316 N Catherine Ave Ave · Madison, SD 57042

$95,000

2 bd · 1.0 ba · 840 sqft · Other public records · 83 Days on market

Built 1948 7,405 sqft lot $113/sqft · 14% below area Est $110k · 14% under

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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
• ARV discount +13.8/15.0
• DSCR +10.0/10.0
• 1% rule +9.6/10.0
• Schools +4.1/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Opportunity awaits with this 2 bedroom, 1 bath ranch home on a HUGE lot! Currently a shell and mid-remodel, this property offers a blank slate for your vision. Ideal for investors, flippers, rental portfolio additions, or buyers seeking an affordable starter home. Endless potential--bring your ideas and make it your own!

Key facts

• 7,405 sq ft lot
• Built 1948
• Listed 83 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath other listed at $95k.

Deal economics

• At list price, monthly cash flow is $446 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $95k).
• Recommended offer: $89k (6.0% below list) — sets the bar for market timing.
• Cap rate 11.9% vs local median 2.8% in Madison — 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 75/100 on livability (#26 in SD, #3,922 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Madison Central School District 39-2 (town): math 41% / reading 55% proficiency, ranked #36 of 59 in SD (top 61%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Madison Elementary - 07 (math 48% / reading 55%, grade C-, #109 of 253 statewide, top 43%, 508 students, 24% FRL); Madison Middle School - 02 (math 36% / reading 51%, grade D, #89 of 143 statewide, top 63%, 257 students, 20% FRL); Madison High School - 01 (math 37% / reading 72%, grade C-, #53 of 151 statewide, top 41%, 382 students, 16% FRL) — zoned schools at 20% FRL track the district average.
• Market conditions: 130 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 35 units permitted in Lake County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $657 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Lake County population projected at +32% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $27k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 83 days — a 6% lower offer ($89k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 3y ago; this cycle's ask has dropped $5k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $40k; list at $95k implies a 138% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1948 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $89,300 (6.0% below list)

Questions for the listing agent

1. It's been on market 83 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1948 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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: 1.46% ✓
• Cap rate: 11.92%
• Cash-on-cash: 20.10%
• DSCR: 1.89
• GRM: 5.7

CMA / ARV

• ARV (median comp): $110,342
• List price: $95,000
• Delta: -13.90%
• 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: 12.3%
• Equity multiple: 1.49×
• Total profit: $13,009
• Equity at exit: $14,165

10-year hold

• IRR: 21.2%
• Equity multiple: 2.80×
• Total profit: $47,955
• Equity at exit: $8,214

Cash invested: $26,600 (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 57042

• Active inventory: 130
• Price-to-rent: 5.7×

Monthly cashflow live

• Estimated rent: $1,391 medium
• Mortgage (P&I): −$498
• Tax from tax record: −$116 /mo · $1,389/yr
• Insurance: −$40
• HOA: −$0
• Vacancy / Maint / Mgmt: −$292
• Net cashflow: $446

Break-even live

Break-even rent $827

Max offer price $95,000

Occupancy floor 63%

Sensitivity live

Price	-10% $499	-5% $473	+0% $446	+5% $419	+10% $392
Rent	-10% $336	-5% $391	+0% $446	+5% $501	+10% $556
Rate	-1.0pp $494	-0.5pp $470	base $446	+0.5pp $421	+1.0pp $396

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: $23,750
• Closing costs: $2,850
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
418 8th St SW Madison, SD	1.0–2.0	1.0–2.5	1012	$1,590	$1.57	45d	1	0.85mi
415 SW 8th St Madison, SD	1.0–2.0	1.0–2.0	1057	$1,590	$1.50	45d	1	0.94mi
311 8th St SW Madison, SD	1.0	1.0	780	$1,040	$1.33	45d	1	0.97mi
1034 Washington Ave S Madison, SD	2.0	1.0	627	$1,350	$2.15	45d	1	1.29mi

