521 S Menlo Ave Ave · Sioux Falls, SD 57104

$144,900

3 bd · 5.0 ba · 1,187 sqft · Other public records · 23 Days on market

Built 1942 4,639 sqft lot $122/sqft · 22% below area Est $186k · 22% under

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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).

• ARV discount +15.0/15.0
• Cash flow +13.9/30.0
• DSCR +4.2/10.0
• Rent growth +4.2/5.0
• Livability +4.2/5.0
• 1% rule +3.8/10.0
• Schools +3.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Key facts

• Central location
• New vinyl windows
• Income producing

Tags

• TRIPLEX OPPORTUNITY
• INCOME PRODUCING
• OFF ALLEY PARKING
• NEW VINYL WINDOWS
• CENTRAL LOCATION

Property features AI

Finance

• Other: Annual tax amount reported
• Financial info: 3-unit multifamily property (each unit: 1 bed, 1 bath)

Exterior

• Parking: Off-street parking
• Utilities: Public water; Public sewer
• Home design: 2-story building; Stucco exterior
• Construction: Block foundation; Composition roof; Built with stucco exterior
• Exterior features: Lot dimensions approximately 140 x 32; Private entry

Interior

• Kitchen: Refrigerator; Range
• Bedrooms: Three separate 1-bedroom units (each unit is 1 bedroom)
• Flooring: Laminate flooring
• Bathrooms: Each unit has 1 bathroom
• Heating & cooling: Forced air heating
• Interior features: Full basement

What this means for you Summary

Snapshot

• This is a 3-bed/5.0-bath other listed at $145k.

Deal economics

• At list price, monthly cash flow is $17 ($199/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 $127k (12.0% below list).
• Recommended offer: $127k (12.0% below list) — sets the bar for 1% rule.
• Cap rate 6.4% vs local median 2.6% in Sioux Falls — 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 85/100 on livability (#3 in SD, #610 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: crime F.
• Sioux Falls School District 49-5 (urban): math 39% / reading 48% proficiency, ranked #45 of 59 in SD (top 76%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Jefferson High School - 67 (1,749 students, 34% FRL) — zoned schools at 34% FRL track the district average.
• Market conditions: Rents rising fast (+7.0%/yr); 153 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 2,425 units permitted in Minnehaha County in 2024 (1,367 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Minnehaha County population projected at +46% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 23 days — a 2% lower offer ($143k) is reasonable based on typical stale-listing flexibility.
• 4 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.
• Current owner paid $122k; 19% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1942 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $127,488 (12.0% below list)

Questions for the listing agent

1. Built in 1942 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
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: 0.88% ✗
• Cap rate: 6.43%
• Cash-on-cash: 0.49%
• DSCR: 1.02
• GRM: 9.5

CMA / ARV

• ARV (median comp): $186,460
• List price: $144,900
• Delta: -22.29%
• Verdict: UNDERPRICED
• Comps: 14 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 6.99% rent growth · sell at horizon

5-year hold

• IRR: -11.2%
• Equity multiple: 0.58×
• Total profit: $-17,086
• Equity at exit: $21,605

10-year hold

• IRR: 3.0%
• Equity multiple: 1.25×
• Total profit: $10,254
• Equity at exit: $12,528

Cash invested: $40,572 (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 57104

• Home prices YoY: -27.1%
• Rents YoY: 7.0%
• Active inventory: 153
• Price-to-rent: 9.5×

Monthly cashflow live

• Estimated rent: $1,275 high
• Mortgage (P&I): −$760
• Tax from tax record: −$170 /mo · $2,044/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$268
• Net cashflow: $17

