122 9th St, Brookings, SD 57006

4 bedrooms, main floor laundry, oversized 2 stall garage, and a great yard for entertaining await you in this close to downtown and campus rental house. Rent to own is not necessary, but I couldn't seem to put multiple options. All utilities paid for by renter. Renter is responsible for mowing the lawn and shovelling the driveway and sidewalk. Subleases are allowed with permission from the landlord and within city occupancy laws. Minimum lease length is 9 months. Free roaming pets with claws (dogs, cats, etc.) are highly discouraged and pet deposits, assurances that the animal has not caused property damage in the past, and precaution discussions will need to occur. Birds, fish, etc. are acceptable. Landlord is willing to do cost shared improvements with a rent to own renter- each request weighed separately and landlord is under no obligation to agree and/or monetarily contribute . (Example, a tenant wishes to paint the upstairs a different color, modernize the loft carpet, or install modern light fixtures etc and does not want to wait until they can afford to purchase the property until they make the upgrade. Renter may choose to reach out to the landlord about a particular light fixture they would like installed in the kitchen. The landlord review the picture, agrees that it would improve the property and authorizes the renter to purchase the light fixture and the landlord agrees to install it.) Rent to own structure: 100% savings credit to purchase for rent above market ($1200) up to $200/month. Rent credits expire when purchase price and rent locks expire. Purchase price and rent locks negotiated separately. Example. Jack and Jill BrookingsRes want to create a rent to own contract on the property. They expect it will to take them about 3 years to qualify for financing so they negotiate with the landlord to lock the purchase price and rent amount for 3 years. Current market value of the property is estimated as $140k. The average house appreciation rate per year is between 3-5% and the landlord expects the home to be worth approximately $156k in 3 years ($16k more than today) . As a decent percent of rent-to-own contracts fail and money today is worth more than money tomorrow, the landlord is willing to accept $7k upon signing of the contract to lock the purchase price and the rent for 3 years. Jack and Jill BrookingsRes decide then to pay$1400/month in rent. Putting the $200/month above market rent in to a credit and receiving the full $200 landlord match in credit. Jack and Jill BrookingsRes hustled hard in their jobs and were able to maintain the additional $200/month above market rent for the duration of their contract. After 3 years they have accumulated $14,400 in rental credits ($7200 their contribution and $7200 landlord match) and they were able to repair their credit so they could purchase the home prior to the option expiring. The house is still only $140,000 for Jack and Jill to purchase because it is still under an option contract, and they were able to use their rent their full rent credits prior to any of them expiring. They then used $14,400 in accumulated credits to pay their 5% downpayment and the closing costs associated with purchasing the house. Let's say Jack and Jill fell on hard times in year two. They can stop contributing to the rent credits and move the monthly rent down to the $1100/month market rent. In addition, they can sublease one of the bedrooms to help pay the bills subject to background check/landlord approval, city occupancy laws etc. When the hard times pass, they can start building rent credits again.