1123 W 3rd Ave · Mitchell, SD 57301

$139,000

4 bd · 1.0 ba · 1,584 sqft · SingleFamily public records · 34 Days on market

Built 1910 Est $206k · 32% under

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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 +23.5/30.0
• ARV discount +15.0/15.0
• DSCR +7.6/10.0
• 1% rule +5.3/10.0
• Schools +4.9/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Key facts

• Garage
• Built 1910
• Listed 33 days

Property features AI

Exterior

• Parking: Attached garage
• Utilities: Public water; Public sewer
• Home design: Residential single-family home; 2-story
• Exterior features: Public water; Public sewer

Interior

• Bathrooms: 1 full bathroom
• Heating & cooling: Natural gas heating
• Interior features: Full basement

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $139k.

Deal economics

• At list price, monthly cash flow is $260 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $139k).
• Recommended offer: $135k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.5% vs local median 2.5% in Mitchell — 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 77/100 on livability (#18 in SD, #2,969 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools C-, employment C-, amenities D+.
• Mitchell School District 17-2 (town): math 55% / reading 62% proficiency, ranked #11 of 59 in SD (top 19%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 135 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 48 units permitted in Davison County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $961 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Davison County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 34 days — a 3% lower offer ($135k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $134,830 (3.0% below list)

Questions for the listing agent

1. It's been on market 34 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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: 1.03% ✓
• Cap rate: 8.54%
• Cash-on-cash: 8.02%
• DSCR: 1.36
• GRM: 8.1

CMA / ARV

• ARV (on-the-fly): $205,920
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1108 W 3rd Ave Ave	0.04mi	3/1.5 (-1)	1,493 (-6%)	4mo	$155,000	$104	78
829 W 4th Ave	0.22mi	4/1.0	1,523 (-4%)	13mo	$184,000	$121	73
829 W 5th Ave	0.25mi	3/2.0 (-1)	1,574 (-1%)	8mo	$140,000	$89	72
506 S Iowa St	0.47mi	3/2.0 (-1)	1,642 (+4%)	1mo	$249,500	$152	62
1000 W Birch Ave	0.32mi	3/2.0 (-1)	1,507 (-5%)	7mo	$243,000	$161	62
617 N Wisconsin St	0.49mi	3/2.5 (-1)	1,606 (+1%)	2mo	$209,000	$130	62
513 S Dobson St St	0.44mi	3/2.0 (-1)	1,624 (+2%)	9mo	$270,000	$166	59
1326 W 4th Ave	0.21mi	3/2.0 (-1)	1,442 (-9%)	10mo	$223,000	$155	58
518 W 5th Ave	0.48mi	5/2.0 (+1)	1,722 (+9%)	1mo	$199,000	$116	54
501 S Wisconsin St	0.57mi	4/2.5	1,718 (+8%)	2mo	$249,900	$145	51
517 N Edgerton St	0.20mi	3/2.0 (-1)	1,816 (+15%)	8mo	$235,000	$129	50
508 N Rowley St	0.74mi	3/2.0 (-1)	1,789 (+13%)	1mo	$80,000	$45	34

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: -4.1%
• Equity multiple: 0.85×
• Total profit: $-5,992
• Equity at exit: $20,725

10-year hold

• IRR: 5.5%
• Equity multiple: 1.41×
• Total profit: $15,971
• Equity at exit: $12,018

Cash invested: $38,920 (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 57301

• Active inventory: 135
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $1,427 high
• Mortgage (P&I): −$729
• Tax from tax record: −$80 /mo · $962/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$300
• Net cashflow: $260

