114 3rd St St · Ree Heights, SD 57371

$74,900

2 bd · 1.0 ba · 1,296 sqft · SingleFamily · 70 Days on market

Built 1920 Fair condition 9,630 sqft lot

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Why this score? — see what drove the B 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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.2/10.0
• ARV discount +7.5/15.0
• Appreciation +5.0/10.0
• Schools +4.4/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0

Listing remarks MLS

Charming small-town living awaits in Ree Heights! This 1.5-story home sits on a desirable corner lot and offers 2 legal bedrooms, 1 full bathroom, and just under 1,300 finished square feet. Inside, you'll find a comfortable and functional layout with plenty of potential to make it your own. A standout feature of this property is the impressive 30x30 heated shop, built in 2014, which has been thoughtfully divided into a 15x30 garage and a 15x30 workshop--perfect for hobbies, storage, or extra workspace. Both the home and shop are equipped with durable metal roofs, helping keep maintenance simple and costs low. If you're looking for affordable living with added space to work and play, this property is one you won't want to miss!

Key facts

• Heated shop
• Garage
• Metal roofs

Tags

• CORNER LOT
• HEATED SHOP
• GARAGE
• WORKSHOP
• METAL ROOFS

Property features AI

Finance

• Other: Located inside city limits

Exterior

• Parking: Detached oversized 2-car garage (30 x 30) with workshop and garage heater; Gravel parking areas
• Security: No specific security features listed
• Utilities: Public water; Public sewer; Publicly maintained asphalt road access
• Home design: Single-family residence; 1.5-story architectural style; Owned land
• Construction: Hardboard siding; Block foundation; Metal roof; Above-grade finished area approximately 1,296; Below-grade unfinished area approximately 288
• Exterior features: Deck; Corner city lot; Wooded acreage nearby; Additional outbuildings on the property

Interior

• Kitchen: Electric range; Microwave; Refrigerator
• Bedrooms: Main-level primary bedroom (approx. 12 x 10); Upper-level bedroom (approx. 13 x 10); One additional upper-level bedroom
• Flooring: Carpet; Wood
• Bathrooms: One full bathroom on the main level
• Heating & cooling: Propane heating; Window air conditioning units
• Interior features: 7 total rooms; Crawl space basement; Main-level kitchen and living areas; Upper-level extra room used as a play room
• Laundry & utility: Utility space available (details not provided)

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $75k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $323 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $75k).
• Recommended offer: $70k (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 64/100 on livability (#160 in SD) — a middle-class / working-renter tenant base. Strengths: cost of living A+, crime A, employment B; Watch: schools C-, health & safety C-, amenities F.
• Miller 29-4 (rural): math 46% / reading 57% proficiency, ranked #25 of 59 in SD (top 42%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 1 active listings in the ZIP; 9 units permitted in Hand County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $3k of equity ($518 loan paydown + $2k appreciation (3.0% local appreciation)).
• Hand County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $21k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 70 days — a 6% lower offer ($70k) is reasonable based on typical stale-listing flexibility.
• 3 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.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $70,406 (6.0% below list)

Questions for the listing agent

1. It's been on market 70 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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.
7. 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.
8. 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: 1.42% ✓
• Cap rate: 11.47%
• Cash-on-cash: 18.49%
• DSCR: 1.82
• GRM: 5.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 24.9%
• Equity multiple: 2.41×
• Total profit: $29,619
• Equity at exit: $33,678

10-year hold

• IRR: 25.7%
• Equity multiple: 4.65×
• Total profit: $76,633
• Equity at exit: $51,902

Cash invested: $20,972 (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 57371

• Active inventory: 1
• Price-to-rent: 5.9×

Monthly cashflow live

• Estimated rent: $1,064 medium
• Mortgage (P&I): −$393
• Tax est. 1.5%: −$94 /mo · $1,124/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$223
• Net cashflow: $323

Break-even live

Break-even rent $655

Max offer price $74,900

Occupancy floor 65%

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: $18,725
• Closing costs: $2,247
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-06-04
   statusdays on market $74,900 Pending 70 DOM
2. 2026-06-02
   days on market $74,900 Active 69 DOM
3. 2026-06-01
   days on market $74,900 Active 68 DOM
4. 2026-05-31
   days on market $74,900 Active 67 DOM
5. 2026-03-31
   status Active 736-char remark

   Show marketing remark (736 chars)

   Charming small-town living awaits in Ree Heights! This 1.5-story home sits on a desirable corner lot and offers 2 legal bedrooms, 1 full bathroom, and just under 1,300 finished square feet. Inside, you'll find a comfortable and functional layout with plenty of potential to make it your own. A standout feature of this property is the impressive 30x30 heated shop, built in 2014, which has been thoughtfully divided into a 15x30 garage and a 15x30 workshop--perfect for hobbies, storage, or extra workspace. Both the home and shop are equipped with durable metal roofs, helping keep maintenance simple and costs low. If you're looking for affordable living with added space to work and play, this property is one you won't want to miss!

