704 2nd St · Wilmot, SD 57279

$99,000

2 bd · 2.0 ba · 696 sqft · Other · 36 Days on market

Built 1940 1,742 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 +13.0/30.0
• ARV discount +7.5/15.0
• Appreciation +5.0/10.0
• DSCR +3.9/10.0
• 1% rule +3.7/10.0
• Livability +3.2/5.0
• Schools +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Bank owned property being sold as-is. Metal roof and decent siding. Some windows updated. One bedroom home with fenced in back yard and garage with alley access. Please contact a local to Wilmot agent for showing. Idaho Housing and Finance as seller cannot offer secondary financing with FHA first mortgages. No offers will be accepted until 10 days past the listing date. Idaho Housing and Finance does not guarantee any personal property or the function of personal property

Key facts

• 1,742 sq ft lot
• Garage
• Built 1940

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath other listed at $99k.

Deal economics

• At list price, monthly cash flow is $-5 ($-58/yr) — negative.
• To cash-flow at today's rent, offer at most $98k (0.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $86k (13.1% below list).
• Recommended offer: $86k (13.1% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 64/100 on livability (#178 in SD) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, crime D, amenities F.
• Wilmot School District 54-7 (rural): math 25% / reading 30% proficiency, ranked #138 of 148 in SD (top 93%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Wilmot Elementary - 02 (math 34% / reading 34%, grade F, #187 of 253 statewide, top 77%, 122 students, 49% FRL); Wilmot Middle School - 03 (math 24% / reading 44%, grade F, #118 of 143 statewide, top 84%, 34 students, 47% FRL); Wilmot High School - 01 (math 24% / reading 75%, grade D+, #69 of 151 statewide, top 65%, 66 students, 47% FRL).
• Zoned-school proficiency averages 40% at this address vs 28% district-wide (+12 pts) — the actual schools serving this property are materially stronger than the Wilmot School District 54-7 average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 15 active listings in the ZIP; 23 units permitted in Roberts County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $4k of equity ($684 loan paydown + $3k appreciation (3.0% local appreciation)).
• Roberts County population projected at +8% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~7 years — after that, you're playing with house money.
• By year 9, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 36 days — a 3% lower offer ($96k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y 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 $32k; list at $99k implies a 214% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $85,993 (13.1% 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. It's been on market 36 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
3. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. Crime grade is D 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.87% ✗
• Cap rate: 6.23%
• Cash-on-cash: -0.21%
• DSCR: 0.99
• GRM: 9.6

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: 7.3%
• Equity multiple: 1.42×
• Total profit: $11,632
• Equity at exit: $44,515

10-year hold

• IRR: 10.0%
• Equity multiple: 2.51×
• Total profit: $41,872
• Equity at exit: $68,602

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 57279

• Active inventory: 15
• Price-to-rent: 9.6×

Monthly cashflow live

• Estimated rent: $860 medium
• Mortgage (P&I): −$519
• Tax est. 1.5%: −$124 /mo · $1,485/yr
• Insurance: −$41
• HOA: −$0
• Vacancy / Maint / Mgmt: −$181
• Net cashflow: $-5

Break-even live

Break-even rent $866

Max offer price $98,302

Occupancy floor 96%

Sensitivity live

Price	-10% $64	-5% $29	+0% $-5	+5% $-39	+10% $-73
Rent	-10% $-73	-5% $-39	+0% $-5	+5% $29	+10% $63
Rate	-1.0pp $45	-0.5pp $20	base $-5	+0.5pp $-30	+1.0pp $-57

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 17 events

1. 2026-06-08
   days on market $99,000 Active 36 DOM
2. 2026-06-08
   days on market $99,000 Active 35 DOM
3. 2026-06-05
   days on market $99,000 Active 33 DOM
4. 2026-06-04
   days on market $99,000 Active 31 DOM
5. 2026-06-02
   days on market $99,000 Active 30 DOM
6. 2026-06-01
   days on market $99,000 Active 29 DOM
7. 2026-05-31
   days on market $99,000 Active 28 DOM
8. 2026-03-20
   status Pending
9. 2026-02-24
   listed $99,000 Active
10. 2025-02-12
    status Pending 476-char remark

    Show marketing remark (476 chars)

    Bank owned property being sold as-is. Metal roof and decent siding. Some windows updated. One bedroom home with fenced in back yard and garage with alley access. Please contact a local to Wilmot agent for showing. Idaho Housing and Finance as seller cannot offer secondary financing with FHA first mortgages. No offers will be accepted until 10 days past the listing date. Idaho Housing and Finance does not guarantee any personal property or the function of personal property

11. 2025-02-11
    soldstatus $31,500 Sold 476-char remark

    Show marketing remark (476 chars)

    Bank owned property being sold as-is. Metal roof and decent siding. Some windows updated. One bedroom home with fenced in back yard and garage with alley access. Please contact a local to Wilmot agent for showing. Idaho Housing and Finance as seller cannot offer secondary financing with FHA first mortgages. No offers will be accepted until 10 days past the listing date. Idaho Housing and Finance does not guarantee any personal property or the function of personal property

12. 2025-01-31
    historical Active - Contingent Misc 476-char remark

    Show marketing remark (476 chars)

