403 E Pleasant St · Elk Point, SD 57025

$99,000

1 bd · 2.0 ba · 757 sqft · Other public records · 16 Days on market

Built 1890 7,500 sqft lot

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Why this score? — see what drove the D 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 +14.3/30.0
• ARV discount +7.5/15.0
• DSCR +4.3/10.0
• Schools +4.3/10.0
• Livability +3.6/5.0
• 1% rule +3.4/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Perfect investment opportunity! This one bedroom, one bath home will not take much to be move in ready. Just some fresh paint and flooring. The ample sized living room has lots of natural light and opens to the dining. The kitchen boasts a large wash sink and plenty of room for additional storage. The bedroom has a large lighted closet and a full bath. Great alley access ready to build a large detached garage. Don't wait on this rare opportunity!

Key facts

• Formal dining room
• Spacious bedroom
• Full bathroom

Tags

• SPACIOUS BEDROOM
• FULL BATHROOM
• FUNCTIONAL LAYOUT
• COMFORTABLE LIVING ROOM
• FORMAL DINING ROOM
• GENEROUSLY SIZED KITCHEN

Property features AI

Exterior

• Parking: Attached garage with garage door opener (1 car); Concrete driveway
• Utilities: Public water; Public sewer
• Home design: Single-family residential home
• Construction: Shingle roof
• Exterior features: Level lot

Interior

• Bathrooms: 1 full bathroom
• Heating & cooling: Natural gas forced air heating; Window unit cooling
• Interior features: Crawl space basement
• Laundry & utility: Main-level laundry

What this means for you Summary

Snapshot

• This is a 1-bed/2.0-bath other listed at $99k.

Deal economics

• At list price, monthly cash flow is $18 ($213/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $83k (16.1% below list).
• Recommended offer: $83k (16.1% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 71/100 on livability (#51 in SD) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety D, amenities F, commute F.
• Elk Point-Jefferson School District 61-7 (rural): math 45% / reading 53% proficiency, ranked #31 of 59 in SD (top 52%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 16% free/reduced lunch — higher-income household profile.
• Zoned schools: Elk Point-Jefferson Elementary - 02 (math 42% / reading 52%, grade D-, #134 of 253 statewide, top 55%, 321 students, 15% FRL); Elk Point-Jefferson Middle School - 03 (math 47% / reading 57%, grade C+, #46 of 143 statewide, top 37%, 153 students, 11% FRL); Elk Point-Jefferson High School - 01 (math 34% / reading 54%, grade F, #111 of 151 statewide, top 75%, 214 students, 12% FRL) — zoned schools at 13% FRL track the district average.
• Market conditions: 79 active listings in the ZIP; 46 units permitted in Union County in 2024 (8 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.
• Union County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($98k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 4y 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 $36k; list at $99k implies a 175% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $83,017 (16.1% below list)

Questions for the listing agent

1. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
4. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.84% ✗
• Cap rate: 6.51%
• Cash-on-cash: 0.77%
• DSCR: 1.03
• GRM: 9.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -15.1%
• Equity multiple: 0.46×
• Total profit: $-14,928
• Equity at exit: $14,761

10-year hold

• IRR: -6.5%
• Equity multiple: 0.58×
• Total profit: $-11,608
• 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 57025

• Home prices YoY: -13.3%
• Active inventory: 79
• Price-to-rent: 9.9×

Monthly cashflow live

• Estimated rent: $830 medium
• Mortgage (P&I): −$519
• Tax from tax record: −$78 /mo · $932/yr
• Insurance: −$41
• HOA: −$0
• Vacancy / Maint / Mgmt: −$174
• Net cashflow: $18

Break-even live

Break-even rent $808

Max offer price $99,000

Occupancy floor 93%

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: —

Listing history 11 events

1. 2026-06-18
   days on market $99,000 Active 16 DOM
2. 2026-06-17
   days on market $99,000 Active 15 DOM
3. 2026-06-16
   days on market $99,000 Active 14 DOM
4. 2026-06-15
   days on market $99,000 Active 13 DOM
5. 2026-06-13
   days on market $99,000 Active 11 DOM
6. 2026-06-12
   days on market $99,000 Active 10 DOM
7. 2026-06-09
   days on market $99,000 Active 7 DOM
8. 2026-06-08
   days on market $99,000 Active 6 DOM
9. 2026-06-08
   days on market $99,000 Active 5 DOM
10. 2026-06-05
    days on market $99,000 Active 3 DOM
11. 2026-06-02
    listed $99,000 Active 1 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: $932 · $78/mo
• Projected year-2 tax: $1,297 · $108/mo
• Expected delta: +$365/yr (+$30/mo · 39.1%)

ⓘ 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 ≥104°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $9,962
• − Mortgage interest: −$5,546
• − Property taxes: −$932
• − Insurance: −$495
• − Repairs & maintenance: −$797
• − Management: −$797
• − Depreciation: −$2,880
• Taxable loss: −$1,484
• Est. tax savings @ 24.0%: +$356
• After-tax cash flow: $569/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: Elk Point-Jefferson School District 61-7
• NCES district ID: 4621340
• Math proficiency: 45% ▼ -9.00%
• Reading proficiency: 53% ▼ -14.00%
• Median HH income: $58,160
• Composite: 42.71/100
• National rank: #3168
• State rank: #31 of 59 in SD

Livability — Elk Point

• Score: 71/100
• State rank: #51
• US rank: #6645

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Elk Point, SD
• Population (ZIP): 3,165

Population outlook (Union County) Hauer SSP2

• Today (2025): 16,155 people
• By 2030: 16,737 · +3.6%
• By 2040: 17,804 · +10.2%
• By 2050: 18,877 · +16.8%
• By 2075: 23,022 · +42.5%
• By 2100: 29,133 · +80.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 4% Hispanic / Latino 3%
• Common ancestry: Portuguese 12% Slovak 4% Iranian 4%
• Foreign-born: 0%
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Union

• 2024 margin: Solid R (+40.7) · D 28.7% · R 69.4% · Other 1.9%
• 2008→2024 swing: -26.8pp toward R · 2008: -13.8pp · 2024: -40.7pp
• All cycles: 2024: R+40.7 2020: R+36.4 2016: R+38.8 2012: R+25.2 2008: R+13.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -35.54%
• Current HPI: 232.1066
• 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

+230.0% since first listed

7 events — show timeline

• 2026-06-01 Listed $99,000 NWIA
• 2022-05-02 Sold (Public Records) $36,000 Public Records
• 2022-05-02 Sold (MLS) $36,000 NWIA
• 2022-02-28 Listed $50,000 NWIA
• 2022-02-25 Sold (Public Records) $35,000 Public Records
• 2017-01-25 Sold (Public Records) $32,500 Public Records
• 2015-02-06 Sold (Public Records) $30,000 Public Records

Property tax history

+0.5%/yr

Latest (2025): $932 · -3.8% YoY. Source: county tax records.