310 S 3rd St St · Arlington, SD 57212

$229,900

3 bd · 2.0 ba · 972 sqft · Other · 99 Days on market

Built 1896 8,250 sqft lot $237/sqft · 11% below area Est $260k · 11% under

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Why this score? — see what drove the D 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 +12.7/15.0
• Appreciation +10.0/10.0
• Schools +6.1/10.0
• Cash flow +5.6/30.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0

Listing remarks MLS

Completely remodeled 3 bed, 2 bath 1.5-story home offering modern updates with small-town charm! This move-in ready property features new shingles, new siding, new sewer lines to the street, and new heating and cooling systems for peace of mind. Inside you’ll find brand-new flooring, new carpet, a beautifully updated kitchen, and renovated bathrooms. Located just steps away from the school, this home is perfect for convenience and community living. Enjoy the benefits of small-town life while being only a short 30-minute commute to both Madison and Brookings. Plus, the seller is offering a $3,000 appliance allowance so you can choose the appliances you love! Don’t miss this updated home with major improvements already done for you.

Key facts

• New siding
• New carpet
• New flooring

Tags

• NEW SHINGLES
• NEW SIDING
• NEW SEWER LINES
• NEW FLOORING
• NEW CARPET
• UPDATED KITCHEN

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath other listed at $230k.

Deal economics

• At list price, monthly cash flow is $-481 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $145k (36.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $110k (52.4% below list).
• Recommended offer: $110k (52.4% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 67/100 on livability (#94 in SD) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Arlington School District 38-1 (rural): math 75% / reading 65% proficiency, ranked #3 of 148 in SD (top 2%) — strong family-tenant draw, lease renewals of 3-5y typical; only 16% free/reduced lunch — higher-income household profile.
• Market conditions: 8 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 22 units permitted in Kingsbury County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $25k of equity ($2k loan paydown + $23k appreciation (10.0% local appreciation)).
• Kingsbury County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• By year 2, paydown + projected appreciation supports a ~$40k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 99 days — a 9% lower offer ($209k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $20k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1896 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $109,500 (52.4% 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 99 days. Have you received any prior offers? Is the seller open to a 52% concession, seller financing, or rate buy-down credit?
3. Built in 1896 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. 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.
9. 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.
10. 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: 0.48% ✗
• Cap rate: 3.78%
• Cash-on-cash: -8.96%
• DSCR: 0.60
• GRM: 17.5

CMA / ARV

• ARV (median comp): $259,734
• List price: $229,900
• Delta: -11.49%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 18.0%
• Equity multiple: 2.47×
• Total profit: $94,461
• Equity at exit: $207,112

10-year hold

• IRR: 16.8%
• Equity multiple: 5.69×
• Total profit: $301,984
• Equity at exit: $446,645

Cash invested: $64,372 (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 57212

• Home prices YoY: 20.0%
• Active inventory: 8
• Price-to-rent: 17.5×

Monthly cashflow live

• Estimated rent: $1,095 medium
• Mortgage (P&I): −$1,206
• Tax from tax record: −$44 /mo · $532/yr
• Insurance: −$96
• HOA: −$0
• Vacancy / Maint / Mgmt: −$230
• Net cashflow: $-481

Break-even live

Break-even rent $1,703

Max offer price $144,984

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: $57,475
• Closing costs: $6,897
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
604 S Spruce St Arlington, SD	2.0	1.0	792	$1,095	$1.38	43d	1	0.62mi

Listing history 19 events

1. 2026-06-18
   days on market $229,900 Active 99 DOM
2. 2026-06-17
   days on market $229,900 Active 98 DOM
3. 2026-06-16
   days on market $229,900 Active 97 DOM
4. 2026-06-15
   days on market $229,900 Active 96 DOM
5. 2026-06-13
   days on market $229,900 Active 94 DOM
6. 2026-06-12
   days on market $229,900 Active 93 DOM
7. 2026-06-09
   days on market $229,900 Active 90 DOM
8. 2026-06-08
   days on market $229,900 Active 89 DOM
9. 2026-06-08
   days on market $229,900 Active 88 DOM
10. 2026-06-05
    days on market $229,900 Active 86 DOM
11. 2026-06-04
    days on market $229,900 Active 84 DOM
12. 2026-06-02
    days on market $229,900 Active 83 DOM
13. 2026-06-01
    days on market $229,900 Active 82 DOM
14. 2026-05-31
    days on market $229,900 Active 81 DOM
15. 2026-04-03
    price $229,900 753-char remark

    Show marketing remark (753 chars)

    Completely remodeled 3 bed, 2 bath 1.5-story home offering modern updates with small-town charm! This move-in ready property features new shingles, new siding, new sewer lines to the street, and new heating and cooling systems for peace of mind. Inside you’ll find brand-new flooring, new carpet, a beautifully updated kitchen, and renovated bathrooms. Located just steps away from the school, this home is perfect for convenience and community living. Enjoy the benefits of small-town life while being only a short 30-minute commute to both Madison and Brookings. Plus, the seller is offering a $3,000 appliance allowance so you can choose the appliances you love! Don’t miss this updated home with major improvements already done for you.