6. 2026-03-26
   historical 736-char remark

   Show marketing remark (736 chars)

   Charming small-town living awaits in Ree Heights! This 1.5-story home sits on a desirable corner lot and offers 2 legal bedrooms, 1 full bathroom, and just under 1,300 finished square feet. Inside, you'll find a comfortable and functional layout with plenty of potential to make it your own. A standout feature of this property is the impressive 30x30 heated shop, built in 2014, which has been thoughtfully divided into a 15x30 garage and a 15x30 workshop--perfect for hobbies, storage, or extra workspace. Both the home and shop are equipped with durable metal roofs, helping keep maintenance simple and costs low. If you're looking for affordable living with added space to work and play, this property is one you won't want to miss!

7. 2026-03-25
   listed $74,900 Active 736-char remark

   Show marketing remark (736 chars)

   Charming small-town living awaits in Ree Heights! This 1.5-story home sits on a desirable corner lot and offers 2 legal bedrooms, 1 full bathroom, and just under 1,300 finished square feet. Inside, you'll find a comfortable and functional layout with plenty of potential to make it your own. A standout feature of this property is the impressive 30x30 heated shop, built in 2014, which has been thoughtfully divided into a 15x30 garage and a 15x30 workshop--perfect for hobbies, storage, or extra workspace. Both the home and shop are equipped with durable metal roofs, helping keep maintenance simple and costs low. If you're looking for affordable living with added space to work and play, this property is one you won't want to miss!

8. 2026-03-25
   listed $74,900 Active

   Show marketing remark (736 chars)

   Charming small-town living awaits in Ree Heights! This 1.5-story home sits on a desirable corner lot and offers 2 legal bedrooms, 1 full bathroom, and just under 1,300 finished square feet. Inside, you'll find a comfortable and functional layout with plenty of potential to make it your own. A standout feature of this property is the impressive 30x30 heated shop, built in 2014, which has been thoughtfully divided into a 15x30 garage and a 15x30 workshop--perfect for hobbies, storage, or extra workspace. Both the home and shop are equipped with durable metal roofs, helping keep maintenance simple and costs low. If you're looking for affordable living with added space to work and play, this property is one you won't want to miss!

ⓘ 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: $12,771
• − Mortgage interest: −$4,196
• − Property taxes: −$1,124
• − Insurance: −$374
• − Repairs & maintenance: −$1,022
• − Management: −$1,022
• − Depreciation: −$2,179
• Taxable income: $2,855
• Est. tax owed @ 24.0%: −$685
• After-tax cash flow: $3,192/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.

Condition & rehab AI · 13 photos

Fair 45/100 Moderate rehab

This 1.5-story home in Ree Heights requires moderate repairs and maintenance to improve its condition and value. The exterior siding and interior walls need attention, and the carpet should be replaced for rental appeal.

Repairs flagged

• Moderate exterior siding — weathered and discolored
• Minor interior walls — dated wallpaper with some wear

Value-add opportunities

• Resale paint exterior — enhances curb appeal
• Rental replace carpet — improves comfort and appearance

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · weathered and discolored	Moderate	$3,000–15,000
interior walls · dated wallpaper with some wear	Minor	$500–3,000
Total estimated repair cost · 2 items		$3,500–18,000

Value-add ROI direction

• Resale paint exterior — enhances curb appeal ↑
• Rental replace carpet — improves comfort and appearance ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Miller 29-4
• NCES district ID: 4647942
• Math proficiency: 46% ▲ 3.00%
• Reading proficiency: 57% ▬ 0.00%
• Median HH income: $45,771
• Composite: 43.58/100
• National rank: #2978
• State rank: #25 of 59 in SD

Livability — Ree Heights

• Score: 64/100
• State rank: #160
• US rank: #13507

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ree Heights, SD
• Population (ZIP): 191

Population outlook (Hand County) Hauer SSP2

• Today (2025): 3,149 people
• By 2030: 3,052 · -3.1%
• By 2040: 2,871 · -8.8%
• By 2050: 2,744 · -12.9%
• By 2075: 2,823 · -10.4%
• By 2100: 3,275 · +4.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (100%)
• Race & ethnicity: White 100%
• Common ancestry: Iranian 18% Italian 10% Portuguese 6%
• Languages at home: 97% English-only · French/Haitian/Cajun 3%

Political lean MEDSL · Hand

• 2024 margin: Solid R (+57.3) · D 20.7% · R 78.0% · Other 1.3%
• 2008→2024 swing: -31.0pp toward R · 2008: -26.3pp · 2024: -57.3pp
• All cycles: 2024: R+57.3 2020: R+57.7 2016: R+58.1 2012: R+36.1 2008: R+26.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: —
• Current HPI: —
• 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

+0.0% since first listed

4 events — show timeline

• 2026-03-31 Relisted — CSDBR
• 2026-03-26 Delisted — CSDBR
• 2026-03-25 Listed $74,900 REALTOR® Association of the Sioux Empire
• 2026-03-25 Listed $74,900 CSDBR