Break-even live

Break-even rent $1,254

Max offer price $144,900

Occupancy floor 94%

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: $36,225
• Closing costs: $4,347
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
915 W 12th St Sioux Falls, SD	3.0	2.0	1100	$1,395	$1.27	21d	1	0.10mi
708 S Euclid Ave Sioux Falls, SD	2.0	1.0	700	$899	$1.28	13d	1	0.20mi
718 W 12th St Unit 4 Sioux Falls, SD	2.0	1.0	1000	$875	$0.88	21d	1	0.21mi
219 S Menlo Ave Sioux Falls, SD	1.0–2.0	1.0	847	$1,004	$1.19	13d	4	0.22mi
1330 W 14th St Sioux Falls, SD	3.0	1.0	1032	$1,499	$1.45	43d	1	0.24mi
203 S Covell Ave Unit 3 Sioux Falls, SD	2.0	1.0	750	$850	$1.13	43d	1	0.34mi
500 W 16th St Apt 6 Sioux Falls, SD	2.0	1.0	725	$825	$1.14	43d	1	0.40mi
1000 S Summit Ave Unit 03 Sioux Falls, SD	2.0	2.0	950	$1,050	$1.11	21d	1	0.43mi
425 W 16th St Unit 427 Sioux Falls, SD	3.0	1.5	1200	$1,200	$1.00	43d	1	0.44mi
811 S Glendale Ave Sioux Falls, SD	3.0	2.0	1368	$1,650	$1.21	43d	1	0.46mi
602 W 9th St Sioux Falls, SD	2.0	1.0	900	$1,100	$1.22	13d	1	0.47mi
1605 W 10th St Sioux Falls, SD	2.0	1.0	1100	$1,295	$1.18	21d	1	0.51mi
1009 W 7th St Sioux Falls, SD	2.0	1.5	1125	$1,600	$1.42	43d	1	0.54mi
616 S Western Ave Sioux Falls, SD	2.0	1.0	768	$875	$1.14	21d	1	0.56mi
1733 W 11th St Sioux Falls, SD	2.0	1.0	875	$1,350	$1.54	43d	1	0.58mi
633 S Main Ave Unit 2 Sioux Falls, SD	2.0	1.5	980	$950	$0.97	43d	1	0.59mi
647 S Main Ave Sioux Falls, SD	2.0	2.0	1224	$1,097	$0.90	13d	2	0.60mi
210 W 17th St Sioux Falls, SD	2.0	1.0	720	$1,000	$1.39	43d	1	0.62mi
101 S Main Ave Sioux Falls, SD	1.0–2.0	1.0–2.0	1143	$2,450	$2.14	43d	2	0.66mi
112 W 17th St Unit 7 Sioux Falls, SD	2.0	1.0	1000	$1,150	$1.15	43d	1	0.68mi
100 W 17th St Apt 15 Sioux Falls, SD	2.0	1.5	1000	$1,195	$1.20	21d	1	0.70mi
205 W 18th St Sioux Falls, SD	1.0–2.0	1.0	1000	$995	$0.99	21d	2	0.71mi
230 S Phillips Ave Unit 405 Sioux Falls, SD	2.0	1.0	925	$1,625	$1.76	21d	1	0.71mi
205 E 12th St Sioux Falls, SD	1.0–2.0	1.0–2.0	772	$2,430	$3.15	13d	28	0.76mi
105 S Lyndale Ave Sioux Falls, SD	2.0	1.0	1100	$1,195	$1.09	43d	1	0.77mi
320 N Western Ave Sioux Falls, SD	3.0	2.0	1100	$1,056	$0.96	43d	1	0.80mi
325 E 12th St Sioux Falls, SD	1.0–2.0	1.0–2.0	954	$1,680	$1.76	13d	11	0.88mi
633 N Menlo Ave Sioux Falls, SD	4.0	1.5	1450	$1,750	$1.21	21d	1	0.89mi
758 S 3rd Ave Sioux Falls, SD	2.0	1.0	900	$900	$1.00	21d	1	0.95mi
1906 S Menlo Ave Sioux Falls, SD	4.0	2.0	1300	$1,640	$1.26	43d	1	0.96mi
1900 W 6th St Sioux Falls, SD	2.0	1.0	813	$853	$1.05	13d	1	0.97mi
704 N Duluth Ave Sioux Falls, SD	2.0	1.0	900	$2,000	$2.22	43d	1	0.97mi
350 N Reid Pl Sioux Falls, SD	2.0	1.0–2.0	898	$3,000	$3.34	13d	9	1.04mi
500 S Kiwanis Ave Sioux Falls, SD	1.0–2.0	1.0–2.0	859	$1,045	$1.22	13d	11	1.04mi
310 N Reid Pl Sioux Falls, SD	3.0	1.0–3.0	1251	$5,000	$4.00	13d	7	1.04mi
2000 S Duluth Ave Sioux Falls, SD	2.0	1.0	1192	$1,400	$1.17	21d	1	1.08mi
155 E 4th Pl Sioux Falls, SD	2.0	1.0–2.0	950	$3,240	$3.41	13d	12	1.11mi
701 N Phillips Ave Sioux Falls, SD	2.0	1.0–2.5	894	$2,589	$2.90	13d	17	1.17mi
1000 N Covell Ave Sioux Falls, SD	2.0	1.0	750	$874	$1.17	21d	1	1.17mi
600 E 21st St Unit 1 (F) Sioux Falls, SD	2.0	1.0	800	$1,476	$1.84	21d	1	1.19mi