    Bank owned property being sold as-is. Metal roof and decent siding. Some windows updated. One bedroom home with fenced in back yard and garage with alley access. Please contact a local to Wilmot agent for showing. Idaho Housing and Finance as seller cannot offer secondary financing with FHA first mortgages. No offers will be accepted until 10 days past the listing date. Idaho Housing and Finance does not guarantee any personal property or the function of personal property

13. 2025-01-07
    price $36,000 476-char remark

    Show marketing remark (476 chars)

    Bank owned property being sold as-is. Metal roof and decent siding. Some windows updated. One bedroom home with fenced in back yard and garage with alley access. Please contact a local to Wilmot agent for showing. Idaho Housing and Finance as seller cannot offer secondary financing with FHA first mortgages. No offers will be accepted until 10 days past the listing date. Idaho Housing and Finance does not guarantee any personal property or the function of personal property

14. 2024-12-07
    price $38,250 476-char remark

    Show marketing remark (476 chars)

    Bank owned property being sold as-is. Metal roof and decent siding. Some windows updated. One bedroom home with fenced in back yard and garage with alley access. Please contact a local to Wilmot agent for showing. Idaho Housing and Finance as seller cannot offer secondary financing with FHA first mortgages. No offers will be accepted until 10 days past the listing date. Idaho Housing and Finance does not guarantee any personal property or the function of personal property

15. 2024-10-31
    price $40,500 476-char remark

    Show marketing remark (476 chars)

    Bank owned property being sold as-is. Metal roof and decent siding. Some windows updated. One bedroom home with fenced in back yard and garage with alley access. Please contact a local to Wilmot agent for showing. Idaho Housing and Finance as seller cannot offer secondary financing with FHA first mortgages. No offers will be accepted until 10 days past the listing date. Idaho Housing and Finance does not guarantee any personal property or the function of personal property

16. 2024-09-20
    price $42,750 476-char remark

    Show marketing remark (476 chars)

    Bank owned property being sold as-is. Metal roof and decent siding. Some windows updated. One bedroom home with fenced in back yard and garage with alley access. Please contact a local to Wilmot agent for showing. Idaho Housing and Finance as seller cannot offer secondary financing with FHA first mortgages. No offers will be accepted until 10 days past the listing date. Idaho Housing and Finance does not guarantee any personal property or the function of personal property

17. 2024-08-16
    listed $45,000 Active - New 476-char remark

    Show marketing remark (476 chars)

    Bank owned property being sold as-is. Metal roof and decent siding. Some windows updated. One bedroom home with fenced in back yard and garage with alley access. Please contact a local to Wilmot agent for showing. Idaho Housing and Finance as seller cannot offer secondary financing with FHA first mortgages. No offers will be accepted until 10 days past the listing date. Idaho Housing and Finance does not guarantee any personal property or the function of personal property

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 ≥99°F today · 13 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $10,319
• − Mortgage interest: −$5,546
• − Property taxes: −$1,485
• − Insurance: −$495
• − Repairs & maintenance: −$826
• − Management: −$826
• − Depreciation: −$2,880
• Taxable loss: −$1,737
• Est. tax savings @ 24.0%: +$417
• After-tax cash flow: $359/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: Wilmot School District 54-7
• NCES district ID: 4600003
• Math proficiency: 25% ▬ 0.00%
• Reading proficiency: 30% ▼ -10.00%
• Median HH income: $47,297
• Composite: 26.8/100
• National rank: #12546
• State rank: #138 of 148 in SD

Livability — Wilmot

• Score: 64/100
• State rank: #178
• US rank: #14623

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Wilmot, SD
• Population (ZIP): 981

Population outlook (Roberts County) Hauer SSP2

• Today (2025): 10,364 people
• By 2030: 10,440 · +0.7%
• By 2040: 10,680 · +3.0%
• By 2050: 11,162 · +7.7%
• By 2075: 14,113 · +36.2%
• By 2100: 18,926 · +82.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 4% Native American 3% Hispanic / Latino 3%
• Common ancestry: Portuguese 22% Iranian 5% Romanian 2%
• Foreign-born: 1% · Canada
• Languages at home: 99% English-only · Other Indo-European 1%

Political lean MEDSL · Roberts

• 2024 margin: Strong R (+23.0) · D 37.6% · R 60.6% · Other 1.8%
• 2008→2024 swing: -42.6pp toward R · 2008: 19.6pp · 2024: -23.0pp
• All cycles: 2024: R+23.0 2020: R+13.4 2016: R+15.5 2012: D+9.8 2008: D+19.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: —
• Current HPI: —
• 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

+120.0% since first listed

10 events — show timeline

• 2026-03-20 Pending — NESD
• 2026-02-24 Listed $99,000 NESD
• 2025-02-12 Pending — REALTOR® Association of the Sioux Empire
• 2025-02-11 Sold (MLS) $31,500 REALTOR® Association of the Sioux Empire
• 2025-01-31 Contingent — REALTOR® Association of the Sioux Empire
• 2025-01-07 Price Changed $36,000 REALTOR® Association of the Sioux Empire
• 2024-12-07 Price Changed $38,250 REALTOR® Association of the Sioux Empire
• 2024-10-31 Price Changed $40,500 REALTOR® Association of the Sioux Empire
• 2024-09-20 Price Changed $42,750 REALTOR® Association of the Sioux Empire
• 2024-08-16 Listed $45,000 REALTOR® Association of the Sioux Empire