5363 184th St W · Farmington, MN 55024

$339,900

4 bd · 2.0 ba · 1,825 sqft · SingleFamily public records · 18 Days on market

Built 1991 8,276 sqft lot $186/sqft · 19% below area Est $421k · 19% under

---

Why this score? — see what drove the C- 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 +15.0/30.0
• ARV discount +15.0/15.0
• DSCR +4.6/10.0
• Schools +4.4/10.0
• 1% rule +3.8/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Sharp spacious split-entry home in a convenient location. Great space and bright interior with updated roof in 2017. Nice sized bedrooms and updated bathrooms including a nicely updated tile lower level 3/4 bath. Large garage with a bonus 8 x 24 shop for projects or storage. Lower level bedroom has wardrobe or could be used as a den or office. Ready for your personal touches! Sold "As Is" - Quick close possible.

Key facts

• 8,276 sq ft lot
• 2 garage spots
• Built 1991

Property features AI

Exterior

• Parking: Attached garage with garage door opener (2 garage spaces)
• Utilities: City water connected; City sewer connected; Natural gas service; Electric service with circuit breakers
• Home design: Residential split-entry (bi-level) home; Two levels (main and lower)
• Construction: Block foundation; Asphalt roof (age over 8 years)
• Exterior features: Vinyl siding; Deck; Porch; Chain link and wood fencing; Light tree coverage

Interior

• Kitchen: Range; Microwave; Dishwasher; Disposal; Refrigerator; ENERGY STAR qualified appliances
• Bedrooms: 4 bedrooms (some on main level, some on lower level)
• Bathrooms: Main floor full bathroom; Basement 3/4 bathroom with walk-in shower
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Finished basement with storage space; Breakfast bar and informal dining area; Kitchen window; Ethernet wiring
• Laundry & utility: Washer and dryer hookups (electric and gas dryer hookups); Lower-level laundry room; Gas water heater

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $340k.

Deal economics

• At list price, monthly cash flow is $104 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $298k (12.3% below list).
• Recommended offer: $298k (12.3% below list) — sets the bar for 1% rule.
• Cap rate 6.7% vs local median 3.8% 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.
• Market conditions: 325 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 11d on market — plan ~1-2 weeks tenant-placement turnaround); 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 $10k 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 18 days — a 2% lower offer ($335k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 26y 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 $270k; 26% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $298,199 (12.3% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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.
4. 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.
5. 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: 0.88% ✗
• Cap rate: 6.66%
• Cash-on-cash: 1.31%
• DSCR: 1.06
• GRM: 9.5

CMA / ARV

• ARV (median comp): $420,947
• List price: $339,900
• Delta: -19.25%
• Verdict: UNDERPRICED
• Comps: 3 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -14.2%
• Equity multiple: 0.49×
• Total profit: $-48,500
• Equity at exit: $50,680

10-year hold

• IRR: -5.5%
• Equity multiple: 0.64×
• Total profit: $-33,803
• Equity at exit: $29,388

Cash invested: $95,172 (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: 9.5×

Monthly cashflow live

• Estimated rent: $2,982 high
• Mortgage (P&I): −$1,782
• Tax from tax record: −$328 /mo · $3,938/yr
• Insurance: −$142
• HOA: −$0
• Vacancy / Maint / Mgmt: −$626
• Net cashflow: $104

Break-even live

Break-even rent $2,851

Max offer price $339,900

Occupancy floor 92%

Sensitivity live

Price	-10% $296	-5% $200	+0% $104	+5% $7	+10% $-89
Rent	-10% $-132	-5% $-14	+0% $104	+5% $221	+10% $339
Rate	-1.0pp $275	-0.5pp $190	base $104	+0.5pp $15	+1.0pp $-74

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: $84,975
• Closing costs: $10,197
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
19385 Elkridge Trl Farmington, MN	4.0	2.5	2500	$3,099	$1.24	24d	1	1.05mi
17079 Dysart Pl Lakeville, MN	3.0	3.0	1894	$2,795	$1.48	10d	1	1.33mi
17074 Dysart Pl Unit 17074 Lakeville, MN	3.0	2.5	1750	$2,800	$1.60	10d	1	1.35mi
17066 Dysart Pl Unit 17066 Lakeville, MN	3.0	2.5	1894	$2,895	$1.53	20d	1	1.37mi
17040 Dysart Pl Unit 17040 Lakeville, MN	3.0	2.5	1700	$2,700	$1.59	0d	1	1.39mi

