18226 Echo Dr · Farmington, MN 55024

$345,000

3 bd · 2.0 ba · 1,677 sqft · SingleFamily public records · 23 Days on market

Built 1987 7,143 sqft lot $206/sqft · 6% below area Est $382k · 10% under

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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 +11.9/15.0
• Cash flow +9.8/30.0
• Schools +4.4/10.0
• Livability +3.8/5.0
• DSCR +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Open 3 Level home with a large deck and quiet location. Enjoy the hardwood lamented flooring, carpeted living & family room (professionally cleaned), vaulted ceilings and great closet space. The large deck spans the back of the home with patio doors off the living room and master bedroom. Some new appliances- fridge, dishwasher, & microwave. Storage shed and extra parking is a plus.

Key facts

• 7,143 sq ft lot
• 2 garage spots
• Built 1987

Property features AI

Finance

• Financial info: VA mortgage eligible

Exterior

• Parking: Attached 2-car garage
• Utilities: City water (connected); City sewer (connected); Natural gas
• Home design: Residential property; Three-level split layout; Main entry level present
• Construction: Block foundation; Asphalt roof (age 8 years or less)
• Exterior features: Vinyl exterior; Deck; Chain link fencing; Storage shed

Interior

• Kitchen: Dishwasher; Garbage disposal; Microwave; Range; Refrigerator
• Bedrooms: Three bedrooms (one on upper level, one on lower level, additional bedrooms on upper level)
• Bathrooms: Two full bathrooms (one full basement bath, one upper-level full bath)
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Finished basement; Deck; Kitchen/dining room layout; Storage shed on property; Water softener (owned)
• Laundry & utility: Washer; Dryer; Laundry located in basement; Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $345k.

Deal economics

• At list price, monthly cash flow is $-220 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $306k (11.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $257k (25.5% below list).
• Recommended offer: $257k (25.5% below list) — sets the bar for 1% rule.
• Cap rate 5.5% 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 10d 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 23 days — a 2% lower offer ($340k) is reasonable based on typical stale-listing flexibility.
• 10 sale attempts since 28y 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 $240k; 44% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $256,928 (25.5% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 0.74% ✗
• Cap rate: 5.53%
• Cash-on-cash: -2.73%
• DSCR: 0.88
• GRM: 11.2

CMA / ARV

• ARV (median comp): $382,202
• List price: $345,000
• Delta: -9.73%
• Verdict: FAIR
• Comps: 3 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
17563 Driscoll Pl	0.69mi	4/3.0 (+1)	1,798 (+7%)	3mo	$382,202	$213	44

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: -20.9%
• Equity multiple: 0.28×
• Total profit: $-69,965
• Equity at exit: $51,441

10-year hold

• IRR: -14.3%
• Equity multiple: 0.18×
• Total profit: $-79,151
• Equity at exit: $29,829

Cash invested: $96,600 (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: 11.2×

Monthly cashflow live

• Estimated rent: $2,569 high
• Mortgage (P&I): −$1,809
• Tax from tax record: −$297 /mo · $3,562/yr
• Insurance: −$144
• HOA: −$0
• Vacancy / Maint / Mgmt: −$540
• Net cashflow: $-220

Break-even live

Break-even rent $2,848

Max offer price $306,124

Occupancy floor —

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: $86,250
• Closing costs: $10,350
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
18388 English Ave Farmington, MN	2.0	2.0	1544	$1,999	$1.29	43d	1	0.44mi
17079 Dysart Pl Lakeville, MN	3.0	3.0	1894	$2,795	$1.48	10d	1	1.07mi
17074 Dysart Pl Unit 17074 Lakeville, MN	3.0	2.5	1750	$2,800	$1.60	10d	1	1.08mi
17066 Dysart Pl Unit 17066 Lakeville, MN	3.0	2.5	1894	$2,895	$1.53	19d	1	1.10mi
17040 Dysart Pl Unit 17040 Lakeville, MN	3.0	2.5	1700	$2,700	$1.59	1d	1	1.12mi

