840 N Spruce · Rapid City, SD 57701

$69,000

3 bd · 1.0 ba · 966 sqft · Other · 37 Days on market

Built 1986 4,356 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.7/5.0
• Schools +3.4/10.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This 2012 Central mobile home has 3 bedrooms, 2 full bathrooms and a 20x20 carport. The yard is fully fenced in with 2 entry gates and an 8x10 shed. Additional pellet stove for extra heat. Living room has a beautiful accent wall. Master bedroom features a walk-in closet and full bathroom. 2nd and 3rd bedrooms and bathroom are located at the other end of the home. Laundry room is located close to the master bedroom for added convenience.

Key facts

• New siding
• Remodeled kitchen
• New roof

Tags

• REMODELED KITCHEN
• STAINLESS STEEL APPLIANCES
• NEW WINDOWS
• NEW SIDING
• NEW ROOF
• NEW WATER LINES

Property features AI

Finance

• Other: Located in the NORTH RAPID subdivision
• HOA & community: No association amenities

Exterior

• Security: Smoke detector(s)
• Utilities: Circuit breakers; 220 volt service
• Home design: Manufactured home; Residential property
• Construction: Frame construction; Metal roof
• Exterior features: Level lot; Has a view; No fencing

Interior

• Kitchen: Refrigerator; Gas oven; Oven
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; No central cooling
• Interior features: Refrigerator; Gas oven; Oven
• Laundry & utility: Laundry on main level

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath other listed at $69k.

Deal economics

• At list price, monthly cash flow is $657 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $69k).
• Recommended offer: $67k (3.0% below list) — sets the bar for market timing.
• Cap rate 17.7% vs local median 2.5% in Rapid City — 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 74/100 on livability (#34 in SD, #4,720 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime F, commute F.
• Rapid City Area School District 51-4 (urban): math 34% / reading 46% proficiency, ranked #50 of 59 in SD (top 85%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+1.7%/yr); 216 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); 1,181 units permitted in Pennington County in 2024 (715 in 5+ unit buildings).
• This rent runs 31% of the median local income ($56k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $477 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Pennington County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 1.7% rent growth), your $19k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($67k) is reasonable based on typical stale-listing flexibility.
• 29 sale attempts since 3y ago; this cycle's ask has dropped $11k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

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

Recommended offer $66,930 (3.0% below list)

Questions for the listing agent

1. It's been on market 37 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 2.13% ✓
• Cap rate: 17.72%
• Cash-on-cash: 40.81%
• DSCR: 2.82
• GRM: 3.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.71% rent growth · sell at horizon

5-year hold

• IRR: 35.8%
• Equity multiple: 2.49×
• Total profit: $28,819
• Equity at exit: $10,288

10-year hold

• IRR: 41.9%
• Equity multiple: 4.71×
• Total profit: $71,598
• Equity at exit: $5,966

Cash invested: $19,320 (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 57701

• Rents YoY: 1.7%
• Active inventory: 216
• Price-to-rent: 3.9×

Monthly cashflow live

• Estimated rent: $1,473 high
• Mortgage (P&I): −$362
• Tax from tax record: −$116 /mo · $1,391/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$309
• Net cashflow: $657

Break-even live

Break-even rent $641

Max offer price $69,000

Occupancy floor 50%

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: $17,250
• Closing costs: $2,070
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
761 E Anamosa St Rapid City, SD	2.0–3.0	1.5	882	$1,542	$1.75	20d	1	0.28mi
965 E Omaha St Unit 100 Rapid City, SD	2.0	2.0	858	$1,263	$1.47	20d	1	0.73mi
118 Waterloo St Apt 110 Rapid City, SD	1.0–4.0	1.0–1.5	810	$1,180	$1.46	20d	7	0.78mi
927 Blaine Ave Rapid City, SD	3.0	1.0	925	$1,550	$1.68	20d	1	1.07mi
720 Haines Ave Unit B Rapid City, SD	2.0	1.0	672	$875	$1.30	20d	1	1.32mi
1314 Atlas St Rapid City, SD	1.0–3.0	1.0	775	$1,080	$1.39	20d	13	1.49mi
100 Saint Joseph St Rapid City, SD	2.0	1.0–2.0	744	$1,750	$2.35	20d	4	1.49mi

