4BR / 2Ba 988ft2

house
w/d in unit
detached garage
Selling a 4 bed 2 bathroom house in a small college town.

About the property:
Currently rents for 930/month with landlord paid utilities and the lease is through next school year. Market rent is up to $1200/month with only water and trash paid by the landlord. See brookingspm.com for comparable houses.

2 bedrooms and a living room are in the finished basement and excluded from square footage on listing sites. Total finished square footage

Expected PITI with 20% down according to nerdwallet is $412/month on a 30 year. Willing to create connections with local property management companies

Example return (do your own calculations! This is an example! This is not a security and this information does not constitute financial advice)

Purchase price: 145,000
Closing fees wrapped in to loan: 2500
20% down: 29,500
Monthly costs:
Principal and interest: 562
Taxes: 141
Home Insurance: 85
Private flood insurance: 42
Monthly repair budget: 100
Property management: 100

Total monthly cost:1030
Monthly rent: 1200

Monthly profit 170
Yearly profit: 2040

Cash on cash return: appr. 6.9%*
*This does not include equity paydown!
Owner would be willing to stay on as property manager for the budgeted $100/month. Or self-manage for a cash on cash return of about 11%!

Do your own numbers!

About the locale:
Brookings is a bustling small town. In 2017, Brookings, SD had a population of 23.5k people with a median age of 24.1 and a median household income of $47,506. Between 2016 and 2017 the population of Brookings, SD grew from 23,292 to 23,471, a 0.769% increase and its median household income grew from $47,060 to $47,506, a 0.948% increase.

Brookings is home toSouth Dakota State University (2,652 degrees awarded in 2016), Daktronics global headquarters, and 3M's largest medical plant.

The median property value in Brookings, SD is $169,400, and the homeownership rate is 49.2%.

The 2017 the GINI for South Dakota was lower than than the national average of 0.479. In other words, wages are distributed more evenly in South Dakota in comparison to the national average.

Data from datausa.io

Interior Features

  • Square Feet: 988
  • Bedrooms: 4
  • Bathrooms: 2
  • Floor Coverings
    • LinoleumVinyl
  • Appliances
    • Dishwasher
    • Refrigerator
    • Microwave
    • Dryer
    • Freezer
    • RangeOven
    • Washer
  • Heating & Cooling
    • Central Heating
  • Interior Keywords:
    • Basement

Exterior Features

  • Built in: 1930
  • Structure Type: House
  • Lot Size: 5,000 Acres
    • Detached Garage
  • Neighborhood information provided by Home Junction Inc. © 2019. Information deemed reliable but not guaranteed.
  • GreatSchools Ratings provided by GreatSchools.org
  • Disclaimer: “School attendance zone boundaries are supplied by Home Junction Inc. and are subject to change. Check with the school directly to verify enrollment eligibility.
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