Real Estate Investing in Lemmon, South Dakota (57638)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 57638 (Lemmon, 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.
- High vacancy: 28.9% of homes vacant — above national norms.
• Modeled rent — no observed market rent for this ZIP; the figure is estimated from HUD fair-market rent.
What’s happening in Lemmon, SD (57638)?
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Market Analysis: 57638 Lemmon
The 57638 ZIP in Lemmon, SD is a local-operator market. Outside capital chasing a $116K entry has to pair deep knowledge with the discount.
If the plan assumes clean turnover, on-time rent, and low maintenance on a $116K asset, 57638 is the wrong submarket. If the plan prices in friction, the yield can still work.
In the broader SD picture, 57638 is a reminder that not every low-priced ZIP is a value-add opportunity — some are simply distressed, and the difference matters.
From a cash-flow lens, 1,963 residents fill the ZIP, renter turnover runs higher than neighboring postal codes and delinquency risk is a real line item rather than a theoretical one.
Strategy in 57638 is an operator game, not a passive one. Put differently, entry prices of $116K are inviting, the management lift is real and non-optional.
Here's what matters if you're considering buying a home in Lemmon:
Market Trends
Home Value History (with trend line)
📊 How Does 57638 Compare?
| Metric | 57638 | Lemmon | South Dakota |
|---|---|---|---|
| Home Value | $115,746 | $115,746 | $311,504 |
| 5-Year CAGR | 6.8% | 6.8% | 6.8% |
| Avg Rent | $837 | $837 | - |
| Cap Rate | 5.6% | 5.6% | - |
Similar ZIPs Within 25 Miles
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Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 57638 (Lemmon, SD). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $115,746 |
| Monthly Rent | $837 |
| Price-to-Rent | 11.5:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 8.7% |
| Cap Rate | 5.6% |
| 5-Year IRR | 12.4% |
📈 Home Appreciation
| 1-Year | +0.6% ▲ |
| 3-Year CAGR | +7.0% ▲ |
| 5-Year CAGR | +6.8% ▲ |
| 10-Year CAGR | N/A |
🏠 Rent Trends
| 1-Year | N/A |
| 3-Year CAGR | N/A |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (5.6%). 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 57638
Population: 1,963
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 57638
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.
Frequently Asked Questions
Does Lemmon, SD make sense for an investment property?
Our data puts Lemmon, SD at 3.0/5 for investability. Home prices of $116K and rents around $837/mo create a solid backdrop for investor activity.
What investment strategy works best in Lemmon, SD?
The best-fit strategy in Lemmon, SD is careful cash-flow rentals with hands-on management. That approach the rent and price profile of the market.
What is the typical vacancy rate in Lemmon, SD?
Vacancy risk in Lemmon, SD is elevated. That supports even-keeled cash flow for typical rental holds.
Does house hacking make sense in Lemmon, SD?
The house hack math a challenging in Lemmon, SD. Owner-occupant buyers benefit from the $837/mo rents and $116K home values.
What is the average home sale price in Lemmon, SD?
The median home value in Lemmon, SD is roughly $116K. That puts it reasonable relative to the SD statewide average.
You know 57638 now. You don’t know where it ranks.
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