102 3rd St St SE St SE · Pipestone, MN 56164

$90,000

5 bd · 1.5 ba · 2,188 sqft · SingleFamily · 70 Days on market

Built 1900 7,860 sqft lot $41/sqft · 57% 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
• DSCR +10.0/10.0
• 1% rule +8.2/10.0
• 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

This spacious 5-bedroom, 2-bath home has just hit the market and offers 2¼ stories of living space—perfect for a growing family or anyone needing extra room. The main floor features a comfortable layout with a living room, dining room, and family room, all highlighted by beautiful original wood floors. The kitchen is located at the back of the home, along with a convenient ½ bath, and overlooks the backyard. You’ll love the oversized 28 × 26 garage—wow! Plenty of space for vehicles, hobbies, or extra storage. This home showcases large windows and charming original woodwork, adding character throughout. There have been many updates, as well. The shingles were new in 2016 and a new boiler in 2015. Situated on a corner lot near downtown, close to the post office, and the courthouse, the location is hard to beat. While a new owner may want to add their own updates over time, this home is full of potential for your ideas and personal touch.

Key facts

• Large windows
• Near downtown
• Original wood floors

Tags

• ORIGINAL WOOD FLOORS
• OVERSIZED GARAGE
• LARGE WINDOWS
• ORIGINAL WOODWORK
• CORNER LOT
• NEAR DOWNTOWN

What this means for you Summary

Snapshot

• This is a 5-bed/1.5-bath single-family listed at $90k.

Deal economics

• At list price, monthly cash flow is $345 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $90k).
• Recommended offer: $85k (6.0% below list) — sets the bar for market timing.
• Cap rate 10.9% 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 $622 of loan paydown is wiped out by about $3k 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 $25k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 70 days — a 6% lower offer ($85k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 20y ago; this cycle's ask has dropped $5k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $69k; 30% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $84,600 (6.0% below list)

Questions for the listing agent

1. It's been on market 70 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.32% ✓
• Cap rate: 10.89%
• Cash-on-cash: 16.43%
• DSCR: 1.73
• GRM: 6.3

CMA / ARV

• ARV (median comp): $206,733
• List price: $90,000
• Delta: -56.47%
• Verdict: UNDERPRICED
• Comps: 4 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 7.5%
• Equity multiple: 1.29×
• Total profit: $7,395
• Equity at exit: $13,419

10-year hold

• IRR: 16.8%
• Equity multiple: 2.38×
• Total profit: $34,737
• Equity at exit: $7,782

Cash invested: $25,200 (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: 6.3×

Monthly cashflow live

• Estimated rent: $1,184 medium
• Mortgage (P&I): −$472
• Tax from tax record: −$81 /mo · $974/yr
• Insurance: −$38
• HOA: −$0
• Vacancy / Maint / Mgmt: −$249
• Net cashflow: $345

Break-even live

Break-even rent $748

Max offer price $90,000

Occupancy floor 66%

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: $22,500
• Closing costs: $2,700
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-12
   listing id $90,000 Pending 70 DOM
2. 2026-05-19
   status Pending 988-char remark

   Show marketing remark (988 chars)

   This spacious 5-bedroom, 2-bath home has just hit the market and offers 2¼ stories of living space—perfect for a growing family or anyone needing extra room. The main floor features a comfortable layout with a living room, dining room, and family room, all highlighted by beautiful original wood floors. The kitchen is located at the back of the home, along with a convenient ½ bath, and overlooks the backyard. You’ll love the oversized 28 × 26 garage—wow! Plenty of space for vehicles, hobbies, or extra storage. This home showcases large windows and charming original woodwork, adding character throughout. There have been many updates, as well. The shingles were new in 2016 and a new boiler in 2015. Situated on a corner lot near downtown, close to the post office, and the courthouse, the location is hard to beat. While a new owner may want to add their own updates over time, this home is full of potential for your ideas and personal touch.

3. 2026-04-22
   price $90,000 1013-char remark

   Show marketing remark (1013 chars)

   New Listing in Pipestone! This spacious 5-bedroom, 2-bath home has just hit the market and offers 2¼ stories of living space—perfect for a growing family or anyone needing extra room. The main floor features a comfortable layout with a living room, dining room, and family room, all highlighted by beautiful original wood floors. The kitchen is located at the back of the home, along with a convenient ½ bath, and overlooks the backyard. You’ll love the oversized 28 × 26 garage—wow! Plenty of space for vehicles, hobbies, or extra storage. This home showcases large windows and charming original woodwork, adding character throughout. There have been many updates, as well. The shingles were new in 2016 and a new boiler in 2015. Situated on a corner lot near downtown, close to the post office, and the courthouse, the location is hard to beat. While a new owner may want to add their own updates over time, this home is full of potential for your ideas and personal touch.

4. 2026-04-20
   price $90,000 988-char remark

   Show marketing remark (988 chars)

   This spacious 5-bedroom, 2-bath home has just hit the market and offers 2¼ stories of living space—perfect for a growing family or anyone needing extra room. The main floor features a comfortable layout with a living room, dining room, and family room, all highlighted by beautiful original wood floors. The kitchen is located at the back of the home, along with a convenient ½ bath, and overlooks the backyard. You’ll love the oversized 28 × 26 garage—wow! Plenty of space for vehicles, hobbies, or extra storage. This home showcases large windows and charming original woodwork, adding character throughout. There have been many updates, as well. The shingles were new in 2016 and a new boiler in 2015. Situated on a corner lot near downtown, close to the post office, and the courthouse, the location is hard to beat. While a new owner may want to add their own updates over time, this home is full of potential for your ideas and personal touch.

