904 4th St SE · Pipestone, MN 56164

$60,000

5 bd · 1.0 ba · 1,714 sqft · SingleFamily · 47 Days on market

Built 1908 0.25 ac lot $35/sqft · 68% below area

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Why this score? — see what drove the B- 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.6/5.0
• Schools +3.3/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

2 Story With 4 Bedrooms, 1.5 Baths Family Home. Eat In Kitchen Plus Formal Dining Room, Open Stairway, Main Floor Laundry, Nice Deck Plus Porch.

Key facts

• 0.25 acre lot
• Garage
• Built 1908

Property features AI

Finance

• Financial info: VA mortgage eligible

Exterior

• Parking: Gravel parking; 1-car detached garage (24 x 16)
• Utilities: City water (connected); City sewer (connected); Natural gas
• Home design: Residential property; Two levels; Main entry on main level
• Construction: Stone construction; Asphalt roof (age 8 years or less); Stone foundation
• Exterior features: Front porch; Deck; Publicly maintained road

Interior

• Kitchen: Refrigerator; Kitchen window
• Bedrooms: 5 bedrooms (includes main-floor bedrooms and main-floor primary bedroom)
• Bathrooms: One three-quarter bathroom on the main level and one three-quarter bathroom in the basement
• Heating & cooling: Forced-air heating; Space heater; Central air conditioning; Window unit(s) for cooling
• Interior features: Full basement; Main floor primary bedroom; Main floor bedroom; Living/dining room layout; Kitchen window; Deck; Front porch
• Laundry & utility: Main-level laundry; Electric water heater

What this means for you Summary

Snapshot

• This is a 5-bed/1.0-bath single-family listed at $60k.

Deal economics

• At list price, monthly cash flow is $484 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $60k).
• Recommended offer: $58k (3.0% below list) — sets the bar for market timing.
• Cap rate 16.0% 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 $415 of loan paydown is wiped out by about $2k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 47 days — a 3% lower offer ($58k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 20y ago; this cycle's ask has dropped $10k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

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

Recommended offer $58,200 (3.0% below list)

Questions for the listing agent

1. It's been on market 47 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1908 — 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 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?
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: 1.88% ✓
• Cap rate: 15.97%
• Cash-on-cash: 34.55%
• DSCR: 2.54
• GRM: 4.4

CMA / ARV

• ARV (median comp): $189,943
• List price: $60,000
• Delta: -68.41%
• Verdict: UNDERPRICED
• Comps: 4 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 30.0%
• Equity multiple: 2.26×
• Total profit: $21,098
• Equity at exit: $8,946

10-year hold

• IRR: 37.3%
• Equity multiple: 4.46×
• Total profit: $58,097
• Equity at exit: $5,188

Cash invested: $16,800 (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: 4.4×

Monthly cashflow live

• Estimated rent: $1,131 medium
• Mortgage (P&I): −$315
• Tax from tax record: −$70 /mo · $840/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$237
• Net cashflow: $484

Break-even live

Break-even rent $519

Max offer price $60,000

Occupancy floor 52%

Sensitivity live

Price	-10% $518	-5% $501	+0% $484	+5% $467	+10% $450
Rent	-10% $394	-5% $439	+0% $484	+5% $528	+10% $573
Rate	-1.0pp $514	-0.5pp $499	base $484	+0.5pp $468	+1.0pp $452

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: $15,000
• Closing costs: $1,800
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-21
   days on market $60,000 Active 47 DOM
2. 2026-06-18
   days on market $60,000 Active 45 DOM
3. 2026-06-17
   days on market $60,000 Active 44 DOM
4. 2026-06-16
   days on market $60,000 Active 43 DOM
5. 2026-06-15
   days on market $60,000 Active 42 DOM
6. 2026-06-13
   days on market $60,000 Active 40 DOM
7. 2026-06-12
   days on market $60,000 Active 39 DOM
8. 2026-06-09
   days on market $60,000 Active 36 DOM
9. 2026-06-08
   days on market $60,000 Active 35 DOM
10. 2026-06-07
    days on market $60,000 Active 34 DOM
11. 2026-06-07
    days on market $60,000 Active 33 DOM
12. 2026-06-04
    days on market $60,000 Active 30 DOM
13. 2026-06-02
    days on market $60,000 Active 29 DOM
14. 2026-06-01
    days on market $60,000 Active 28 DOM
15. 2026-05-31
    days on market $60,000 Active 27 DOM
16. 2026-05-31
    days on market $60,000 Active 26 DOM
17. 2026-05-04
    listed $70,000 Active 314-char remark
18. 2006-09-14
    soldstatus $59,500
19. 2006-06-01
    listed $57,900 144-char remark

    Show marketing remark (144 chars)

    2 Story With 4 Bedrooms, 1.5 Baths Family Home. Eat In Kitchen Plus Formal Dining Room, Open Stairway, Main Floor Laundry, Nice Deck Plus Porch.

ⓘ 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: $840 · $70/mo
• Projected year-2 tax: $840 · $70/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: $13,570
• − Mortgage interest: −$3,361
• − Property taxes: −$840
• − Insurance: −$300
• − Repairs & maintenance: −$1,086
• − Management: −$1,086
• − Depreciation: −$1,745
• Taxable income: $5,152
• Est. tax owed @ 24.0%: −$1,237
• After-tax cash flow: $4,568/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

+3.6% since first listed

4 events — show timeline

• 2026-05-26 Price Changed $60,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-04 Listed $70,000 NORTHSTARMLS as Distributed by MLS Grid
• 2006-09-14 Sold (Public Records) $59,500 Public Records
• 2006-06-01 Listed $57,900 REALTOR® Association of the Sioux Empire

Property tax history

+0.9%/yr

Latest (2026): $840 · +8.0% YoY. Source: county tax records.