Listing history 50 events

1. 2026-06-19
   days on market $69,000 Active 37 DOM
2. 2026-06-18
   days on market $69,000 Active 36 DOM
3. 2026-06-17
   days on market $69,000 Active 35 DOM
4. 2026-06-16
   days on market $69,000 Active 34 DOM
5. 2026-06-15
   days on market $69,000 Active 33 DOM
6. 2026-06-14
   days on market $69,000 Active 31 DOM
7. 2026-06-13
   days on market $69,000 Active 30 DOM
8. 2026-06-10
   days on market $69,000 Active 28 DOM
9. 2026-06-09
   days on market $69,000 Active 27 DOM
10. 2026-06-08
    days on market $69,000 Active 26 DOM
11. 2026-06-07
    days on market $69,000 Active 25 DOM
12. 2026-06-05
    days on market $69,000 Active 22 DOM
13. 2026-06-02
    days on market $69,000 Active 20 DOM
14. 2026-06-01
    days on market $69,000 Active 19 DOM
15. 2026-05-31
    days on market $69,000 Active 18 DOM
16. 2026-05-30
    days on market $69,000 Active 17 DOM
17. 2026-05-11
    price $90,000 440-char remark

    Show marketing remark (440 chars)

    This 2012 Central mobile home has 3 bedrooms, 2 full bathrooms and a 20x20 carport. The yard is fully fenced in with 2 entry gates and an 8x10 shed. Additional pellet stove for extra heat. Living room has a beautiful accent wall. Master bedroom features a walk-in closet and full bathroom. 2nd and 3rd bedrooms and bathroom are located at the other end of the home. Laundry room is located close to the master bedroom for added convenience.

18. 2026-03-01
    status Active 440-char remark

    Show marketing remark (440 chars)

    This 2012 Central mobile home has 3 bedrooms, 2 full bathrooms and a 20x20 carport. The yard is fully fenced in with 2 entry gates and an 8x10 shed. Additional pellet stove for extra heat. Living room has a beautiful accent wall. Master bedroom features a walk-in closet and full bathroom. 2nd and 3rd bedrooms and bathroom are located at the other end of the home. Laundry room is located close to the master bedroom for added convenience.

19. 2026-02-22
    historical Active Under Contract 440-char remark

    Show marketing remark (440 chars)

    This 2012 Central mobile home has 3 bedrooms, 2 full bathrooms and a 20x20 carport. The yard is fully fenced in with 2 entry gates and an 8x10 shed. Additional pellet stove for extra heat. Living room has a beautiful accent wall. Master bedroom features a walk-in closet and full bathroom. 2nd and 3rd bedrooms and bathroom are located at the other end of the home. Laundry room is located close to the master bedroom for added convenience.

20. 2026-02-11
    status Active 440-char remark

    Show marketing remark (440 chars)

    This 2012 Central mobile home has 3 bedrooms, 2 full bathrooms and a 20x20 carport. The yard is fully fenced in with 2 entry gates and an 8x10 shed. Additional pellet stove for extra heat. Living room has a beautiful accent wall. Master bedroom features a walk-in closet and full bathroom. 2nd and 3rd bedrooms and bathroom are located at the other end of the home. Laundry room is located close to the master bedroom for added convenience.

21. 2026-01-20
    historical Active Under Contract 440-char remark

    Show marketing remark (440 chars)

    This 2012 Central mobile home has 3 bedrooms, 2 full bathrooms and a 20x20 carport. The yard is fully fenced in with 2 entry gates and an 8x10 shed. Additional pellet stove for extra heat. Living room has a beautiful accent wall. Master bedroom features a walk-in closet and full bathroom. 2nd and 3rd bedrooms and bathroom are located at the other end of the home. Laundry room is located close to the master bedroom for added convenience.