5. 2026-03-11
   listed $95,000 Active 1013-char remark

   Show marketing remark (1013 chars)

   New Listing in Pipestone! This spacious 5-bedroom, 2-bath home has just hit the market and offers 2¼ stories of living space—perfect for a growing family or anyone needing extra room. The main floor features a comfortable layout with a living room, dining room, and family room, all highlighted by beautiful original wood floors. The kitchen is located at the back of the home, along with a convenient ½ bath, and overlooks the backyard. You’ll love the oversized 28 × 26 garage—wow! Plenty of space for vehicles, hobbies, or extra storage. This home showcases large windows and charming original woodwork, adding character throughout. There have been many updates, as well. The shingles were new in 2016 and a new boiler in 2015. Situated on a corner lot near downtown, close to the post office, and the courthouse, the location is hard to beat. While a new owner may want to add their own updates over time, this home is full of potential for your ideas and personal touch.

6. 2026-03-10
   listed $95,000 Active 988-char remark

   Show marketing remark (988 chars)

   This spacious 5-bedroom, 2-bath home has just hit the market and offers 2¼ stories of living space—perfect for a growing family or anyone needing extra room. The main floor features a comfortable layout with a living room, dining room, and family room, all highlighted by beautiful original wood floors. The kitchen is located at the back of the home, along with a convenient ½ bath, and overlooks the backyard. You’ll love the oversized 28 × 26 garage—wow! Plenty of space for vehicles, hobbies, or extra storage. This home showcases large windows and charming original woodwork, adding character throughout. There have been many updates, as well. The shingles were new in 2016 and a new boiler in 2015. Situated on a corner lot near downtown, close to the post office, and the courthouse, the location is hard to beat. While a new owner may want to add their own updates over time, this home is full of potential for your ideas and personal touch.

7. 2025-11-07
   historical
8. 2025-09-29
   listed $90,000 Active
9. 2025-09-22
   historical
10. 2025-09-11
    price $115,000
11. 2025-09-01
    listed $135,000 Active
12. 2025-08-25
    historical
13. 2025-06-02
    soldstatus $69,000
14. 2025-05-31
    status Pending
15. 2025-05-30
    soldstatus $69,000 Sold
16. 2025-04-08
    historical Contingent - Sale of Another Property
17. 2025-04-06
    listed $85,000 Active
18. 2025-03-29
    historical
19. 2024-10-07
    listed $85,000 Active
20. 2018-04-05
    soldstatus $73,500
21. 2010-04-12
    soldstatus $73,500
22. 2007-03-08
    historical
23. 2006-03-08
    listed $89,900

ⓘ 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: $974 · $81/mo
• Projected year-2 tax: $991 · $83/mo
• Expected delta: +$17/yr (+$1/mo · 1.7%)

ⓘ 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 · 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: $14,214
• − Mortgage interest: −$5,041
• − Property taxes: −$974
• − Insurance: −$450
• − Repairs & maintenance: −$1,137
• − Management: −$1,137
• − Depreciation: −$2,618
• Taxable income: $2,856
• Est. tax owed @ 24.0%: −$685
• After-tax cash flow: $3,456/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

+0.1% since first listed

22 events — show timeline

• 2026-05-19 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-22 Price Changed $90,000 REALTOR® Association of the Sioux Empire
• 2026-04-20 Price Changed $90,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-03-11 Listed $95,000 REALTOR® Association of the Sioux Empire
• 2026-03-10 Listed $95,000 NORTHSTARMLS as Distributed by MLS Grid
• 2025-11-07 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2025-09-29 Listed $90,000 NORTHSTARMLS as Distributed by MLS Grid
• 2025-09-22 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2025-09-11 Price Changed $115,000 NORTHSTARMLS as Distributed by MLS Grid
• 2025-09-01 Listed $135,000 NORTHSTARMLS as Distributed by MLS Grid
• 2025-08-25 Coming Soon — NORTHSTARMLS as Distributed by MLS Grid
• 2025-06-02 Sold (Public Records) $69,000 Public Records
• 2025-05-31 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2025-05-30 Sold (MLS) $69,000 NORTHSTARMLS as Distributed by MLS Grid
• 2025-04-08 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2025-04-06 Listed $85,000 NORTHSTARMLS as Distributed by MLS Grid
• 2025-03-29 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2024-10-07 Listed $85,000 NORTHSTARMLS as Distributed by MLS Grid
• 2018-04-05 Sold (Public Records) $73,500 Public Records
• 2010-04-12 Sold (Public Records) $73,500 Public Records
• 2007-03-08 Listing Removed — REALTOR® Association of the Sioux Empire
• 2006-03-08 Listed $89,900 REALTOR® Association of the Sioux Empire

Property tax history

-2.4%/yr

Latest (2025): $974 · -13.5% YoY. Source: county tax records.