403 Park ST Ln · Lake Norden, SD 57248

$199,900

3 bd · 2.0 ba · 2,450 sqft · SingleFamily · 60 Days on market

Built 1952 0.48 ac lot $82/sqft · 30% below area Est $284k · 30% under ↓ 23% since listing

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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).

• ARV discount +15.0/15.0
• Appreciation +10.0/10.0
• Cash flow +9.7/30.0
• Schools +4.6/10.0
• Livability +3.2/5.0
• 1% rule +2.9/10.0
• DSCR +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

This home is located on a large corner lot in Lake Norden. 2 bedrooms and bath on main floor and non-conforming bedroom and bath on lower level. Large living room with fireplace. Call today for a private viewing!

Key facts

• Large corner lot
• 0.48 acre lot
• Garage

Tags

• LARGE CORNER LOT
• LIVING ROOM WITH FIREPLACE

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $200k.

Deal economics

• At list price, monthly cash flow is $-130 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $181k (9.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $158k (20.8% below list).
• Recommended offer: $158k (20.8% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 65/100 on livability (#142 in SD) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, crime D+, schools F.
• Hamlin School District 28-3 (rural): math 55% / reading 51% proficiency, ranked #18 of 59 in SD (top 30%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 11 active listings in the ZIP; 56 units permitted in Hamlin County in 2024 (5 in 5+ unit buildings).

Forward outlook

• In year one you build about $21k of equity ($1k loan paydown + $20k appreciation (10.0% local appreciation)).
• Hamlin County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• By year 2, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 60 days — a 3% lower offer ($194k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Risks & watch-outs

• Watch-outs: built in 1952 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $158,375 (20.8% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 60 days. Have you received any prior offers? Is the seller open to a 21% concession, seller financing, or rate buy-down credit?
3. Built in 1952 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. 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?
7. 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.
8. 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.
9. 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: 0.79% ✗
• Cap rate: 5.51%
• Cash-on-cash: -2.79%
• DSCR: 0.88
• GRM: 10.5

CMA / ARV

• ARV (median comp): $284,243
• List price: $199,900
• Delta: -29.67%
• Verdict: UNDERPRICED
• Comps: 5 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
302 Main Ave	0.08mi	4/2.0 (+1)	2,298 (-6%)	4mo	$365,000	$159	78
403 Laker St	0.66mi	4/2.0 (+1)	2,268 (-7%)	22mo	$293,500	$129	34

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 22.3%
• Equity multiple: 2.80×
• Total profit: $100,596
• Equity at exit: $180,086

10-year hold

• IRR: 20.0%
• Equity multiple: 6.41×
• Total profit: $302,812
• Equity at exit: $388,362

Cash invested: $55,972 (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 57248

• Home prices YoY: 9.6%
• Active inventory: 11
• Price-to-rent: 10.5×

Monthly cashflow live

• Estimated rent: $1,584 medium
• Mortgage (P&I): −$1,048
• Tax est. 1.5%: −$250 /mo · $2,998/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$333
• Net cashflow: $-130

Break-even live

Break-even rent $1,749

Max offer price $181,045

Occupancy floor —

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: $49,975
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-03-27
   listed $199,900 Active 212-char remark

   Show marketing remark (212 chars)

   This home is located on a large corner lot in Lake Norden. 2 bedrooms and bath on main floor and non-conforming bedroom and bath on lower level. Large living room with fireplace. Call today for a private viewing!

2. 2025-12-28
   price $215,000
3. 2025-09-25
   listed $259,900 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 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥98°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: $19,005
• − Mortgage interest: −$11,198
• − Property taxes: −$2,998
• − Insurance: −$1,000
• − Repairs & maintenance: −$1,520
• − Management: −$1,520
• − Depreciation: −$5,815
• Taxable loss: −$5,047
• Est. tax savings @ 24.0%: +$1,211
• After-tax cash flow: $-352/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: Hamlin School District 28-3
• NCES district ID: 4630800
• Math proficiency: 55% ▲ 2.00%
• Reading proficiency: 51% ▼ -7.00%
• Median HH income: $53,528
• Composite: 45.64/100
• National rank: #2584
• State rank: #18 of 59 in SD

Livability — Lake Norden

• Score: 65/100
• State rank: #142
• US rank: #12795

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lake Norden, SD
• Population (ZIP): 1,150

Population outlook (Hamlin County) Hauer SSP2

• Today (2025): 6,108 people
• By 2030: 6,113 · +0.1%
• By 2040: 6,214 · +1.7%
• By 2050: 6,346 · +3.9%
• By 2075: 7,401 · +21.2%
• By 2100: 9,572 · +56.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Hispanic / Latino 12%
• Common ancestry: Portuguese 15% Iranian 7% Scottish 2%
• Foreign-born: 8% · Canada
• Languages at home: 88% English-only · Spanish 11% German/W. Germanic 1%

Political lean MEDSL · Hamlin

• 2024 margin: Solid R (+60.5) · D 18.9% · R 79.4% · Other 1.7%
• 2008→2024 swing: -38.3pp toward R · 2008: -22.2pp · 2024: -60.5pp
• All cycles: 2024: R+60.5 2020: R+56.0 2016: R+54.2 2012: R+31.6 2008: R+22.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 38.24%
• Current HPI: 438.6
• 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

-23.1% since first listed

3 events — show timeline

• 2026-03-27 Listed $199,900 NESD
• 2025-12-28 Price Changed $215,000 NESD
• 2025-09-25 Listed $259,900 NESD