605 Main Ave · Lemmon, SD 57638

$92,500

6 bd · 3.0 ba · 2,688 sqft · MultiFamily public records · 48 Days on market

Built 1930 10,500 sqft lot ↓ 31% since listing

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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
• ARV discount +7.5/15.0
• Appreciation +6.1/10.0
• Schools +4.6/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. 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.

Key facts

• 0.24 acre lot
• Built 1930
• Listed 48 days

Property features AI

Finance

• Financial info: Annual property tax approximately $1,467.68

Exterior

• Home design: Multi-family residential income property
• Construction: Approximately 1,930 total building area
• Exterior features: Lot dimensions approximately 75 x 140

Interior

• Bathrooms: 3 full bathrooms
• Interior features: Has heating

What this means for you Summary

Snapshot

• This is a 6-bed/3.0-bath multifamily listed at $92k.

Deal economics

• At list price, monthly cash flow is $916 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $92k).
• Recommended offer: $90k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 79/100 on livability (#8 in SD, #2,009 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools C-, health & safety D+, amenities D.
• Lemmon School District 52-4 (rural): math 50% / reading 55% proficiency, ranked #60 of 148 in SD (top 40%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 21 active listings in the ZIP.

Forward outlook

• In year one you build about $3k of equity ($640 loan paydown + $2k appreciation (2.2% local appreciation)).
• Perkins County population projected at +15% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (2.2% appreciation + 3.0% rent growth), your $26k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 48 days — a 3% lower offer ($90k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 3y 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.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $89,725 (3.0% below list)

Questions for the listing agent

1. It's been on market 48 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 1930 — 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 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: 2.13% ✓
• Cap rate: 18.17%
• Cash-on-cash: 42.43%
• DSCR: 2.89
• GRM: 3.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 46.7%
• Equity multiple: 3.53×
• Total profit: $65,557
• Equity at exit: $37,392

10-year hold

• IRR: 47.2%
• Equity multiple: 7.05×
• Total profit: $156,762
• Equity at exit: $54,552

Cash invested: $25,900 (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 57638

• Home prices YoY: 1.4%
• Active inventory: 21
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $1,969 medium
• Mortgage (P&I): −$485
• Tax from tax record: −$116 /mo · $1,392/yr
• Insurance: −$39
• HOA: −$0
• Vacancy / Maint / Mgmt: −$413
• Net cashflow: $916

Break-even live

Break-even rent $810

Max offer price $92,500

Occupancy floor 48%

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

Units	Beds	Baths	Est. rent
▸ 2× units	1	1	$1,968
Total (2 units)			$1,969

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: $23,125
• Closing costs: $2,775
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-18
   days on market $92,500 Active 48 DOM
2. 2026-06-17
   days on market $92,500 Active 47 DOM
3. 2026-06-16
   days on market $92,500 Active 46 DOM
4. 2026-06-15
   days on market $92,500 Active 45 DOM
5. 2026-06-13
   days on market $92,500 Active 43 DOM
6. 2026-06-12
   days on market $92,500 Active 42 DOM
7. 2026-06-09
   days on market $92,500 Active 39 DOM
8. 2026-06-08
   days on market $92,500 Active 38 DOM
9. 2026-06-08
   days on market $92,500 Active 37 DOM
10. 2026-06-05
    days on market $92,500 Active 35 DOM
11. 2026-06-04
    days on market $92,500 Active 33 DOM
12. 2026-06-02
    days on market $92,500 Active 32 DOM
13. 2026-06-01
    days on market $92,500 Active 31 DOM
14. 2026-05-31
    days on market $92,500 Active 30 DOM
15. 2026-05-01
    listed $92,500 Active 320-char remark
16. 2025-04-10
    listed $100,000 Active
17. 2024-03-18
    listed $100,000 Active
18. 2023-01-14
    listed $135,000 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: $1,392 · $116/mo
• Projected year-2 tax: $1,392 · $116/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

• 🌡 Heat 2/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,628
• − Mortgage interest: −$5,181
• − Property taxes: −$1,392
• − Insurance: −$462
• − Repairs & maintenance: −$1,890
• − Management: −$1,890
• − Depreciation: −$2,691
• Taxable income: $10,120
• Est. tax owed @ 24.0%: −$2,429
• After-tax cash flow: $8,561/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: Lemmon School District 52-4
• NCES district ID: 4641520
• Math proficiency: 50% ▬ 0.00%
• Reading proficiency: 55% ▲ 5.00%
• Median HH income: $38,532
• Composite: 45.67/100
• National rank: #5633
• State rank: #60 of 148 in SD

Livability — Lemmon

• Score: 79/100
• State rank: #8
• US rank: #2009

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lemmon, SD
• Population (ZIP): 1,963

Population outlook (Perkins County) Hauer SSP2

• Today (2025): 3,128 people
• By 2030: 3,207 · +2.5%
• By 2040: 3,391 · +8.4%
• By 2050: 3,602 · +15.2%
• By 2075: 4,340 · +38.7%
• By 2100: 4,754 · +52.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Native American 4% Two or more races 1% Hispanic / Latino 1%
• Common ancestry: Portuguese 21% Scottish 2% Scotch-Irish 1%
• Foreign-born: 1% · Canada

Political lean MEDSL · Perkins

• 2024 margin: Solid R (+70.0) · D 14.3% · R 84.3% · Other 1.3%
• 2008→2024 swing: -34.3pp toward R · 2008: -35.8pp · 2024: -70.0pp
• All cycles: 2024: R+70.0 2020: R+69.6 2016: R+71.3 2012: R+55.7 2008: R+35.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 2.18%
• Current HPI: 152.8514
• 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

-31.5% since first listed

4 events — show timeline

• 2026-05-01 Listed $92,500 Badlands BOR MLS
• 2025-04-10 Listed $100,000 Badlands BOR MLS
• 2024-03-18 Listed $100,000 Badlands BOR MLS
• 2023-01-14 Listed $135,000 Badlands BOR MLS

Property tax history

+4.2%/yr

Latest (2025): $1,392 · -0.0% YoY. Source: county tax records.