Listing history 23 events

1. 2026-06-21
   days on market $95,000 Active 83 DOM
2. 2026-06-21
   days on market $95,000 Active 82 DOM
3. 2026-06-18
   days on market $95,000 Active 80 DOM
4. 2026-06-17
   price $95,000 Active 79 DOM
5. 2026-06-17
   days on market $100,000 Active 79 DOM
6. 2026-06-16
   days on market $100,000 Active 78 DOM
7. 2026-06-15
   days on market $100,000 Active 77 DOM
8. 2026-06-13
   days on market $100,000 Active 75 DOM
9. 2026-06-12
   days on market $100,000 Active 74 DOM
10. 2026-06-09
    days on market $100,000 Active 71 DOM
11. 2026-06-08
    days on market $100,000 Active 70 DOM
12. 2026-06-08
    days on market $100,000 Active 69 DOM
13. 2026-06-05
    days on market $100,000 Active 67 DOM
14. 2026-06-04
    days on market $100,000 Active 65 DOM
15. 2026-06-02
    days on market $100,000 Active 64 DOM
16. 2026-06-01
    days on market $100,000 Active 63 DOM
17. 2026-05-31
    days on market $100,000 Active 62 DOM
18. 2026-03-30
    listed $100,000 Active 322-char remark

    Show marketing remark (322 chars)

    Opportunity awaits with this 2 bedroom, 1 bath ranch home on a HUGE lot! Currently a shell and mid-remodel, this property offers a blank slate for your vision. Ideal for investors, flippers, rental portfolio additions, or buyers seeking an affordable starter home. Endless potential--bring your ideas and make it your own!

19. 2026-03-17
    listed $100,000 Active 481-char remark

    Show marketing remark (481 chars)

    Opportunity awaits with this 2 bedroom, 1 bath ranch home sitting on a HUGE lot! This property is currently a shell and in the process of being remodeled, offering the perfect blank slate for your vision. Whether you're an investor looking for your next flip, wanting to finish and add to your rental portfolio in a small-town college community, or a buyer ready to create an affordable starter home—this property has endless potential. Bring your ideas and make it your own!

20. 2023-07-31
    soldstatus $39,900 Sold
21. 2023-07-27
    status Pending
22. 2023-07-20
    historical Active - Contingent Misc
23. 2023-07-14
    listed $39,900 Active - New

ⓘ 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: $1,389 · $116/mo
• Projected year-2 tax: $1,389 · $116/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥97°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: $16,696
• − Mortgage interest: −$5,321
• − Property taxes: −$1,389
• − Insurance: −$475
• − Repairs & maintenance: −$1,336
• − Management: −$1,336
• − Depreciation: −$2,764
• Taxable income: $4,076
• Est. tax owed @ 24.0%: −$978
• After-tax cash flow: $4,370/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: Madison Central School District 39-2
• NCES district ID: 4639600
• Math proficiency: 41% ▼ -8.00%
• Reading proficiency: 55% ▼ -3.00%
• Median HH income: $47,304
• Composite: 40.82/100
• National rank: #3635
• State rank: #36 of 59 in SD

Livability — Madison

• Score: 75/100
• State rank: #26
• US rank: #3922

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Madison, SD
• Population (ZIP): 7,900

Population outlook (Lake County) Hauer SSP2

• Today (2025): 15,062 people
• By 2030: 16,261 · +8.0%
• By 2040: 18,290 · +21.4%
• By 2050: 19,881 · +32.0%
• By 2075: 23,907 · +58.7%
• By 2100: 29,664 · +96.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Hispanic / Latino 4% Two or more races 2%
• Common ancestry: Portuguese 20% Iranian 3% Scottish 2%
• Foreign-born: 1% · China
• Languages at home: 98% English-only · German/W. Germanic 1% Spanish 1%

Political lean MEDSL · Lake

• 2024 margin: Solid R (+31.2) · D 33.5% · R 64.7% · Other 1.9%
• 2008→2024 swing: -31.8pp toward R · 2008: 0.7pp · 2024: -31.2pp
• All cycles: 2024: R+31.2 2020: R+27.5 2016: R+25.4 2012: R+11.1 2008: D+0.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -111.13%
• Current HPI: 200.0944
• 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

+150.6% since first listed

6 events — show timeline

• 2026-03-30 Listed $100,000 MBOR
• 2026-03-17 Listed $100,000 REALTOR® Association of the Sioux Empire
• 2023-07-31 Sold (MLS) $39,900 REALTOR® Association of the Sioux Empire
• 2023-07-27 Pending — REALTOR® Association of the Sioux Empire
• 2023-07-20 Contingent — REALTOR® Association of the Sioux Empire
• 2023-07-14 Listed $39,900 REALTOR® Association of the Sioux Empire

Property tax history

+4.5%/yr

Latest (2025): $1,389 · +27.2% YoY. Source: county tax records.