805 S 2nd St · Milbank, SD 57252

$139,900

4 bd · 1.0 ba · 2,456 sqft · Manufactured · 41 Days on market

Built 1952 10,454 sqft lot $57/sqft · 22% below area Est $179k · 22% under ↓ 7% since listing

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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).

• Cash flow +15.6/30.0
• ARV discount +15.0/15.0
• DSCR +4.8/10.0
• Schools +4.6/10.0
• 1% rule +4.3/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Discover your dream home in this charming two-story residence, featuring four bedrooms and 1.5 bathrooms. Perfect for modern living, the main floor offers a convenient office space and laundry room, catering to your everyday needs. The large living room is a cozy retreat, boasting a rustic fireplace that adds character. Recently updated with fresh paint throughout, this home feels bright and inviting. Situated in the heart of the block, the property offers privacy with a fenced-in backyard, complete with a spacious deck and patio--ideal for entertaining or relaxing outdoors. Don't miss your chance to make this beautiful home your own! --

Key facts

• Two story residence
• Office space
• Laundry room

Tags

• TWO STORY RESIDENCE
• OFFICE SPACE
• LAUNDRY ROOM
• RUSTIC FIREPLACE
• FENCED IN BACKYARD
• SPACIOUS DECK

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath manufactured listed at $140k.

Deal economics

• At list price, monthly cash flow is $58 ($696/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 $130k (7.3% below list).
• Recommended offer: $130k (7.3% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 77/100 on livability (#19 in SD, #3,182 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• Milbank School District 25-4 (town): math 46% / reading 61% proficiency, ranked #19 of 59 in SD (top 32%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 37 active listings in the ZIP; 22 units permitted in Grant County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $967 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Grant County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 41 days — a 3% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $10k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1952 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $129,728 (7.3% below list)

Questions for the listing agent

1. It's been on market 41 days. Have you received any prior offers? Is the seller open to a 7% concession, seller financing, or rate buy-down credit?
2. Built in 1952 — 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. 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: 0.93% ✗
• Cap rate: 6.79%
• Cash-on-cash: 1.78%
• DSCR: 1.08
• GRM: 9.0

CMA / ARV

• ARV (median comp): $178,950
• List price: $139,900
• Delta: -21.82%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -13.5%
• Equity multiple: 0.52×
• Total profit: $-18,954
• Equity at exit: $20,860

10-year hold

• IRR: -4.5%
• Equity multiple: 0.70×
• Total profit: $-11,666
• Equity at exit: $12,096

Cash invested: $39,172 (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 57252

• Active inventory: 37
• Price-to-rent: 9.0×

Monthly cashflow live

• Estimated rent: $1,297 medium
• Mortgage (P&I): −$734
• Tax est. 1.5%: −$175 /mo · $2,098/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$272
• Net cashflow: $58

Break-even live

Break-even rent $1,224

Max offer price $139,900

Occupancy floor 91%

Sensitivity live

Price	-10% $155	-5% $106	+0% $58	+5% $10	+10% $-39
Rent	-10% $-44	-5% $7	+0% $58	+5% $109	+10% $161
Rate	-1.0pp $128	-0.5pp $94	base $58	+0.5pp $22	+1.0pp $-15

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: $34,975
• Closing costs: $4,197
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-05-08
   status Pending 647-char remark

   Show marketing remark (647 chars)

   Discover your dream home in this charming two-story residence, featuring four bedrooms and 1.5 bathrooms. Perfect for modern living, the main floor offers a convenient office space and laundry room, catering to your everyday needs. The large living room is a cozy retreat, boasting a rustic fireplace that adds character. Recently updated with fresh paint throughout, this home feels bright and inviting. Situated in the heart of the block, the property offers privacy with a fenced-in backyard, complete with a spacious deck and patio--ideal for entertaining or relaxing outdoors. Don't miss your chance to make this beautiful home your own! --

2. 2026-04-22
   status Active 647-char remark

   Show marketing remark (647 chars)

   Discover your dream home in this charming two-story residence, featuring four bedrooms and 1.5 bathrooms. Perfect for modern living, the main floor offers a convenient office space and laundry room, catering to your everyday needs. The large living room is a cozy retreat, boasting a rustic fireplace that adds character. Recently updated with fresh paint throughout, this home feels bright and inviting. Situated in the heart of the block, the property offers privacy with a fenced-in backyard, complete with a spacious deck and patio--ideal for entertaining or relaxing outdoors. Don't miss your chance to make this beautiful home your own! --

3. 2026-04-22
   price $139,900 647-char remark

   Show marketing remark (647 chars)