Listing history 26 events

1. 2026-05-17
   price $339,900 837-char remark
2. 2026-05-10
   listed $350,000 Active 837-char remark
3. 2026-05-07
   historical $350,000 837-char remark
4. 2024-04-18
   historical $2,495
5. 2024-03-22
   price $2,495
6. 2024-02-23
   listed $2,595
7. 2022-03-31
   price $2,495
8. 2021-03-22
   soldstatus $270,000
9. 2021-02-19
   soldstatus $270,000 Sold 425-char remark

   Show marketing remark (425 chars)

   Sharp spacious split-entry home in a convenient location. Great space and bright interior with updated roof in 2017. Nice sized bedrooms and updated bathrooms including a nicely updated tile lower level 3/4 bath. Large garage with a bonus 8 x 24 shop for projects or storage. Lower level bedroom has wardrobe or could be used as a den or office. Ready for your personal touches! Sold "As Is" - Quick close possible.

10. 2021-01-31
    status Pending 425-char remark

    Show marketing remark (425 chars)

    Sharp spacious split-entry home in a convenient location. Great space and bright interior with updated roof in 2017. Nice sized bedrooms and updated bathrooms including a nicely updated tile lower level 3/4 bath. Large garage with a bonus 8 x 24 shop for projects or storage. Lower level bedroom has wardrobe or could be used as a den or office. Ready for your personal touches! Sold "As Is" - Quick close possible.

11. 2021-01-27
    status Pending 425-char remark

    Show marketing remark (425 chars)

    Sharp spacious split-entry home in a convenient location. Great space and bright interior with updated roof in 2017. Nice sized bedrooms and updated bathrooms including a nicely updated tile lower level 3/4 bath. Large garage with a bonus 8 x 24 shop for projects or storage. Lower level bedroom has wardrobe or could be used as a den or office. Ready for your personal touches! Sold "As Is" - Quick close possible.

12. 2021-01-26
    status Pending 425-char remark

    Show marketing remark (425 chars)

    Sharp spacious split-entry home in a convenient location. Great space and bright interior with updated roof in 2017. Nice sized bedrooms and updated bathrooms including a nicely updated tile lower level 3/4 bath. Large garage with a bonus 8 x 24 shop for projects or storage. Lower level bedroom has wardrobe or could be used as a den or office. Ready for your personal touches! Sold "As Is" - Quick close possible.

13. 2021-01-20
    status Pending 425-char remark

    Show marketing remark (425 chars)

    Sharp spacious split-entry home in a convenient location. Great space and bright interior with updated roof in 2017. Nice sized bedrooms and updated bathrooms including a nicely updated tile lower level 3/4 bath. Large garage with a bonus 8 x 24 shop for projects or storage. Lower level bedroom has wardrobe or could be used as a den or office. Ready for your personal touches! Sold "As Is" - Quick close possible.

14. 2021-01-13
    historical Contingent - Inspection 425-char remark

    Show marketing remark (425 chars)

    Sharp spacious split-entry home in a convenient location. Great space and bright interior with updated roof in 2017. Nice sized bedrooms and updated bathrooms including a nicely updated tile lower level 3/4 bath. Large garage with a bonus 8 x 24 shop for projects or storage. Lower level bedroom has wardrobe or could be used as a den or office. Ready for your personal touches! Sold "As Is" - Quick close possible.

15. 2020-12-27
    status Active 425-char remark

    Show marketing remark (425 chars)

    Sharp spacious split-entry home in a convenient location. Great space and bright interior with updated roof in 2017. Nice sized bedrooms and updated bathrooms including a nicely updated tile lower level 3/4 bath. Large garage with a bonus 8 x 24 shop for projects or storage. Lower level bedroom has wardrobe or could be used as a den or office. Ready for your personal touches! Sold "As Is" - Quick close possible.

16. 2020-12-21
    historical Contingent - Inspection 425-char remark

    Show marketing remark (425 chars)

    Sharp spacious split-entry home in a convenient location. Great space and bright interior with updated roof in 2017. Nice sized bedrooms and updated bathrooms including a nicely updated tile lower level 3/4 bath. Large garage with a bonus 8 x 24 shop for projects or storage. Lower level bedroom has wardrobe or could be used as a den or office. Ready for your personal touches! Sold "As Is" - Quick close possible.

