802 4th St · Pepin, WI 54759

$155,000

2 bd · 1.0 ba · 1,242 sqft · SingleFamily · 53 Days on market

Built 1961 8,712 sqft lot Est $221k · 30% under

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Why this score? — see what drove the C 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).

• Cash flow +15.3/30.0
• ARV discount +15.0/15.0
• Appreciation +8.4/10.0
• DSCR +4.7/10.0
• Schools +4.5/10.0
• Livability +3.3/5.0
• 1% rule +3.1/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

A very charming and cozy 2 bedroom, 1 bath manufactured home in excellent condition. Home has central heat and air plus in-floor heat and supplemental electric baseboard in bedroom. Large bath with laundry. Den could be converted to a third bedroom if needed. Over 1200 finished square feet. Nice covered patio. Oversized single detached newly wired garage. Included is a 10 X 12 wired utility shed. Home sits on a corner lot only one block from the school and across the street from the village park. Local cafe' only one block. Walk 4 blocks to Lake Pepin. Possible owner financing.

Key facts

• Wired utility shed
• Central heat and air
• In-floor heat

Tags

• CENTRAL HEAT AND AIR
• IN-FLOOR HEAT
• LAUNDRY
• COVERED PATIO
• WIRED UTILITY SHED
• CORNER LOT

Property features AI

Finance

• Financial info: Mortgage type: Other

Exterior

• Parking: Asphalt driveway; 1-car garage with electric and garage door opener (garage approx. 24 x 14, door 8 ft wide x 7 ft high); Additional onsite paid parking available
• Utilities: City water connected; City sewer connected; 100 amp electric service (Xcel Energy); Propane fuel
• Home design: Manufactured home; Single-story (one level); Residential property
• Construction: Frame and other construction materials; Asphalt roof; Foundation: other (foundation area 648)
• Exterior features: Vinyl and wood exterior; Covered patio with awning; Patio (12 x 12); Storage shed; Corner lot with light tree coverage; Underground utilities

Interior

• Kitchen: Range; Refrigerator; Eat-in kitchen / kitchen-dining area
• Bedrooms: Two bedrooms on the main level (one 13 x 13, one 11 x 8)
• Bathrooms: One full bathroom
• Heating & cooling: Baseboard heating; Forced air heating; Central air; Window unit(s)
• Interior features: Den; Living/Dining room and eat-in kitchen layout; Patio (covered with awning)
• Laundry & utility: Washer hookup on main level; Dryer; Electric water heater; Fuel tank (rented)

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $155k.

Deal economics

• At list price, monthly cash flow is $57 ($681/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $125k (19.5% below list).
• Recommended offer: $125k (19.5% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 66/100 on livability (#468 in WI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: amenities F, commute F, health & safety D-.
• Pepin Area School District (rural): math 50% / reading 50% proficiency, ranked #118 of 426 in WI (top 28%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 22 active listings in the ZIP; 24 units permitted in Pepin County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $12k of equity ($1k loan paydown + $10k appreciation (6.7% local appreciation)).
• Pepin County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (6.7% appreciation + 3.0% rent growth), your $43k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$39k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 53 days — a 3% lower offer ($150k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 20y 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 $36k; list at $155k implies a 331% gain — meaningful room to come down on a strong offer.

Recommended offer $124,778 (19.5% below list)

Questions for the listing agent

1. It's been on market 53 days. Have you received any prior offers? Is the seller open to a 19% concession, seller financing, or rate buy-down credit?
2. Built in 1961 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
5. 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.
6. 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.
7. 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: 0.81% ✗
• Cap rate: 6.73%
• Cash-on-cash: 1.57%
• DSCR: 1.07
• GRM: 10.4

CMA / ARV

• ARV (on-the-fly): $221,076
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
213 Locust St	0.16mi	3/1.0 (+1)	1,349 (+9%)	19mo	$239,900	$178	57

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

Projected returns pro-forma

6.73% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 18.3%
• Equity multiple: 2.27×
• Total profit: $55,075
• Equity at exit: $104,649

10-year hold

• IRR: 17.6%
• Equity multiple: 4.63×
• Total profit: $157,549
• Equity at exit: $196,332

Cash invested: $43,400 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 73 Landlord-Friendly
• State Wisconsin: 73 Landlord-Friendly · R+2
• County: — inherits STATE
• City: — inherits STATE

5-day notice; preempted; Madison / Milwaukee have some local enforcement.

