250 N Church St St

Canova, SD 57321

$59,900C-

None bd · None ba · 4,536 sqft · Built 1922 · MultiFamily · Active · 18 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $7,014/mo
• Mortgage (P&I): −$314
• Tax + insurance: −$100
• HOA: −$0
• Vac / Maint / Mgmt: −$1,473
• Net cashflow: $5,127/mo
• Annual: $61,525/yr
• Cap rate: 109.01%
• Cash-on-cash: 366.83%
• DSCR: 17.32
• 1% rule: 11.71%
• Cash to close: $16,772

Investor read

• This is a multifamily listed at $60k.
• 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).
• It's been on market 18 days — a 2% lower offer ($59k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $59k (1.5% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($414 loan paydown + $2k appreciation (3.0% local appreciation)).
• 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).
• Watch-outs: built in 1922 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 1 active listings in the ZIP; 4 units permitted in Miner County in 2024 (0 in 5+ unit buildings).
• Miner County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 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.
• 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.

Questions for listing agent

• Built in 1922 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.
• 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.
• 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.