203 E Adams St · Rapid City, SD 57701

$99,000

2 bd · 1.0 ba · 862 sqft · SingleFamily public records · 49 Days on market

Built 1942 5,227 sqft lot ↓ 39% since listing

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Why this score? — see what drove the C 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 +24.6/30.0
• DSCR +7.9/10.0
• ARV discount +7.5/15.0
• 1% rule +6.7/10.0
• Livability +3.7/5.0
• Schools +3.4/10.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Key facts

• Alley access
• Original wood floors
• Good sized lot

Tags

• ORIGINAL WOOD FLOORS
• GOOD SIZED LOT
• ALLEY ACCESS
• CLOSE TO ELEMENTARY SCHOOL
• CLOSE TO MIDDLE SCHOOL

Property features AI

Exterior

• Home design: Single-family residence; Site-built; Residential property
• Construction: Wood frame construction
• Exterior features: Directions: North to N Maple, right on E Adams; home on left

Interior

• Kitchen: Dishwasher; Electric range and oven; Microwave
• Bedrooms: 2 main-level bedrooms
• Flooring: Vinyl; Hardwood
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Has heating; Electric heating; Natural gas heating
• Interior features: Dishwasher; Dryer; Electric range and oven; Microwave
• Laundry & utility: Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $99k.

Deal economics

• At list price, monthly cash flow is $204 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $99k).
• Recommended offer: $96k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.8% vs local median 2.5% in Rapid City — 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 74/100 on livability (#34 in SD, #4,720 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime F, commute F.
• Rapid City Area School District 51-4 (urban): math 34% / reading 46% proficiency, ranked #50 of 59 in SD (top 85%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+1.7%/yr); 216 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 1,181 units permitted in Pennington County in 2024 (715 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $684 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Pennington County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 49 days — a 3% lower offer ($96k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 4y ago; this cycle's ask has dropped $10k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1942 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $96,030 (3.0% below list)

Questions for the listing agent

1. It's been on market 49 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 1942 — 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. 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?
5. 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.
6. 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.
7. 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: 1.17% ✓
• Cap rate: 8.77%
• Cash-on-cash: 8.83%
• DSCR: 1.39
• GRM: 7.1

CMA / ARV

• ARV (on-the-fly): $199,984
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
234 E College Ave	0.29mi	3/1.0 (+1)	870 (+1%)	4mo	$70,000	$80	77
802 Blaine Ave	0.32mi	2/1.0	864 (+0%)	11mo	$179,500	$208	76
302 East Jackson St	0.13mi	2/1.0	748 (-13%)	1mo	$95,000	$127	71
436 E Van Buren St	0.30mi	2/1.5	906 (+5%)	14mo	$227,000	$251	64
1105. Blaine Ave	0.47mi	2/2.0	820 (-5%)	6mo	$190,000	$232	61
1034 Racine St	0.44mi	3/1.0 (+1)	900 (+4%)	8mo	$215,000	$239	60
302 E Denver St	0.30mi	2/1.0	960 (+11%)	12mo	$176,000	$183	57
730 Farlow Ave	0.68mi	2/1.0	812 (-6%)	4mo	$208,000	$256	55
1011 Lemmon Ave	0.49mi	2/1.0	756 (-12%)	3mo	$145,000	$192	54
824 Farlow Ave	0.69mi	2/2.0	888 (+3%)	12mo	$267,500	$301	49
1510 Brentwood St	0.61mi	3/1.0 (+1)	960 (+11%)	6mo	$230,000	$240	43
419 Crestwood Dr	0.60mi	3/1.0 (+1)	960 (+11%)	13mo	$218,000	$227	37

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 · 1.71% rent growth · sell at horizon

5-year hold

• IRR: -4.4%
• Equity multiple: 0.84×
• Total profit: $-4,500
• Equity at exit: $14,761

10-year hold

• IRR: 3.7%
• Equity multiple: 1.25×
• Total profit: $7,020
• Equity at exit: $8,560

Cash invested: $27,720 (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 57701

• Rents YoY: 1.7%
• Active inventory: 216
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $1,156 high
• Mortgage (P&I): −$519
• Tax from tax record: −$149 /mo · $1,788/yr
• Insurance: −$41
• HOA: −$0
• Vacancy / Maint / Mgmt: −$243
• Net cashflow: $204