Listing history 41 events

1. 2026-06-19
   status $345,000 Pending 23 DOM
2. 2026-06-18
   days on market $345,000 Contingent - Inspection 23 DOM
3. 2026-06-17
   days on market $345,000 Contingent - Inspection 22 DOM
4. 2026-06-16
   days on market $345,000 Contingent - Inspection 21 DOM
5. 2026-06-15
   days on market $345,000 Contingent - Inspection 20 DOM
6. 2026-06-13
   statusdays on market $345,000 Contingent - Inspection 18 DOM
7. 2026-06-09
   days on market $345,000 Active 14 DOM
8. 2026-06-08
   days on market $345,000 Active 13 DOM
9. 2026-06-08
   status $345,000 Active 12 DOM
10. 2026-05-13
    status Pending 1008-char remark
11. 2026-05-06
    historical Contingent - Inspection 1008-char remark
12. 2026-05-01
    listed $345,000 Active 1008-char remark
13. 2026-04-29
    historical $345,000 1008-char remark
14. 2017-08-30
    soldstatus $239,900 Sold 393-char remark

    Show marketing remark (393 chars)

    Open 3 Level home with a large deck and quiet location. Enjoy the hardwood lamented flooring, carpeted living & family room (professionally cleaned), vaulted ceilings and great closet space. The large deck spans the back of the home with patio doors off the living room and master bedroom. Some new appliances- fridge, dishwasher, & microwave. Storage shed and extra parking is a plus.

15. 2017-08-30
    soldstatus $239,900

    Show marketing remark (393 chars)

    Open 3 Level home with a large deck and quiet location. Enjoy the hardwood lamented flooring, carpeted living & family room (professionally cleaned), vaulted ceilings and great closet space. The large deck spans the back of the home with patio doors off the living room and master bedroom. Some new appliances- fridge, dishwasher, & microwave. Storage shed and extra parking is a plus.

16. 2017-08-03
    status Pending 393-char remark

    Show marketing remark (393 chars)

    Open 3 Level home with a large deck and quiet location. Enjoy the hardwood lamented flooring, carpeted living & family room (professionally cleaned), vaulted ceilings and great closet space. The large deck spans the back of the home with patio doors off the living room and master bedroom. Some new appliances- fridge, dishwasher, & microwave. Storage shed and extra parking is a plus.

17. 2017-07-26
    historical 393-char remark

    Show marketing remark (393 chars)

    Open 3 Level home with a large deck and quiet location. Enjoy the hardwood lamented flooring, carpeted living & family room (professionally cleaned), vaulted ceilings and great closet space. The large deck spans the back of the home with patio doors off the living room and master bedroom. Some new appliances- fridge, dishwasher, & microwave. Storage shed and extra parking is a plus.

18. 2017-07-24
    status Active 393-char remark

    Show marketing remark (393 chars)

    Open 3 Level home with a large deck and quiet location. Enjoy the hardwood lamented flooring, carpeted living & family room (professionally cleaned), vaulted ceilings and great closet space. The large deck spans the back of the home with patio doors off the living room and master bedroom. Some new appliances- fridge, dishwasher, & microwave. Storage shed and extra parking is a plus.

19. 2017-07-17
    historical Contingent - Inspection 393-char remark

    Show marketing remark (393 chars)

    Open 3 Level home with a large deck and quiet location. Enjoy the hardwood lamented flooring, carpeted living & family room (professionally cleaned), vaulted ceilings and great closet space. The large deck spans the back of the home with patio doors off the living room and master bedroom. Some new appliances- fridge, dishwasher, & microwave. Storage shed and extra parking is a plus.

20. 2017-07-13
    listed $234,900 Active 393-char remark

    Show marketing remark (393 chars)

    Open 3 Level home with a large deck and quiet location. Enjoy the hardwood lamented flooring, carpeted living & family room (professionally cleaned), vaulted ceilings and great closet space. The large deck spans the back of the home with patio doors off the living room and master bedroom. Some new appliances- fridge, dishwasher, & microwave. Storage shed and extra parking is a plus.

