5212 W 47th St St · Sioux Falls, SD 57106

$400,000

2 bd · 2.0 ba · 3,888 sqft · MultiFamily public records · 272 Days on market

Built 1973 10,799 sqft lot $103/sqft · 15% below area Est $472k · 15% under

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Why this score? — see what drove the F 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 +14.4/15.0
• Cash flow +5.4/30.0
• Livability +4.2/5.0
• Schools +3.7/10.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• 1% rule +0.6/10.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 2 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Discover an exceptional investment in these side-by-side 4-plexes boasting a stellar rental history and strong cash flow potential. Each building features three spacious 2-bedroom, 1-bath units and one efficient 1-bedroom, 1-bath unit, with room for rent increases. Enjoy great layouts, wall AC, boiler heat, individually metered electric, and common area coin-op laundry. Utilities including water/sewer, gas, and trash are passed through to tenants. Ample rear parking plus a 4-stall garage for one building. Only one vacant unit, ideal for showings. Prime location ensures super rentability and low vacancies. Total asking price for both fourplexes is 800k.

Key facts

• Boiler heat
• Wall ac
• 0.25 acre lot

Tags

• STELLAR RENTAL HISTORY
• STRONG CASH FLOW POTENTIAL
• ROOM FOR RENT INCREASES
• WALL AC
• BOILER HEAT
• INDIVIDUALLY METERED ELECTRIC

What this means for you Summary

Snapshot

• This is a 2 × 1-bed/?-bath units multifamily listed at $400k.

Deal economics

• At list price, monthly cash flow is $-864 ($-10k/yr) — negative. Per door: $-432/mo.
• To cash-flow at today's rent, offer at most $247k (38.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $226k (43.5% below list).
• Recommended offer: $226k (43.5% below list) — sets the bar for 1% rule.
• Cap rate 3.7% 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; solid renter incomes; 2,425 units permitted in Minnehaha County in 2024 (1,367 in 5+ unit buildings).
• This rent runs 35% of the median local income ($78k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k 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 272 days — a 12% lower offer ($352k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 2y ago; this cycle's ask is 53736% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Recommended offer $226,000 (43.5% 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 272 days. Have you received any prior offers? Is the seller open to a 44% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 0.56% ✗
• Cap rate: 3.70%
• Cash-on-cash: -9.26%
• DSCR: 0.59
• GRM: 14.7

CMA / ARV

• ARV (median comp): $472,257
• List price: $400,000
• Delta: -15.30%
• Verdict: UNDERPRICED
• Comps: 8 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -33.7%
• Equity multiple: -0.09×
• Total profit: $-121,739
• Equity at exit: $59,641

10-year hold

• IRR: -46.8%
• Equity multiple: -0.65×
• Total profit: $-184,489
• Equity at exit: $34,585

Cash invested: $112,000 (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: 29.5×

Monthly cashflow live

• Estimated rent: $2,260 high
• Mortgage (P&I): −$2,098
• Tax from tax record: −$385 /mo · $4,622/yr
• Insurance: −$167
• HOA: −$0
• Vacancy / Maint / Mgmt: −$475
• Net cashflow: $-864

Break-even live

Break-even rent $3,354

Max offer price $247,351

Occupancy floor —

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	1	—	$2,260
Total (2 units)			$2,260

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: $100,000
• Closing costs: $12,000
• Reserves months: —
• Total cash needed: —

Listing history 28 events

1. 2026-06-18
   days on market $400,000 Active 272 DOM
2. 2026-06-17
   days on market $400,000 Active 271 DOM
3. 2026-06-16
   days on market $400,000 Active 270 DOM
4. 2026-06-15
   days on market $400,000 Active 269 DOM
5. 2026-06-14
   days on market $400,000 Active 267 DOM
6. 2026-06-13
   days on market $400,000 Active 266 DOM
7. 2026-06-10
   days on market $400,000 Active 264 DOM
8. 2026-06-09
   days on market $400,000 Active 263 DOM
9. 2026-06-08
   days on market $400,000 Active 262 DOM
10. 2026-06-07
    days on market $400,000 Active 261 DOM
11. 2026-06-05
    days on market $400,000 Active 258 DOM
12. 2026-06-03
    days on market $400,000 Active 257 DOM
13. 2026-06-02
    days on market $400,000 Active 256 DOM
14. 2026-06-01
    days on market $400,000 Active 255 DOM
15. 2026-05-31
    days on market $400,000 Active 254 DOM
16. 2026-05-30
    days on market $400,000 Active 253 DOM
17. 2026-05-16
    historical $743
18. 2026-04-18
    listed $743
19. 2025-10-29
    status Active 660-char remark

    Show marketing remark (660 chars)

    Discover an exceptional investment in these side-by-side 4-plexes boasting a stellar rental history and strong cash flow potential. Each building features three spacious 2-bedroom, 1-bath units and one efficient 1-bedroom, 1-bath unit, with room for rent increases. Enjoy great layouts, wall AC, boiler heat, individually metered electric, and common area coin-op laundry. Utilities including water/sewer, gas, and trash are passed through to tenants. Ample rear parking plus a 4-stall garage for one building. Only one vacant unit, ideal for showings. Prime location ensures super rentability and low vacancies. Total asking price for both fourplexes is 800k.

