315 N Dakota St

Clark, SD 57225

$194,900B

4 bd · 2.0 ba · 2,226 sqft · Built 1956 · SingleFamily · Active · 72 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,758/mo
• Mortgage (P&I): −$1,022
• Tax + insurance: −$325
• HOA: −$0
• Vac / Maint / Mgmt: −$579
• Net cashflow: $832/mo
• Annual: $9,985/yr
• Cap rate: 11.42%
• Cash-on-cash: 18.30%
• DSCR: 1.81
• 1% rule: 1.42%
• Cash to close: $54,572

Investor read

• This is a 4-bed/2.0-bath single-family listed at $195k.
• At list price, monthly cash flow is $832 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $195k).
• It's been on market 72 days — a 6% lower offer ($183k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $183k (6.0% below list) — sets the bar for market timing.
• In year one you build about $6k of equity ($1k loan paydown + $5k appreciation (2.5% local appreciation)).
• Location reads 67/100 on livability (#109 in SD) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B; Watch: health & safety C-, amenities F, commute F.
• Clark School District 12-2 (rural): math 30% / reading 47% proficiency, ranked #53 of 59 in SD (top 90%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Clark Elementary - 02 (math 44% / reading 54%, grade D, #115 of 253 statewide, top 52%, 201 students, 29% FRL); Clark Middle School - 03 (math 27% / reading 47%, grade F, #110 of 143 statewide, top 80%, 87 students, 24% FRL); Clark High School - 01 (math 50% / reading 70%, grade C+, #31 of 151 statewide, top 32%, 102 students, 21% FRL) — zoned schools average 25% FRL vs 44% district-wide (20 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: built in 1956 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 7 active listings in the ZIP; 9 units permitted in Clark County in 2024 (0 in 5+ unit buildings).
• 3 sale attempts since 10y 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 $149k; 31% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (2.5% appreciation + 3.0% rent growth), your $55k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 72 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1956 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.