524 N Main Ave Ave · Garretson, SD 57030

$120,000

2 bd · 2.0 ba · 1,414 sqft · MultiFamily · 21 Days on market

Built 1880 Fair condition 3,358 sqft lot

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Why this score? — see what drove the C+ 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 +20.9/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• DSCR +6.6/10.0
• 1% rule +5.5/10.0
• Schools +3.8/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Key facts

• Fully remodeled
• Hair salon
• Commercial unit

Tags

• FULLY REMODELED
• COMMERCIAL UNIT
• HAIR SALON

Property features AI

Finance

• Other: Owner pays gas, water, and sewer
• Financial info: 2-unit multifamily property; Unit 1 rent $800 (lease through 01/2029); Unit 2 rent $600 (lease through 05/2027); Bedrooms and baths vary by unit

Exterior

• Parking: Off-street parking
• Utilities: Public water; Public sewer
• Home design: 2-story building; Private entry; Brick veneer construction; Facing/entry orientation not specified
• Construction: Brick veneer exterior; Slab foundation; Other-style roof
• Exterior features: 24 x 140 lot dimensions; No additional exterior amenities listed

Interior

• Kitchen: Refrigerator; Range; Microwave
• Bedrooms: Unit 2 has 2 bedrooms
• Flooring: Carpet; Vinyl; Laminate
• Bathrooms: Each unit has 1 bathroom
• Heating & cooling: Natural gas heating; Electric cooling
• Interior features: Private entry; Balcony/deck; Carpets in some areas
• Laundry & utility: Owner pays gas, water, and sewer

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath multifamily listed at $120k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $167 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $120k).
• Recommended offer: $118k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 76/100 on livability (#21 in SD, #3,335 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment C-, amenities F, commute F.
• Garretson School District 49-4 (rural): math 34% / reading 50% proficiency, ranked #43 of 59 in SD (top 73%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 14% free/reduced lunch — higher-income household profile.
• Zoned schools: Garretson Elementary - 02 (math 32% / reading 42%, grade F, #183 of 253 statewide, top 73%, 243 students, 22% FRL); Garretson High School - 01 (math 24% / reading 54%, grade F, #123 of 151 statewide, top 83%, 128 students, 7% FRL) — zoned schools at 15% FRL track the district average.
• Market conditions: 28 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 2,425 units permitted in Minnehaha County in 2024 (1,367 in 5+ unit buildings).

Forward outlook

• In year one you build about $13k of equity ($830 loan paydown + $12k appreciation (10.0% local appreciation)).
• Minnehaha County population projected at +46% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $34k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($118k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $118,200 (1.5% below list)

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. Built in 1880 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.05% ✓
• Cap rate: 7.96%
• Cash-on-cash: 5.95%
• DSCR: 1.26
• GRM: 7.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 28.6%
• Equity multiple: 3.26×
• Total profit: $75,986
• Equity at exit: $108,106

10-year hold

• IRR: 24.9%
• Equity multiple: 7.41×
• Total profit: $215,459
• Equity at exit: $233,134

Cash invested: $33,600 (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 57030

• Home prices YoY: 11.7%
• Active inventory: 28
• Price-to-rent: 7.9×

Monthly cashflow live

• Estimated rent: $1,261 medium
• Mortgage (P&I): −$629
• Tax est. 1.5%: −$150 /mo · $1,800/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$265
• Net cashflow: $167

Break-even live

Break-even rent $1,050

Max offer price $120,000

Occupancy floor 82%

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
805 4th St Garretson, SD	3.0	2.0	1475	$1,275	$0.86	13d	1	0.16mi
305 S Frank Ave Garretson, SD	2.0	1.0–2.0	880	$1,174	$1.33	13d	3	0.61mi

