702 4th St SE · Pipestone, MN 56164

$139,900

4 bd · 2.0 ba · 1,813 sqft · SingleFamily · 138 Days on market

Built 1908 $77/sqft · 20% below area Est $175k · 20% under

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Why this score? — see what drove the D grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• ARV discount +15.0/15.0
• Cash flow +10.4/30.0
• Livability +3.6/5.0
• Schools +3.3/10.0
• 1% rule +3.0/10.0
• DSCR +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This is iced tea on the porch season! Looking for a 3-4 bedroom home for your growing family? This may be it! Some very nice updates have been made; upstairs, the updated family bath is ready for you, and there is space to move the laundry upstairs as well. One of the spacious bedrooms is currently the theatre room, and the screen will remain for you. There are 3 bedrooms on the 2nd floor and one on the main floor with its own 1/2 bath. There is many oak cupboard cupboards in the kitchen and a very pretty dining room, adjacent to the living room. Updated flooring completes these floors! There is a 2 cr detached garage with a newer metal roof. This home is near the Pipestone Family Aquatic Center, basketball and pickleball courts, and ball fields.

Key facts

• 2 garage spots
• Built 1908
• Listed 137 days

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $140k.

Deal economics

• At list price, monthly cash flow is $-74 ($-886/yr) — negative.
• To cash-flow at today's rent, offer at most $127k (9.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $112k (19.9% below list).
• Recommended offer: $112k (19.9% below list) — sets the bar for 1% rule.
• Cap rate 5.7% vs local median 2.3% in Pipestone — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 72/100 on livability (#268 in MN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D, amenities F, commute F.
• Pipestone Area School District (town): math 36% / reading 42% proficiency, ranked #233 of 301 in MN (top 77%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Pipestone Elementary (math 57% / reading 47%, grade C-, #368 of 857 statewide, top 47%, 519 students, 54% FRL); Pipestone Middle (math 28% / reading 43%, grade F, #172 of 258 statewide, top 68%, 234 students, 49% FRL); Pipestone Senior High (math 27% / reading 27%, grade F, #369 of 471 statewide, top 79%, 340 students, 39% FRL).
• Market conditions: 45 active listings in the ZIP; 8 units permitted in Pipestone County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $967 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Pipestone County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 138 days — a 12% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 8y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $82k; list at $140k implies a 72% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1908 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $112,106 (19.9% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 138 days. Have you received any prior offers? Is the seller open to a 20% concession, seller financing, or rate buy-down credit?
3. Built in 1908 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
9. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
10. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.80% ✗
• Cap rate: 5.66%
• Cash-on-cash: -2.26%
• DSCR: 0.90
• GRM: 10.4

CMA / ARV

• ARV (median comp): $175,084
• List price: $139,900
• Delta: -20.10%
• Verdict: UNDERPRICED
• Comps: 5 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
622 SW 3rd Ave	0.64mi	5/2.5 (+1)	1,828 (+1%)	20mo	$200,000	$109	45

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -20.0%
• Equity multiple: 0.30×
• Total profit: $-27,358
• Equity at exit: $20,860

10-year hold

• IRR: -13.0%
• Equity multiple: 0.24×
• Total profit: $-29,826
• Equity at exit: $12,096

Cash invested: $39,172 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 46 Balanced
• State Minnesota: 46 Balanced · D+2
• County: — inherits STATE
• City: — inherits STATE

2024 reforms strengthened tenant protections; ramsey/hennepin courts paced moderate to slow.