17. 2020-11-19
    price $274,900 425-char remark

    Show marketing remark (425 chars)

    Sharp spacious split-entry home in a convenient location. Great space and bright interior with updated roof in 2017. Nice sized bedrooms and updated bathrooms including a nicely updated tile lower level 3/4 bath. Large garage with a bonus 8 x 24 shop for projects or storage. Lower level bedroom has wardrobe or could be used as a den or office. Ready for your personal touches! Sold "As Is" - Quick close possible.

18. 2020-11-02
    price $279,900 425-char remark

    Show marketing remark (425 chars)

    Sharp spacious split-entry home in a convenient location. Great space and bright interior with updated roof in 2017. Nice sized bedrooms and updated bathrooms including a nicely updated tile lower level 3/4 bath. Large garage with a bonus 8 x 24 shop for projects or storage. Lower level bedroom has wardrobe or could be used as a den or office. Ready for your personal touches! Sold "As Is" - Quick close possible.

19. 2020-10-28
    price $284,900 425-char remark

    Show marketing remark (425 chars)

    Sharp spacious split-entry home in a convenient location. Great space and bright interior with updated roof in 2017. Nice sized bedrooms and updated bathrooms including a nicely updated tile lower level 3/4 bath. Large garage with a bonus 8 x 24 shop for projects or storage. Lower level bedroom has wardrobe or could be used as a den or office. Ready for your personal touches! Sold "As Is" - Quick close possible.

20. 2020-10-16
    listed $289,900 Active 425-char remark

    Show marketing remark (425 chars)

    Sharp spacious split-entry home in a convenient location. Great space and bright interior with updated roof in 2017. Nice sized bedrooms and updated bathrooms including a nicely updated tile lower level 3/4 bath. Large garage with a bonus 8 x 24 shop for projects or storage. Lower level bedroom has wardrobe or could be used as a den or office. Ready for your personal touches! Sold "As Is" - Quick close possible.

21. 2018-01-02
    soldstatus $170,000
22. 2000-05-31
    soldstatus $155,900
23. 2000-05-31
    soldstatus $155,900
24. 2000-03-27
    historical
25. 2000-03-20
    listed $152,900
26. 1991-08-09
    soldstatus $84,500

ⓘ 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: $3,938 · $328/mo
• Projected year-2 tax: $3,938 · $328/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 (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 · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $35,784
• − Mortgage interest: −$19,040
• − Property taxes: −$3,938
• − Insurance: −$1,700
• − Repairs & maintenance: −$2,863
• − Management: −$2,863
• − Depreciation: −$9,888
• Taxable loss: −$4,507
• Est. tax savings @ 24.0%: +$1,082
• After-tax cash flow: $2,324/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

+302.2% since first listed

28 events — show timeline

• 2026-05-29 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-19 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-17 Price Changed $339,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-10 Listed $350,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-07 Coming Soon $350,000 NORTHSTARMLS as Distributed by MLS Grid
• 2024-04-18 Rental Removed $2,495 BUILDIUM
• 2024-03-22 Price Changed $2,495 BUILDIUM
• 2024-02-23 Listed for Rent $2,595 BUILDIUM
• 2022-03-31 Price Changed $2,495 BUILDIUM
• 2021-03-22 Sold (Public Records) $270,000 Public Records
• 2021-02-19 Sold (MLS) $270,000 NORTHSTARMLS as Distributed by MLS Grid
• 2021-01-31 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2021-01-27 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2021-01-26 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2021-01-20 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2021-01-13 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2020-12-27 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2020-12-21 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2020-11-19 Price Changed $274,900 NORTHSTARMLS as Distributed by MLS Grid
• 2020-11-02 Price Changed $279,900 NORTHSTARMLS as Distributed by MLS Grid
• 2020-10-28 Price Changed $284,900 NORTHSTARMLS as Distributed by MLS Grid
• 2020-10-16 Listed $289,900 NORTHSTARMLS as Distributed by MLS Grid
• 2018-01-02 Sold (Public Records) $170,000 Public Records
• 2000-05-31 Sold (Public Records) $155,900 Public Records
• 2000-05-31 Sold (MLS) $155,900 NORTHSTARMLS as Distributed by MLS Grid
• 2000-03-27 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2000-03-20 Listed $152,900 NORTHSTARMLS as Distributed by MLS Grid
• 1991-08-09 Sold (Public Records) $84,500 Public Records

Property tax history

+3.6%/yr

Latest (2025): $3,938 · +0.3% YoY. Source: county tax records.