911 E Duke #5 · Vermillion, SD 57069

$28,000

3 bd · 2.0 ba · 1,216 sqft · Other public records · 312 Days on market

Built 1997 Fair condition $23/sqft · 56% below area $495/mo HOA · 44% of rent

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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 +4.3/10.0
• Livability +4.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Located in a nice small park but could be moved if desired. Great floorplan, large primary suite, close to USD campus. Attractive front deck, good separation of bedrooms, beautiful kitchen and bathrooms. Vacant for quick closing and move in.

Key facts

• Front deck
• Kitchen
• Primary suite

Tags

• PRIMARY SUITE
• FRONT DECK
• SEPARATION OF BEDROOMS
• KITCHEN
• BATHROOMS
• CLOSE TO USD CAMPUS

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath other listed at $28k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $202 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $28k).
• Recommended offer: $25k (12.0% below list) — sets the bar for market timing.
• Cap rate 15.0% vs local median 2.5% in Vermillion — 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 84/100 on livability (#5 in SD, #757 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, cost of living A+, housing A+; Watch: commute F, employment F.
• Vermillion School District 13-1 (town): math 44% / reading 61% proficiency, ranked #27 of 59 in SD (top 46%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 120 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 28 units permitted in Clay County in 2024 (10 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $194 of loan paydown is wiped out by about $840 of value loss. Plan a longer hold.
• Clay County population projected at +12% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $8k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 312 days — a 12% lower offer ($25k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 44% of rent.

Recommended offer $24,640 (12.0% below list)

Questions for the listing agent

1. It's been on market 312 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are A-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?
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: 4.00% ✓
• Cap rate: 14.96%
• Cash-on-cash: 30.96%
• DSCR: 2.38
• GRM: 2.1

CMA / ARV

• ARV (median comp): $64,118
• List price: $28,000
• Delta: -56.33%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 26.4%
• Equity multiple: 2.11×
• Total profit: $8,664
• Equity at exit: $4,175

10-year hold

• IRR: 34.4%
• Equity multiple: 4.24×
• Total profit: $25,425
• Equity at exit: $2,421

Cash invested: $7,840 (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 57069

• Home prices YoY: -32.8%
• Active inventory: 120
• Price-to-rent: 2.1×

Monthly cashflow live

• Estimated rent: $1,121 medium
• Mortgage (P&I): −$147
• Tax from tax record: −$30 /mo · $361/yr
• Insurance: −$12
• HOA: −$495
• Vacancy / Maint / Mgmt: −$235
• Net cashflow: $202

Break-even live

Break-even rent $865

Max offer price $28,000

Occupancy floor 77%

Sensitivity live

Price	-10% $218	-5% $210	+0% $202	+5% $194	+10% $186
Rent	-10% $114	-5% $158	+0% $202	+5% $247	+10% $291
Rate	-1.0pp $216	-0.5pp $209	base $202	+0.5pp $195	+1.0pp $188

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: $7,000
• Closing costs: $840
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
315 N Norbeck St Vermillion, SD	2.0	1.5	1100	$1,320	$1.20	45d	1	0.48mi
1000 N Dakota St Vermillion, SD	2.0	2.0	790	$756	$0.96	45d	1	0.67mi
105 E Dartmouth St Vermillion, SD	2.0	1.0	700	$900	$1.29	45d	1	0.73mi

HOA detail

• Monthly dues: $495 · $5,940/yr

Listing history 23 events

1. 2026-06-19
   days on market $28,000 Active 312 DOM
2. 2026-06-18
   days on market $28,000 Active 311 DOM
3. 2026-06-17
   days on market $28,000 Active 310 DOM
4. 2026-06-16
   days on market $28,000 Active 309 DOM
5. 2026-06-15
   days on market $28,000 Active 308 DOM
6. 2026-06-14
   days on market $28,000 Active 306 DOM
7. 2026-06-12
   days on market $28,000 Active 305 DOM
8. 2026-06-09
   days on market $28,000 Active 302 DOM
9. 2026-06-08
   days on market $28,000 Active 301 DOM
10. 2026-06-07
    pricedays on market $28,000 Active 300 DOM
11. 2026-06-05
    days on market $35,000 Active 298 DOM
12. 2026-06-04
    days on market $35,000 Active 296 DOM
13. 2026-06-02
    days on market $35,000 Active 295 DOM
14. 2026-06-01
    days on market $35,000 Active 294 DOM
15. 2026-05-31
    price $35,000 Active 293 DOM
16. 2026-05-31
    days on market $44,900 Active 293 DOM
17. 2026-05-31
    days on market $44,900 Active 292 DOM
18. 2026-03-13
    price $44,900 241-char remark

    Show marketing remark (241 chars)

    Located in a nice small park but could be moved if desired. Great floorplan, large primary suite, close to USD campus. Attractive front deck, good separation of bedrooms, beautiful kitchen and bathrooms. Vacant for quick closing and move in.

19. 2025-11-05
    price $48,000 241-char remark

    Show marketing remark (241 chars)

    Located in a nice small park but could be moved if desired. Great floorplan, large primary suite, close to USD campus. Attractive front deck, good separation of bedrooms, beautiful kitchen and bathrooms. Vacant for quick closing and move in.

