7509 Parkridge Way · Savage, MN 55378

$275,000

2 bd · 2.0 ba · 1,330 sqft · Condo public records · 45 Days on market

Built 2007 $207/sqft · 15% below area Est $356k · 23% under $308/mo HOA · 15% of rent

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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 +6.2/30.0
• Schools +5.3/10.0
• Livability +3.9/5.0
• Rent growth +3.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.3/10.0
• DSCR +0.5/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Spacious and bright townhome featuring 2 bedrooms, a large walk-through bath, and a loft area on the upper level. The kitchen boasts Maple cabinets, a breakfast bar, and stainless appliances. The living room opens to a recently redone large deck, with informal dining and a guest bathroom on the main level. Updates include washer/dryer, water heater, water softener, garbage disposal, deck/steps, carpet, and fresh paint throughout. Includes an oversized 2-car garage. Conveniently located near stores, restaurants, coffee shops, grocery store, McCann Park, and more. Located in Prior Lake schools.

Key facts

• Open living room
• Stainless appliances
• Walk-through bath

Tags

• WALK-THROUGH BATH
• LOFT AREA
• MAPLE CABINETS
• BREAKFAST BAR
• STAINLESS APPLIANCES
• OPEN LIVING ROOM

Property features AI

Finance

• Other: Above-grade finished living area approximately 1,463; Main level finished area approximately 682; Property listed as non-fractional ownership
• HOA & community: HOA managed by Sharper Management; Monthly association fee of $308; HOA covers hazard insurance, lawn care, professional management, sewer and water

Exterior

• Parking: Attached tuck-under garage with storage; 2 garage spaces; Asphalt driveway; Electric vehicle capability
• Utilities: City water connected; City sewer connected; Natural gas
• Home design: Attached residential property; Two levels; Main entry on main level
• Construction: Other foundation; Foundation area approximately 682
• Exterior features: Deck; Stone and vinyl exterior; Light tree coverage; Public transit within about 6 blocks; Association-maintained private road with curbs and paved streets

Interior

• Kitchen: Breakfast bar / eat-in kitchen; Kitchen/dining room configuration; Dishwasher; Microwave; Range; Refrigerator; Stainless steel appliances
• Bedrooms: 2 bedrooms (upper level)
• Flooring: Tile floors
• Bathrooms: 1 full bathroom (upper level) with double sink; 1 half bathroom (main floor)
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Ceiling fans; Paneled doors; Tile floors; Open living/dining layout; Walk-through bath layout
• Laundry & utility: Washer hookup (upper-level laundry closet)

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $275k.

Deal economics

• At list price, monthly cash flow is $-505 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $186k (32.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $199k (27.5% below list).
• Recommended offer: $186k (32.5% below list) — sets the bar for cash-flow.
• Cap rate 4.1% vs local median 2.8% in Savage — 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 78/100 on livability (#118 in MN, #2,692 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: cost of living D, amenities F, commute F.
• Prior Lake-Savage Area Schools (suburban): math 56% / reading 59% proficiency, ranked #32 of 301 in MN (top 11%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 10% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising fast (+4.2%/yr); 86 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 43% of comp listings sitting > 30 days — soft ceiling on asking rent; high-income renter base; 699 units permitted in Scott County in 2024 (84 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 $8k of value loss. Plan a longer hold.
• Scott County population projected at +31% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 45 days — a 3% lower offer ($267k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 7y 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.

Recommended offer $185,747 (32.5% 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 45 days. Have you received any prior offers? Is the seller open to a 32% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.73% ✗
• Cap rate: 4.09%
• Cash-on-cash: -7.87%
• DSCR: 0.65
• GRM: 11.5

CMA / ARV

• ARV (median comp): $355,637
• List price: $275,000
• Delta: -22.67%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 4.18% rent growth · sell at horizon

5-year hold

• IRR: -28.6%
• Equity multiple: 0.04×
• Total profit: $-74,204
• Equity at exit: $41,003

10-year hold

• IRR: -23.3%
• Equity multiple: -0.24×
• Total profit: $-95,407
• Equity at exit: $23,777

Cash invested: $77,000 (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 55378