Listing history 16 events

1. 2026-06-18
   days on market $120,000 Active 21 DOM
2. 2026-06-17
   days on market $120,000 Active 20 DOM
3. 2026-06-16
   days on market $120,000 Active 19 DOM
4. 2026-06-15
   days on market $120,000 Active 18 DOM
5. 2026-06-14
   days on market $120,000 Active 16 DOM
6. 2026-06-13
   days on market $120,000 Active 15 DOM
7. 2026-06-10
   days on market $120,000 Active 13 DOM
8. 2026-06-09
   days on market $120,000 Active 12 DOM
9. 2026-06-08
   days on market $120,000 Active 11 DOM
10. 2026-06-07
    days on market $120,000 Active 10 DOM
11. 2026-06-03
    days on market $120,000 Active 6 DOM
12. 2026-06-02
    days on market $120,000 Active 5 DOM
13. 2026-06-01
    days on market $120,000 Active 4 DOM
14. 2026-05-31
    days on market $120,000 Active 3 DOM
15. 2026-05-30
    days on market $120,000 Active 2 DOM
16. 2026-05-27
    listed $120,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥99°F today · 15 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: $15,128
• − Mortgage interest: −$6,722
• − Property taxes: −$1,800
• − Insurance: −$600
• − Repairs & maintenance: −$1,210
• − Management: −$1,210
• − Depreciation: −$3,491
• Taxable income: $94
• Est. tax owed @ 24.0%: −$23
• After-tax cash flow: $1,977/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 · 12 photos

Fair 45/100 Moderate rehab

The property requires moderate renovations, including exterior siding, interior walls, flooring, and kitchen and bathroom updates, to improve its condition and value.

Repairs flagged

• Major exterior siding — Significant weathering
• Major interior walls — Paint chipping
• Major flooring — Worn carpet
• Major kitchen appliances — Outdated and cluttered
• Major bathroom fixtures — Outdated and cluttered

Value-add opportunities

• Both Painting and updating kitchen appliances — Enhances curb appeal and functionality
• Both Flooring replacement — Improves aesthetics and functionality
• Both Bathroom updates — Enhances functionality and aesthetics

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · Significant weathering	Major	$15,000–50,000
interior walls · Paint chipping	Major	$15,000–50,000
flooring · Worn carpet	Major	$15,000–50,000
kitchen appliances · Outdated and cluttered	Major	$15,000–50,000
bathroom fixtures · Outdated and cluttered	Major	$15,000–50,000
Total estimated repair cost · 5 items		$75,000–250,000

Value-add ROI direction

• Both Painting and updating kitchen appliances — Enhances curb appeal and functionality ↑
• Both Flooring replacement — Improves aesthetics and functionality ↑
• Both Bathroom updates — Enhances functionality and aesthetics ↑

ⓘ 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: Garretson School District 49-4
• NCES district ID: 4626370
• Math proficiency: 34% ▼ -7.00%
• Reading proficiency: 50% ▼ -4.00%
• Median HH income: $66,209
• Composite: 37.64/100
• National rank: #4375
• State rank: #43 of 59 in SD

Livability — Garretson

• Score: 76/100
• State rank: #21
• US rank: #3335

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Garretson, SD
• Population (ZIP): 2,617

Population outlook (Minnehaha County) Hauer SSP2

• Today (2025): 222,323 people
• By 2030: 241,430 · +8.6%
• By 2040: 281,643 · +26.7%
• By 2050: 325,574 · +46.4%
• By 2075: 469,313 · +111.1%
• By 2100: 664,763 · +199.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Native American 6% Two or more races 2%
• Common ancestry: Portuguese 23% Iranian 9% Slovak 2%
• Foreign-born: 0%
• Languages at home: 98% English-only · Spanish 1% German/W. Germanic 1%

Political lean MEDSL · Minnehaha

• 2024 margin: R (+12.7) · D 42.5% · R 55.2% · Other 2.4%
• 2008→2024 swing: -13.4pp toward R · 2008: 0.7pp · 2024: -12.7pp
• All cycles: 2024: R+12.7 2020: R+9.5 2016: R+14.6 2012: R+7.4 2008: D+0.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 34.93%
• Current HPI: 333.39
• 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

1 event — show timeline

• 2026-05-27 Listed $120,000 REALTOR® Association of the Sioux Empire