Listing history 15 events

1. 2026-06-05
   status $144,900 Pending 23 DOM
2. 2026-06-03
   days on market $144,900 Active 23 DOM
3. 2026-06-02
   days on market $144,900 Active 22 DOM
4. 2026-06-01
   days on market $144,900 Active 21 DOM
5. 2026-05-31
   days on market $144,900 Active 20 DOM
6. 2026-05-30
   days on market $144,900 Active 19 DOM
7. 2026-05-15
   status Pending 642-char remark
8. 2026-04-28
   listed $144,900 Active 642-char remark
9. 2026-01-27
   status Pending
10. 2026-01-26
    historical
11. 2025-12-04
    listed $149,900 Active
12. 2025-12-04
    historical
13. 2025-10-07
    listed $164,900 Active
14. 2019-10-07
    soldstatus $122,000
15. 2017-06-29
    soldstatus $98,000

ⓘ 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: $2,044 · $170/mo
• Projected year-2 tax: $2,044 · $170/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 FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥99°F today · 13 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,299
• − Mortgage interest: −$8,117
• − Property taxes: −$2,044
• − Insurance: −$724
• − Repairs & maintenance: −$1,224
• − Management: −$1,224
• − Depreciation: −$4,215
• Taxable loss: −$2,249
• Est. tax savings @ 24.0%: +$540
• After-tax cash flow: $739/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: Sioux Falls School District 49-5
• NCES district ID: 4666270
• Math proficiency: 39% ▼ -4.00%
• Reading proficiency: 48% ▼ -2.00%
• Median HH income: $51,093
• Composite: 37.47/100
• National rank: #4407
• State rank: #45 of 59 in SD

Livability — Sioux Falls

• Score: 85/100
• State rank: #3
• US rank: #610

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Sioux Falls, SD
• County: Minnehaha County · 191,523 people
• City population: 207,623
• Metro: Sioux Falls, SD
• Population (ZIP): 26,963
• Household income: $57,688
• Rent vs Own: 54.8% rent · 45.2% own
• Severe rent burden: 1111.0

Population outlook (Minnehaha County) Hauer SSP2

• Today (2025): 222,323 people
• By 2030: 241,430 · +8.6%
• By 2040: 281,643 · +26.7%
• By 2050: 325,574 · +46.4%
• By 2075: 469,313 · +111.1%
• By 2100: 664,763 · +199.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (67%)
• Race & ethnicity: White 67% Black 11% Two or more races 10% Hispanic / Latino 9% Native American 6% Asian 1%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Portuguese 9% Iranian 3% Italian 1%
• Foreign-born: 13% · Canada
• Languages at home: 83% English-only · Spanish 6% Russian/Polish/Slavic 1% Arabic 1%

Political lean MEDSL · Minnehaha

• 2024 margin: R (+12.7) · D 42.5% · R 55.2% · Other 2.4%
• 2008→2024 swing: -13.4pp toward R · 2008: 0.7pp · 2024: -12.7pp
• All cycles: 2024: R+12.7 2020: R+9.5 2016: R+14.6 2012: R+7.4 2008: D+0.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -97.10%
• Current HPI: 261.8359
• Rent YoY: ▲ 6.99%
• Metro: Sioux Falls, 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

+47.9% since first listed

11 events — show timeline

• 2026-06-03 Pending — REALTOR® Association of the Sioux Empire
• 2026-05-28 Relisted — REALTOR® Association of the Sioux Empire
• 2026-05-15 Pending — REALTOR® Association of the Sioux Empire
• 2026-04-28 Listed $144,900 REALTOR® Association of the Sioux Empire
• 2026-01-27 Pending — REALTOR® Association of the Sioux Empire
• 2026-01-26 Listing Removed — REALTOR® Association of the Sioux Empire
• 2025-12-04 Listing Removed — REALTOR® Association of the Sioux Empire
• 2025-12-04 Listed $149,900 REALTOR® Association of the Sioux Empire
• 2025-10-07 Listed $164,900 REALTOR® Association of the Sioux Empire
• 2019-10-07 Sold (Public Records) $122,000 Public Records
• 2017-06-29 Sold (Public Records) $98,000 Public Records

Property tax history

+0.3%/yr

Latest (2024): $2,044 · -7.7% YoY. Source: county tax records.