452 Marsh St

Hoven, SD 57450

$83,700B

3 bd · 2.0 ba · 1,082 sqft · Built 1955 · SingleFamily · Active · 40 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,064/mo
• Mortgage (P&I): −$439
• Tax + insurance: −$108
• HOA: −$0
• Vac / Maint / Mgmt: −$224
• Net cashflow: $294/mo
• Annual: $3,529/yr
• Cap rate: 10.51%
• Cash-on-cash: 15.06%
• DSCR: 1.67
• 1% rule: 1.27%
• Cash to close: $23,436

Investor read

• This is a 3-bed/2.0-bath single-family listed at $84k.
• At list price, monthly cash flow is $294 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $84k).
• It's been on market 40 days — a 3% lower offer ($81k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $81k (3.0% below list) — sets the bar for market timing.
• In year one you build about $3k of equity ($579 loan paydown + $3k appreciation (3.0% local appreciation)).
• Location reads 64/100 on livability (#168 in SD) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, crime D-, amenities F.
• Hoven School District 53-2 (rural): math 40% / reading 60% proficiency, ranked #76 of 148 in SD (top 51%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 3 active listings in the ZIP; 10 units permitted in Potter County in 2024 (0 in 5+ unit buildings).
• 7 sale attempts since 7y ago 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.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $23k cash investment doubles in ~4 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 40 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1955 — 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.
• Crime grade is D 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?
• 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.