3417 W Rapid St · Rapid City, SD 57702

$285,000

4 bd · 2.0 ba · 1,536 sqft · MultiFamily public records · 67 Days on market

Built 1952

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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 +15.8/30.0
• ARV discount +7.5/15.0
• DSCR +4.9/10.0
• 1% rule +3.7/10.0
• Livability +3.7/5.0
• Rent growth +3.5/5.0
• Schools +3.4/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Listed by Rich Hegre Engel & Volkers 605-381-RICH(7424) This is a great opportunity to own a west side investment property. This duplex is fully rented with great income. Zero vacancy for over 3 years, gives you peace of mind knowing you will have income.

Key facts

• Built 1952
• Listed 67 days

Property features AI

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer; Natural gas available
• Home design: Residential income property; Duplex
• Exterior features: Composition roof; Level lot; Has a view

Interior

• Kitchen: Range, Oven, Refrigerator
• Heating & cooling: Electric cooling
• Interior features: Range, Oven, Refrigerator

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $285k.

Deal economics

• At list price, monthly cash flow is $129 ($2k/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 $249k (12.6% below list).
• Recommended offer: $249k (12.6% below list) — sets the bar for 1% rule.
• Cap rate 6.8% vs local median 2.5% in Rapid City — 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 74/100 on livability (#34 in SD, #4,720 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime F, commute F.
• Rapid City Area School District 51-4 (urban): math 34% / reading 46% proficiency, ranked #50 of 59 in SD (top 85%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: South Canyon Elementary - 15 (math 37% / reading 42%, grade F, #169 of 253 statewide, top 71%, 266 students, 27% FRL); West Middle School - 37 (math 42% / reading 51%, grade D+, #73 of 143 statewide, top 51%, 612 students, 26% FRL); Stevens High School - 42 (math 56% / reading 86%, grade B+, #11 of 151 statewide, top 7%, 1,686 students, 14% FRL).
• Zoned-school proficiency averages 52% at this address vs 40% district-wide (+12 pts) — the actual schools serving this property are materially stronger than the Rapid City Area School District 51-4 average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising fast (+4.1%/yr); 236 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 1,181 units permitted in Pennington County in 2024 (715 in 5+ unit buildings).
• This rent runs 33% of the median local income ($91k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Pennington County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 67 days — a 6% lower offer ($268k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 10y 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: built in 1952 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $249,000 (12.6% below list)

Questions for the listing agent

1. It's been on market 67 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
2. Built in 1952 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.87% ✗
• Cap rate: 6.84%
• Cash-on-cash: 1.94%
• DSCR: 1.09
• GRM: 9.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.09% rent growth · sell at horizon

5-year hold

• IRR: -12.1%
• Equity multiple: 0.56×
• Total profit: $-35,232
• Equity at exit: $42,494

10-year hold

• IRR: -1.5%
• Equity multiple: 0.89×
• Total profit: $-8,673
• Equity at exit: $24,642

Cash invested: $79,800 (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 57702

• Rents YoY: 4.1%
• Active inventory: 236
• Price-to-rent: 19.1×

Monthly cashflow live

• Estimated rent: $2,490 high
• Mortgage (P&I): −$1,495
• Tax from tax record: −$225 /mo · $2,694/yr
• Insurance: −$119
• HOA: −$0
• Vacancy / Maint / Mgmt: −$523
• Net cashflow: $129

Break-even live

Break-even rent $2,326

Max offer price $285,000

Occupancy floor 90%

Sensitivity live

Price	-10% $291	-5% $210	+0% $129	+5% $49	+10% $-32
Rent	-10% $-67	-5% $31	+0% $129	+5% $228	+10% $326
Rate	-1.0pp $273	-0.5pp $202	base $129	+0.5pp $55	+1.0pp $-20

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,490
Total (2 units)			$2,490

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: $71,250
• Closing costs: $8,550
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1800 Shaver St Rapid City, SD	3.0	1.0–2.0	920	$1,915	$2.08	22d	2	1.42mi

