310 N Broadway St

Gettysburg, SD 57442

$62,000A-

3 bd · 1.0 ba · 1,076 sqft · Built 1920 · Other · Active · 23 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,118/mo
• Mortgage (P&I): −$325
• Tax + insurance: −$65
• HOA: −$0
• Vac / Maint / Mgmt: −$235
• Net cashflow: $493/mo
• Annual: $5,918/yr
• Cap rate: 15.84%
• Cash-on-cash: 34.09%
• DSCR: 2.52
• 1% rule: 1.80%
• Cash to close: $17,360

Investor read

• This is a 3-bed/1.0-bath other listed at $62k.
• At list price, monthly cash flow is $493 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $62k).
• It's been on market 23 days — a 2% lower offer ($61k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $61k (1.5% below list) — sets the bar for market timing.
• In year one you build about $6k of equity ($429 loan paydown + $5k appreciation (8.2% local appreciation)).
• Location reads 76/100 on livability (#20 in SD, #3,314 nationally) — a middle-class / working-renter tenant base. Strengths: schools A+, crime A+, cost of living A+; Watch: health & safety C-, amenities F, commute F.
• Gettysburg School District 53-1 (rural): math 70% / reading 70% proficiency, ranked #4 of 148 in SD (top 3%) — strong family-tenant draw, lease renewals of 3-5y typical; only 18% free/reduced lunch — higher-income household profile.
• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 6 active listings in the ZIP; 10 units permitted in Potter County in 2024 (0 in 5+ unit buildings).
• At projected returns (8.2% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-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?
• 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.