304 N Bartlett St St

Canton, SD 57013

$92,700B-

4 bd · 1.0 ba · 1,367 sqft · Built 1889 · SingleFamily · Active · 4 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,267/mo
• Mortgage (P&I): −$486
• Tax + insurance: −$232
• HOA: −$0
• Vac / Maint / Mgmt: −$266
• Net cashflow: $283/mo
• Annual: $3,392/yr
• Cap rate: 9.95%
• Cash-on-cash: 13.07%
• DSCR: 1.58
• 1% rule: 1.37%
• Cash to close: $25,956

Investor read

• This is a 4-bed/1.0-bath single-family listed at $93k.
• At list price, monthly cash flow is $283 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $93k).
• 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 $641 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 71/100 on livability (#54 in SD) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: amenities F, commute F, health & safety D-.
• Canton School District 41-1 (town): math 54% / reading 59% proficiency, ranked #12 of 59 in SD (top 20%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 20% free/reduced lunch — higher-income household profile.
• Zoned schools: Lawrence Elementary - 02 (math 67% / reading 62%, grade B, #39 of 253 statewide, top 19%, 388 students, 17% FRL); Canton Middle School - 04 (math 49% / reading 53%, grade C, #54 of 143 statewide, top 37%, 203 students, 20% FRL); Canton High School - 01 (math 34% / reading 74%, grade C-, #53 of 151 statewide, top 41%, 283 students, 10% FRL) — zoned schools at 16% FRL track the district average.
• Watch-outs: property tax is 2.5% of price; built in 1889 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 20 active listings in the ZIP; 232 units permitted in Lincoln County in 2024 (14 in 5+ unit buildings).
• Lincoln County population projected at +66% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $26k cash investment doubles in ~9 years — after that, you're playing with house money.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• Built in 1889 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.