2104 E Tricia Ln Ln

Sioux Falls, SD 57103-0744

$345,000F

4 bd · 3.0 ba · 1,976 sqft · Built 1980 · SingleFamily · Active · 16 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,651/mo
• Mortgage (P&I): −$1,809
• Tax + insurance: −$424
• HOA: −$0
• Vac / Maint / Mgmt: −$347
• Net cashflow: $-929/mo
• Annual: $-11,148/yr
• Cap rate: 3.06%
• Cash-on-cash: -11.54%
• DSCR: 0.49
• 1% rule: 0.48%
• Cash to close: $96,600

Investor read

• This is a 4-bed/3.0-bath single-family listed at $345k.
• At list price, monthly cash flow is $-929 ($-11k/yr) — negative.
• To cash-flow at today's rent, offer at most $181k (47.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $165k (52.2% below list).
• It's been on market 16 days — a 2% lower offer ($340k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $165k (52.2% below list) — sets the bar for 1% rule.
• In year one you build about $13k of equity ($2k loan paydown + $10k appreciation (3.0% local appreciation)).
• 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.
• Zoned schools: Terry Redlin Elementary - 11 (math 17% / reading 27%, grade F, #228 of 253 statewide, top 92%, 473 students, 77% FRL) — zoned schools average 77% FRL vs 36% district-wide (42 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 22% at this address vs 44% district-wide (-22 pts) — the specific schools serving this property underperform the Sioux Falls School District 49-5 average; the district grade overstates school quality for this exact location.
• Market conditions: 1 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 2,425 units permitted in Minnehaha County in 2024 (1,367 in 5+ unit buildings).
• Minnehaha County population projected at +46% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts since 20y 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.
• Current owner paid $152k; list at $345k implies a 127% gain — meaningful room to come down on a strong offer.
• By year 3, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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?
• 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.