612 Spruce St · Farmington, MN 55024

$289,900

3 bd · 2.0 ba · 1,254 sqft · SingleFamily public records · 27 Days on market

Built 1913 10,193 sqft lot

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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).

• Cash flow +12.9/30.0
• ARV discount +7.5/15.0
• Schools +4.4/10.0
• DSCR +3.9/10.0
• Livability +3.8/5.0
• 1% rule +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

With a little sweat equity this home will give you instant equity. Home is being sold as-is. New windows and a beautiful new bathroom upstairs. Lots of character in this 1913 home. Outside has vinyl siding. Close to library and other amenities in the city of Farmington.

Key facts

• Carpeted family room
• Grand stairway entry
• Large walk-in shower

Tags

• GRAND STAIRWAY ENTRY
• BUTCHER BLOCK COUNTERS
• BUILT-IN STORAGE
• LARGE WALK-IN SHOWER
• NEW GAS FURNACE
• CARPETED FAMILY ROOM

Property features AI

Exterior

• Parking: Gravel parking; 2-car detached garage (24 x 22) with 7' garage door height and 16' door width
• Utilities: City water (connected); City sewer (connected); 100 amp electric service; Natural gas
• Home design: Residential property; One and one-half levels; Main level entry
• Construction: Concrete construction material; Block foundation; Foundation area approximately 924; Roof replaced or updated within last 8 years
• Exterior features: Deck; Front porch; Patio; Wood exterior; Wire fencing; Medium tree coverage; City street with curbs and sidewalks; public maintained road

Interior

• Kitchen: Range; Microwave; Refrigerator; Stainless steel appliances
• Bedrooms: 3 bedrooms; Main floor bedroom; Upper level bedrooms (including loft area)
• Flooring: Hardwood floors
• Bathrooms: One 3/4 bathroom on the upper level
• Heating & cooling: Forced air heating; Window air conditioning units
• Interior features: Separate/formal dining room; Main floor primary bedroom; Daylight/lookout windows in basement; Partially finished full basement; Water softener (owned); Kitchen window
• Laundry & utility: Washer hookup; Electric dryer hookup; Laundry in basement

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $290k.

Deal economics

• At list price, monthly cash flow is $-22 ($-266/yr) — negative.
• To cash-flow at today's rent, offer at most $286k (1.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $232k (20.1% below list).
• Recommended offer: $232k (20.1% below list) — sets the bar for 1% rule.
• Cap rate 6.2% vs local median 3.7% in Farmington — 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 75/100 on livability (#203 in MN, #4,269 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F.
• Farmington Public School District (suburban): math 43% / reading 52% proficiency, ranked #104 of 301 in MN (top 35%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 12% free/reduced lunch — higher-income household profile.
• Zoned schools: Farmington Elementary (math 37% / reading 45%, grade F, #595 of 857 statewide, top 70%, 565 students, 41% FRL); Robert Boeckman Middle School (math 41% / reading 51%, grade D+, #103 of 258 statewide, top 40%, 878 students, 25% FRL); Farmington High School (math 32% / reading 56%, grade F, #210 of 471 statewide, top 44%, 2,201 students, 22% FRL) — zoned schools average 29% FRL vs 12% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 325 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 0d on market — plan ~1-2 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; high-income renter base; 2,134 units permitted in Dakota County in 2024 (898 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Dakota County population projected at +11% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 27 days — a 2% lower offer ($286k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 6y 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 $173k; list at $290k implies a 68% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1913 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $231,716 (20.1% 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. Built in 1913 — 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. 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?
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: 0.80% ✗
• Cap rate: 6.20%
• Cash-on-cash: -0.33%
• DSCR: 0.99
• GRM: 10.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -16.9%
• Equity multiple: 0.40×
• Total profit: $-48,446
• Equity at exit: $43,225

10-year hold

• IRR: -8.8%
• Equity multiple: 0.46×
• Total profit: $-44,238
• Equity at exit: $25,065

Cash invested: $81,172 (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 55024

• Home prices YoY: -31.2%
• Active inventory: 325
• Price-to-rent: 10.4×

Monthly cashflow live

• Estimated rent: $2,317 high
• Mortgage (P&I): −$1,520
• Tax from tax record: −$212 /mo · $2,540/yr
• Insurance: −$121
• HOA: −$0
• Vacancy / Maint / Mgmt: −$487
• Net cashflow: $-22

Break-even live

Break-even rent $2,345

Max offer price $285,984

Occupancy floor 96%

Sensitivity live

Price	-10% $142	-5% $60	+0% $-22	+5% $-104	+10% $-186
Rent	-10% $-205	-5% $-114	+0% $-22	+5% $69	+10% $161
Rate	-1.0pp $124	-0.5pp $52	base $-22	+0.5pp $-97	+1.0pp $-174

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: $72,475
• Closing costs: $8,697
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
310 3rd St Farmington, MN	1.0–2.0	1.0–2.0	956	$2,400	$2.51	0d	1	0.36mi
808 2nd St Unit 3 Farmington, MN	2.0	1.0	910	$1,250	$1.37	45d	1	0.51mi
505 13th St Farmington, MN	3.0	2.0	1600	$2,495	$1.56	0d	1	0.52mi
20515 Chippendale Ave W Farmington, MN	4.0	1.5	1750	$2,300	$1.31	45d	1	0.98mi
21405 Dushane Pkwy Farmington, MN	1.0–2.0	1.0–2.5	937	$2,155	$2.30	0d	18	1.21mi

