607 NE 4th St St · Madison, SD 57042

$89,900

3 bd · 1.0 ba · 1,208 sqft · Other public records · 9 Days on market

Built 1920 9,830 sqft lot

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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
• Schools +4.1/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Very Affordable 3 Bedroom Home In central Location. with Carport, HANDYMAN SPECIAL!!BRING YOUR HAMMERS AND IMAGINATION !! property is being sold as is and may require flood insurance.

Key facts

• Main floor laundry
• Ranch style home
• Deck

Tags

• RANCH STYLE HOME
• MATURE SHADE TREES
• MAIN FLOOR LAUNDRY
• COVERED PARKING AREA
• DECK

Property features AI

Exterior

• Parking: Carport; Concrete surfaces
• Utilities: Public water; Public sewer
• Home design: Single-family ranch home; One-story (ranch); Above-grade finished area approx. 1,208; below-grade unfinished area approx. 150
• Construction: Wood siding; Block and other foundation; Metal and composition roof
• Exterior features: Deck; Shed(s); City lot

Interior

• Kitchen: Refrigerator; Electric range; Dishwasher; Kitchen located on the main level (approx. 15' x 12')
• Bedrooms: Master bedroom on the main level with closet and carpet (approx. 11' x 12'); Second bedroom on the main level with double closet and carpet (approx. 11' x 12'); Third bedroom on the main level with double closet and carpet (approx. 9' x 8')
• Flooring: Carpet; Laminate; Vinyl
• Bathrooms: One three-quarter bathroom on the main level
• Heating & cooling: Baseboard heating; Wall furnace; Window air conditioning units
• Interior features: Main floor laundry; Three or more bedrooms on the same level; Main level approximately 1,208 finished area; No main level fireplace; Crawl space and partial basement
• Laundry & utility: Washer and dryer included; Main floor laundry room (approx. 7' x 10'); Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath other listed at $90k.

Deal economics

• At list price, monthly cash flow is $159 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $90k).
• Cap rate 14.1% vs local median 2.8% in Madison — 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 75/100 on livability (#26 in SD, #3,922 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Madison Central School District 39-2 (town): math 41% / reading 55% proficiency, ranked #36 of 59 in SD (top 61%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 130 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 35 units permitted in Lake County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $622 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Lake County population projected at +32% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 22y 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: flood insurance adds $427/mo; built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $89,900

Questions for the listing agent

1. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 1.70% ✓
• Cap rate: 14.11%
• Cash-on-cash: 27.92%
• DSCR: 2.24
• GRM: 4.9

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: -4.4%
• Equity multiple: 0.84×
• Total profit: $-4,147
• Equity at exit: $13,404

10-year hold

• IRR: 5.6%
• Equity multiple: 1.42×
• Total profit: $10,605
• Equity at exit: $7,773

Cash invested: $25,172 (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 57042

• Active inventory: 130
• Price-to-rent: 4.9×

Monthly cashflow live

• Estimated rent: $1,533 medium
• Mortgage (P&I): −$471
• Tax from tax record: −$116 /mo · $1,395/yr
• Insurance: −$37
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$322
• Net cashflow: $159

Break-even live

Break-even rent $1,331

Max offer price $89,900

Occupancy floor 85%

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: $22,475
• Closing costs: $2,697
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
418 8th St SW Madison, SD	1.0–2.0	1.0–2.5	1012	$1,590	$1.57	44d	1	1.05mi
1034 Washington Ave S Madison, SD	2.0	1.0	627	$1,350	$2.15	44d	1	1.05mi
415 SW 8th St Madison, SD	1.0–2.0	1.0–2.0	1057	$1,590	$1.50	44d	1	1.12mi

Listing history 7 events

1. 2026-06-18
   days on market $89,900 Active 9 DOM
2. 2026-06-17
   days on market $89,900 Active 8 DOM
3. 2026-06-16
   days on market $89,900 Active 7 DOM
4. 2026-06-15
   days on market $89,900 Active 6 DOM
5. 2026-06-13
   days on market $89,900 Active 4 DOM
6. 2026-06-12
   days on market $89,900 Active 3 DOM
7. 2026-06-09
   listed $89,900 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: $1,395 · $116/mo
• Projected year-2 tax: $1,395 · $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

• 🌊 Flood 3/10 Moderate FEMA zone AE · 20% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥97°F today · 14 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: $18,392
• − Mortgage interest: −$5,036
• − Property taxes: −$1,395
• − Insurance: −$5,568
• − Repairs & maintenance: −$1,471
• − Management: −$1,471
• − Depreciation: −$2,615
• Taxable income: $835
• Est. tax owed @ 24.0%: −$200
• After-tax cash flow: $1,709/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: Madison Central School District 39-2
• NCES district ID: 4639600
• Math proficiency: 41% ▼ -8.00%
• Reading proficiency: 55% ▼ -3.00%
• Median HH income: $47,304
• Composite: 40.82/100
• National rank: #3635
• State rank: #36 of 59 in SD

Livability — Madison

• Score: 75/100
• State rank: #26
• US rank: #3922

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Madison, SD
• Population (ZIP): 7,900

Population outlook (Lake County) Hauer SSP2

• Today (2025): 15,062 people
• By 2030: 16,261 · +8.0%
• By 2040: 18,290 · +21.4%
• By 2050: 19,881 · +32.0%
• By 2075: 23,907 · +58.7%
• By 2100: 29,664 · +96.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Hispanic / Latino 4% Two or more races 2%
• Common ancestry: Portuguese 20% Iranian 3% Scottish 2%
• Foreign-born: 1% · China
• Languages at home: 98% English-only · German/W. Germanic 1% Spanish 1%

Political lean MEDSL · Lake

• 2024 margin: Solid R (+31.2) · D 33.5% · R 64.7% · Other 1.9%
• 2008→2024 swing: -31.8pp toward R · 2008: 0.7pp · 2024: -31.2pp
• All cycles: 2024: R+31.2 2020: R+27.5 2016: R+25.4 2012: R+11.1 2008: D+0.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -111.13%
• Current HPI: 200.0944
• 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

+72.9% since first listed

6 events — show timeline

• 2026-06-09 Listed $89,900 REALTOR® Association of the Sioux Empire
• 2025-07-19 Listing Removed — REALTOR® Association of the Sioux Empire
• 2025-07-09 Price Changed $102,500 REALTOR® Association of the Sioux Empire
• 2025-06-18 Listed $117,500 REALTOR® Association of the Sioux Empire
• 2012-10-18 Listed $19,990 REALTOR® Association of the Sioux Empire
• 2004-01-14 Listed $52,000 REALTOR® Association of the Sioux Empire

Property tax history

+4.8%/yr

Latest (2025): $1,395 · +3.4% YoY. Source: county tax records.