3509 W Hughes Pl Pl · Sioux Falls, SD 57108

$294,900

4 bd · 2.0 ba · 2,225 sqft · Other · 162 Days on market

Built 2004 5,793 sqft lot $133/sqft · 15% below area Est $348k · 15% under $12/mo HOA · 1% of rent

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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 +6.4/30.0
• Schools +5.2/10.0
• Livability +4.2/5.0
• Rent growth +4.1/5.0
• Condition / age +2.5/5.0
• 1% rule +1.6/10.0
• DSCR +0.7/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Fantastic, well maintained 4 bed, 2 bath Split Foyer Twin Home located on a private cul-de-sac in the popular Harrisburg School District. Home offers 2100+ finished sq feet along with vaulted ceilings and open floor plan, allowing for tons of natural light to fill the home. Eat-in kitchen offers generous cabinet space, center island with breakfast bar for additional seating plus slider to deck and brand new stainless steel refrigerator and stove! Convenient main floor (or lower level) laundry. Spacious lower level walkout family room features fireplace to keep you cozy on chilly winter nights. All bedrooms offer large closets, including 2 walk-in closets. Nicely landscaped yard offers underground sprinklers.

Key facts

• Open floor plan
• Vaulted ceilings
• Center island

Tags

• PRIVATE CUL-DE-SAC
• HARRISBURG SCHOOL DISTRICT
• VAULTED CEILINGS
• OPEN FLOOR PLAN
• GENEROUS CABINET SPACE
• CENTER ISLAND

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath other listed at $295k.

Deal economics

• At list price, monthly cash flow is $-517 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $204k (31.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $194k (34.4% below list).
• Recommended offer: $194k (34.4% below list) — sets the bar for 1% rule.
• Cap rate 4.2% 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.
• Harrisburg School District 41-2 (rural): math 53% / reading 63% proficiency, ranked #6 of 59 in SD (top 10%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 10% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising fast (+6.4%/yr); 327 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 232 units permitted in Lincoln County in 2024 (14 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 $9k of value loss. Plan a longer hold.
• Lincoln County population projected at +66% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 162 days — a 12% lower offer ($260k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 22y 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.

Risks & watch-outs

• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $193,521 (34.4% 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. It's been on market 162 days. Have you received any prior offers? Is the seller open to a 34% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 0.66% ✗
• Cap rate: 4.19%
• Cash-on-cash: -7.52%
• DSCR: 0.67
• GRM: 12.7

CMA / ARV

• ARV (median comp): $348,266
• List price: $294,900
• Delta: -15.32%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 6.41% rent growth · sell at horizon

5-year hold

• IRR: -25.7%
• Equity multiple: 0.11×
• Total profit: $-73,834
• Equity at exit: $43,971

10-year hold

• IRR: -14.0%
• Equity multiple: 0.08×
• Total profit: $-76,356
• Equity at exit: $25,498

Cash invested: $82,572 (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 57108

• Rents YoY: 6.4%
• Active inventory: 327
• Price-to-rent: 12.7×

Monthly cashflow live

• Estimated rent: $1,935 high
• Mortgage (P&I): −$1,546
• Tax from tax record: −$365 /mo · $4,377/yr
• Insurance: −$123
• HOA: −$12
• Vacancy / Maint / Mgmt: −$406
• Net cashflow: $-517

Break-even live

Break-even rent $2,590

Max offer price $203,512

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: $73,725
• Closing costs: $8,847
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
7524 S Beal Ave Sioux Falls, SD	3.0	2.0	1640	$2,200	$1.34	43d	1	0.37mi
8102 S Hughes Ave Unit 1 Sioux Falls, SD	3.0	2.0	1500	$1,650	$1.10	43d	1	0.54mi
8102 S Hughes Ave Unit 2 Sioux Falls, SD	3.0	2.0	1450	$1,650	$1.14	43d	1	0.54mi
3600 W 93rd St Sioux Falls, SD	3.0	2.0	1503	$1,795	$1.19	21d	1	0.63mi
7950 S Bergamot Ave Sioux Falls, SD	1.0–3.0	1.0–2.5	1329	$2,260	$1.70	13d	18	0.90mi
4313 W 58th St Sioux Falls, SD	1.0–3.0	1.0–2.5	1142	$1,783	$1.56	13d	16	1.42mi

