234 E Philadelphia St · Rapid City, SD 57701

$129,900

2 bd · 2.0 ba · 1,152 sqft · Townhouse · 222 Days on market

Built 1973 2,614 sqft lot

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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 +13.3/30.0
• ARV discount +7.5/15.0
• DSCR +4.0/10.0
• 1% rule +3.8/10.0
• Livability +3.7/5.0
• Schools +3.4/10.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Listed by Lonnie Doney, KWBH, 605-407-1048. Why rent when you can own? This pinterest perfect ground level condo is a great opportunity to enter into home ownership! * Enjoy upmost convenience in this ground level unit with ZERO stairs * The home offers a clean and bright interior, and the open concept layout allows for easy entertaining * Galley style kitchen with good cabinet and counter space, and a bonus curio cabinet for on-trend storage space * Nearby dining room with slider access to the enclosed sunroom * Private in-unit laundry in hall closet * Master bedroom in back corner of the home, with 2 closets and an ensuite bathroom with walk-in shower * 1 additional bedroom and 1 full bathroom with soaker tub complete this home * The unit faces south, so there's plenty of sunlight throughout the day, and the versatile 4-seasons room gives space to relax year round * Good storage space inside the home and in the enclosed sun room * Dedicated parking space out front, plus a detached single car garage, and a secured storage unit * HOA fee is $275/mo and includes garbage, snow removal, lawn care and water, plus access to a residents only, community party room. Conveniently located near Roosevelt Park, Monument Civic Center, and less than 1.5miles from the SD School of Mines campus, this home blends a move in ready home with low maintenance living into a property you dont want to miss! Call today.

Key facts

• Wood floors
• Natural light
• Enclosed patio area

Tags

• OPEN LIVING SPACE
• WOOD FLOORS
• NATURAL LIGHT
• BLANK SLATE KITCHEN
• ENCLOSED PATIO AREA
• IN UNIT LAUNDRY

Property features AI

Finance

• HOA & community: Clubhouse

Exterior

• Parking: Detached garage with garage door opener
• Security: Smoke detector(s)
• Utilities: Cable available
• Home design: Residential condominium
• Construction: Frame construction
• Exterior features: Composition roof

Interior

• Kitchen: Electric range; Electric oven; Dishwasher; Refrigerator
• Flooring: Hardwood
• Bathrooms: Two full bathrooms
• Heating & cooling: Electric heating
• Interior features: Walk-in closet(s)
• Laundry & utility: Main level laundry; Dryer

🏷️ Possibly a rental listed for sale. The $129,900 price doesn't fit this home's estimated sale value (~$293,760) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath townhouse listed at $130k.

Deal economics

• At list price, monthly cash flow is $1 ($12/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 $114k (12.4% below list).
• Recommended offer: $114k (12.4% below list) — sets the bar for 1% rule.
• Cap rate 6.3% vs local median 2.5% in Rapid City — 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 74/100 on livability (#34 in SD, #4,720 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime F, commute 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.
• Market conditions: Rents rising (+1.7%/yr); 217 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 1,181 units permitted in Pennington County in 2024 (715 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $898 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Pennington County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 222 days — a 12% lower offer ($114k) is reasonable based on typical stale-listing flexibility.
• 10 sale attempts since 10y ago; this cycle's ask has dropped $18k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $113,756 (12.4% below list)

Questions for the listing agent

1. It's been on market 222 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 1973 — 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. 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.88% ✗
• Cap rate: 6.30%
• Cash-on-cash: 0.03%
• DSCR: 1.00
• GRM: 9.5

CMA / ARV

• ARV (on-the-fly): $293,760
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
232 E Philadelphia St	0.00mi	2/2.0	1,152 (0%)	15mo	$168,500	$146	88
804 Petros Dr	0.28mi	2/2.0	1,295 (+12%)	15mo	$329,900	$255	53

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 · 1.71% rent growth · sell at horizon

5-year hold

• IRR: -17.7%
• Equity multiple: 0.38×
• Total profit: $-22,429
• Equity at exit: $19,369

10-year hold

• IRR: -12.4%
• Equity multiple: 0.31×
• Total profit: $-25,211
• Equity at exit: $11,231

