4600 W 38th St St · Sioux Falls, SD 57106

$265,000

3 bd · 2.0 ba · 1,796 sqft · SingleFamily public records · 22 Days on market

Built 1963 10,384 sqft lot $148/sqft · 15% below area Est $313k · 15% under

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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).

• ARV discount +14.4/15.0
• Cash flow +6.9/30.0
• Livability +4.2/5.0
• Schools +3.7/10.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• 1% rule +1.5/10.0
• DSCR +1.1/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

South Facing Ranch Walkout. This home is located on the westside of Sioux Falls in a great school district: Oscar Howe, Memorial & Roosevelt. Main floor is finished with 1196 sqft & lower level has 600 sqft with additional room that could be finished. Features: 4 beds, 2 baths, 2 family rooms, mature trees & has a walkout basement. Must see!

Key facts

• Walkout basement
• Near dining
• Near shopping

Tags

• SOUTH-FACING RANCH WALKOUT
• WALKOUT BASEMENT
• MATURE TREES
• NEAR SHOPPING
• NEAR DINING
• NEAR AMENITIES

Property features AI

Exterior

• Parking: Attached 2-car garage (22 x 22) with concrete surface
• Utilities: Public water; Public sewer; Publicly maintained asphalt road with curb and gutter
• Home design: Single-family ranch-style home; Walkout basement to backyard; City lot (approx. 88 x 118)
• Construction: Hard board siding; Block foundation; Composition roof; Built with additional finished area below grade
• Exterior features: Deck; Shed(s)

Interior

• Kitchen: Electric range; Microwave; Dishwasher; Garbage disposal
• Bedrooms: Main level master bedroom (approx. 11 x 13); Main level bedroom 2 (approx. 11 x 13); Main level bedroom 3 (approx. 10 x 10); Lower level bedroom 4 with walk-in closet (approx. 9 x 17)
• Flooring: Carpet; Laminate
• Bathrooms: Two full bathrooms total; Main level: 1 full bath; Lower/basement: 3/4 bath
• Heating & cooling: Natural gas heating; Central air conditioning; Natural gas water heater
• Interior features: Master bedroom on main level; Three or more bedrooms on the same level; Full basement
• Laundry & utility: Water softener stays

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $265k.

Deal economics

• At list price, monthly cash flow is $-403 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $194k (26.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $173k (34.6% below list).
• Recommended offer: $173k (34.6% below list) — sets the bar for 1% rule.
• Cap rate 4.5% 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: Oscar Howe Elementary - 58 (math 49% / reading 48%, grade D, #132 of 253 statewide, top 52%, 586 students, 42% FRL); Roosevelt High School - 03 (math 40% / reading 60%, grade D+, #67 of 151 statewide, top 45%, 1,713 students, 28% FRL) — zoned schools at 35% FRL track the district average.
• Market conditions: Rents rising (+2.2%/yr); 393 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals leasing fast (median 13d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 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 $2k of loan paydown is wiped out by about $8k 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 22 days — a 2% lower offer ($261k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 7y ago 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 $195k; 36% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $173,390 (34.6% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1963 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 0.65% ✗
• Cap rate: 4.47%
• Cash-on-cash: -6.52%
• DSCR: 0.71
• GRM: 12.7

CMA / ARV

• ARV (median comp): $313,152
• List price: $265,000
• Delta: -15.38%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3301 S Terry Ave Ave	0.22mi	3/2.0	1,796 (0%)	4mo	$300,000	$167	86
4701 W 37th St St	0.07mi	4/2.0 (+1)	1,741 (-3%)	2mo	$340,000	$195	85
4508 W 39th St	0.06mi	4/2.0 (+1)	1,816 (+1%)	13mo	$339,000	$187	79
5113 W 40th St St	0.34mi	3/2.0	1,612 (-10%)	6mo	$292,000	$181	61
4901 W 47th St St	0.58mi	4/1.5 (+1)	1,885 (+5%)	4mo	$260,000	$138	54
5005 W 49th St St	0.71mi	3/3.0	1,764 (-2%)	8mo	$320,000	$181	53
9017 W 24th St	0.24mi	4/3.0 (+1)	1,986 (+11%)	13mo	$384,900	$194	52
5600 W Circle Dr	0.60mi	3/2.0	1,964 (+9%)	12mo	$369,900	$188	46
3105 S Steven Dr	0.73mi	4/3.0 (+1)	1,724 (-4%)	13mo	$325,000	$189	40
5805 W 36th St	0.74mi	3/2.5	1,934 (+8%)	14mo	$329,000	$170	39
4904 W Victoria Dr	0.73mi	3/2.0	1,548 (-14%)	14mo	$334,750	$216	32
3004 S Gibson Ave	0.65mi	4/2.5 (+1)	2,032 (+13%)	14mo	$302,500	$149	29

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 · 2.18% rent growth · sell at horizon