22. 2026-01-07
    soldstatus $75,000 Closed
23. 2026-01-06
    status Active
24. 2026-01-05
    status Active
25. 2025-12-05
    soldstatus $57,500 Closed
26. 2025-12-05
    soldstatus $57,500 Closed
27. 2025-11-16
    status Pending
28. 2025-11-05
    historical Active Under Contract
29. 2025-11-03
    price $59,900
30. 2025-11-03
    price $59,900
31. 2025-10-28
    status Active
32. 2025-10-28
    status Active
33. 2025-10-25
    price $95,000 440-char remark

    Show marketing remark (440 chars)

    This 2012 Central mobile home has 3 bedrooms, 2 full bathrooms and a 20x20 carport. The yard is fully fenced in with 2 entry gates and an 8x10 shed. Additional pellet stove for extra heat. Living room has a beautiful accent wall. Master bedroom features a walk-in closet and full bathroom. 2nd and 3rd bedrooms and bathroom are located at the other end of the home. Laundry room is located close to the master bedroom for added convenience.

34. 2025-10-09
    historical Active Under Contract
35. 2025-10-09
    historical Active Under Contract
36. 2025-09-30
    price $64,900
37. 2025-09-30
    price $64,900
38. 2025-09-16
    price $108,000 440-char remark

    Show marketing remark (440 chars)

    This 2012 Central mobile home has 3 bedrooms, 2 full bathrooms and a 20x20 carport. The yard is fully fenced in with 2 entry gates and an 8x10 shed. Additional pellet stove for extra heat. Living room has a beautiful accent wall. Master bedroom features a walk-in closet and full bathroom. 2nd and 3rd bedrooms and bathroom are located at the other end of the home. Laundry room is located close to the master bedroom for added convenience.

39. 2025-09-13
    listed $80,000 Active
40. 2025-08-27
    listed $69,900 Active
41. 2025-08-27
    listed $69,900 Active
42. 2025-08-22
    soldstatus $47,500 Closed
43. 2025-08-17
    price $115,000 440-char remark

    Show marketing remark (440 chars)

    This 2012 Central mobile home has 3 bedrooms, 2 full bathrooms and a 20x20 carport. The yard is fully fenced in with 2 entry gates and an 8x10 shed. Additional pellet stove for extra heat. Living room has a beautiful accent wall. Master bedroom features a walk-in closet and full bathroom. 2nd and 3rd bedrooms and bathroom are located at the other end of the home. Laundry room is located close to the master bedroom for added convenience.

44. 2025-07-29
    historical Active Under Contract
45. 2025-07-25
    price $74,900

    Show marketing remark (440 chars)

    This 2012 Central mobile home has 3 bedrooms, 2 full bathrooms and a 20x20 carport. The yard is fully fenced in with 2 entry gates and an 8x10 shed. Additional pellet stove for extra heat. Living room has a beautiful accent wall. Master bedroom features a walk-in closet and full bathroom. 2nd and 3rd bedrooms and bathroom are located at the other end of the home. Laundry room is located close to the master bedroom for added convenience.

46. 2025-07-25
    price $74,900

    Show marketing remark (440 chars)

    This 2012 Central mobile home has 3 bedrooms, 2 full bathrooms and a 20x20 carport. The yard is fully fenced in with 2 entry gates and an 8x10 shed. Additional pellet stove for extra heat. Living room has a beautiful accent wall. Master bedroom features a walk-in closet and full bathroom. 2nd and 3rd bedrooms and bathroom are located at the other end of the home. Laundry room is located close to the master bedroom for added convenience.

47. 2025-07-25
    listed $130,000 Active 440-char remark

    Show marketing remark (440 chars)

    This 2012 Central mobile home has 3 bedrooms, 2 full bathrooms and a 20x20 carport. The yard is fully fenced in with 2 entry gates and an 8x10 shed. Additional pellet stove for extra heat. Living room has a beautiful accent wall. Master bedroom features a walk-in closet and full bathroom. 2nd and 3rd bedrooms and bathroom are located at the other end of the home. Laundry room is located close to the master bedroom for added convenience.