20. 2025-09-02
    historical 660-char remark

    Show marketing remark (660 chars)

    Discover an exceptional investment in these side-by-side 4-plexes boasting a stellar rental history and strong cash flow potential. Each building features three spacious 2-bedroom, 1-bath units and one efficient 1-bedroom, 1-bath unit, with room for rent increases. Enjoy great layouts, wall AC, boiler heat, individually metered electric, and common area coin-op laundry. Utilities including water/sewer, gas, and trash are passed through to tenants. Ample rear parking plus a 4-stall garage for one building. Only one vacant unit, ideal for showings. Prime location ensures super rentability and low vacancies. Total asking price for both fourplexes is 800k.

21. 2025-08-01
    price $400,000 660-char remark

    Show marketing remark (660 chars)

    Discover an exceptional investment in these side-by-side 4-plexes boasting a stellar rental history and strong cash flow potential. Each building features three spacious 2-bedroom, 1-bath units and one efficient 1-bedroom, 1-bath unit, with room for rent increases. Enjoy great layouts, wall AC, boiler heat, individually metered electric, and common area coin-op laundry. Utilities including water/sewer, gas, and trash are passed through to tenants. Ample rear parking plus a 4-stall garage for one building. Only one vacant unit, ideal for showings. Prime location ensures super rentability and low vacancies. Total asking price for both fourplexes is 800k.

22. 2025-07-24
    listed $435,000 Active 660-char remark

    Show marketing remark (660 chars)

    Discover an exceptional investment in these side-by-side 4-plexes boasting a stellar rental history and strong cash flow potential. Each building features three spacious 2-bedroom, 1-bath units and one efficient 1-bedroom, 1-bath unit, with room for rent increases. Enjoy great layouts, wall AC, boiler heat, individually metered electric, and common area coin-op laundry. Utilities including water/sewer, gas, and trash are passed through to tenants. Ample rear parking plus a 4-stall garage for one building. Only one vacant unit, ideal for showings. Prime location ensures super rentability and low vacancies. Total asking price for both fourplexes is 800k.

23. 2024-07-10
    historical $743
24. 2024-06-11
    listed $743
25. 2024-06-06
    historical $743
26. 2024-04-23
    listed $743
27. 2018-10-11
    soldstatus $480,000
28. 2004-12-23
    soldstatus $152,000

ⓘ 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: $4,622 · $385/mo
• Projected year-2 tax: $5,240 · $437/mo
• Expected delta: +$618/yr (+$51/mo · 13.4%)

ⓘ 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 2/10 Low 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: $27,120
• − Mortgage interest: −$22,406
• − Property taxes: −$4,622
• − Insurance: −$2,000
• − Repairs & maintenance: −$2,170
• − Management: −$2,170
• − Depreciation: −$11,636
• Taxable loss: −$17,884
• Est. tax savings @ 24.0%: +$4,292
• After-tax cash flow: $-6,077/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

+163.2% since first listed

12 events — show timeline

• 2026-05-16 Rental Removed $743 APPFOLIO
• 2026-04-18 Listed for Rent $743 APPFOLIO
• 2025-10-29 Relisted — REALTOR® Association of the Sioux Empire
• 2025-09-02 Listing Removed — REALTOR® Association of the Sioux Empire
• 2025-08-01 Price Changed $400,000 REALTOR® Association of the Sioux Empire
• 2025-07-24 Listed $435,000 REALTOR® Association of the Sioux Empire
• 2024-07-10 Rental Removed $743 APPFOLIO
• 2024-06-11 Listed for Rent $743 APPFOLIO
• 2024-06-06 Rental Removed $743 APPFOLIO
• 2024-04-23 Listed for Rent $743 APPFOLIO
• 2018-10-11 Sold (Public Records) $480,000 Public Records
• 2004-12-23 Sold (Public Records) $152,000 Public Records

Property tax history

+2.0%/yr

Latest (2024): $4,622 · +2.1% YoY. Source: county tax records.