5-year hold

• IRR: -28.4%
• Equity multiple: 0.06×
• Total profit: $-70,052
• Equity at exit: $39,512

10-year hold

• IRR: -31.2%
• Equity multiple: -0.35×
• Total profit: $-99,837
• Equity at exit: $22,912

Cash invested: $74,200 (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 57106

• Rents YoY: 2.2%
• Active inventory: 393
• Price-to-rent: 12.7×

Monthly cashflow live

• Estimated rent: $1,734 high
• Mortgage (P&I): −$1,390
• Tax from tax record: −$273 /mo · $3,275/yr
• Insurance: −$110
• HOA: −$0
• Vacancy / Maint / Mgmt: −$364
• Net cashflow: $-403

Break-even live

Break-even rent $2,244

Max offer price $193,767

Occupancy floor —

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: $66,250
• Closing costs: $7,950
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4605 W Chippewa Cir Sioux Falls, SD	1.0–2.0	1.0–2.0	1090	$1,132	$1.04	13d	16	0.91mi
4528 W Graceland Pl Unit 4528 Sioux Falls, SD	3.0	2.0	1600	$2,399	$1.50	43d	1	1.02mi
1402 S Marion Rd Sioux Falls, SD	1.0–3.0	1.0–2.0	1034	$1,220	$1.18	13d	1	1.10mi
1125 S Ebenezer Ave Sioux Falls, SD	1.0–2.0	1.0–2.0	936	$1,370	$1.46	13d	10	1.27mi
5100 S Nevada Ave Sioux Falls, SD	1.0–3.0	1.0–2.0	1056	$1,450	$1.37	13d	10	1.31mi
4907 S Tennis Ln Sioux Falls, SD	3.0	2.0	1404	$1,600	$1.14	13d	1	1.32mi
2024 S Oxford Ave Sioux Falls, SD	2.0	2.0	1292	$1,700	$1.32	43d	1	1.32mi
6612 W 47th St Sioux Falls, SD	3.0	2.0	1546	$1,975	$1.28	43d	1	1.33mi
5107 S Marion Rd Sioux Falls, SD	1.0–3.0	1.0–2.0	1050	$1,325	$1.26	13d	4	1.34mi
5706 W 58th St Sioux Falls, SD	3.0	2.0	1900	$2,095	$1.10	20d	1	1.36mi
4313 W 58th St Sioux Falls, SD	1.0–3.0	1.0–2.5	1142	$1,783	$1.56	13d	16	1.37mi

Listing history 5 events

1. 2026-04-27
   listed $265,000 Active 713-char remark
2. 2019-08-28
   soldstatus $195,000
3. 2019-07-02
   listed $199,900 361-char remark

   Show marketing remark (361 chars)

   South Facing Ranch Walkout. This home is located on the westside of Sioux Falls in a great school district: Oscar Howe, Memorial & Roosevelt. Main floor is finished with 1196 sqft & lower level has 600 sqft with additional room that could be finished. Features: 4 beds, 2 baths, 2 family rooms, mature trees & has a walkout basement. Must see!

4. 2012-10-17
   soldstatus $120,000
5. 2003-09-12
   soldstatus $120,000

ⓘ 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: $3,275 · $273/mo
• Projected year-2 tax: $3,472 · $289/mo
• Expected delta: +$197/yr (+$16/mo · 6.0%)

ⓘ 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 · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥99°F today · 14 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: $20,807
• − Mortgage interest: −$14,844
• − Property taxes: −$3,275
• − Insurance: −$1,325
• − Repairs & maintenance: −$1,665
• − Management: −$1,665
• − Depreciation: −$7,709
• Taxable loss: −$9,675
• Est. tax savings @ 24.0%: +$2,322
• After-tax cash flow: $-2,517/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): 51,907
• Household income: $77,580
• Rent vs Own: 41.2% rent · 58.8% own
• Severe rent burden: 1500.0

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 (81%)
• Race & ethnicity: White 81% Hispanic / Latino 7% Two or more races 7% Black 5% Asian 1% Native American 1%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Portuguese 12% Iranian 7% Lithuanian 2%
• Foreign-born: 7% · Canada
• Languages at home: 91% English-only · Spanish 5% Russian/Polish/Slavic 1% Other Indo-European 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: ▼ -138.17%
• Current HPI: 214.9065
• Rent YoY: ▲ 2.18%
• 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

+120.8% since first listed

6 events — show timeline

• 2026-05-19 Pending — REALTOR® Association of the Sioux Empire
• 2026-04-27 Listed $265,000 REALTOR® Association of the Sioux Empire
• 2019-08-28 Sold (Public Records) $195,000 Public Records
• 2019-07-02 Listed $199,900 REALTOR® Association of the Sioux Empire
• 2012-10-17 Sold (Public Records) $120,000 Public Records
• 2003-09-12 Sold (Public Records) $120,000 Public Records

Property tax history

+4.3%/yr

Latest (2024): $3,275 · +0.8% YoY. Source: county tax records.