48. 2025-07-08
    price $49,900
49. 2025-06-30
    listed $69,900 Active
50. 2025-06-30
    listed $69,900 Active

ⓘ 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: $1,391 · $116/mo
• Projected year-2 tax: $1,391 · $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 6/10 Major
• 🌡 Heat 2/10 Low 6 d/yr ≥95°F today · 14 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,674
• − Mortgage interest: −$3,865
• − Property taxes: −$1,391
• − Insurance: −$345
• − Repairs & maintenance: −$1,414
• − Management: −$1,414
• − Depreciation: −$2,007
• Taxable income: $7,238
• Est. tax owed @ 24.0%: −$1,737
• After-tax cash flow: $6,147/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: Rapid City Area School District 51-4
• NCES district ID: 4659820
• Math proficiency: 34% ▼ -8.00%
• Reading proficiency: 46% ▼ -4.00%
• Median HH income: $50,145
• Composite: 34.47/100
• National rank: #5189
• State rank: #50 of 59 in SD

Livability — Rapid City

• Score: 74/100
• State rank: #34
• US rank: #4720

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Rapid City, SD
• County: Pennington County · 99,403 people
• City population: 99,403
• Metro: Rapid City, SD
• Population (ZIP): 45,795
• Household income: $56,461
• Rent vs Own: 39.2% rent · 60.8% own
• Severe rent burden: 1646.0

Population outlook (Pennington County) Hauer SSP2

• Today (2025): 125,504 people
• By 2030: 133,370 · +6.3%
• By 2040: 147,505 · +17.5%
• By 2050: 160,507 · +27.9%
• By 2075: 197,585 · +57.4%
• By 2100: 241,736 · +92.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (73%)
• Race & ethnicity: White 73% Native American 11% Two or more races 11% Hispanic / Latino 6% Black 2%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Portuguese 7% Lithuanian 4% Slovak 3%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 1%

Political lean MEDSL · Pennington

• 2024 margin: Strong R (+26.4) · D 35.4% · R 61.9% · Other 2.7%
• 2008→2024 swing: -5.3pp toward R · 2008: -21.2pp · 2024: -26.4pp
• All cycles: 2024: R+26.4 2020: R+25.1 2016: R+33.0 2012: R+29.5 2008: R+21.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -189.12%
• Current HPI: 222.9041
• Rent YoY: ▲ 1.71%
• Metro: Rapid City, 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