20. 2025-08-11
    listed $50,000 Active 241-char remark

    Show marketing remark (241 chars)

    Located in a nice small park but could be moved if desired. Great floorplan, large primary suite, close to USD campus. Attractive front deck, good separation of bedrooms, beautiful kitchen and bathrooms. Vacant for quick closing and move in.

21. 2022-08-02
    soldstatus $46,750
22. 2021-02-28
    soldstatus $18,000
23. 2020-01-03
    soldstatus $27,500

ⓘ 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: $361 · $30/mo
• Projected year-2 tax: $367 · $31/mo
• Expected delta: +$6/yr ($0/mo · 1.5%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌡 Heat 3/10 Moderate
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,456
• − Mortgage interest: −$1,568
• − Property taxes: −$361
• − Insurance: −$140
• − Repairs & maintenance: −$1,077
• − Management: −$1,077
• − HOA: −$5,940
• − Depreciation: −$815
• Taxable income: $2,479
• Est. tax owed @ 24.0%: −$595
• After-tax cash flow: $1,832/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.

Condition & rehab AI · 7 photos

Fair 45/100 Moderate rehab

This home requires moderate renovations to improve its appearance and value. Key areas for improvement include the kitchen, bathrooms, and exterior. Fresh paint, new carpeting, and updated fixtures can significantly boost its resale and rental potential.

Repairs flagged

• Moderate kitchen cabinets — dated and in need of replacement
• Moderate kitchen appliances — dated and in need of replacement
• Moderate bathroom fixtures — dated and in need of replacement
• Minor exterior siding — slight wear

Value-add opportunities

• Both paint interior walls — Fresh paint can make a significant difference in the home's appearance
• Both replace carpeting — New carpeting can improve the home's appeal and comfort
• Both update kitchen cabinets and appliances — A fresh kitchen can attract more buyers and renters
• Both update bathroom fixtures — Modern fixtures can enhance the home's appeal and functionality

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · dated and in need of replacement	Moderate	$3,000–15,000
kitchen appliances · dated and in need of replacement	Moderate	$3,000–15,000
bathroom fixtures · dated and in need of replacement	Moderate	$3,000–15,000
exterior siding · slight wear	Minor	$500–3,000
Total estimated repair cost · 4 items		$9,500–48,000

Value-add ROI direction

• Both paint interior walls — Fresh paint can make a significant difference in the home's appearance ↑
• Both replace carpeting — New carpeting can improve the home's appeal and comfort ↑
• Both update kitchen cabinets and appliances — A fresh kitchen can attract more buyers and renters ↑
• Both update bathroom fixtures — Modern fixtures can enhance the home's appeal and functionality ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Vermillion School District 13-1
• NCES district ID: 4674370
• Math proficiency: 44% ▼ -8.00%
• Reading proficiency: 61% ▼ -7.00%
• Median HH income: $36,421
• Composite: 43.49/100
• National rank: #2995
• State rank: #27 of 59 in SD

Livability — Vermillion

• Score: 84/100
• State rank: #5
• US rank: #757

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Vermillion, SD
• County: Clay County · 13,091 people
• City population: 13,091
• Metro: Vermillion, SD
• Population (ZIP): 13,091
• Household income: $53,327
• Rent vs Own: 53.8% rent · 46.2% own
• Severe rent burden: 792.0

Population outlook (Clay County) Hauer SSP2

• Today (2025): 15,009 people
• By 2030: 15,554 · +3.6%
• By 2040: 15,862 · +5.7%
• By 2050: 16,801 · +11.9%
• By 2075: 20,880 · +39.1%
• By 2100: 27,360 · +82.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Native American 5% Asian 3% Two or more races 3% Hispanic / Latino 3% Black 2%
• Common ancestry: Portuguese 9% Iranian 2% Serbian 2%
• Foreign-born: 5% · Canada, China, Vietnam
• Languages at home: 94% English-only · Chinese 1% Spanish 1% Arabic 1%

Political lean MEDSL · Clay

• 2024 margin: Lean D (+6.5) · D 52.0% · R 45.5% · Other 2.5%
• 2008→2024 swing: -17.7pp toward R · 2008: 24.2pp · 2024: 6.5pp
• All cycles: 2024: D+6.5 2020: D+11.0 2016: D+9.8 2012: D+15.5 2008: D+24.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -90.55%
• Current HPI: 185.1311
• Rent YoY: —
• Metro: Vermillion, 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

+63.3% since first listed

6 events — show timeline

• 2026-03-13 Price Changed $44,900 NWIA
• 2025-11-05 Price Changed $48,000 NWIA
• 2025-08-11 Listed $50,000 NWIA
• 2022-08-02 Sold (Public Records) $46,750 Public Records
• 2021-02-28 Sold (Public Records) $18,000 Public Records
• 2020-01-03 Sold (Public Records) $27,500 Public Records

Property tax history

+7.4%/yr

Latest (2025): $361 · +5.3% YoY. Source: county tax records.