Methodology + full state rankings →

ZIP-level market 54759

• Home prices YoY: 2.8%
• Active inventory: 22
• Price-to-rent: 10.4×

Monthly cashflow live

• Estimated rent: $1,248 medium
• Mortgage (P&I): −$813
• Tax from tax record: −$52 /mo · $619/yr
• Insurance: −$65
• HOA: −$0
• Vacancy / Maint / Mgmt: −$262
• Net cashflow: $57

Break-even live

Break-even rent $1,176

Max offer price $155,000

Occupancy floor 90%

Sensitivity live

Price	-10% $145	-5% $101	+0% $57	+5% $13	+10% $-31
Rent	-10% $-42	-5% $7	+0% $57	+5% $106	+10% $155
Rate	-1.0pp $135	-0.5pp $96	base $57	+0.5pp $17	+1.0pp $-24

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: $38,750
• Closing costs: $4,650
• Reserves months: —
• Total cash needed: —

Listing history 11 events

1. 2026-05-19
   status Pending 584-char remark

   Show marketing remark (584 chars)

   A very charming and cozy 2 bedroom, 1 bath manufactured home in excellent condition. Home has central heat and air plus in-floor heat and supplemental electric baseboard in bedroom. Large bath with laundry. Den could be converted to a third bedroom if needed. Over 1200 finished square feet. Nice covered patio. Oversized single detached newly wired garage. Included is a 10 X 12 wired utility shed. Home sits on a corner lot only one block from the school and across the street from the village park. Local cafe' only one block. Walk 4 blocks to Lake Pepin. Possible owner financing.

2. 2026-05-19
   status Pending 584-char remark

   Show marketing remark (584 chars)

   A very charming and cozy 2 bedroom, 1 bath manufactured home in excellent condition. Home has central heat and air plus in-floor heat and supplemental electric baseboard in bedroom. Large bath with laundry. Den could be converted to a third bedroom if needed. Over 1200 finished square feet. Nice covered patio. Oversized single detached newly wired garage. Included is a 10 X 12 wired utility shed. Home sits on a corner lot only one block from the school and across the street from the village park. Local cafe' only one block. Walk 4 blocks to Lake Pepin. Possible owner financing.

3. 2026-05-01
   historical Contingent - Subject to Financing 584-char remark

   Show marketing remark (584 chars)

   A very charming and cozy 2 bedroom, 1 bath manufactured home in excellent condition. Home has central heat and air plus in-floor heat and supplemental electric baseboard in bedroom. Large bath with laundry. Den could be converted to a third bedroom if needed. Over 1200 finished square feet. Nice covered patio. Oversized single detached newly wired garage. Included is a 10 X 12 wired utility shed. Home sits on a corner lot only one block from the school and across the street from the village park. Local cafe' only one block. Walk 4 blocks to Lake Pepin. Possible owner financing.

4. 2026-04-26
   historical 584-char remark

   Show marketing remark (584 chars)

   A very charming and cozy 2 bedroom, 1 bath manufactured home in excellent condition. Home has central heat and air plus in-floor heat and supplemental electric baseboard in bedroom. Large bath with laundry. Den could be converted to a third bedroom if needed. Over 1200 finished square feet. Nice covered patio. Oversized single detached newly wired garage. Included is a 10 X 12 wired utility shed. Home sits on a corner lot only one block from the school and across the street from the village park. Local cafe' only one block. Walk 4 blocks to Lake Pepin. Possible owner financing.

5. 2026-04-09
   historical Contingent 584-char remark

   Show marketing remark (584 chars)

   A very charming and cozy 2 bedroom, 1 bath manufactured home in excellent condition. Home has central heat and air plus in-floor heat and supplemental electric baseboard in bedroom. Large bath with laundry. Den could be converted to a third bedroom if needed. Over 1200 finished square feet. Nice covered patio. Oversized single detached newly wired garage. Included is a 10 X 12 wired utility shed. Home sits on a corner lot only one block from the school and across the street from the village park. Local cafe' only one block. Walk 4 blocks to Lake Pepin. Possible owner financing.

6. 2026-04-09
   historical Contingent - Subject to Financing 584-char remark

   Show marketing remark (584 chars)

   A very charming and cozy 2 bedroom, 1 bath manufactured home in excellent condition. Home has central heat and air plus in-floor heat and supplemental electric baseboard in bedroom. Large bath with laundry. Den could be converted to a third bedroom if needed. Over 1200 finished square feet. Nice covered patio. Oversized single detached newly wired garage. Included is a 10 X 12 wired utility shed. Home sits on a corner lot only one block from the school and across the street from the village park. Local cafe' only one block. Walk 4 blocks to Lake Pepin. Possible owner financing.

7. 2026-03-23
   listed $155,000 Active 584-char remark

   Show marketing remark (584 chars)

   A very charming and cozy 2 bedroom, 1 bath manufactured home in excellent condition. Home has central heat and air plus in-floor heat and supplemental electric baseboard in bedroom. Large bath with laundry. Den could be converted to a third bedroom if needed. Over 1200 finished square feet. Nice covered patio. Oversized single detached newly wired garage. Included is a 10 X 12 wired utility shed. Home sits on a corner lot only one block from the school and across the street from the village park. Local cafe' only one block. Walk 4 blocks to Lake Pepin. Possible owner financing.