+68.2% since first listed

86 events — show timeline

• 2026-05-11 Price Changed $90,000 BHMLS
• 2026-03-01 Relisted — BHMLS
• 2026-02-22 Contingent — BHMLS
• 2026-02-11 Relisted — BHMLS
• 2026-01-20 Contingent — BHMLS
• 2026-01-07 Sold (MLS) $75,000 BHMLS
• 2026-01-06 Relisted — MRAOR
• 2026-01-05 Relisted — BHMLS
• 2025-12-05 Sold (MLS) $57,500 BHMLS
• 2025-12-05 Sold (MLS) $57,500 MRAOR
• 2025-11-16 Pending — MRAOR
• 2025-11-05 Contingent — BHMLS
• 2025-11-03 Price Changed $59,900 MRAOR
• 2025-11-03 Price Changed $59,900 BHMLS
• 2025-10-28 Relisted — BHMLS
• 2025-10-28 Relisted — MRAOR
• 2025-10-25 Price Changed $95,000 BHMLS
• 2025-10-09 Contingent — MRAOR
• 2025-10-09 Contingent — BHMLS
• 2025-09-30 Price Changed $64,900 MRAOR
• 2025-09-30 Price Changed $64,900 BHMLS
• 2025-09-16 Price Changed $108,000 BHMLS
• 2025-09-13 Listed $80,000 BHMLS
• 2025-08-27 Listed $69,900 MRAOR
• 2025-08-27 Listed $69,900 BHMLS
• 2025-08-22 Sold (MLS) $47,500 BHMLS
• 2025-08-17 Price Changed $115,000 BHMLS
• 2025-07-29 Contingent — BHMLS
• 2025-07-25 Price Changed $74,900 BHMLS
• 2025-07-25 Price Changed $74,900 MRAOR
• 2025-07-25 Listed $130,000 BHMLS
• 2025-07-08 Price Changed $49,900 BHMLS
• 2025-06-30 Listed $69,900 BHMLS
• 2025-06-30 Listed $69,900 MRAOR
• 2025-06-04 Listed $57,500 BHMLS
• 2025-05-29 Sold (MLS) $89,000 BHMLS
• 2025-04-24 Price Changed $79,900 BHMLS
• 2025-04-24 Price Changed $79,900 MRAOR
• 2025-04-23 Contingent — BHMLS
• 2025-04-22 Listed $109,900 BHMLS
• 2025-04-22 Sold (MLS) $64,000 BHMLS
• 2025-04-18 Price Changed $97,000 BHMLS
• 2025-04-08 Listed $86,900 BHMLS
• 2025-04-08 Listed $86,900 MRAOR
• 2025-04-01 Price Changed $102,000 BHMLS
• 2025-03-31 Price Changed $89,900 MRAOR
• 2025-03-31 Price Changed $89,900 BHMLS
• 2025-03-26 Price Changed $69,500 BHMLS
• 2025-03-17 Price Changed $94,900 MRAOR
• 2025-03-17 Price Changed $94,900 BHMLS
• 2025-03-12 Price Changed $150,500 MRAOR
• 2025-03-12 Price Changed $105,500 BHMLS
• 2025-03-03 Price Changed $99,900 MRAOR
• 2025-03-03 Price Changed $99,900 BHMLS
• 2025-02-28 Listed $109,900 MRAOR
• 2025-02-28 Listed $109,900 BHMLS
• 2025-02-25 Listed $104,900 BHMLS
• 2025-02-25 Listed $104,900 MRAOR
• 2025-02-06 Listed $69,900 BHMLS
• 2025-01-29 Price Changed $112,900 BHMLS
• 2025-01-10 Price Changed $114,900 BHMLS
• 2024-11-21 Listed $119,900 BHMLS
• 2024-09-16 Sold (MLS) $60,000 BHMLS
• 2024-08-24 Listed $69,995 BHMLS
• 2024-07-24 Sold (MLS) $119,900 BHMLS
• 2024-07-11 Contingent — BHMLS
• 2024-06-07 Listed $124,900 BHMLS
• 2024-05-01 Sold (MLS) $55,000 BHMLS
• 2024-04-28 Contingent — BHMLS
• 2024-04-09 Price Changed $55,000 BHMLS
• 2024-03-14 Sold (MLS) $67,000 BHMLS
• 2024-03-08 Sold (MLS) $64,900 BHMLS
• 2024-03-04 Sold (MLS) $157,500 BHMLS
• 2024-03-01 Price Changed $69,900 BHMLS
• 2024-02-23 Contingent — BHMLS
• 2024-01-29 Contingent — BHMLS
• 2024-01-26 Contingent — BHMLS
• 2024-01-26 Listed $164,900 BHMLS
• 2024-01-21 Listed $64,900 BHMLS
• 2024-01-18 Listed $72,000 BHMLS
• 2024-01-03 Listed $69,900 BHMLS
• 2023-11-15 Sold (MLS) $84,000 BHMLS
• 2023-10-16 Contingent — BHMLS
• 2023-10-11 Sold (MLS) $79,900 BHMLS
• 2023-09-29 Listed $89,900 BHMLS
• 2010-02-22 Sold (Public Records) $53,500 Public Records

Property tax history

+2.6%/yr

Latest (2025): $1,391 · -1.1% YoY. Source: county tax records.