP.

Forward outlook

• In year one you build about $2k of equity ($553 loan paydown + $2k appreciation (2.2% local appreciation)).
• Perkins County population projected at +15% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (2.2% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 325 days — a 12% lower offer ($70k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $10k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1949 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $70,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 325 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1949 — 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. 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: 1.06% ✓
• Cap rate: 7.93%
• Cash-on-cash: 5.84%
• DSCR: 1.26
• GRM: 7.9

CMA / ARV

• ARV (median comp): $52,523
• List price: $80,000
• Delta: 52.31%
• Verdict: OVERPRICED
• Comps: 11 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
501 E 2nd Ave	0.52mi	2/2.0	780 (+0%)	5mo	$41,000	$53	67
106 6th St E	0.45mi	2/1.0	853 (+10%)	24mo	$69,000	$81	43
205 6th Ave W	0.67mi	3/1.0 (+1)	830 (+7%)	14mo	$69,900	$84	40

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

2.18% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 10.8%
• Equity multiple: 1.59×
• Total profit: $13,182
• Equity at exit: $32,339

10-year hold

• IRR: 13.6%
• Equity multiple: 2.86×
• Total profit: $41,626
• Equity at exit: $47,180

Cash invested: $22,400 (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 57638

• Home prices YoY: 1.4%
• Active inventory: 21
• Price-to-rent: 7.9×

Monthly cashflow live

• Estimated rent: $845 medium
• Mortgage (P&I): −$420
• Tax from tax record: −$106 /mo · $1,271/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$178
• Net cashflow: $109

Break-even live

Break-even rent $707

Max offer price $80,000

Occupancy floor 82%

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: $20,000
• Closing costs: $2,400
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-18
   days on market $80,000 Active 325 DOM
2. 2026-06-17
   days on market $80,000 Active 324 DOM
3. 2026-06-16
   days on market $80,000 Active 323 DOM
4. 2026-06-15
   days on market $80,000 Active 322 DOM
5. 2026-06-13
   days on market $80,000 Active 320 DOM
6. 2026-06-12
   days on market $80,000 Active 319 DOM
7. 2026-06-09
   days on market $80,000 Active 316 DOM
8. 2026-06-08
   days on market $80,000 Active 315 DOM
9. 2026-06-08
   days on market $80,000 Active 314 DOM
10. 2026-06-05
    days on market $80,000 Active 312 DOM
11. 2026-06-04
    days on market $80,000 Active 310 DOM
12. 2026-06-02
    days on market $80,000 Active 309 DOM
13. 2026-06-01
    days on market $80,000 Active 308 DOM
14. 2026-05-31
    days on market $80,000 Active 307 DOM
15. 2026-05-05
    price $80,000 538-char remark

    Show marketing remark (538 chars)

    INSIDE PICS COMING SOON! Looking for a Home, business, Airbnb, rental, or hunting lodge? This property offers endless possibilities! The first building is a attractive, cozy 2-bedroom, 1-bath home with a modern kitchen featuring sleek black cabinetry and main floor laundry! The second building is currently used as a separate living space and includes two separate rooms with a kitchen and bathroom, offering tons of flexibility. Live in one and rent the other, run a business, a mother-in-law suite or guesthouse--the choice is yours!

16. 2025-12-12
    status Active 538-char remark

    Show marketing remark (538 chars)

    INSIDE PICS COMING SOON! Looking for a Home, business, Airbnb, rental, or hunting lodge? This property offers endless possibilities! The first building is a attractive, cozy 2-bedroom, 1-bath home with a modern kitchen featuring sleek black cabinetry and main floor laundry! The second building is currently used as a separate living space and includes two separate rooms with a kitchen and bathroom, offering tons of flexibility. Live in one and rent the other, run a business, a mother-in-law suite or guesthouse--the choice is yours!

17. 2025-08-19
    price $85,000 538-char remark

    Show marketing remark (538 chars)

    INSIDE PICS COMING SOON! Looking for a Home, business, Airbnb, rental, or hunting lodge? This property offers endless possibilities! The first building is a attractive, cozy 2-bedroom, 1-bath home with a modern kitchen featuring sleek black cabinetry and main floor laundry! The second building is currently used as a separate living space and includes two separate rooms with a kitchen and bathroom, offering tons of flexibility. Live in one and rent the other, run a business, a mother-in-law suite or guesthouse--the choice is yours!

18. 2025-07-03
    listed $90,000 Active 538-char remark

    Show marketing remark (538 chars)

    INSIDE PICS COMING SOON! Looking for a Home, business, Airbnb, rental, or hunting lodge? This property offers endless possibilities! The first building is a attractive, cozy 2-bedroom, 1-bath home with a modern kitchen featuring sleek black cabinetry and main floor laundry! The second building is currently used as a separate living space and includes two separate rooms with a kitchen and bathroom, offering tons of flexibility. Live in one and rent the other, run a business, a mother-in-law suite or guesthouse--the choice is yours!

ⓘ 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: $1,271 · $106/mo
• Projected year-2 tax: $1,271 · $106/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 2/10 Low 7 d/yr ≥97°F today · 13 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $10,144
• − Mortgage interest: −$4,481
• − Property taxes: −$1,271
• − Insurance: −$400
• − Repairs & maintenance: −$812
• − Management: −$812
• − Depreciation: −$2,327
• Taxable income: $41
• Est. tax owed @ 24.0%: −$10
• After-tax cash flow: $1,298/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: Lemmon School District 52-4
• NCES district ID: 4641520
• Math proficiency: 50% ▬ 0.00%
• Reading proficiency: 55% ▲ 5.00%
• Median HH income: $38,532
• Composite: 45.67/100
• National rank: #5633
• State rank: #60 of 148 in SD

Livability — Lemmon

• Score: 79/100
• State rank: #8
• US rank: #2009

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lemmon, SD
• Population (ZIP): 1,963

Population outlook (Perkins County) Hauer SSP2

• Today (2025): 3,128 people
• By 2030: 3,207 · +2.5%
• By 2040: 3,391 · +8.4%
• By 2050: 3,602 · +15.2%
• By 2075: 4,340 · +38.7%
• By 2100: 4,754 · +52.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Native American 4% Two or more races 1% Hispanic / Latino 1%
• Common ancestry: Portuguese 21% Scottish 2% Scotch-Irish 1%
• Foreign-born: 1% · Canada

Political lean MEDSL · Perkins

• 2024 margin: Solid R (+70.0) · D 14.3% · R 84.3% · Other 1.3%
• 2008→2024 swing: -34.3pp toward R · 2008: -35.8pp · 2024: -70.0pp
• All cycles: 2024: R+70.0 2020: R+69.6 2016: R+71.3 2012: R+55.7 2008: R+35.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 2.18%
• Current HPI: 152.8514
• 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

-11.1% since first listed

4 events — show timeline

• 2026-05-05 Price Changed $80,000 Badlands BOR MLS
• 2025-12-12 Relisted — Badlands BOR MLS
• 2025-08-19 Price Changed $85,000 Badlands BOR MLS
• 2025-07-03 Listed $90,000 Badlands BOR MLS

Property tax history

+5.9%/yr

Latest (2025): $1,271 · +1.6% YoY. Source: county tax records.