Real Estate Investing in Sioux Falls, South Dakota (57104)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 57104 (Sioux Falls, SD)? Our answer, based on the numbers below.
Solid choice — values are growing steadily and the market is stable enough to buy with confidence.
A middle-of-the-road market. Workable, but the best opportunities may be nearby ZIPs rather than this one.
- Elevated vacancy: 11.2% vacancy may signal weakening demand.
What’s happening in Sioux Falls, SD (57104)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 57104 Sioux Falls
Not every below-median market is a bargain. Sioux Falls's 57104 ZIP posts signals that favor experienced operators who can absorb the risk $224K pricing implies.
If the plan assumes clean turnover, on-time rent, and low maintenance on a $224K asset, 57104 is the wrong submarket. If the plan prices in friction, the yield can still work.
Statewide comparisons place 57104 among SD's softer markets. That context does not make the ZIP uninvestable, but it does raise the bar for due diligence.
The 57104 ZIP's population of 27,406 has faced economic pressure over the last decade. That pressure shows up in rent delinquency patterns that sits at the need for careful underwriting.
New investors are better served looking at Sioux Falls's stable or hybrid ZIPs before stepping into 57104. The learning curve here is expensive when the lesson is wrong.
Here's what matters if you're considering buying a home in Sioux Falls:
Property Strategy for 57104
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 1BR | $145,226 | $880 | 4.4% | +7.4% | $145,226 |
| 2BR | $190,391 | $1,030 | 3.9% | +7.7% | $95,195 |
| 3BR | $228,142 | $1,410 | 4.4% | +8.1% | $76,047 |
| 4BR | $260,050 | $1,730 | 4.8% | +8.2% | $65,013 |
| 5BR | $307,014 | — | — | — | $61,403 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 57104 Compare?
| Metric | 57104 | Sioux Falls | Sioux Falls, SD | South Dakota |
|---|---|---|---|---|
| Home Value | $224,487 | $220,477 | N/A | $311,504 |
| 5-Year CAGR | 6.0% | 5.0% | N/A | 6.8% |
| Avg Rent | $1,313 | $1,290 | N/A | - |
| Cap Rate | 4.6% | 3.0% | - | - |
Similar ZIPs Within 25 Miles
Compare other nearby markets to see if a neighbor offers a better fit.
Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 57104 (Sioux Falls, SD). Anonymous, moderated, never written by AI.
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Property managers serving Minnehaha County
Manage rentals here? List your business →Costello Companies offers apartments and townhomes in South Dakota. summary from their website
Listings are shown for convenience — Repit doesn’t endorse or vet these companies. Ratings shown come only from email-verified visitors.
📊 Market Snapshot
| Home Value | $224,487 |
| Monthly Rent | $1,313 |
| Price-to-Rent | 14.3:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 7.0% |
| Cap Rate | 4.6% |
| 5-Year IRR | 10.5% |
📈 Home Appreciation
| 1-Year | +2.6% ▲ |
| 3-Year CAGR | +3.6% ▲ |
| 5-Year CAGR | +6.0% ▲ |
| 10-Year CAGR | +7.0% ▲ |
🏠 Rent Trends
| 1-Year | +23.7% ▲ |
| 3-Year CAGR | +10.8% ▲ |
| 5-Year CAGR | +10.0% ▲ |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (4.6%). Financing reduces your cash-on-cash return below the cap rate. Markets like this may still make sense as IRR plays — factoring in appreciation, depreciation, and a future refinance when rates drop.
Run an IRR Analysis →⚠️ Risk Signals
Composite view of factors that can impact a ZIP's stability and your downside risk.
Demographics in 57104
Population: 27,406
Crime & Safety
Crime & Safety Data Coming Soon
We're integrating comprehensive crime statistics including violent crime rates, property crime, and safety scores to help you make informed investment decisions.
Expected: Q1 2025
🎓 Schools in 57104
Schools in This ZIP Code
About Repit School Scores
Traditional school ratings rely heavily on standardized test scores, which often reflect family income more than school quality. Repit takes a different approach.
We evaluate schools based on factors that research shows actually impact educational outcomes:
- Class Size — Smaller classes mean more individual attention
- School Funding — Resources available for programs, staff, and facilities
- Community Factors — Neighborhood characteristics that influence student success
- School Environment — Size, type, and structure
Scores are updated annually using federal education data.
🎓 Nearby Colleges & Universities
Investor Insight: With 1,030 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
Are homes affordable in Sioux Falls, SD?
In Sioux Falls, SD the median home value sits at $224K. Against the broader SD market, that reads as reasonable for most investors.
What is the tenant pool like in Sioux Falls, SD?
Sioux Falls, SD offers a stable renter base at the $1,313/mo rent level. Tenant turnover is reasonable for well-managed properties.
How do experienced investors play Sioux Falls, SD?
Most investors in Sioux Falls, SD run a careful cash-flow rentals with hands-on management strategy. It aligns with the 3.0/5 investability profile and the market fundamentals.
Can owner-occupants cash flow in Sioux Falls, SD?
For house hackers, Sioux Falls, SD is a challenging. The $1,313/mo rent on a unit helps defray the mortgage on a $224K property.
How landlord-friendly is Sioux Falls, SD?
Sioux Falls, SD falls under SD landlord-tenant law, which is landlord-friendly. That backdrop makes day-to-day property management reasonable.
You know 57104 now. You don’t know where it ranks.
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How 57104 ranks in Sioux Falls, SD
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