Cash invested: $36,372 (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 57701

• Rents YoY: 1.7%
• Active inventory: 217
• Price-to-rent: 9.5×

Monthly cashflow live

• Estimated rent: $1,138 high
• Mortgage (P&I): −$681
• Tax est. 1.5%: −$162 /mo · $1,948/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$239
• Net cashflow: $1

Break-even live

Break-even rent $1,136

Max offer price $129,900

Occupancy floor 95%

Sensitivity live

Price	-10% $91	-5% $46	+0% $1	+5% $-44	+10% $-89
Rent	-10% $-89	-5% $-44	+0% $1	+5% $46	+10% $91
Rate	-1.0pp $66	-0.5pp $34	base $1	+0.5pp $-33	+1.0pp $-67

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: $32,475
• Closing costs: $3,897
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
216 E Denver St Rapid City, SD	1.0	1.0	750	$975	$1.30	22d	1	0.07mi
118 Waterloo St Apt 110 Rapid City, SD	1.0–4.0	1.0–1.5	810	$1,064	$1.31	22d	7	0.24mi
927 Blaine Ave Rapid City, SD	3.0	1.0	925	$1,550	$1.68	22d	1	0.67mi
100 Saint Joseph St Rapid City, SD	2.0	1.0–2.0	744	$1,750	$2.35	22d	4	0.69mi
965 E Omaha St Unit 100 Rapid City, SD	2.0	2.0	858	$1,263	$1.47	22d	1	0.73mi
1230 Estes Park Ct Rapid City, SD	2.0	1.0–2.0	956	$1,035	$1.08	22d	9	0.83mi
761 E Anamosa St Rapid City, SD	2.0–3.0	1.5	882	$950	$1.08	22d	1	0.85mi
231 Quincy St Unit 231 1/2 Quincy Rapid City, SD	1.0	1.0	930	$850	$0.91	22d	1	0.92mi
612 6th St Rapid City, SD	2.0	1.0–2.0	772	$2,945	$3.81	22d	19	1.01mi
1314 Atlas St Rapid City, SD	1.0–3.0	1.0	775	$978	$1.26	22d	13	1.12mi
706 South St Unit 2 Rapid City, SD	1.0	1.0	700	$1,200	$1.71	22d	1	1.27mi

Listing history 45 events

1. 2026-06-21
   days on market $129,900 Active 222 DOM
2. 2026-06-19
   days on market $129,900 Active 220 DOM
3. 2026-06-18
   days on market $129,900 Active 219 DOM
4. 2026-06-17
   days on market $129,900 Active 218 DOM
5. 2026-06-16
   days on market $129,900 Active 217 DOM
6. 2026-06-15
   days on market $129,900 Active 216 DOM
7. 2026-06-14
   days on market $129,900 Active 214 DOM
8. 2026-06-13
   days on market $129,900 Active 213 DOM
9. 2026-06-10
   days on market $129,900 Active 211 DOM
10. 2026-06-09
    days on market $129,900 Active 210 DOM
11. 2026-06-08
    days on market $129,900 Active 209 DOM
12. 2026-06-07
    days on market $129,900 Active 208 DOM
13. 2026-06-05
    days on market $129,900 Active 205 DOM
14. 2026-06-02
    days on market $129,900 Active 203 DOM
15. 2026-06-01
    pricedays on market $129,900 Active 202 DOM
16. 2026-05-31
    days on market $140,000 Active 201 DOM
17. 2026-05-30
    days on market $140,000 Active 200 DOM
18. 2026-04-24
    price $140,000
19. 2026-02-23
    price $145,000
20. 2025-11-11
    listed $148,000 Active
21. 2025-06-13
    soldstatus $181,000 Closed 1428-char remark

    Show marketing remark (1428 chars)