   Discover your dream home in this charming two-story residence, featuring four bedrooms and 1.5 bathrooms. Perfect for modern living, the main floor offers a convenient office space and laundry room, catering to your everyday needs. The large living room is a cozy retreat, boasting a rustic fireplace that adds character. Recently updated with fresh paint throughout, this home feels bright and inviting. Situated in the heart of the block, the property offers privacy with a fenced-in backyard, complete with a spacious deck and patio--ideal for entertaining or relaxing outdoors. Don't miss your chance to make this beautiful home your own! --

4. 2026-04-10
   status Pending 647-char remark

   Show marketing remark (647 chars)

   Discover your dream home in this charming two-story residence, featuring four bedrooms and 1.5 bathrooms. Perfect for modern living, the main floor offers a convenient office space and laundry room, catering to your everyday needs. The large living room is a cozy retreat, boasting a rustic fireplace that adds character. Recently updated with fresh paint throughout, this home feels bright and inviting. Situated in the heart of the block, the property offers privacy with a fenced-in backyard, complete with a spacious deck and patio--ideal for entertaining or relaxing outdoors. Don't miss your chance to make this beautiful home your own! --

5. 2026-04-03
   historical Active Under Contract 647-char remark

   Show marketing remark (647 chars)

   Discover your dream home in this charming two-story residence, featuring four bedrooms and 1.5 bathrooms. Perfect for modern living, the main floor offers a convenient office space and laundry room, catering to your everyday needs. The large living room is a cozy retreat, boasting a rustic fireplace that adds character. Recently updated with fresh paint throughout, this home feels bright and inviting. Situated in the heart of the block, the property offers privacy with a fenced-in backyard, complete with a spacious deck and patio--ideal for entertaining or relaxing outdoors. Don't miss your chance to make this beautiful home your own! --

6. 2026-03-16
   listed $150,000 Active 647-char remark

   Show marketing remark (647 chars)

   Discover your dream home in this charming two-story residence, featuring four bedrooms and 1.5 bathrooms. Perfect for modern living, the main floor offers a convenient office space and laundry room, catering to your everyday needs. The large living room is a cozy retreat, boasting a rustic fireplace that adds character. Recently updated with fresh paint throughout, this home feels bright and inviting. Situated in the heart of the block, the property offers privacy with a fenced-in backyard, complete with a spacious deck and patio--ideal for entertaining or relaxing outdoors. Don't miss your chance to make this beautiful home your own! --

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

Taxation est. · year 1

• Rental income: $15,567
• − Mortgage interest: −$7,837
• − Property taxes: −$2,098
• − Insurance: −$700
• − Repairs & maintenance: −$1,245
• − Management: −$1,245
• − Depreciation: −$4,070
• Taxable loss: −$1,628
• Est. tax savings @ 24.0%: +$391
• After-tax cash flow: $1,087/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: Milbank School District 25-4
• NCES district ID: 4600002
• Math proficiency: 46% ▲ 3.00%
• Reading proficiency: 61% ▼ -1.00%
• Median HH income: $49,055
• Composite: 45.54/100
• National rank: #2604
• State rank: #19 of 59 in SD

Livability — Milbank

• Score: 77/100
• State rank: #19
• US rank: #3182

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Milbank, SD
• Population (ZIP): 4,882

Population outlook (Grant County) Hauer SSP2

• Today (2025): 6,713 people
• By 2030: 6,458 · -3.8%
• By 2040: 5,990 · -10.8%
• By 2050: 5,667 · -15.6%
• By 2075: 5,925 · -11.7%
• By 2100: 7,228 · +7.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Hispanic / Latino 9% Two or more races 3% Native American 3%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Portuguese 17% Iranian 6% English 1%
• Foreign-born: 8% · Canada
• Languages at home: 88% English-only · Spanish 8% German/W. Germanic 3% Korean 1%

Political lean MEDSL · Grant

• 2024 margin: Solid R (+45.4) · D 26.1% · R 71.5% · Other 2.5%
• 2008→2024 swing: -41.1pp toward R · 2008: -4.3pp · 2024: -45.4pp
• All cycles: 2024: R+45.4 2020: R+41.7 2016: R+39.6 2012: R+15.0 2008: R+4.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -106.85%
• Current HPI: 160.3639
• Rent YoY: —
• Metro: —
• 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

-6.7% since first listed

6 events — show timeline

• 2026-05-08 Pending — NESD
• 2026-04-22 Relisted — NESD
• 2026-04-22 Price Changed $139,900 NESD
• 2026-04-10 Pending — NESD
• 2026-04-03 Contingent — NESD
• 2026-03-16 Listed $150,000 NESD