Listing history 21 events

1. 2026-06-13
   statusdays on market $289,900 Pending 27 DOM
2. 2026-06-09
   days on market $289,900 Contingent - Inspection 24 DOM
3. 2026-06-08
   days on market $289,900 Contingent - Inspection 23 DOM
4. 2026-06-07
   days on market $289,900 Contingent - Inspection 22 DOM
5. 2026-06-04
   days on market $289,900 Contingent - Inspection 19 DOM
6. 2026-06-03
   days on market $289,900 Contingent - Inspection 18 DOM
7. 2026-06-02
   days on market $289,900 Contingent - Inspection 17 DOM
8. 2026-06-01
   days on market $289,900 Contingent - Inspection 16 DOM
9. 2026-06-01
   status $289,900 Contingent - Inspection 15 DOM
10. 2026-05-31
    days on market $289,900 Active 15 DOM
11. 2026-05-16
    listed $299,000 Active
12. 2025-11-02
    historical
13. 2025-10-23
    price $290,000
14. 2025-10-03
    price $299,999
15. 2025-09-09
    listed $304,900 Active
16. 2020-12-03
    soldstatus $173,000
17. 2020-11-13
    soldstatus $173,000 Sold 270-char remark

    Show marketing remark (270 chars)

    With a little sweat equity this home will give you instant equity. Home is being sold as-is. New windows and a beautiful new bathroom upstairs. Lots of character in this 1913 home. Outside has vinyl siding. Close to library and other amenities in the city of Farmington.

18. 2020-09-24
    status Pending 270-char remark

    Show marketing remark (270 chars)

    With a little sweat equity this home will give you instant equity. Home is being sold as-is. New windows and a beautiful new bathroom upstairs. Lots of character in this 1913 home. Outside has vinyl siding. Close to library and other amenities in the city of Farmington.

19. 2020-09-16
    historical Contingent - Inspection 270-char remark

    Show marketing remark (270 chars)

    With a little sweat equity this home will give you instant equity. Home is being sold as-is. New windows and a beautiful new bathroom upstairs. Lots of character in this 1913 home. Outside has vinyl siding. Close to library and other amenities in the city of Farmington.

20. 2020-09-14
    listed $173,000 Active 270-char remark

    Show marketing remark (270 chars)

    With a little sweat equity this home will give you instant equity. Home is being sold as-is. New windows and a beautiful new bathroom upstairs. Lots of character in this 1913 home. Outside has vinyl siding. Close to library and other amenities in the city of Farmington.

21. 1989-01-01
    soldstatus $76,500

ⓘ 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: $2,540 · $212/mo
• Projected year-2 tax: $2,893 · $241/mo
• Expected delta: +$353/yr (+$29/mo · 13.9%)

ⓘ 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 ≥99°F today · 14 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,806
• − Mortgage interest: −$16,239
• − Property taxes: −$2,540
• − Insurance: −$1,450
• − Repairs & maintenance: −$2,224
• − Management: −$2,224
• − Depreciation: −$8,433
• Taxable loss: −$5,305
• Est. tax savings @ 24.0%: +$1,273
• After-tax cash flow: $1,007/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: Farmington Public School District
• NCES district ID: 2711820
• Math proficiency: 43% ▼ -12.00%
• Reading proficiency: 52% ▼ -7.00%
• Median HH income: $83,959
• Composite: 43.93/100
• National rank: #2905
• State rank: #104 of 301 in MN

Livability — Farmington

• Score: 75/100
• State rank: #203
• US rank: #4269

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Farmington, MN
• County: Dakota County · 417,704 people
• City population: 37,287
• Metro: Minneapolis-St. Paul-Bloomington, MN-WI
• Population (ZIP): 37,287
• Household income: $127,280
• Rent vs Own: 11.3% rent · 88.7% own
• Severe rent burden: 288.0

Population outlook (Dakota County) Hauer SSP2

• Today (2025): 450,671 people
• By 2030: 465,068 · +3.2%
• By 2040: 486,770 · +8.0%
• By 2050: 498,743 · +10.7%
• By 2075: 533,865 · +18.5%
• By 2100: 550,133 · +22.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Hispanic / Latino 6% Two or more races 4% Black 4% Asian 3%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Portuguese 14% Scottish 3% Romanian 3%
• Foreign-born: 5% · Canada, Vietnam
• Languages at home: 93% English-only · Spanish 3% Other Asian/Pacific 1% Russian/Polish/Slavic 1%

Political lean MEDSL · Dakota

• 2024 margin: D (+12.9) · D 55.4% · R 42.5% · Other 2.1%
• 2008→2024 swing: +7.4pp toward D · 2008: 5.5pp · 2024: 12.9pp
• All cycles: 2024: D+12.9 2020: D+13.9 2016: D+4.7 2012: D+2.9 2008: D+5.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -102.47%
• Current HPI: 225.6882
• Rent YoY: —
• Metro: Minneapolis-St. Paul-Bloomington, MN-WI
• 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

+290.8% since first listed

11 events — show timeline

• 2026-05-16 Listed $299,000 NORTHSTARMLS as Distributed by MLS Grid
• 2025-11-02 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2025-10-23 Price Changed $290,000 NORTHSTARMLS as Distributed by MLS Grid
• 2025-10-03 Price Changed $299,999 NORTHSTARMLS as Distributed by MLS Grid
• 2025-09-09 Listed $304,900 NORTHSTARMLS as Distributed by MLS Grid
• 2020-12-03 Sold (Public Records) $173,000 Public Records
• 2020-11-13 Sold (MLS) $173,000 NORTHSTARMLS as Distributed by MLS Grid
• 2020-09-24 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2020-09-16 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2020-09-14 Listed $173,000 NORTHSTARMLS as Distributed by MLS Grid
• 1989-01-01 Sold (Public Records) $76,500 Public Records

Property tax history

-0.6%/yr

Latest (2025): $2,540 · -3.5% YoY. Source: county tax records.