250 N Church St St · Canova, SD 57321

$59,900

None bd · None ba · 4,536 sqft · MultiFamily · 16 Days on market

Built 1922 0.60 ac lot Est $64k · 6% under

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Why this score? — see what drove the C- 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 +15.0/30.0
• ARV discount +10.1/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Appreciation +5.0/10.0
• Schools +5.0/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

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

Unfortunately the buyer's home did not sell so this historic 1922 Canova Hospital is back on the market! Bring your dreams and your contractors! A building with much potential that needs lots of TLC. A new roof was added and new underground electrical was brought to the building in 2023. The building has 9 numbered bedrooms on the upper floor and multiple multi-purpose rooms on the first floor. Needs all new mechanicals in the building. Great potential for the right owners. Hunting lodge, airbnb, artists' loft, warehouse . . . create your dream space.

Key facts

• New plumbing
• Plaster walls
• Brand new roof

Tags

• BRAND NEW ROOF
• NEW HVAC
• NEW PLUMBING
• FULL BASEMENT
• 10 FOOT AVERAGE STORY HEIGHT
• PLASTER WALLS

Property features AI

Finance

• Financial info: Annual taxes reported (amount provided in original data)

Exterior

• Parking: Off-street parking
• Home design: 2-story multifamily building; Total building area reported as 4,536
• Exterior features: Lot approximately 150 x 175

Interior

• Bedrooms: 9 bedrooms total (multifamily; bedrooms per unit listed as 9)
• Bathrooms: No bathrooms reported per unit
• Interior features: Inside city limits

What this means for you Summary

Snapshot

• This is a multifamily listed at $60k.

Deal economics

• At list price, monthly cash flow is $5k ($62k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $60k).
• Recommended offer: $59k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 60/100 on livability (#255 in SD) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment D+, crime F, amenities F.
• Howard School District 48-3 (rural): math 49% / reading 64% proficiency, ranked #37 of 148 in SD (top 25%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Howard Jr. High - 05 (math 64% / reading 54%, grade B, #19 of 143 statewide, top 18%, 79 students, 11% FRL).
• Market conditions: 1 active listings in the ZIP; 4 units permitted in Miner County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $2k of equity ($414 loan paydown + $2k appreciation (3.0% local appreciation)).
• Miner County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($59k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 4y 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 1922 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $59,001 (1.5% below list)

Questions for the listing agent

1. Built in 1922 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
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 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: 11.71% ✓
• Cap rate: 109.01%
• Cash-on-cash: 366.83%
• DSCR: 17.32
• GRM: 0.7

CMA / ARV

• ARV (on-the-fly): $63,504
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
250 N Church St St	0.00mi	12/3.0	4,536 (0%)	8mo	$65,000	$14	93

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: —
• Equity multiple: 20.91×
• Total profit: $333,870
• Equity at exit: $26,934

10-year hold

• IRR: —
• Equity multiple: 44.59×
• Total profit: $731,054
• Equity at exit: $41,508

Cash invested: $16,772 (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 57321

• Active inventory: 1
• Price-to-rent: 6.4×

Monthly cashflow live

• Estimated rent: $7,014 medium
• Mortgage (P&I): −$314
• Tax est. 1.5%: −$75 /mo · $898/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,473
• Net cashflow: $5,127

Break-even live

Break-even rent $524

Max offer price $59,900

Occupancy floor 22%

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

Units	Beds	Baths	Est. rent
▸ 9× units	1	1	$7,011
Total (9 units)			$7,014

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: $14,975
• Closing costs: $1,797
• Reserves months: —
• Total cash needed: —

Listing history 11 events

1. 2026-06-18
   days on market $59,900 Active 16 DOM
2. 2026-06-17
   days on market $59,900 Active 15 DOM
3. 2026-06-16
   days on market $59,900 Active 14 DOM
4. 2026-06-15
   days on market $59,900 Active 13 DOM
5. 2026-06-13
   days on market $59,900 Active 11 DOM
6. 2026-06-12
   days on market $59,900 Active 10 DOM
7. 2026-06-09
   days on market $59,900 Active 7 DOM
8. 2026-06-08
   days on market $59,900 Active 6 DOM
9. 2026-06-08
   days on market $59,900 Active 5 DOM
10. 2026-06-05
    days on market $59,900 Active 3 DOM
11. 2026-06-03
    listed $59,900 Active 1 DOM

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

Climate risk First Street

• 🌊 Flood 1/10 Low 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥100°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: $84,168
• − Mortgage interest: −$3,355
• − Property taxes: −$898
• − Insurance: −$300
• − Repairs & maintenance: −$6,733
• − Management: −$6,733
• − Depreciation: −$1,743
• Taxable income: $64,405
• Est. tax owed @ 24.0%: −$15,457
• After-tax cash flow: $46,068/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: Howard School District 48-3
• NCES district ID: 4600025
• Math proficiency: 49% ▼ -3.00%
• Reading proficiency: 64% ▲ 2.00%
• Median HH income: $47,395
• Composite: 49.65/100
• National rank: #4251
• State rank: #37 of 148 in SD

Livability — Canova

• Score: 60/100
• State rank: #255
• US rank: #19587

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Canova, SD
• Population (ZIP): 399

Population outlook (Miner County) Hauer SSP2

• Today (2025): 2,072 people
• By 2030: 1,981 · -4.4%
• By 2040: 1,839 · -11.2%
• By 2050: 1,729 · -16.6%
• By 2075: 1,890 · -8.8%
• By 2100: 2,485 · +19.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (99%)
• Race & ethnicity: White 99% Black 1%
• Common ancestry: Portuguese 15% Lithuanian 8% Iranian 2%

Political lean MEDSL · Miner

• 2024 margin: Solid R (+47.0) · D 25.1% · R 72.1% · Other 2.8%
• 2008→2024 swing: -49.3pp toward R · 2008: 2.3pp · 2024: -47.0pp
• All cycles: 2024: R+47.0 2020: R+41.0 2016: R+39.9 2012: R+13.8 2008: D+2.3

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

+12.0% since first listed

8 events — show timeline

• 2026-03-16 Listed $59,900 REALTOR® Association of the Sioux Empire
• 2025-10-16 Sold (MLS) $65,000 REALTOR® Association of the Sioux Empire
• 2025-07-31 Relisted — REALTOR® Association of the Sioux Empire
• 2025-05-31 Pending — REALTOR® Association of the Sioux Empire
• 2025-05-18 Price Changed $74,900 REALTOR® Association of the Sioux Empire
• 2025-02-24 Listed $79,900 REALTOR® Association of the Sioux Empire
• 2022-04-13 Sold (MLS) $58,000 REALTOR® Association of the Sioux Empire
• 2022-02-14 Listed $53,500 REALTOR® Association of the Sioux Empire