    Listed by Lonnie Doney, KWBH, 605-407-1048. Why rent when you can own? This pinterest perfect ground level condo is a great opportunity to enter into home ownership! * Enjoy upmost convenience in this ground level unit with ZERO stairs * The home offers a clean and bright interior, and the open concept layout allows for easy entertaining * Galley style kitchen with good cabinet and counter space, and a bonus curio cabinet for on-trend storage space * Nearby dining room with slider access to the enclosed sunroom * Private in-unit laundry in hall closet * Master bedroom in back corner of the home, with 2 closets and an ensuite bathroom with walk-in shower * 1 additional bedroom and 1 full bathroom with soaker tub complete this home * The unit faces south, so there's plenty of sunlight throughout the day, and the versatile 4-seasons room gives space to relax year round * Good storage space inside the home and in the enclosed sun room * Dedicated parking space out front, plus a detached single car garage, and a secured storage unit * HOA fee is $275/mo and includes garbage, snow removal, lawn care and water, plus access to a residents only, community party room. Conveniently located near Roosevelt Park, Monument Civic Center, and less than 1.5miles from the SD School of Mines campus, this home blends a move in ready home with low maintenance living into a property you dont want to miss! Call today.

22. 2025-04-23
    historical Active Under Contract 1428-char remark

    Show marketing remark (1428 chars)

    Listed by Lonnie Doney, KWBH, 605-407-1048. Why rent when you can own? This pinterest perfect ground level condo is a great opportunity to enter into home ownership! * Enjoy upmost convenience in this ground level unit with ZERO stairs * The home offers a clean and bright interior, and the open concept layout allows for easy entertaining * Galley style kitchen with good cabinet and counter space, and a bonus curio cabinet for on-trend storage space * Nearby dining room with slider access to the enclosed sunroom * Private in-unit laundry in hall closet * Master bedroom in back corner of the home, with 2 closets and an ensuite bathroom with walk-in shower * 1 additional bedroom and 1 full bathroom with soaker tub complete this home * The unit faces south, so there's plenty of sunlight throughout the day, and the versatile 4-seasons room gives space to relax year round * Good storage space inside the home and in the enclosed sun room * Dedicated parking space out front, plus a detached single car garage, and a secured storage unit * HOA fee is $275/mo and includes garbage, snow removal, lawn care and water, plus access to a residents only, community party room. Conveniently located near Roosevelt Park, Monument Civic Center, and less than 1.5miles from the SD School of Mines campus, this home blends a move in ready home with low maintenance living into a property you dont want to miss! Call today.

23. 2025-04-15
    listed $179,900 Active 1428-char remark

    Show marketing remark (1428 chars)

    Listed by Lonnie Doney, KWBH, 605-407-1048. Why rent when you can own? This pinterest perfect ground level condo is a great opportunity to enter into home ownership! * Enjoy upmost convenience in this ground level unit with ZERO stairs * The home offers a clean and bright interior, and the open concept layout allows for easy entertaining * Galley style kitchen with good cabinet and counter space, and a bonus curio cabinet for on-trend storage space * Nearby dining room with slider access to the enclosed sunroom * Private in-unit laundry in hall closet * Master bedroom in back corner of the home, with 2 closets and an ensuite bathroom with walk-in shower * 1 additional bedroom and 1 full bathroom with soaker tub complete this home * The unit faces south, so there's plenty of sunlight throughout the day, and the versatile 4-seasons room gives space to relax year round * Good storage space inside the home and in the enclosed sun room * Dedicated parking space out front, plus a detached single car garage, and a secured storage unit * HOA fee is $275/mo and includes garbage, snow removal, lawn care and water, plus access to a residents only, community party room. Conveniently located near Roosevelt Park, Monument Civic Center, and less than 1.5miles from the SD School of Mines campus, this home blends a move in ready home with low maintenance living into a property you dont want to miss! Call today.

