106 8th Ave SW · Pipestone, MN 56164

$134,500

3 bd · 2.0 ba · 1,366 sqft · SingleFamily · 112 Days on market

Built 1948 7,000 sqft lot $98/sqft · 23% below area Est $175k · 23% 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 +9.5/30.0
• Livability +3.6/5.0
• Schools +3.3/10.0
• DSCR +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

New price! Move right into this beautifully updated 3-bedroom, 2-bath home that’s truly turnkey ready! Tastefully decorated with modern colors and thoughtful updates throughout, this home is ready to welcome you. The kitchen comes fully equipped with appliances, including a gas stove, refrigerator, dishwasher, and a charming farmhouse sink — perfect for everyday living and entertaining. All three bedrooms are located at the back of the home, offering added privacy and a quieter night’s sleep away from streetlights. Bedrooms 2 and 3 feature corner windows, making furniture placement easy and flexible. Bedroom 3 is currently used as a craft room — such a fun and versatile space! The main bath features a beautifully tiled shower, and downstairs you’ll find another attractive ¾ bath with a tiled shower as well. The washer and dryer stay with the home for your convenience. Head to the basement and discover a recreation room that’s simply fun! Whether you’re planning game night, movie night, or even karaoke, this space is ready for it all. (Fresh paint colors are coming soon!) Step outside to enjoy the large backyard deck — the perfect shaded spot to relax, entertain, or share a meal with family and friends. A spacious storage shed, new just last summer, provides excellent space for lawn equipment, bikes, patio furniture, and more. Major updates include: ?? New sewer line to the street ?? Permanent siding ?? Newer windows ?? Solid roof ?? Numerous interior updates With so many improvements already completed, this home is truly move-in ready and waiting for you!

Key facts

• Recreation room
• Farmhouse sink
• Large backyard deck

Tags

• FULLY EQUIPPED KITCHEN
• FARMHOUSE SINK
• TILED SHOWER
• RECREATION ROOM
• LARGE BACKYARD DECK
• SPACIOUS STORAGE SHED

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $134k.

Deal economics

• At list price, monthly cash flow is $-94 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $118k (12.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $98k (27.1% below list).
• Recommended offer: $98k (27.1% below list) — sets the bar for 1% rule.
• Cap rate 5.5% 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: schools D+, employment D, amenities 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.
• 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 $930 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 112 days — a 9% lower offer ($122k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 9y ago; this cycle's ask has dropped $24k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $105k; 28% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1948 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $98,074 (27.1% 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 112 days. Have you received any prior offers? Is the seller open to a 27% concession, seller financing, or rate buy-down credit?
3. Built in 1948 — 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: 0.73% ✗
• Cap rate: 5.45%
• Cash-on-cash: -2.99%
• DSCR: 0.87
• GRM: 11.4

CMA / ARV

• ARV (median comp): $175,096
• List price: $134,500
• Delta: -23.19%
• Verdict: UNDERPRICED
• Comps: 3 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
111 4th Ave SW	0.31mi	2/1.0 (-1)	1,490 (+9%)	10mo	$175,000	$117	53
608 Hiawatha Ave S	0.63mi	4/1.5 (+1)	1,414 (+4%)	21mo	$171,000	$121	40

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: -21.3%
• Equity multiple: 0.26×
• Total profit: $-27,799
• Equity at exit: $20,054

10-year hold

• IRR: -14.9%
• Equity multiple: 0.15×
• Total profit: $-32,002
• Equity at exit: $11,629

Cash invested: $37,660 (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: 11.4×

Monthly cashflow live

• Estimated rent: $981 medium
• Mortgage (P&I): −$705
• Tax from tax record: −$107 /mo · $1,288/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$206
• Net cashflow: $-94

Break-even live

Break-even rent $1,100

Max offer price $117,908

Occupancy floor —

Sensitivity live

Price	-10% $-18	-5% $-56	+0% $-94	+5% $-132	+10% $-170
Rent	-10% $-171	-5% $-133	+0% $-94	+5% $-55	+10% $-16
Rate	-1.0pp $-26	-0.5pp $-60	base $-94	+0.5pp $-129	+1.0pp $-164

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: $33,625
• Closing costs: $4,035
• Reserves months: —
• Total cash needed: —

Listing history 24 events

1. 2026-06-17
   status $134,500 Pending 112 DOM
2. 2026-06-16
   days on market $134,500 Active 112 DOM
3. 2026-06-15
   days on market $134,500 Active 111 DOM
4. 2026-06-13
   days on market $134,500 Active 109 DOM
5. 2026-06-12
   days on market $134,500 Active 108 DOM
6. 2026-06-09
   days on market $134,500 Active 105 DOM
7. 2026-06-08
   days on market $134,500 Active 104 DOM
8. 2026-06-07
   days on market $134,500 Active 103 DOM
9. 2026-06-07
   days on market $134,500 Active 102 DOM
10. 2026-06-04
    days on market $134,500 Active 99 DOM
11. 2026-06-02
    days on market $134,500 Active 98 DOM
12. 2026-06-01
    days on market $134,500 Active 97 DOM
13. 2026-05-31
    days on market $134,500 Active 96 DOM
14. 2026-05-31
    days on market $134,500 Active 95 DOM
15. 2026-04-24
    price $153,900
16. 2026-04-01
    price $153,900 1636-char remark