HOA detail

• Monthly dues: $12 · $144/yr

Listing history 22 events

1. 2026-06-18
   days on market $294,900 Active 162 DOM
2. 2026-06-17
   days on market $294,900 Active 161 DOM
3. 2026-06-16
   days on market $294,900 Active 160 DOM
4. 2026-06-15
   days on market $294,900 Active 159 DOM
5. 2026-06-14
   days on market $294,900 Active 157 DOM
6. 2026-06-13
   days on market $294,900 Active 156 DOM
7. 2026-06-10
   days on market $294,900 Active 154 DOM
8. 2026-06-09
   days on market $294,900 Active 153 DOM
9. 2026-06-08
   days on market $294,900 Active 152 DOM
10. 2026-06-07
    days on market $294,900 Active 151 DOM
11. 2026-06-02
    days on market $294,900 Active 146 DOM
12. 2026-06-01
    days on market $294,900 Active 145 DOM
13. 2026-05-31
    days on market $294,900 Active 144 DOM
14. 2026-05-30
    days on market $294,900 Active 143 DOM
15. 2026-01-07
    listed $294,900 Active 717-char remark

    Show marketing remark (717 chars)

    Fantastic, well maintained 4 bed, 2 bath Split Foyer Twin Home located on a private cul-de-sac in the popular Harrisburg School District. Home offers 2100+ finished sq feet along with vaulted ceilings and open floor plan, allowing for tons of natural light to fill the home. Eat-in kitchen offers generous cabinet space, center island with breakfast bar for additional seating plus slider to deck and brand new stainless steel refrigerator and stove! Convenient main floor (or lower level) laundry. Spacious lower level walkout family room features fireplace to keep you cozy on chilly winter nights. All bedrooms offer large closets, including 2 walk-in closets. Nicely landscaped yard offers underground sprinklers.

16. 2026-01-06
    historical
17. 2025-09-24
    listed $296,900 Active
18. 2015-10-07
    listed $172,500
19. 2015-10-06
    historical
20. 2015-07-27
    listed $179,900
21. 2005-02-15
    historical
22. 2004-11-15
    listed $172,500

ⓘ 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: $4,377 · $365/mo
• Projected year-2 tax: $4,377 · $365/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 6/10 Major FEMA zone X (unshaded) · 54% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 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: $23,223
• − Mortgage interest: −$16,519
• − Property taxes: −$4,377
• − Insurance: −$1,474
• − Repairs & maintenance: −$1,858
• − Management: −$1,858
• − HOA: −$144
• − Depreciation: −$8,579
• Taxable loss: −$11,587
• Est. tax savings @ 24.0%: +$2,781
• After-tax cash flow: $-3,427/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: Harrisburg School District 41-2
• NCES district ID: 4631350
• Math proficiency: 53% ▼ -2.00%
• Reading proficiency: 63% ▲ 1.00%
• Median HH income: $77,920
• Composite: 52.05/100
• National rank: #1632
• State rank: #6 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: Lincoln County · 52,465 people
• City population: 207,623
• Metro: Sioux Falls, SD
• Population (ZIP): 33,966
• Household income: $98,197
• Rent vs Own: 38.2% rent · 61.8% own
• Severe rent burden: 779.0

Population outlook (Lincoln County) Hauer SSP2

• Today (2025): 70,138 people
• By 2030: 78,929 · +12.5%
• By 2040: 97,132 · +38.5%
• By 2050: 116,136 · +65.6%
• By 2075: 166,314 · +137.1%
• By 2100: 219,430 · +212.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Two or more races 4% Hispanic / Latino 3% Asian 3% Black 2%
• Common ancestry: Portuguese 12% Iranian 6% Subsaharan African 3%
• Foreign-born: 7% · Canada, China
• Languages at home: 93% English-only · Russian/Polish/Slavic 3% Spanish 2% Other Indo-European 1%

Political lean MEDSL · Lincoln

• 2024 margin: Strong R (+26.5) · D 35.7% · R 62.2% · Other 2.2%
• 2008→2024 swing: -11.3pp toward R · 2008: -15.2pp · 2024: -26.5pp
• All cycles: 2024: R+26.5 2020: R+23.6 2016: R+29.4 2012: R+25.6 2008: R+15.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -87.20%
• Current HPI: 156.8728
• Rent YoY: ▲ 6.41%
• 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

+71.0% since first listed

8 events — show timeline

• 2026-01-07 Listed $294,900 REALTOR® Association of the Sioux Empire
• 2026-01-06 Listing Removed — REALTOR® Association of the Sioux Empire
• 2025-09-24 Listed $296,900 REALTOR® Association of the Sioux Empire
• 2015-10-07 Listed $172,500 REALTOR® Association of the Sioux Empire
• 2015-10-06 Listing Removed — REALTOR® Association of the Sioux Empire
• 2015-07-27 Listed $179,900 REALTOR® Association of the Sioux Empire
• 2005-02-15 Listing Removed — REALTOR® Association of the Sioux Empire
• 2004-11-15 Listed $172,500 REALTOR® Association of the Sioux Empire

Property tax history

+4.4%/yr

Latest (2025): $4,377 · -11.0% YoY. Source: county tax records.