Bon Homme County

Bon Homme County sits at a median home price of $183,452, up 6.23% year over year, with an affordability index of 91, meaning the local price level remains accessible relative to incomes. The data does not include rental income figures, so cap rate and cash-on-cash return both register at zero in the model, which means this county cannot be evaluated as a cash-flow play with the available information. What the scoring does show clearly is where the investment thesis lives: an appreciation score of 90 out of 100 places Bon Homme firmly on the appreciation end of the spectrum, while the cash-flow score of 0 signals that investors should not underwrite this market expecting positive monthly spread from day one. The 6.23% annual price appreciation, in a county where the median purchase price is still under $185,000, is a meaningful combination for a buy-and-hold investor who is comfortable with modest or neutral cash flow while compiling equity.

The appreciation score of 90, paired with a national percentile ranking of 98th out of 1,000 counties and a state rank of 2nd out of 50, tells you that price momentum here is among the most consistent in the dataset. That positions Bon Homme squarely for the appreciation-focused buyer, not the cash-flow buyer looking for $400 a month net after debt service. The county is not the right fit for a value-add operator either, at least not one who needs to manufacture yield through renovation to hit a return hurdle, since the missing rental income data makes that underwrite incomplete. Where this market makes sense is for an investor willing to put 20% down ($36,690 on the median purchase), accept whatever the rental income covers toward the mortgage, and rely on continued price appreciation to build wealth. The stability score of 50 introduces caution: this is not a set-it-and-forget-it market with deep liquidity and consistent demand, which is consistent with a rural South Dakota county of 7,018 people.

No economic anchor or employer data was provided for Bon Homme County, so the underlying drivers of rental demand cannot be characterized beyond what the population and price figures suggest. A county of roughly 7,000 residents is a thin demand base, and any single employer shift or demographic change can move the rental market meaningfully. Investors unfamiliar with rural Great Plains markets should treat that population figure seriously: tenant pools are narrow, vacancy can be binary rather than gradual, and re-leasing timelines can extend well beyond what a suburban investor would expect.

On carry costs, the combined monthly tax and insurance figure is $251, based on a state-average effective property tax rate of 1.28% and an insurance rate of 0.36%. That $251 is a meaningful line item against any rent collected, particularly in a small market where gross rents may not reach the levels that urban comparables would suggest. The 1.28% rate is flagged as "normal" in the data, meaning it does not represent a tailwind or a penalty relative to national norms. That said, the standard caveat applies: this is a state-average estimate from Tax Foundation 2024 data, and actual rates at the county or township level in Bon Homme may differ. Budget the $251 as a baseline, verify the specific mill levy before closing.

The primary risk in Bon Homme is concentration and scale. With a population of 7,018, the tenant universe is small enough that a single large employer contraction or an outmigration trend could shift vacancy from manageable to severe with little warning. The stability score of 50 reflects exactly this kind of fragility. Investors who need predictable occupancy to service debt should weight that number carefully. There is also an implicit liquidity risk: buying in a county this size means fewer buyers when it is time to exit, and price appreciation, however strong on paper, may not translate into a fast or liquid sale.

Against the neighboring counties in the data, Bon Homme carries the highest overall score among its peers alongside Walworth (both at 78), though Perkins County edges it with an 80. Walworth's median price of $129,412 is $54,000 cheaper, which may appeal to buyers who want maximum affordability and are less focused on appreciation. Marshall County at $223,262 is the most expensive neighbor and shares the same 78 overall score, meaning you are paying significantly more for equivalent scoring. Beadle County at $188,792 and an overall score of 77 offers similar pricing with marginally weaker performance. Bon Homme makes the most sense over its neighbors when appreciation rate is the primary filter: the 90 appreciation score stands out in this peer group, and at a sub-$185,000 entry price, the dollar exposure per unit of appreciation potential is efficient. Choose a neighbor if cash-flow data or a larger population base matters more to your underwrite than price momentum.