21. 2014-07-28
    soldstatus $189,900
22. 2014-07-25
    soldstatus $189,900 Sold
23. 2014-07-25
    soldstatus $189,900
24. 2014-07-25
    soldstatus $189,900
25. 2014-06-18
    status Pending
26. 2014-06-08
    historical Contingent - Inspection
27. 2014-06-06
    listed $189,900 Active
28. 2014-06-06
    listed $189,900
29. 2014-06-06
    listed $189,900
30. 2004-01-05
    soldstatus $208,400
31. 2003-11-21
    soldstatus $208,400
32. 2003-10-26
    historical
33. 2003-10-01
    listed $205,900
34. 2003-01-31
    soldstatus $190,000
35. 2002-12-04
    soldstatus $190,000
36. 2002-08-30
    historical
37. 2002-08-23
    listed $189,900
38. 1998-10-19
    soldstatus $132,900
39. 1998-09-25
    soldstatus $132,900
40. 1998-07-20
    historical
41. 1998-06-22
    listed $132,900

ⓘ 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: $3,562 · $297/mo
• Projected year-2 tax: $3,713 · $309/mo
• Expected delta: +$151/yr (+$13/mo · 4.2%)

ⓘ 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 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: $30,831
• − Mortgage interest: −$19,325
• − Property taxes: −$3,562
• − Insurance: −$1,725
• − Repairs & maintenance: −$2,467
• − Management: −$2,467
• − Depreciation: −$10,036
• Taxable loss: −$8,750
• Est. tax savings @ 24.0%: +$2,100
• After-tax cash flow: $-541/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

+159.6% since first listed

35 events — show timeline

• 2026-06-19 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2026-06-10 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2026-06-07 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-13 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-06 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-01 Listed $345,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-29 Coming Soon $345,000 NORTHSTARMLS as Distributed by MLS Grid
• 2017-08-30 Sold (Public Records) $239,900 Public Records
• 2017-08-30 Sold (MLS) $239,900 NORTHSTARMLS as Distributed by MLS Grid
• 2017-08-03 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2017-07-26 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2017-07-24 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2017-07-17 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2017-07-13 Listed $234,900 NORTHSTARMLS as Distributed by MLS Grid
• 2014-07-28 Sold (Public Records) $189,900 Public Records
• 2014-07-25 Sold (MLS) $189,900 LSAR
• 2014-07-25 Sold (MLS) $189,900 RASM
• 2014-07-25 Sold (MLS) $189,900 NORTHSTARMLS as Distributed by MLS Grid
• 2014-06-18 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2014-06-08 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2014-06-06 Listed $189,900 NORTHSTARMLS as Distributed by MLS Grid
• 2014-06-06 Listed $189,900 LSAR
• 2014-06-06 Listed $189,900 RASM
• 2004-01-05 Sold (Public Records) $208,400 Public Records
• 2003-11-21 Sold (MLS) $208,400 NORTHSTARMLS as Distributed by MLS Grid
• 2003-10-26 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2003-10-01 Listed $205,900 NORTHSTARMLS as Distributed by MLS Grid
• 2003-01-31 Sold (Public Records) $190,000 Public Records
• 2002-12-04 Sold (MLS) $190,000 NORTHSTARMLS as Distributed by MLS Grid
• 2002-08-30 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2002-08-23 Listed $189,900 NORTHSTARMLS as Distributed by MLS Grid
• 1998-10-19 Sold (Public Records) $132,900 Public Records
• 1998-09-25 Sold (MLS) $132,900 NORTHSTARMLS as Distributed by MLS Grid
• 1998-07-20 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 1998-06-22 Listed $132,900 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+3.5%/yr

Latest (2025): $3,562 · -0.6% YoY. Source: county tax records.