1004 N Grand Ave · Pierre, SD 57501

$65,500

3 bd · 2.0 ba · 1,216 sqft · Manufactured public records · 60 Days on market

Built 1994

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Why this score? — see what drove the B 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.4/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Key facts

• Two deck areas
• Spacious kitchen
• Small fenced space

Tags

• SPACIOUS KITCHEN
• ABUNDANCE OF CABINET SPACE
• DEDICATED LAUNDRY AREA
• TWO DECK AREAS
• SMALL FENCED SPACE

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $66k.

Deal economics

• At list price, monthly cash flow is $710 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $66k).
• Recommended offer: $64k (3.0% below list) — sets the bar for market timing.
• Cap rate 19.3% vs local median 3.4% in Pierre — 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 (#31 in SD, #4,502 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools C-, crime F, amenities F.
• Pierre School District 32-2 (town): math 47% / reading 54% proficiency, ranked #24 of 59 in SD (top 41%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 129 active listings in the ZIP; solid renter incomes; 135 units permitted in Hughes County in 2024 (115 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $453 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Hughes County population projected at +14% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $18k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 60 days — a 3% lower offer ($64k) is reasonable based on typical stale-listing flexibility.

Recommended offer $63,535 (3.0% below list)

Questions for the listing agent

1. It's been on market 60 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 2.17% ✓
• Cap rate: 19.31%
• Cash-on-cash: 46.47%
• DSCR: 3.07
• GRM: 3.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 43.7%
• Equity multiple: 2.89×
• Total profit: $34,620
• Equity at exit: $9,766

10-year hold

• IRR: 49.7%
• Equity multiple: 5.82×
• Total profit: $88,381
• Equity at exit: $5,663

Cash invested: $18,340 (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 57501

• Active inventory: 129
• Price-to-rent: 3.8×

Monthly cashflow live

• Estimated rent: $1,419 medium
• Mortgage (P&I): −$343
• Tax from tax record: −$40 /mo · $482/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$298
• Net cashflow: $710

Break-even live

Break-even rent $520

Max offer price $65,500

Occupancy floor 45%

Sensitivity live

Price	-10% $747	-5% $729	+0% $710	+5% $692	+10% $673
Rent	-10% $598	-5% $654	+0% $710	+5% $766	+10% $822
Rate	-1.0pp $743	-0.5pp $727	base $710	+0.5pp $693	+1.0pp $676

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: $16,375
• Closing costs: $1,965
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-19
   days on market $65,500 Active 60 DOM
2. 2026-06-18
   days on market $65,500 Active 59 DOM
3. 2026-06-17
   days on market $65,500 Active 58 DOM
4. 2026-06-16
   days on market $65,500 Active 57 DOM
5. 2026-06-15
   days on market $65,500 Active 56 DOM
6. 2026-06-14
   days on market $65,500 Active 54 DOM
7. 2026-06-12
   days on market $65,500 Active 53 DOM
8. 2026-06-09
   days on market $65,500 Active 50 DOM
9. 2026-06-08
   days on market $65,500 Active 49 DOM
10. 2026-06-07
    days on market $65,500 Active 48 DOM
11. 2026-06-05
    days on market $65,500 Active 46 DOM
12. 2026-06-04
    days on market $65,500 Active 44 DOM
13. 2026-06-02
    days on market $65,500 Active 43 DOM
14. 2026-06-01
    days on market $65,500 Active 42 DOM
15. 2026-05-31
    days on market $65,500 Active 41 DOM
16. 2026-05-31
    status $65,500 Active 40 DOM
17. 2026-04-20
    status Pending
18. 2026-03-11
    listed $65,500 Active

ⓘ 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: $482 · $40/mo
• Projected year-2 tax: $858 · $72/mo
• Expected delta: +$376/yr (+$31/mo · 78.0%)

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

Climate risk First Street

• 🌡 Heat 3/10 Moderate
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,031
• − Mortgage interest: −$3,669
• − Property taxes: −$482
• − Insurance: −$328
• − Repairs & maintenance: −$1,363
• − Management: −$1,363
• − Depreciation: −$1,905
• Taxable income: $7,922
• Est. tax owed @ 24.0%: −$1,901
• After-tax cash flow: $6,622/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: Pierre School District 32-2
• NCES district ID: 4655260
• Math proficiency: 47% ▼ -6.00%
• Reading proficiency: 54% ▼ -4.00%
• Median HH income: $57,931
• Composite: 43.93/100
• National rank: #2909
• State rank: #24 of 59 in SD

Livability — Pierre

• Score: 74/100
• State rank: #31
• US rank: #4502

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Pierre, SD
• County: Hughes County · 17,326 people
• City population: 17,326
• Metro: Pierre, SD
• Population (ZIP): 17,326
• Household income: $81,791
• Rent vs Own: 28.0% rent · 72.0% own
• Severe rent burden: 226.0

Population outlook (Hughes County) Hauer SSP2

• Today (2025): 18,429 people
• By 2030: 18,861 · +2.3%
• By 2040: 19,778 · +7.3%
• By 2050: 20,979 · +13.8%
• By 2075: 27,077 · +46.9%
• By 2100: 36,716 · +99.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (81%)
• Race & ethnicity: White 81% Native American 11% Two or more races 6% Hispanic / Latino 3%
• Common ancestry: Portuguese 12% Iranian 4% Romanian 2%
• Foreign-born: 1% · Vietnam, Canada
• Languages at home: 96% English-only · Spanish 2% Vietnamese 1%

Political lean MEDSL · Hughes

• 2024 margin: Solid R (+30.1) · D 33.6% · R 63.8% · Other 2.6%
• 2008→2024 swing: -3.4pp toward R · 2008: -26.7pp · 2024: -30.1pp
• All cycles: 2024: R+30.1 2020: R+29.4 2016: R+33.4 2012: R+29.8 2008: R+26.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -129.77%
• Current HPI: 198.7322
• Rent YoY: —
• Metro: Pierre, 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

2 events — show timeline

• 2026-04-20 Pending — CSDBR
• 2026-03-11 Listed $65,500 CSDBR

Property tax history

+0.8%/yr

Latest (2025): $482 · -0.1% YoY. Source: county tax records.