Break-even live

Break-even rent $1,097

Max offer price $139,000

Occupancy floor 77%

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: $34,750
• Closing costs: $4,170
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
310 S Edmunds St Mitchell, SD	4.0	1.0	1399	$1,450	$1.04	43d	1	0.57mi
316 W 2nd Ave Mitchell, SD	4.0	2.0	1726	$1,450	$0.84	43d	1	0.59mi
605 W 10th Ave Mitchell, SD	4.0	1.0	1200	$1,450	$1.21	43d	1	0.65mi
401 W 11th Ave Mitchell, SD	3.0	1.0	1196	$1,400	$1.17	43d	1	0.80mi
420 E 6th Ave Unit 2 (back) Mitchell, SD	3.0	1.0	1542	$1,200	$0.78	43d	1	1.07mi
509 E 1st Ave Mitchell, SD	3.0	1.0	1425	$1,350	$0.95	43d	1	1.09mi
111 E Juniper Ave Unit 9 Mitchell, SD	3.0	2.5	1737	$1,950	$1.12	43d	1	1.18mi
933 E 5th Ave Mitchell, SD	3.0	1.0	1138	$1,450	$1.27	43d	1	1.43mi

Listing history 17 events

1. 2026-06-19
   days on market $139,000 Active 34 DOM
2. 2026-06-18
   days on market $139,000 Active 33 DOM
3. 2026-06-17
   days on market $139,000 Active 32 DOM
4. 2026-06-16
   days on market $139,000 Active 31 DOM
5. 2026-06-15
   days on market $139,000 Active 30 DOM
6. 2026-06-14
   days on market $139,000 Active 28 DOM
7. 2026-06-12
   days on market $139,000 Active 27 DOM
8. 2026-06-09
   days on market $139,000 Active 24 DOM
9. 2026-06-08
   days on market $139,000 Active 23 DOM
10. 2026-06-07
    days on market $139,000 Active 22 DOM
11. 2026-06-05
    days on market $139,000 Active 20 DOM
12. 2026-06-04
    days on market $139,000 Active 18 DOM
13. 2026-06-02
    days on market $139,000 Active 17 DOM
14. 2026-06-01
    days on market $139,000 Active 16 DOM
15. 2026-05-31
    days on market $139,000 Active 15 DOM
16. 2026-05-31
    days on market $139,000 Active 14 DOM
17. 2026-05-16
    listed $139,000 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: $962 · $80/mo
• Projected year-2 tax: $1,821 · $152/mo
• Expected delta: +$859/yr (+$72/mo · 89.3%)

ⓘ 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 (shaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥101°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: $17,121
• − Mortgage interest: −$7,786
• − Property taxes: −$962
• − Insurance: −$695
• − Repairs & maintenance: −$1,370
• − Management: −$1,370
• − Depreciation: −$4,044
• Taxable income: $895
• Est. tax owed @ 24.0%: −$215
• After-tax cash flow: $2,907/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: Mitchell School District 17-2
• NCES district ID: 4648390
• Math proficiency: 55% ▬ 0.00%
• Reading proficiency: 62% ▲ 5.00%
• Median HH income: $45,912
• Composite: 49.42/100
• National rank: #2008
• State rank: #11 of 59 in SD

Livability — Mitchell

• Score: 77/100
• State rank: #18
• US rank: #2969

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Mitchell, SD
• County: Davison County · 19,104 people
• City population: 19,104
• Metro: Mitchell, SD
• Population (ZIP): 19,104
• Household income: $65,620
• Rent vs Own: 38.4% rent · 61.6% own
• Severe rent burden: 537.0

Population outlook (Davison County) Hauer SSP2

• Today (2025): 20,529 people
• By 2030: 20,856 · +1.6%
• By 2040: 21,415 · +4.3%
• By 2050: 21,925 · +6.8%
• By 2075: 24,245 · +18.1%
• By 2100: 29,222 · +42.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Hispanic / Latino 5% Native American 4% Two or more races 3%
• Common ancestry: Portuguese 10% Iranian 7% Lithuanian 3%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 2%

Political lean MEDSL · Davison

• 2024 margin: Solid R (+37.8) · D 29.9% · R 67.7% · Other 2.5%
• 2008→2024 swing: -23.8pp toward R · 2008: -13.9pp · 2024: -37.8pp
• All cycles: 2024: R+37.8 2020: R+35.1 2016: R+35.2 2012: R+21.5 2008: R+13.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -136.01%
• Current HPI: 179.7909
• Rent YoY: —
• Metro: Mitchell, 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

1 event — show timeline

• 2026-05-16 Listed $139,000 MBOR

Property tax history

+3.1%/yr

Latest (2025): $962 · +5.6% YoY. Source: county tax records.