703 East St · Spencer, SD 57374

$25,000

3 bd · 1.5 ba · 897 sqft · SingleFamily public records · 13 Days on market

Built 1910

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Why this score? — see what drove the B+ 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).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +8.7/10.0
• ARV discount +7.5/15.0
• Schools +4.2/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Key facts

• Built 1910
• Listed 12 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $25k.

Deal economics

• At list price, monthly cash flow is $576 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $25k).

Location & tenants

• Location reads 61/100 on livability (#230 in SD) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime D+, schools F, amenities F.
• Mccook Central School District 43-7 (rural): math 44% / reading 50% proficiency, ranked #87 of 148 in SD (top 59%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 4 active listings in the ZIP; 22 units permitted in McCook County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $2k of equity ($173 loan paydown + $2k appreciation (7.5% local appreciation)).
• McCook County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (7.5% appreciation + 3.0% rent growth), your $7k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: property tax is 3.7% of price; built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $25,000

Questions for the listing agent

1. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 4.02% ✓
• Cap rate: 33.92%
• Cash-on-cash: 98.68%
• DSCR: 5.39
• GRM: 2.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

7.49% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 7.60×
• Total profit: $46,196
• Equity at exit: $18,133

10-year hold

• IRR: —
• Equity multiple: 16.27×
• Total profit: $106,879
• Equity at exit: $35,202

Cash invested: $7,000 (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 57374

• Home prices YoY: 4.1%
• Active inventory: 4
• Price-to-rent: 2.1×

Monthly cashflow live

• Estimated rent: $1,005 medium
• Mortgage (P&I): −$131
• Tax from tax record: −$77 /mo · $920/yr
• Insurance: −$10
• HOA: −$0
• Vacancy / Maint / Mgmt: −$211
• Net cashflow: $576

Break-even live

Break-even rent $276

Max offer price $25,000

Occupancy floor 38%

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: $6,250
• Closing costs: $750
• Reserves months: —
• Total cash needed: —

Listing history 9 events

1. 2026-06-18
   days on market $25,000 Active 13 DOM
2. 2026-06-17
   days on market $25,000 Active 12 DOM
3. 2026-06-16
   pricedays on market $25,000 Active 11 DOM
4. 2026-06-15
   days on market $30,000 Active 10 DOM
5. 2026-06-13
   days on market $30,000 Active 8 DOM
6. 2026-06-12
   days on market $30,000 Active 7 DOM
7. 2026-06-09
   days on market $30,000 Active 4 DOM
8. 2026-06-08
   days on market $30,000 Active 3 DOM
9. 2026-06-08
   listed $30,000 Active 2 DOM

ⓘ 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: $920 · $77/mo
• Projected year-2 tax: $920 · $77/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 4/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥102°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: $12,058
• − Mortgage interest: −$1,400
• − Property taxes: −$920
• − Insurance: −$125
• − Repairs & maintenance: −$965
• − Management: −$965
• − Depreciation: −$727
• Taxable income: $6,956
• Est. tax owed @ 24.0%: −$1,670
• After-tax cash flow: $5,238/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: Mccook Central School District 43-7
• NCES district ID: 4601026
• Math proficiency: 44% ▲ 9.00%
• Reading proficiency: 50% ▬ 0.00%
• Median HH income: $50,476
• Composite: 42.47/100
• National rank: #6885
• State rank: #87 of 148 in SD

Livability — Spencer

• Score: 61/100
• State rank: #230
• US rank: #17494

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Spencer, SD
• Population (ZIP): 318

Population outlook (McCook County) Hauer SSP2

• Today (2025): 5,591 people
• By 2030: 5,617 · +0.5%
• By 2040: 5,771 · +3.2%
• By 2050: 5,996 · +7.2%
• By 2075: 7,870 · +40.8%
• By 2100: 11,517 · +106.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Two or more races 4%
• Common ancestry: Portuguese 8% Romanian 3% Scotch-Irish 2%
• Foreign-born: 0% · Canada
• Languages at home: 98% English-only · German/W. Germanic 2%

Political lean MEDSL · McCook

• 2024 margin: Solid R (+49.3) · D 24.2% · R 73.5% · Other 2.3%
• 2008→2024 swing: -34.8pp toward R · 2008: -14.5pp · 2024: -49.3pp
• All cycles: 2024: R+49.3 2020: R+44.8 2016: R+45.3 2012: R+28.7 2008: R+14.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 7.49%
• Current HPI: 191.5968
• 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

1 event — show timeline

• 2026-06-06 Listed $30,000 FSBO.com

Property tax history

+0.5%/yr

Latest (2025): $920 · -16.2% YoY. Source: county tax records.