3600 S Gateway Blvd Blvd #103 · Sioux Falls, SD 57106

$98,000

2 bd · 2.0 ba · 768 sqft · Condo public records · 79 Days on market

Built 1977 $128/sqft · 12% below area Est $112k · 12% under $370/mo HOA · 34% of rent

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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 +12.9/15.0
• Cash flow +6.4/30.0
• 1% rule +6.1/10.0
• Livability +4.2/5.0
• Schools +3.7/10.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• DSCR +0.7/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Enjoy easy condo living in this charming two-bedroom, one-bath unit located on the highly desirable main garden level. The open-concept layout features a cozy dining area flowing seamlessly into the kitchen and spacious living room. Large south-facing windows fill the home with beautiful natural light year-round. Additional highlights include a sparkling full bath, updated laminate flooring in the bedroom, an intercom security system, and convenient access to a one-stall garage #56 with electric opener. Investors welcome. The HOA covers an impressive list of amenities and services, including the swimming pool, garbage service, snow removal, lawn care, exterior maintenance, water/sewer, and cable TV. Residents also enjoy beautifully maintained common grounds with picnic tables, a gazebo, shade trees, and a refreshing in-ground pool perfect for relaxing and entertaining. So many features and so much to enjoy! l

Key facts

• Firepit
• Open concept
• Gazebo

Tags

• OPEN CONCEPT
• LARGE LIVING ROOM WINDOWS
• IN-GROUND SPARKLING POOL
• FIREPIT
• GAZEBO

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $98k.

Deal economics

• At list price, monthly cash flow is $-170 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $68k (30.7% below list).
• Meets the 1% rule at list price ($1k rent vs $98k).
• Recommended offer: $68k (30.7% below list) — sets the bar for cash-flow.
• Cap rate 4.2% vs local median 2.6% in Sioux Falls — 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 85/100 on livability (#3 in SD, #610 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: crime F.
• Sioux Falls School District 49-5 (urban): math 39% / reading 48% proficiency, ranked #45 of 59 in SD (top 76%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+2.2%/yr); 393 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 42% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 2,425 units permitted in Minnehaha County in 2024 (1,367 in 5+ unit buildings).
• This rent is only 17% of the median local income ($78k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $678 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Minnehaha County population projected at +46% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 79 days — a 6% lower offer ($92k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 8y ago; this cycle's ask has dropped $10k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $57k; list at $98k implies a 72% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 34% of rent.

Recommended offer $67,926 (30.7% 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 79 days. Have you received any prior offers? Is the seller open to a 31% concession, seller financing, or rate buy-down credit?
3. Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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?
11. 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.
12. 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.
13. 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: 1.11% ✓
• Cap rate: 4.21%
• Cash-on-cash: -7.44%
• DSCR: 0.67
• GRM: 7.5

CMA / ARV

• ARV (median comp): $111,504
• List price: $98,000
• Delta: -12.11%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 2.18% rent growth · sell at horizon

5-year hold

• IRR: -30.4%
• Equity multiple: 0.00×
• Total profit: $-27,381
• Equity at exit: $14,612

10-year hold

• IRR: -37.9%
• Equity multiple: -0.47×
• Total profit: $-40,457
• Equity at exit: $8,473

Cash invested: $27,440 (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 57106

• Rents YoY: 2.2%
• Active inventory: 393
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $1,092 high
• Mortgage (P&I): −$514
• Tax from tax record: −$108 /mo · $1,296/yr
• Insurance: −$41
• HOA: −$370
• Vacancy / Maint / Mgmt: −$229
• Net cashflow: $-170

