Most water distribution networks were built a few decades ago, showing symptoms of deterioration. Additionally, current renewal rates are insufficient to overcome pipe networks’ continuous ageing process. The development of methodologies for assisting the definition of pipe rehabilitation, including which pipes, and when and what financial amounts to allocate to this activity, are of the utmost importance. These methodologies typically have to attend to several points of view, for which multicriteria decision analysis (MCDA) techniques may be used. The current paper demonstrates and discusses the application of two MCDA techniques—the ELECTRE TRI-C and FlowSort—to a real water distribution network. Both techniques allowed assigning every single pipe to a predefined priority category, although the ELECTRE TRI-C proved to be more effective. These approaches imply that the planning of investment needs is carried out based on individual pipes, but these approaches are not consistent with the actual rehabilitation projects. A clustering technique called affinity propagation, together with cost functions, were applied to define and quantify homogeneous rehabilitation units. Even so, the methodology did not prove to be rigorous enough for the selection of pipes to be rehabilitated. On the other hand, it proved effective to estimate annual budgets for rehabilitation.