8. 2026-03-23
   listed $155,000 Active 584-char remark

   Show marketing remark (584 chars)

   A very charming and cozy 2 bedroom, 1 bath manufactured home in excellent condition. Home has central heat and air plus in-floor heat and supplemental electric baseboard in bedroom. Large bath with laundry. Den could be converted to a third bedroom if needed. Over 1200 finished square feet. Nice covered patio. Oversized single detached newly wired garage. Included is a 10 X 12 wired utility shed. Home sits on a corner lot only one block from the school and across the street from the village park. Local cafe' only one block. Walk 4 blocks to Lake Pepin. Possible owner financing.

9. 2006-08-10
   soldstatus $36,000 227-char remark

   Show marketing remark (227 chars)

   Very well maintained older mobile home with frame built gable roof, and a bedroom and 3 season porch addition.Interior is immaculate and ready to occupy.Full size main floor laundry.Single car detached garage.Roofing allowance.

10. 2006-07-18
    historical 227-char remark

    Show marketing remark (227 chars)

    Very well maintained older mobile home with frame built gable roof, and a bedroom and 3 season porch addition.Interior is immaculate and ready to occupy.Full size main floor laundry.Single car detached garage.Roofing allowance.

11. 2006-07-14
    listed $36,000 227-char remark

    Show marketing remark (227 chars)

    Very well maintained older mobile home with frame built gable roof, and a bedroom and 3 season porch addition.Interior is immaculate and ready to occupy.Full size main floor laundry.Single car detached garage.Roofing allowance.

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

Tax reassessment forecast WI · Partial reset (capped growth)

• Current annual tax: $619 · $52/mo
• Projected year-2 tax: $1,743 · $145/mo
• Expected delta: +$1,124/yr (+$94/mo · 181.7%)

ⓘ 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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥101°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,973
• − Mortgage interest: −$8,682
• − Property taxes: −$619
• − Insurance: −$775
• − Repairs & maintenance: −$1,198
• − Management: −$1,198
• − Depreciation: −$4,509
• Taxable loss: −$2,008
• Est. tax savings @ 24.0%: +$482
• After-tax cash flow: $1,163/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: Pepin Area School District
• NCES district ID: 5511580
• Math proficiency: 50% ▲ 5.00%
• Reading proficiency: 50% ▲ 15.00%
• Median HH income: $50,585
• Composite: 44.86/100
• National rank: #5919
• State rank: #118 of 426 in WI

Livability — Pepin

• Score: 66/100
• State rank: #468
• US rank: #11870

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Pepin, WI
• Population (ZIP): 1,439

Population outlook (Pepin County) Hauer SSP2

• Today (2025): 6,829 people
• By 2030: 6,517 · -4.6%
• By 2040: 5,781 · -15.3%
• By 2050: 5,058 · -25.9%
• By 2075: 3,998 · -41.5%
• By 2100: 3,218 · -52.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (96%)
• Race & ethnicity: White 96% Two or more races 2% Black 1%
• Common ancestry: Portuguese 14% Romanian 4% Lithuanian 3%
• Foreign-born: 2% · Canada
• Languages at home: 98% English-only · Spanish 1% Other Indo-European 1%

Political lean MEDSL · Pepin

• 2024 margin: Strong R (+29.3) · D 35.0% · R 64.3%
• 2008→2024 swing: -42.2pp toward R · 2008: 12.9pp · 2024: -29.3pp
• All cycles: 2024: R+29.3 2020: R+26.4 2016: R+23.6 2012: D+2.2 2008: D+12.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 6.73%
• Current HPI: 245.6875
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 2.10%
• F500 in state: 20

Industry mix (Fortune 500 HQ in WI)

Industry	F500 HQs	Revenue
▸Industrial Machinery	4	$23B
▸Industrial Technology	2	$36B
▸Insurance	1	$36B
▸Professional Services	1	$19B
▸Utilities	1	$9B
▸Consumer Goods	1	$3B

Price history

+330.6% since first listed

11 events — show timeline

• 2026-05-19 Pending — WWRA
• 2026-05-19 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-01 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-26 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-09 Contingent — WWRA
• 2026-04-09 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2026-03-23 Listed $155,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-03-23 Listed $155,000 WWRA
• 2006-08-10 Sold (MLS) $36,000 NORTHSTARMLS as Distributed by MLS Grid
• 2006-07-18 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2006-07-14 Listed $36,000 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+1.4%/yr

Latest (2025): $619 · +20.5% YoY. Source: county tax records.