Listing history 24 events

1. 2026-06-21
   days on market $285,000 Active 67 DOM
2. 2026-06-19
   days on market $285,000 Active 65 DOM
3. 2026-06-18
   days on market $285,000 Active 64 DOM
4. 2026-06-17
   days on market $285,000 Active 63 DOM
5. 2026-06-16
   days on market $285,000 Active 62 DOM
6. 2026-06-15
   days on market $285,000 Active 61 DOM
7. 2026-06-14
   days on market $285,000 Active 59 DOM
8. 2026-06-13
   days on market $285,000 Active 58 DOM
9. 2026-06-10
   days on market $285,000 Active 56 DOM
10. 2026-06-09
    days on market $285,000 Active 55 DOM
11. 2026-06-08
    days on market $285,000 Active 54 DOM
12. 2026-06-07
    days on market $285,000 Active 53 DOM
13. 2026-06-05
    days on market $285,000 Active 50 DOM
14. 2026-06-02
    days on market $285,000 Active 48 DOM
15. 2026-06-01
    pricedays on market $285,000 Active 47 DOM
16. 2026-05-31
    days on market $295,000 Active 46 DOM
17. 2026-05-30
    days on market $295,000 Active 45 DOM
18. 2026-04-15
    listed $295,000 Active 261-char remark

    Show marketing remark (261 chars)

    Listed by Rich Hegre Engel & Volkers 605-381-RICH(7424) This is a great opportunity to own a west side investment property. This duplex is fully rented with great income. Zero vacancy for over 3 years, gives you peace of mind knowing you will have income.

19. 2026-04-15
    listed $295,000 Active

    Show marketing remark (261 chars)

    Listed by Rich Hegre Engel & Volkers 605-381-RICH(7424) This is a great opportunity to own a west side investment property. This duplex is fully rented with great income. Zero vacancy for over 3 years, gives you peace of mind knowing you will have income.

20. 2022-11-07
    soldstatus $250,000
21. 2022-11-07
    soldstatus $250,000
22. 2022-09-21
    listed $250,000
23. 2016-08-01
    soldstatus $112,000
24. 2016-05-27
    listed $125,000

ⓘ 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: $2,694 · $225/mo
• Projected year-2 tax: $3,734 · $311/mo
• Expected delta: +$1,039/yr (+$87/mo · 38.6%)

ⓘ 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 8/10 Severe
• 🌡 Heat 2/10 Low 7 d/yr ≥94°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $29,880
• − Mortgage interest: −$15,964
• − Property taxes: −$2,694
• − Insurance: −$1,425
• − Repairs & maintenance: −$2,390
• − Management: −$2,390
• − Depreciation: −$8,291
• Taxable loss: −$3,275
• Est. tax savings @ 24.0%: +$786
• After-tax cash flow: $2,337/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: Rapid City Area School District 51-4
• NCES district ID: 4659820
• Math proficiency: 34% ▼ -8.00%
• Reading proficiency: 46% ▼ -4.00%
• Median HH income: $50,145
• Composite: 34.47/100
• National rank: #5189
• State rank: #50 of 59 in SD

Livability — Rapid City

• Score: 74/100
• State rank: #34
• US rank: #4720

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Rapid City, SD
• County: Pennington County · 99,403 people
• City population: 99,403
• Metro: Rapid City, SD
• Population (ZIP): 35,595
• Household income: $91,457
• Rent vs Own: 26.9% rent · 73.1% own
• Severe rent burden: 499.0

Population outlook (Pennington County) Hauer SSP2

• Today (2025): 125,504 people
• By 2030: 133,370 · +6.3%
• By 2040: 147,505 · +17.5%
• By 2050: 160,507 · +27.9%
• By 2075: 197,585 · +57.4%
• By 2100: 241,736 · +92.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Two or more races 8% Hispanic / Latino 4% Native American 2% Asian 1%
• Common ancestry: Portuguese 12% Slovak 3% Lithuanian 3%
• Foreign-born: 3% · Canada, Philippines
• Languages at home: 96% English-only · Spanish 1% German/W. Germanic 1% Arabic 1%

Political lean MEDSL · Pennington

• 2024 margin: Strong R (+26.4) · D 35.4% · R 61.9% · Other 2.7%
• 2008→2024 swing: -5.3pp toward R · 2008: -21.2pp · 2024: -26.4pp
• All cycles: 2024: R+26.4 2020: R+25.1 2016: R+33.0 2012: R+29.5 2008: R+21.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -225.08%
• Current HPI: 230.5854
• Rent YoY: ▲ 4.09%
• Metro: Rapid City, 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

+136.0% since first listed

7 events — show timeline

• 2026-04-15 Listed $295,000 MRAOR
• 2026-04-15 Listed $295,000 BHMLS
• 2022-11-07 Sold (Public Records) $250,000 Public Records
• 2022-11-07 Sold (MLS) $250,000 BHMLS
• 2022-09-21 Listed $250,000 BHMLS
• 2016-08-01 Sold (MLS) $112,000 BHMLS
• 2016-05-27 Listed $125,000 BHMLS

Property tax history

+6.2%/yr

Latest (2025): $2,694 · +5.8% YoY. Source: county tax records.