132 Main Ave · Gary, SD 57237

$159,900

3 bd · 1.0 ba · 2,500 sqft · SingleFamily · 3 Days on market

Built 1897 1.30 ac lot

---

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 +10.8/30.0
• Appreciation +8.7/10.0
• ARV discount +7.5/15.0
• Schools +3.7/10.0
• 1% rule +3.1/10.0
• DSCR +3.1/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Here is your opportunity to own a nice 3 bedroom 1 bathroom home with a large oversized two stall plus a bonus tuck under one stall garage on 1.3 acres in the quiet town of Gary SD. The updates of the home include newer water heater, dishwasher, windows and wood stove. call today for your private showing.

Key facts

• 1.3 acre lot
• 2 garage spots
• Built 1897

Property features AI

Finance

• Other: Property sits on approximately 1.3 acres

Exterior

• Parking: Attached 2-car garage
• Utilities: Sewer connected
• Home design: Single-family residence; One level / 1-story
• Exterior features: Asphalt and other roof materials

Interior

• Flooring: Carpet; Tile
• Bathrooms: 1 full bathroom
• Interior features: Carpet and tile flooring; Partial basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $160k.

Deal economics

• At list price, monthly cash flow is $-75 ($-895/yr) — negative.
• To cash-flow at today's rent, offer at most $147k (8.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $130k (18.6% below list).
• Recommended offer: $130k (18.6% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 60/100 on livability (#253 in SD) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment C-, health & safety C-, crime F.
• Deuel School District 19-4 (rural): math 39% / reading 47% proficiency, ranked #46 of 59 in SD (top 78%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Clear Lake Elementary - 02 (math 47% / reading 52%, grade D, #115 of 253 statewide, top 52%, 259 students, 17% FRL); Clear Lake Middle School - 04 (math 32% / reading 42%, grade F, #110 of 143 statewide, top 80%, 125 students, 14% FRL); Deuel High School - 01 (math 30% / reading 50%, grade F, #114 of 151 statewide, top 81%, 160 students, 16% FRL).
• Market conditions: 9 active listings in the ZIP; 18 units permitted in Deuel County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $13k of equity ($1k loan paydown + $12k appreciation (7.3% local appreciation)).
• At projected returns (7.3% appreciation + 3.0% rent growth), your $45k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 5y 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 $130k; 23% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1897 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $130,230 (18.6% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1897 — 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. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.81% ✗
• Cap rate: 5.73%
• Cash-on-cash: -2.00%
• DSCR: 0.91
• GRM: 10.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

7.3% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 16.9%
• Equity multiple: 2.21×
• Total profit: $54,095
• Equity at exit: $113,986

10-year hold

• IRR: 16.3%
• Equity multiple: 4.59×
• Total profit: $160,581
• Equity at exit: $219,465

Cash invested: $44,772 (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 57237

• Home prices YoY: 4.2%
• Active inventory: 9
• Price-to-rent: 10.2×

Monthly cashflow live

• Estimated rent: $1,302 medium
• Mortgage (P&I): −$839
• Tax from tax record: −$198 /mo · $2,379/yr
• Insurance: −$67
• HOA: −$0
• Vacancy / Maint / Mgmt: −$273
• Net cashflow: $-75

Break-even live

Break-even rent $1,397

Max offer price $146,729

Occupancy floor —

Sensitivity live

Price	-10% $16	-5% $-29	+0% $-75	+5% $-120	+10% $-165
Rent	-10% $-177	-5% $-126	+0% $-75	+5% $-23	+10% $28
Rate	-1.0pp $6	-0.5pp $-34	base $-75	+0.5pp $-116	+1.0pp $-158

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: $39,975
• Closing costs: $4,797
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-06-19
   days on market $159,900 Active 3 DOM
2. 2026-06-18
   days on market $159,900 Active 2 DOM
3. 2026-06-17
   listed $159,900 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: $2,379 · $198/mo
• Projected year-2 tax: $2,379 · $198/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 6/10 Major
• 🌡 Heat 2/10 Low 7 d/yr ≥98°F today · 13 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: $15,628
• − Mortgage interest: −$8,957
• − Property taxes: −$2,379
• − Insurance: −$800
• − Repairs & maintenance: −$1,250
• − Management: −$1,250
• − Depreciation: −$4,652
• Taxable loss: −$3,659
• Est. tax savings @ 24.0%: +$878
• After-tax cash flow: $-16/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: Deuel School District 19-4
• NCES district ID: 4600036
• Math proficiency: 39% ▲ 6.00%
• Reading proficiency: 47% ▲ 3.00%
• Median HH income: $51,180
• Composite: 37.06/100
• National rank: #4508
• State rank: #46 of 59 in SD

Livability — Gary

• Score: 60/100
• State rank: #253
• US rank: #19044

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Gary, SD
• Population (ZIP): 671

Population outlook (Deuel County) Hauer SSP2

• Today (2025): 4,254 people
• By 2030: 4,191 · -1.5%
• By 2040: 4,115 · -3.3%
• By 2050: 4,184 · -1.6%
• By 2075: 5,357 · +25.9%
• By 2100: 8,125 · +91.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (97%)
• Race & ethnicity: White 97% Hispanic / Latino 2% Two or more races 1%
• Common ancestry: Portuguese 29% Iranian 4% Scottish 1%
• Foreign-born: 0%

Political lean MEDSL · Deuel

• 2024 margin: Solid R (+51.7) · D 23.0% · R 74.7% · Other 2.3%
• 2008→2024 swing: -50.2pp toward R · 2008: -1.5pp · 2024: -51.7pp
• All cycles: 2024: R+51.7 2020: R+46.4 2016: R+38.3 2012: R+10.8 2008: R+1.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 7.30%
• Current HPI: 181.7398
• 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

+0.0% since first listed

4 events — show timeline

• 2026-06-17 Listed $159,900 NESD
• 2022-01-14 Sold (Public Records) $130,000 Public Records
• 2022-01-12 Sold (MLS) $130,000 NESD
• 2021-06-02 Listed $159,900 NESD

Property tax history

+8.5%/yr

Latest (2025): $2,379 · +7.7% YoY. Source: county tax records.