Break-even live

Break-even rent $1,307

Max offer price $67,926

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: $24,500
• Closing costs: $2,940
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3712 S Terry Ave Sioux Falls, SD	2.0	1.0	768	$1,250	$1.63	21d	1	0.05mi
3511 S Gateway Blvd Sioux Falls, SD	1.0	1.0	600	$800	$1.33	21d	2	0.06mi
3552 S Gateway Blvd #102 Sioux Falls, SD	2.0	1.0	816	$1,400	$1.72	21d	1	0.07mi
4908 W Kirkwood Cir Sioux Falls, SD	2.0	1.0	750	$749	$1.00	21d	1	0.13mi
5005 W Heritage Pl Unit 7 Sioux Falls, SD	2.0	1.0	900	$825	$0.92	44d	1	0.16mi
3804 S Cathy Ave Sioux Falls, SD	1.0	1.0	800	$875	$1.09	44d	1	0.21mi
3600 S Cathy Ave Apt 2 Sioux Falls, SD	2.0	1.0	850	$825	$0.97	44d	1	0.23mi
3705 S Cathy Ave Sioux Falls, SD	2.0	1.0	821	$875	$1.07	21d	1	0.24mi
3609 S Cathy Ave Unit 10 Sioux Falls, SD	2.0	1.5	994	$795	$0.80	44d	1	0.25mi
3901 S Cathy Ave Sioux Falls, SD	2.0	1.5	1100	$888	$0.81	21d	2	0.28mi
3012 S Mayfair Dr Sioux Falls, SD	2.0	1.0	800	$787	$0.98	44d	1	0.41mi
4401 W Valhalla Blvd Sioux Falls, SD	1.0–3.0	1.0–2.0	811	$978	$1.21	13d	33	0.55mi
4100 W Valhalla Blvd Sioux Falls, SD	1.0–3.0	1.0–2.0	843	$942	$1.12	13d	17	0.55mi
4605 W Chippewa Cir Sioux Falls, SD	1.0–2.0	1.0–2.0	1090	$1,132	$1.04	13d	16	0.57mi
3215 S Westbrooke Ln Sioux Falls, SD	1.0–2.0	1.0	900	$1,018	$1.13	13d	10	0.61mi
4901 S Marion Rd Apt 4 Sioux Falls, SD	2.0	1.0	1040	$850	$0.82	44d	1	0.78mi
5401 56th St Apt 32 Sioux Falls, SD	2.0	1.0	1040	$900	$0.87	44d	1	0.79mi
6000 W 43rd St Sioux Falls, SD	1.0–2.0	1.0–2.0	910	$1,005	$1.10	13d	2	0.83mi
2900 S Louise Ave Unit 3000-208 Sioux Falls, SD	2.0	1.0	913	$1,060	$1.16	13d	1	0.84mi
2900 S Louise Ave Unit 3000-303 Sioux Falls, SD	1.0	1.0	738	$865	$1.17	13d	1	0.84mi
2900 S Louise Ave Unit 3008-202 Sioux Falls, SD	2.0	1.0	913	$935	$1.02	13d	1	0.84mi
2900 S Louise Ave Unit 3008-304 Sioux Falls, SD	2.0	1.0	927	$960	$1.04	13d	1	0.84mi
2900 S Louise Ave Unit 3012-202 Sioux Falls, SD	2.0	1.0	913	$1,010	$1.11	21d	1	0.84mi
2900 S Louise Ave Unit 3004-304 Sioux Falls, SD	2.0	1.0	927	$1,035	$1.12	21d	1	0.84mi
2900 S Louise Ave Unit 2908-207 Sioux Falls, SD	2.0	1.0	913	$1,074	$1.18	21d	1	0.84mi
2900 S Louise Ave Unit 2908-105 Sioux Falls, SD	1.0	1.0	738	$941	$1.28	44d	1	0.84mi
2900 S Louise Ave Unit 3008-106 Sioux Falls, SD	2.0	1.0	927	$1,105	$1.19	13d	1	0.84mi
2900 S Louise Ave Unit 2900-207 Sioux Falls, SD	2.0	1.0	913	$1,025	$1.12	13d	1	0.84mi
2301 S Lorraine Pl Sioux Falls, SD	2.0	1.0–2.0	834	$1,695	$2.03	13d	15	0.87mi
4400 S Louise Ave Sioux Falls, SD	2.0–3.0	1.0	965	$902	$0.93	44d	1	0.87mi
3700 S Golden Creek Pl Unit 3203-08 Sioux Falls, SD	2.0	1.0	840	$1,001	$1.19	44d	1	0.93mi
3700 S Golden Creek Pl Unit 3700-203 Sioux Falls, SD	1.0	1.0	640	$895	$1.40	44d	1	0.93mi
3700 S Golden Creek Pl Unit 3201-18 Sioux Falls, SD	2.0	1.0	840	$943	$1.12	21d	1	0.93mi
3700 S Golden Creek Pl Unit 3205-17 Sioux Falls, SD	2.0	1.0	840	$1,030	$1.23	44d	1	0.93mi
3700 S Golden Creek Pl Unit 3201-15 Sioux Falls, SD	2.0	1.0	840	$955	$1.14	44d	1	0.93mi
3700 S Golden Creek Pl Unit 3203-18 Sioux Falls, SD	2.0	1.0	840	$943	$1.12	44d	1	0.93mi
4617 S Baha Ave Unit 4703 Sioux Falls, SD	2.0	1.0	800	$1,150	$1.44	44d	1	0.95mi
4617 S Baha Ave Unit 4713 Sioux Falls, SD	3.0	2.0	1000	$1,390	$1.39	44d	1	0.95mi
4617 S Baha Ave Unit 4709 Sioux Falls, SD	2.0	1.0	800	$1,295	$1.62	44d	1	0.95mi
5109 S Rolling Green Ave Sioux Falls, SD	1.0	1.0	825	$1,294	$1.57	21d	2	0.97mi