    Show marketing remark (1636 chars)

    New price! Move right into this beautifully updated 3-bedroom, 2-bath home that’s truly turnkey ready! Tastefully decorated with modern colors and thoughtful updates throughout, this home is ready to welcome you. The kitchen comes fully equipped with appliances, including a gas stove, refrigerator, dishwasher, and a charming farmhouse sink — perfect for everyday living and entertaining. All three bedrooms are located at the back of the home, offering added privacy and a quieter night’s sleep away from streetlights. Bedrooms 2 and 3 feature corner windows, making furniture placement easy and flexible. Bedroom 3 is currently used as a craft room — such a fun and versatile space! The main bath features a beautifully tiled shower, and downstairs you’ll find another attractive ¾ bath with a tiled shower as well. The washer and dryer stay with the home for your convenience. Head to the basement and discover a recreation room that’s simply fun! Whether you’re planning game night, movie night, or even karaoke, this space is ready for it all. (Fresh paint colors are coming soon!) Step outside to enjoy the large backyard deck — the perfect shaded spot to relax, entertain, or share a meal with family and friends. A spacious storage shed, new just last summer, provides excellent space for lawn equipment, bikes, patio furniture, and more. Major updates include: ?? New sewer line to the street ?? Permanent siding ?? Newer windows ?? Solid roof ?? Numerous interior updates With so many improvements already completed, this home is truly move-in ready and waiting for you!

17. 2026-02-27
    listed $158,900 Active
18. 2026-02-23
    listed $158,900 Active 1636-char remark

    Show marketing remark (1636 chars)

    New price! Move right into this beautifully updated 3-bedroom, 2-bath home that’s truly turnkey ready! Tastefully decorated with modern colors and thoughtful updates throughout, this home is ready to welcome you. The kitchen comes fully equipped with appliances, including a gas stove, refrigerator, dishwasher, and a charming farmhouse sink — perfect for everyday living and entertaining. All three bedrooms are located at the back of the home, offering added privacy and a quieter night’s sleep away from streetlights. Bedrooms 2 and 3 feature corner windows, making furniture placement easy and flexible. Bedroom 3 is currently used as a craft room — such a fun and versatile space! The main bath features a beautifully tiled shower, and downstairs you’ll find another attractive ¾ bath with a tiled shower as well. The washer and dryer stay with the home for your convenience. Head to the basement and discover a recreation room that’s simply fun! Whether you’re planning game night, movie night, or even karaoke, this space is ready for it all. (Fresh paint colors are coming soon!) Step outside to enjoy the large backyard deck — the perfect shaded spot to relax, entertain, or share a meal with family and friends. A spacious storage shed, new just last summer, provides excellent space for lawn equipment, bikes, patio furniture, and more. Major updates include: ?? New sewer line to the street ?? Permanent siding ?? Newer windows ?? Solid roof ?? Numerous interior updates With so many improvements already completed, this home is truly move-in ready and waiting for you!

19. 2023-06-26
    soldstatus $104,900 Sold
20. 2023-06-16
    soldstatus $104,900
21. 2023-05-22
    status Pending
22. 2023-05-20
    listed $104,900 Active
23. 2017-09-05
    soldstatus $68,900
24. 2017-04-19
    listed $69,900

ⓘ 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: $1,288 · $107/mo
• Projected year-2 tax: $1,397 · $116/mo
• Expected delta: +$109/yr (+$9/mo · 8.5%)

ⓘ 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 4/10 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: $11,769
• − Mortgage interest: −$7,534
• − Property taxes: −$1,288
• − Insurance: −$672
• − Repairs & maintenance: −$942
• − Management: −$942
• − Depreciation: −$3,913
• Taxable loss: −$3,521
• Est. tax savings @ 24.0%: +$845
• After-tax cash flow: $-282/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

+120.2% since first listed

10 events — show timeline

• 2026-04-24 Price Changed $153,900 REALTOR® Association of the Sioux Empire
• 2026-04-01 Price Changed $153,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-02-27 Listed $158,900 REALTOR® Association of the Sioux Empire
• 2026-02-23 Listed $158,900 NORTHSTARMLS as Distributed by MLS Grid
• 2023-06-26 Sold (MLS) $104,900 NORTHSTARMLS as Distributed by MLS Grid
• 2023-06-16 Sold (Public Records) $104,900 Public Records
• 2023-05-22 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2023-05-20 Listed $104,900 NORTHSTARMLS as Distributed by MLS Grid
• 2017-09-05 Sold (Public Records) $68,900 Public Records
• 2017-04-19 Listed $69,900 REALTOR® Association of the Sioux Empire

Property tax history

+9.3%/yr

Latest (2025): $1,288 · +59.4% YoY. Source: county tax records.