• Home prices YoY: -27.1%
• Rents YoY: 4.2%
• Active inventory: 86
• Price-to-rent: 11.5×

Monthly cashflow live

• Estimated rent: $1,995 high
• Mortgage (P&I): −$1,442
• Tax from tax record: −$216 /mo · $2,596/yr
• Insurance: −$115
• HOA: −$308
• Vacancy / Maint / Mgmt: −$419
• Net cashflow: $-505

Break-even live

Break-even rent $2,634

Max offer price $185,747

Occupancy floor —

Sensitivity live

Price	-10% $-350	-5% $-427	+0% $-505	+5% $-583	+10% $-661
Rent	-10% $-663	-5% $-584	+0% $-505	+5% $-426	+10% $-348
Rate	-1.0pp $-367	-0.5pp $-435	base $-505	+0.5pp $-577	+1.0pp $-649

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: $68,750
• Closing costs: $8,250
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
14975 Pinto Ln Savage, MN	3.0	2.5	1389	$1,875	$1.35	45d	1	0.56mi
8315 Cedarview Cir Savage, MN	3.0	3.0	1872	$2,450	$1.31	44d	1	0.63mi
14977 Louisiana Ave S Savage, MN	2.0	2.0	965	$1,409	$1.46	2d	3	0.70mi
14125 Louisiana Ave S Savage, MN	3.0	1.0–2.0	1026	$2,147	$2.09	2d	26	0.75mi
15311 Louisiana Ave Savage, MN	3.0	3.0	1768	$2,649	$1.50	15d	1	1.12mi
5868 Royalton Rd NE Prior Lake, MN	3.0	3.0	1778	$2,600	$1.46	44d	1	1.35mi
15425 Dakota Ave Prior Lake, MN	1.0–2.0	1.0	798	$1,912	$2.39	2d	10	1.41mi

HOA detail condo

• Monthly dues: $308 · $3,696/yr
• Likely covers: watertrash
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 20 events

1. 2026-06-08
   statusdays on market $275,000 Pending 45 DOM
2. 2026-06-07
   days on market $275,000 Contingent - Inspection 44 DOM
3. 2026-06-04
   days on market $275,000 Contingent - Inspection 41 DOM
4. 2026-06-03
   days on market $275,000 Contingent - Inspection 40 DOM
5. 2026-06-02
   days on market $275,000 Contingent - Inspection 39 DOM
6. 2026-06-01
   days on market $275,000 Contingent - Inspection 38 DOM
7. 2026-05-31
   days on market $275,000 Contingent - Inspection 37 DOM
8. 2026-04-24
   listed $275,000 Active 532-char remark
9. 2026-02-02
   historical
10. 2025-09-01
    listed $280,000 Active
11. 2025-08-29
    historical
12. 2023-09-28
    soldstatus $275,000
13. 2023-08-25
    soldstatus $275,000 Sold

    Show marketing remark (599 chars)

    Spacious and bright townhome featuring 2 bedrooms, a large walk-through bath, and a loft area on the upper level. The kitchen boasts Maple cabinets, a breakfast bar, and stainless appliances. The living room opens to a recently redone large deck, with informal dining and a guest bathroom on the main level. Updates include washer/dryer, water heater, water softener, garbage disposal, deck/steps, carpet, and fresh paint throughout. Includes an oversized 2-car garage. Conveniently located near stores, restaurants, coffee shops, grocery store, McCann Park, and more. Located in Prior Lake schools.

14. 2023-08-11
    status Pending

    Show marketing remark (599 chars)

    Spacious and bright townhome featuring 2 bedrooms, a large walk-through bath, and a loft area on the upper level. The kitchen boasts Maple cabinets, a breakfast bar, and stainless appliances. The living room opens to a recently redone large deck, with informal dining and a guest bathroom on the main level. Updates include washer/dryer, water heater, water softener, garbage disposal, deck/steps, carpet, and fresh paint throughout. Includes an oversized 2-car garage. Conveniently located near stores, restaurants, coffee shops, grocery store, McCann Park, and more. Located in Prior Lake schools.