HOA detail condo

• Monthly dues: $370 · $4,440/yr
• Likely covers: watersewertrashelectriccablelandscapingsnow removalexterior maint.poolsecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 20 events

1. 2026-06-18
   days on market $98,000 Active 79 DOM
2. 2026-06-17
   days on market $98,000 Active 78 DOM
3. 2026-06-16
   days on market $98,000 Active 77 DOM
4. 2026-06-15
   days on market $98,000 Active 76 DOM
5. 2026-06-14
   days on market $98,000 Active 74 DOM
6. 2026-06-13
   days on market $98,000 Active 73 DOM
7. 2026-06-10
   days on market $98,000 Active 71 DOM
8. 2026-06-09
   days on market $98,000 Active 70 DOM
9. 2026-06-08
   days on market $98,000 Active 69 DOM
10. 2026-06-07
    days on market $98,000 Active 68 DOM
11. 2026-06-05
    days on market $98,000 Active 65 DOM
12. 2026-06-03
    days on market $98,000 Active 64 DOM
13. 2026-06-03
    price $98,000 Active 63 DOM
14. 2026-06-02
    days on market $108,000 Active 63 DOM
15. 2026-06-01
    days on market $108,000 Active 62 DOM
16. 2026-05-31
    days on market $108,000 Active 61 DOM
17. 2026-05-30
    days on market $108,000 Active 60 DOM
18. 2026-03-30
    listed $108,000 Active 923-char remark

    Show marketing remark (923 chars)

    Enjoy easy condo living in this charming two-bedroom, one-bath unit located on the highly desirable main garden level. The open-concept layout features a cozy dining area flowing seamlessly into the kitchen and spacious living room. Large south-facing windows fill the home with beautiful natural light year-round. Additional highlights include a sparkling full bath, updated laminate flooring in the bedroom, an intercom security system, and convenient access to a one-stall garage #56 with electric opener. Investors welcome. The HOA covers an impressive list of amenities and services, including the swimming pool, garbage service, snow removal, lawn care, exterior maintenance, water/sewer, and cable TV. Residents also enjoy beautifully maintained common grounds with picnic tables, a gazebo, shade trees, and a refreshing in-ground pool perfect for relaxing and entertaining. So many features and so much to enjoy! l

19. 2018-07-08
    listed $64,000 332-char remark

    Show marketing remark (332 chars)

    Ground floor condo with maintenance free living! Kitchen opens to the large living room. 2 nice sized bedrooms. Home also includes a single stall garage. Homeowners association includes snow removal, lawn care, full building maintenance, garbage, water, sewer, and even cable! Also included for outdoor enjoyment is a swimming pool.

20. 2005-05-04
    soldstatus $57,000

ⓘ 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: $1,296 · $108/mo
• Projected year-2 tax: $1,296 · $108/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 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥99°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: $13,101
• − Mortgage interest: −$5,490
• − Property taxes: −$1,296
• − Insurance: −$490
• − Repairs & maintenance: −$1,048
• − Management: −$1,048
• − HOA: −$4,440
• − Depreciation: −$2,851
• Taxable loss: −$3,561
• Est. tax savings @ 24.0%: +$855
• After-tax cash flow: $-1,188/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: Sioux Falls School District 49-5
• NCES district ID: 4666270
• Math proficiency: 39% ▼ -4.00%
• Reading proficiency: 48% ▼ -2.00%
• Median HH income: $51,093
• Composite: 37.47/100
• National rank: #4407
• State rank: #45 of 59 in SD

Livability — Sioux Falls

• Score: 85/100
• State rank: #3
• US rank: #610

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Sioux Falls, SD
• County: Minnehaha County · 191,523 people
• City population: 207,623
• Metro: Sioux Falls, SD
• Population (ZIP): 51,907
• Household income: $77,580
• Rent vs Own: 41.2% rent · 58.8% own
• Severe rent burden: 1500.0

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 (81%)
• Race & ethnicity: White 81% Hispanic / Latino 7% Two or more races 7% Black 5% Asian 1% Native American 1%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Portuguese 12% Iranian 7% Lithuanian 2%
• Foreign-born: 7% · Canada
• Languages at home: 91% English-only · Spanish 5% Russian/Polish/Slavic 1% Other Indo-European 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: ▼ -138.17%
• Current HPI: 214.9065
• Rent YoY: ▲ 2.18%
• Metro: Sioux Falls, 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

+89.5% since first listed

3 events — show timeline

• 2026-03-30 Listed $108,000 REALTOR® Association of the Sioux Empire
• 2018-07-08 Listed $64,000 REALTOR® Association of the Sioux Empire
• 2005-05-04 Sold (Public Records) $57,000 Public Records

Property tax history

+1.6%/yr

Latest (2024): $1,296 · +46.0% YoY. Source: county tax records.