24. 2025-03-04
    price $179,900
25. 2025-01-21
    price $182,500
26. 2024-10-22
    listed $185,000 Active
27. 2023-03-14
    soldstatus $170,000 Closed
28. 2023-02-10
    status Pending
29. 2023-02-03
    historical Active Under Contract
30. 2023-01-23
    listed $164,900 Active
31. 2023-01-13
    soldstatus $165,500 Closed
32. 2022-12-12
    historical Active Under Contract
33. 2022-12-06
    price $167,500
34. 2022-11-17
    price $169,900
35. 2022-11-08
    listed $175,889 Active
36. 2022-08-01
    soldstatus $135,000 Closed
37. 2022-07-16
    historical Active Under Contract
38. 2022-07-13
    listed $139,900 Active
39. 2021-10-07
    listed $144,900
40. 2019-07-16
    soldstatus $102,500
41. 2019-05-13
    listed $105,000
42. 2017-05-08
    soldstatus $83,650
43. 2016-11-05
    listed $87,900
44. 2016-10-14
    soldstatus $80,000
45. 2016-07-05
    listed $80,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥95°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,651
• − Mortgage interest: −$7,276
• − Property taxes: −$1,948
• − Insurance: −$650
• − Repairs & maintenance: −$1,092
• − Management: −$1,092
• − Depreciation: −$3,779
• Taxable loss: −$2,187
• Est. tax savings @ 24.0%: +$525
• After-tax cash flow: $536/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: Rapid City Area School District 51-4
• NCES district ID: 4659820
• Math proficiency: 34% ▼ -8.00%
• Reading proficiency: 46% ▼ -4.00%
• Median HH income: $50,145
• Composite: 34.47/100
• National rank: #5189
• State rank: #50 of 59 in SD

Livability — Rapid City

• Score: 74/100
• State rank: #34
• US rank: #4720

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Rapid City, SD
• County: Pennington County · 99,403 people
• City population: 99,403
• Metro: Rapid City, SD
• Population (ZIP): 45,795
• Household income: $56,461
• Rent vs Own: 39.2% rent · 60.8% own
• Severe rent burden: 1646.0

Population outlook (Pennington County) Hauer SSP2

• Today (2025): 125,504 people
• By 2030: 133,370 · +6.3%
• By 2040: 147,505 · +17.5%
• By 2050: 160,507 · +27.9%
• By 2075: 197,585 · +57.4%
• By 2100: 241,736 · +92.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (73%)
• Race & ethnicity: White 73% Native American 11% Two or more races 11% Hispanic / Latino 6% Black 2%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Portuguese 7% Lithuanian 4% Slovak 3%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 1%

Political lean MEDSL · Pennington

• 2024 margin: Strong R (+26.4) · D 35.4% · R 61.9% · Other 2.7%
• 2008→2024 swing: -5.3pp toward R · 2008: -21.2pp · 2024: -26.4pp
• All cycles: 2024: R+26.4 2020: R+25.1 2016: R+33.0 2012: R+29.5 2008: R+21.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -189.12%
• Current HPI: 222.9041
• Rent YoY: ▲ 1.71%
• Metro: Rapid City, 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

+75.0% since first listed

28 events — show timeline

• 2026-04-24 Price Changed $140,000 MRAOR
• 2026-02-23 Price Changed $145,000 MRAOR
• 2025-11-11 Listed $148,000 MRAOR
• 2025-06-13 Sold (MLS) $181,000 MRAOR
• 2025-04-23 Contingent — MRAOR
• 2025-04-15 Listed $179,900 MRAOR
• 2025-03-04 Price Changed $179,900 MRAOR
• 2025-01-21 Price Changed $182,500 MRAOR
• 2024-10-22 Listed $185,000 MRAOR
• 2023-03-14 Sold (MLS) $170,000 MRAOR
• 2023-02-10 Pending — MRAOR
• 2023-02-03 Contingent — MRAOR
• 2023-01-23 Listed $164,900 MRAOR
• 2023-01-13 Sold (MLS) $165,500 BHMLS
• 2022-12-12 Contingent — BHMLS
• 2022-12-06 Price Changed $167,500 BHMLS
• 2022-11-17 Price Changed $169,900 BHMLS
• 2022-11-08 Listed $175,889 BHMLS
• 2022-08-01 Sold (MLS) $135,000 BHMLS
• 2022-07-16 Contingent — BHMLS
• 2022-07-13 Listed $139,900 BHMLS
• 2021-10-07 Listed $144,900 MRAOR
• 2019-07-16 Sold (MLS) $102,500 BHMLS
• 2019-05-13 Listed $105,000 BHMLS
• 2017-05-08 Sold (MLS) $83,650 BHMLS
• 2016-11-05 Listed $87,900 BHMLS
• 2016-10-14 Sold (MLS) $80,000 BHMLS
• 2016-07-05 Listed $80,000 BHMLS