15. 2023-07-20
    listed $275,000 Active

    Show marketing remark (599 chars)

    Spacious and bright townhome featuring 2 bedrooms, a large walk-through bath, and a loft area on the upper level. The kitchen boasts Maple cabinets, a breakfast bar, and stainless appliances. The living room opens to a recently redone large deck, with informal dining and a guest bathroom on the main level. Updates include washer/dryer, water heater, water softener, garbage disposal, deck/steps, carpet, and fresh paint throughout. Includes an oversized 2-car garage. Conveniently located near stores, restaurants, coffee shops, grocery store, McCann Park, and more. Located in Prior Lake schools.

16. 2019-07-29
    soldstatus $201,000
17. 2019-07-01
    soldstatus $201,000 Sold
18. 2019-05-21
    status Pending
19. 2019-05-11
    historical
20. 2019-05-08
    listed $199,900 Active

ⓘ 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: $2,596 · $216/mo
• Projected year-2 tax: $2,838 · $236/mo
• Expected delta: +$242/yr (+$20/mo · 9.3%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥100°F today · 15 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: $23,936
• − Mortgage interest: −$15,404
• − Property taxes: −$2,596
• − Insurance: −$1,375
• − Repairs & maintenance: −$1,915
• − Management: −$1,915
• − HOA: −$3,696
• − Depreciation: −$8,000
• Taxable loss: −$10,965
• Est. tax savings @ 24.0%: +$2,632
• After-tax cash flow: $-3,431/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: Prior Lake-Savage Area Schools
• NCES district ID: 2730060
• Math proficiency: 56% ▼ -16.00%
• Reading proficiency: 59% ▼ -9.00%
• Median HH income: $96,810
• Composite: 53.47/100
• National rank: #1457
• State rank: #32 of 301 in MN

Livability — Savage

• Score: 78/100
• State rank: #118
• US rank: #2692

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Savage, MN
• County: Scott County · 116,975 people
• City population: 32,162
• Metro: Minneapolis-St. Paul-Bloomington, MN-WI
• Population (ZIP): 32,162
• Household income: $124,871
• Rent vs Own: 14.5% rent · 85.5% own
• Severe rent burden: 511.0

Population outlook (Scott County) Hauer SSP2

• Today (2025): 165,899 people
• By 2030: 177,290 · +6.9%
• By 2040: 199,019 · +20.0%
• By 2050: 216,883 · +30.7%
• By 2075: 256,099 · +54.4%
• By 2100: 276,434 · +66.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (72%)
• Race & ethnicity: White 72% Black 10% Two or more races 7% Asian 7% Hispanic / Latino 5%
• Common ancestry: Portuguese 13% Romanian 4% Lithuanian 2%
• Foreign-born: 10% · Canada, Vietnam, South Korea
• Languages at home: 84% English-only · Spanish 4% Vietnamese 2% Other Asian/Pacific 2%

Political lean MEDSL · Scott

• 2024 margin: Lean R (+8.5) · D 44.8% · R 53.3% · Other 1.9%
• 2008→2024 swing: +2.7pp toward D · 2008: -11.2pp · 2024: -8.5pp
• All cycles: 2024: R+8.5 2020: R+6.6 2016: R+15.4 2012: R+14.8 2008: R+11.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -80.05%
• Current HPI: 215.338
• Rent YoY: ▲ 4.18%
• 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

+37.6% since first listed

15 events — show timeline

• 2026-06-08 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-19 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-24 Listed $275,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-02-02 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2025-09-01 Listed $280,000 NORTHSTARMLS as Distributed by MLS Grid
• 2025-08-29 Coming Soon — NORTHSTARMLS as Distributed by MLS Grid
• 2023-09-28 Sold (Public Records) $275,000 Public Records
• 2023-08-25 Sold (MLS) $275,000 NORTHSTARMLS as Distributed by MLS Grid
• 2023-08-11 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2023-07-20 Listed $275,000 NORTHSTARMLS as Distributed by MLS Grid
• 2019-07-29 Sold (Public Records) $201,000 Public Records
• 2019-07-01 Sold (MLS) $201,000 NORTHSTARMLS as Distributed by MLS Grid
• 2019-05-21 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2019-05-11 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2019-05-08 Listed $199,900 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+2.2%/yr

Latest (2026): $2,596 · -5.3% YoY. Source: county tax records.