Methodology + full state rankings →

ZIP-level market 56164

• Home prices YoY: -3.9%
• Active inventory: 45
• Price-to-rent: 10.4×

Monthly cashflow live

• Estimated rent: $1,121 medium
• Mortgage (P&I): −$734
• Tax from tax record: −$168 /mo · $2,010/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$235
• Net cashflow: $-74

Break-even live

Break-even rent $1,214

Max offer price $126,862

Occupancy floor —

Sensitivity live

Price	-10% $5	-5% $-34	+0% $-74	+5% $-113	+10% $-153
Rent	-10% $-162	-5% $-118	+0% $-74	+5% $-30	+10% $15
Rate	-1.0pp $-3	-0.5pp $-38	base $-74	+0.5pp $-110	+1.0pp $-147

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $34,975
• Closing costs: $4,197
• Reserves months: —
• Total cash needed: —

Listing history 29 events

1. 2026-06-21
   days on market $139,900 Active 138 DOM
2. 2026-06-21
   days on market $139,900 Active 137 DOM
3. 2026-06-18
   days on market $139,900 Active 135 DOM
4. 2026-06-18
   price $139,900 Active 134 DOM
5. 2026-06-17
   days on market $144,900 Active 134 DOM
6. 2026-06-16
   days on market $144,900 Active 133 DOM
7. 2026-06-15
   days on market $144,900 Active 132 DOM
8. 2026-06-13
   days on market $144,900 Active 130 DOM
9. 2026-06-12
   days on market $144,900 Active 129 DOM
10. 2026-06-09
    days on market $144,900 Active 126 DOM
11. 2026-06-08
    days on market $144,900 Active 125 DOM
12. 2026-06-07
    days on market $144,900 Active 124 DOM
13. 2026-06-07
    days on market $144,900 Active 123 DOM
14. 2026-06-04
    days on market $144,900 Active 120 DOM
15. 2026-06-02
    days on market $144,900 Active 119 DOM
16. 2026-06-01
    days on market $144,900 Active 118 DOM
17. 2026-05-31
    days on market $144,900 Active 117 DOM
18. 2026-05-31
    days on market $144,900 Active 116 DOM
19. 2026-02-04
    listed $144,900 Active 757-char remark

    Show marketing remark (757 chars)

    This is iced tea on the porch season! Looking for a 3-4 bedroom home for your growing family? This may be it! Some very nice updates have been made; upstairs, the updated family bath is ready for you, and there is space to move the laundry upstairs as well. One of the spacious bedrooms is currently the theatre room, and the screen will remain for you. There are 3 bedrooms on the 2nd floor and one on the main floor with its own 1/2 bath. There is many oak cupboard cupboards in the kitchen and a very pretty dining room, adjacent to the living room. Updated flooring completes these floors! There is a 2 cr detached garage with a newer metal roof. This home is near the Pipestone Family Aquatic Center, basketball and pickleball courts, and ball fields.

20. 2026-01-22
    historical $144,900 757-char remark

    Show marketing remark (757 chars)

    This is iced tea on the porch season! Looking for a 3-4 bedroom home for your growing family? This may be it! Some very nice updates have been made; upstairs, the updated family bath is ready for you, and there is space to move the laundry upstairs as well. One of the spacious bedrooms is currently the theatre room, and the screen will remain for you. There are 3 bedrooms on the 2nd floor and one on the main floor with its own 1/2 bath. There is many oak cupboard cupboards in the kitchen and a very pretty dining room, adjacent to the living room. Updated flooring completes these floors! There is a 2 cr detached garage with a newer metal roof. This home is near the Pipestone Family Aquatic Center, basketball and pickleball courts, and ball fields.

21. 2026-01-20
    listed $144,900 Active 749-char remark

    Show marketing remark (749 chars)

    This is iced tea on the porch season! Looking for a 3-4 bedroom home for your growing family? This may be it! Some very nice updates have been made; upstairs, the updated family bath is ready for you, and there is space to move the laundry upstairs as well. One of the spacious bedrooms is currently the theatre room, and the screen will remain for you. There are 3 bedrooms on the 2nd floor and one on the main floor with its own 1/2 bath. There are many oak cupboards in the kitchen and a very pretty dining room, adjacent to the living room. Updated flooring completes these floors! There is a 2-car detached garage with a newer metal roof. This home is near the Pipestone Family Aquatic Center, basketball and pickleball courts, and ball fields.

