203 N Cory Pl Pl

Sioux Falls, SD 57110

$150,000C+

4 bd · 2.0 ba · 2,128 sqft · Built 2020 · Manufactured · Active · 57 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,009/mo
• Mortgage (P&I): −$787
• Tax + insurance: −$135
• HOA: −$0
• Vac / Maint / Mgmt: −$422
• Net cashflow: $666/mo
• Annual: $7,986/yr
• Cap rate: 11.62%
• Cash-on-cash: 19.01%
• DSCR: 1.85
• 1% rule: 1.34%
• Cash to close: $42,000

Investor read

• This is a 4-bed/2.0-bath manufactured listed at $150k. Condition is rated fair.
• At list price, monthly cash flow is $666 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• It's been on market 57 days — a 3% lower offer ($146k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $146k (3.0% below list) — sets the bar for market timing.
• 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.
• 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.
• Brandon Valley School District 49-2 (town): math 60% / reading 70% proficiency, ranked #1 of 59 in SD (top 2%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 12% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising (+3.5%/yr); 499 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 2,425 units permitted in Minnehaha County in 2024 (1,367 in 5+ unit buildings).
• Minnehaha County population projected at +46% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.5% rent growth), your $42k cash investment doubles in ~7 years — after that, you're playing with house money.
• Cap rate 11.6% 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.

Questions for listing agent

• It's been on market 57 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• 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?
• 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?
• 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.

Repairs flagged (vision-AI assessment)

• Major: paint — paint appears worn and needs touch-up
• Minor: kitchen cabinets — slight wear
• Minor: bathroom cabinets — slight wear