16. 2026-03-24
    price $239,900 753-char remark

    Show marketing remark (753 chars)

    Completely remodeled 3 bed, 2 bath 1.5-story home offering modern updates with small-town charm! This move-in ready property features new shingles, new siding, new sewer lines to the street, and new heating and cooling systems for peace of mind. Inside you’ll find brand-new flooring, new carpet, a beautifully updated kitchen, and renovated bathrooms. Located just steps away from the school, this home is perfect for convenience and community living. Enjoy the benefits of small-town life while being only a short 30-minute commute to both Madison and Brookings. Plus, the seller is offering a $3,000 appliance allowance so you can choose the appliances you love! Don’t miss this updated home with major improvements already done for you.

17. 2026-03-11
    listed $249,900 Active 753-char remark

    Show marketing remark (753 chars)

    Completely remodeled 3 bed, 2 bath 1.5-story home offering modern updates with small-town charm! This move-in ready property features new shingles, new siding, new sewer lines to the street, and new heating and cooling systems for peace of mind. Inside you’ll find brand-new flooring, new carpet, a beautifully updated kitchen, and renovated bathrooms. Located just steps away from the school, this home is perfect for convenience and community living. Enjoy the benefits of small-town life while being only a short 30-minute commute to both Madison and Brookings. Plus, the seller is offering a $3,000 appliance allowance so you can choose the appliances you love! Don’t miss this updated home with major improvements already done for you.

18. 2026-03-11
    historical

    Show marketing remark (753 chars)

    Completely remodeled 3 bed, 2 bath 1.5-story home offering modern updates with small-town charm! This move-in ready property features new shingles, new siding, new sewer lines to the street, and new heating and cooling systems for peace of mind. Inside you’ll find brand-new flooring, new carpet, a beautifully updated kitchen, and renovated bathrooms. Located just steps away from the school, this home is perfect for convenience and community living. Enjoy the benefits of small-town life while being only a short 30-minute commute to both Madison and Brookings. Plus, the seller is offering a $3,000 appliance allowance so you can choose the appliances you love! Don’t miss this updated home with major improvements already done for you.

19. 2026-02-26
    listed $150,000 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: $532 · $44/mo
• Projected year-2 tax: $3,012 · $251/mo
• Expected delta: +$2,480/yr (+$207/mo · 466.1%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 1/10 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: $13,140
• − Mortgage interest: −$12,878
• − Property taxes: −$532
• − Insurance: −$1,150
• − Repairs & maintenance: −$1,051
• − Management: −$1,051
• − Depreciation: −$6,688
• Taxable loss: −$10,210
• Est. tax savings @ 24.0%: +$2,450
• After-tax cash flow: $-3,318/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: Arlington School District 38-1
• NCES district ID: 4603720
• Math proficiency: 75% ▲ 10.00%
• Reading proficiency: 65% ▬ 0.00%
• Median HH income: $51,946
• Composite: 60.77/100
• National rank: #1646
• State rank: #3 of 148 in SD

Livability — Arlington

• Score: 67/100
• State rank: #94
• US rank: #10187

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: Arlington, SD
• Population (ZIP): 1,880

Population outlook (Kingsbury County) Hauer SSP2

• Today (2025): 4,819 people
• By 2030: 4,734 · -1.8%
• By 2040: 4,597 · -4.6%
• By 2050: 4,558 · -5.4%
• By 2075: 5,037 · +4.5%
• By 2100: 5,863 · +21.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Hispanic / Latino 4% Two or more races 2%
• Common ancestry: Portuguese 20% Romanian 5% Iranian 4%
• Foreign-born: 1% · Canada
• Languages at home: 97% English-only · German/W. Germanic 3% Other Indo-European 1%

Political lean MEDSL · Kingsbury

• 2024 margin: Solid R (+43.9) · D 27.1% · R 71.0% · Other 1.9%
• 2008→2024 swing: -38.2pp toward R · 2008: -5.7pp · 2024: -43.9pp
• All cycles: 2024: R+43.9 2020: R+39.0 2016: R+38.3 2012: R+13.8 2008: R+5.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 63.07%
• Current HPI: 378.69
• 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

+53.3% since first listed

5 events — show timeline

• 2026-04-03 Price Changed $229,900 REALTOR® Association of the Sioux Empire
• 2026-03-24 Price Changed $239,900 REALTOR® Association of the Sioux Empire
• 2026-03-11 Listed $249,900 REALTOR® Association of the Sioux Empire
• 2026-03-11 Listing Removed — REALTOR® Association of the Sioux Empire
• 2026-02-26 Listed $150,000 REALTOR® Association of the Sioux Empire

Property tax history

-0.1%/yr

Latest (2024): $532 · +7.0% YoY. Source: county tax records.