22. 2019-12-02
    soldstatus $81,500
23. 2019-04-15
    soldstatus $45,000 Sold
24. 2019-03-26
    historical
25. 2019-03-24
    listed $45,000
26. 2019-02-02
    historical
27. 2018-04-17
    listed $69,900
28. 2012-09-17
    soldstatus $75,000
29. 2012-03-16
    soldstatus $48,500

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast MN · Partial reset (capped growth)

• Current annual tax: $2,010 · $168/mo
• Projected year-2 tax: $2,010 · $168/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥97°F today · 14 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,453
• − Mortgage interest: −$7,837
• − Property taxes: −$2,010
• − Insurance: −$700
• − Repairs & maintenance: −$1,076
• − Management: −$1,076
• − Depreciation: −$4,070
• Taxable loss: −$3,316
• Est. tax savings @ 24.0%: +$796
• After-tax cash flow: $-90/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Pipestone Area School District
• NCES district ID: 2700108
• Math proficiency: 36% ▼ -5.00%
• Reading proficiency: 42% ▼ -13.00%
• Median HH income: $43,965
• Composite: 33.07/100
• National rank: #5568
• State rank: #233 of 301 in MN

Livability — Pipestone

• Score: 72/100
• State rank: #268
• US rank: #5836

Category grades

Amenities F Commute F Cost of living A+ Crime B Employment D Housing A+ Health & safety A+ User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Pipestone, MN
• Population (ZIP): 5,573

Population outlook (Pipestone County) Hauer SSP2

• Today (2025): 8,600 people
• By 2030: 8,276 · -3.8%
• By 2040: 7,705 · -10.4%
• By 2050: 7,235 · -15.9%
• By 2075: 7,155 · -16.8%
• By 2100: 7,738 · -10.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (85%)
• Race & ethnicity: White 85% Hispanic / Latino 7% Two or more races 6% Black 1%
• Hispanic origin (detail): Mexican 5% Puerto Rican 1%
• Common ancestry: Portuguese 17% Iranian 10% Slovak 2%
• Foreign-born: 5% · Canada
• Languages at home: 95% English-only · Spanish 4%

Political lean MEDSL · Pipestone

• 2024 margin: Solid R (+48.1) · D 25.2% · R 73.3% · Other 1.6%
• 2008→2024 swing: -35.0pp toward R · 2008: -13.1pp · 2024: -48.1pp
• All cycles: 2024: R+48.1 2020: R+45.5 2016: R+46.3 2012: R+23.7 2008: R+13.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -13.00%
• Current HPI: 322.45
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 2.41%
• F500 in state: 34

Industry mix (Fortune 500 HQ in MN)

Industry	F500 HQs	Revenue
▸Healthcare	2	$407B
▸Retail	2	$150B
▸Consumer Goods	2	$32B
▸Industrial Machinery	2	$6B
▸Agriculture	1	$40B
▸Healthcare / Medical Devices	1	$32B

Price history

+198.8% since first listed

11 events — show timeline

• 2026-02-04 Listed $144,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-01-22 Coming Soon $144,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-01-20 Listed $144,900 REALTOR® Association of the Sioux Empire
• 2019-12-02 Sold (Public Records) $81,500 Public Records
• 2019-04-15 Sold (MLS) $45,000 NORTHSTARMLS as Distributed by MLS Grid
• 2019-03-26 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2019-03-24 Listed $45,000 NORTHSTARMLS as Distributed by MLS Grid
• 2019-02-02 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2018-04-17 Listed $69,900 NORTHSTARMLS as Distributed by MLS Grid
• 2012-09-17 Sold (Public Records) $75,000 Public Records
• 2012-03-16 Sold (Public Records) $48,500 Public Records

Property tax history

+9.1%/yr

Latest (2025): $2,010 · +51.4% YoY. Source: county tax records.