Break-even live

Break-even rent $898

Max offer price $99,000

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: $24,750
• Closing costs: $2,970
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
210 East North St Rapid City, SD	1.0	1.0	650	$1,100	$1.69	21d	1	0.21mi
216 E Denver St Rapid City, SD	1.0	1.0	750	$975	$1.30	21d	1	0.29mi
927 Blaine Ave Rapid City, SD	3.0	1.0	925	$1,550	$1.68	21d	1	0.42mi
118 Waterloo St Apt 110 Rapid City, SD	1.0–4.0	1.0–1.5	810	$1,064	$1.31	21d	7	0.54mi
761 E Anamosa St Rapid City, SD	2.0–3.0	1.5	882	$950	$1.08	21d	1	0.62mi
720 Haines Ave Unit B Rapid City, SD	2.0	1.0	672	$875	$1.30	21d	1	0.63mi
1314 Atlas St Rapid City, SD	1.0–3.0	1.0	775	$978	$1.26	21d	13	0.89mi
965 E Omaha St Unit 100 Rapid City, SD	2.0	2.0	858	$1,263	$1.47	21d	1	0.93mi
100 Saint Joseph St Rapid City, SD	2.0	1.0–2.0	744	$1,750	$2.35	21d	4	0.96mi
1230 Estes Park Ct Rapid City, SD	2.0	1.0–2.0	956	$1,035	$1.08	21d	9	1.17mi
231 Quincy St Unit 231 1/2 Quincy Rapid City, SD	1.0	1.0	930	$850	$0.91	21d	1	1.19mi
612 6th St Rapid City, SD	2.0	1.0–2.0	772	$2,945	$3.81	21d	19	1.19mi
27 Signal Dr Rapid City, SD	2.0	1.0	648	$925	$1.43	21d	1	1.39mi
706 South St Unit 2 Rapid City, SD	1.0	1.0	700	$1,200	$1.71	21d	1	1.48mi

Listing history 23 events

1. 2026-06-19
   days on market $99,000 Active 49 DOM
2. 2026-06-18
   days on market $99,000 Active 48 DOM
3. 2026-06-17
   days on market $99,000 Active 47 DOM
4. 2026-06-16
   days on market $99,000 Active 46 DOM
5. 2026-06-15
   days on market $99,000 Active 45 DOM
6. 2026-06-14
   days on market $99,000 Active 43 DOM
7. 2026-06-13
   days on market $99,000 Active 42 DOM
8. 2026-06-10
   days on market $99,000 Active 40 DOM
9. 2026-06-09
   days on market $99,000 Active 39 DOM
10. 2026-06-09
    price $99,000 Active 38 DOM
11. 2026-06-08
    days on market $109,000 Active 38 DOM
12. 2026-06-07
    days on market $109,000 Active 37 DOM
13. 2026-06-05
    days on market $109,000 Active 34 DOM
14. 2026-06-02
    days on market $109,000 Active 32 DOM
15. 2026-06-01
    days on market $109,000 Active 31 DOM
16. 2026-05-31
    days on market $109,000 Active 30 DOM
17. 2026-05-30
    days on market $109,000 Active 29 DOM
18. 2026-05-01
    listed $109,000 Active
19. 2023-02-17
    soldstatus $145,000
20. 2022-11-06
    price $165,000
21. 2022-10-13
    price $167,000
22. 2022-09-15
    price $169,000
23. 2022-09-06
    listed $179,000 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: $1,788 · $149/mo
• Projected year-2 tax: $1,788 · $149/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 ≥95°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,874
• − Mortgage interest: −$5,546
• − Property taxes: −$1,788
• − Insurance: −$495
• − Repairs & maintenance: −$1,110
• − Management: −$1,110
• − Depreciation: −$2,880
• Taxable income: $946
• Est. tax owed @ 24.0%: −$227
• After-tax cash flow: $2,221/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: Rapid City Area School District 51-4
• NCES district ID: 4659820
• Math proficiency: 34% ▼ -8.00%
• Reading proficiency: 46% ▼ -4.00%
• Median HH income: $50,145
• Composite: 34.47/100
• National rank: #5189
• State rank: #50 of 59 in SD

Livability — Rapid City

• Score: 74/100
• State rank: #34
• US rank: #4720

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Rapid City, SD
• County: Pennington County · 99,403 people
• City population: 99,403
• Metro: Rapid City, SD
• Population (ZIP): 45,795
• Household income: $56,461
• Rent vs Own: 39.2% rent · 60.8% own
• Severe rent burden: 1646.0

Population outlook (Pennington County) Hauer SSP2

• Today (2025): 125,504 people
• By 2030: 133,370 · +6.3%
• By 2040: 147,505 · +17.5%
• By 2050: 160,507 · +27.9%
• By 2075: 197,585 · +57.4%
• By 2100: 241,736 · +92.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (73%)
• Race & ethnicity: White 73% Native American 11% Two or more races 11% Hispanic / Latino 6% Black 2%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Portuguese 7% Lithuanian 4% Slovak 3%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 1%

Political lean MEDSL · Pennington

• 2024 margin: Strong R (+26.4) · D 35.4% · R 61.9% · Other 2.7%
• 2008→2024 swing: -5.3pp toward R · 2008: -21.2pp · 2024: -26.4pp
• All cycles: 2024: R+26.4 2020: R+25.1 2016: R+33.0 2012: R+29.5 2008: R+21.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -189.12%
• Current HPI: 222.9041
• Rent YoY: ▲ 1.71%
• Metro: Rapid City, 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

-39.1% since first listed

6 events — show timeline

• 2026-05-01 Listed $109,000 MRAOR
• 2023-02-17 Sold (Public Records) $145,000 Public Records
• 2022-11-06 Price Changed $165,000 BHMLS
• 2022-10-13 Price Changed $167,000 BHMLS
• 2022-09-15 Price Changed $169,000 BHMLS
• 2022-09-06 Listed $179,000 BHMLS

Property tax history

+6.0%/yr

Latest (2025): $1,788 · -5.0% YoY. Source: county tax records.