120 4th St · Farmington, MN 55024

$274,900

4 bd · 3.0 ba · 1,128 sqft · SingleFamily public records · 6 Days on market

Built 1910 10,018 sqft lot $244/sqft · 10% below area Est $332k · 17% under

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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).

• ARV discount +15.0/15.0
• Cash flow +14.4/30.0
• DSCR +4.4/10.0
• Schools +4.4/10.0
• Livability +3.8/5.0
• 1% rule +3.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This charming home boasts many recent updates on the inside including newer counters, cabinets, appliances. Outside you will enjoy freshly painted siding and a new roof within the last couple of years. Close-in to downtown Farmington for easy access to shops and restaurants.

Key facts

• Quartz counters
• Ss appliances
• Updated kitchen

Tags

• REMODELED HOME
• UPDATED KITCHEN
• QUARTZ COUNTERS
• TILE BACKSPLASH
• SS APPLIANCES
• LUXURY PLANK FLOORING

Property features AI

Finance

• Other: Above grade finished area provided; Below grade finished area provided
• Financial info: Mortgage type: Other

Exterior

• Parking: Attached garage; 1-car garage (22x11, 7' door height)
• Utilities: City water (in street); City sewer (in street); Natural gas; Electric with circuit breakers
• Home design: Residential property; One and one-half levels; Main floor primary bedroom; Kitchen on main level
• Construction: Constructed of block and stone; Stone foundation; Roof replaced/installed within the past 8 years
• Exterior features: Front porch; Storage shed; Light tree coverage; Road frontage on a city street (publicly maintained)

Interior

• Kitchen: Range; Microwave; Dishwasher; Refrigerator; Stainless steel appliances; Kitchen window
• Bedrooms: Main level bedroom (13x12); Upper level bedroom (15x12); Upper level bedroom (12x12); Upper level bedroom (8x10)
• Bathrooms: Main floor 3/4 bath; Upper level full bath
• Heating & cooling: Forced air heating; Ductless mini-split cooling
• Interior features: Informal dining area; Den; Full, partially finished basement; 3 bedrooms located with 3 on one level (per special search note); Rehabbed / renovated
• Laundry & utility: Washer; Dryer; Laundry in basement; Gas water heater

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath single-family listed at $275k.

Deal economics

• At list price, monthly cash flow is $54 ($649/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 $239k (12.9% below list).
• Recommended offer: $239k (12.9% below list) — sets the bar for 1% rule.
• Cap rate 6.5% 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: Riverview Elementary (math 42% / reading 45%, grade F, #569 of 857 statewide, top 67%, 645 students, 18% FRL); Levi P. Dodge Middle School (math 37% / reading 54%, grade D+, #106 of 258 statewide, top 43%, 721 students, 27% FRL); Farmington High School (math 32% / reading 56%, grade F, #210 of 471 statewide, top 44%, 2,201 students, 22% FRL).
• Market conditions: 325 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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 $8k 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

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 12 sale attempts since 25y 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 $185k; 49% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $239,442 (12.9% below list)

Questions for the listing agent

1. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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.
5. 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.
6. 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: 0.87% ✗
• Cap rate: 6.53%
• Cash-on-cash: 0.84%
• DSCR: 1.04
• GRM: 9.6

CMA / ARV

• ARV (median comp): $332,349
• List price: $274,900
• Delta: -17.29%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -15.0%
• Equity multiple: 0.47×
• Total profit: $-41,101
• Equity at exit: $40,988

10-year hold

• IRR: -6.3%
• Equity multiple: 0.59×
• Total profit: $-31,361
• Equity at exit: $23,768

Cash invested: $76,972 (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: 9.6×

Monthly cashflow live

• Estimated rent: $2,394 medium
• Mortgage (P&I): −$1,442
• Tax from tax record: −$281 /mo · $3,376/yr
• Insurance: −$115
• HOA: −$0
• Vacancy / Maint / Mgmt: −$503
• Net cashflow: $54

Break-even live

Break-even rent $2,326

Max offer price $274,900

Occupancy floor 93%

Sensitivity live

Price	-10% $210	-5% $132	+0% $54	+5% $-24	+10% $-102
Rent	-10% $-135	-5% $-40	+0% $54	+5% $149	+10% $243
Rate	-1.0pp $193	-0.5pp $124	base $54	+0.5pp $-17	+1.0pp $-90

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: $68,725
• Closing costs: $8,247
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
20620 Brennan Path Farmington, MN	3.0	1.5	1346	$1,895	$1.41	45d	1	1.49mi

Listing history 34 events

1. 2026-05-06
   status Pending 629-char remark
2. 2026-04-30
   listed $274,900 Active 629-char remark
3. 2026-03-25
   historical Contingent - Inspection
4. 2026-03-20
   listed $274,900 Active
5. 2026-03-18
   historical
6. 2026-01-20
   soldstatus $184,848
7. 2023-04-04
   soldstatus $243,500 Sold

   Show marketing remark (275 chars)

   This charming home boasts many recent updates on the inside including newer counters, cabinets, appliances. Outside you will enjoy freshly painted siding and a new roof within the last couple of years. Close-in to downtown Farmington for easy access to shops and restaurants.

8. 2023-02-28
   status Pending

   Show marketing remark (275 chars)

   This charming home boasts many recent updates on the inside including newer counters, cabinets, appliances. Outside you will enjoy freshly painted siding and a new roof within the last couple of years. Close-in to downtown Farmington for easy access to shops and restaurants.

9. 2023-02-20
   historical Contingent - Inspection

   Show marketing remark (275 chars)

   This charming home boasts many recent updates on the inside including newer counters, cabinets, appliances. Outside you will enjoy freshly painted siding and a new roof within the last couple of years. Close-in to downtown Farmington for easy access to shops and restaurants.

10. 2022-11-08
    status Active

    Show marketing remark (275 chars)

    This charming home boasts many recent updates on the inside including newer counters, cabinets, appliances. Outside you will enjoy freshly painted siding and a new roof within the last couple of years. Close-in to downtown Farmington for easy access to shops and restaurants.

11. 2022-10-11
    status Active

    Show marketing remark (275 chars)

    This charming home boasts many recent updates on the inside including newer counters, cabinets, appliances. Outside you will enjoy freshly painted siding and a new roof within the last couple of years. Close-in to downtown Farmington for easy access to shops and restaurants.

12. 2022-10-04
    historical Contingent - Inspection

    Show marketing remark (275 chars)

    This charming home boasts many recent updates on the inside including newer counters, cabinets, appliances. Outside you will enjoy freshly painted siding and a new roof within the last couple of years. Close-in to downtown Farmington for easy access to shops and restaurants.

13. 2022-09-15
    price $244,900

    Show marketing remark (275 chars)

    This charming home boasts many recent updates on the inside including newer counters, cabinets, appliances. Outside you will enjoy freshly painted siding and a new roof within the last couple of years. Close-in to downtown Farmington for easy access to shops and restaurants.

14. 2022-08-29
    status Active

    Show marketing remark (275 chars)

    This charming home boasts many recent updates on the inside including newer counters, cabinets, appliances. Outside you will enjoy freshly painted siding and a new roof within the last couple of years. Close-in to downtown Farmington for easy access to shops and restaurants.

15. 2022-08-24
    historical Contingent - Inspection

    Show marketing remark (275 chars)

    This charming home boasts many recent updates on the inside including newer counters, cabinets, appliances. Outside you will enjoy freshly painted siding and a new roof within the last couple of years. Close-in to downtown Farmington for easy access to shops and restaurants.

16. 2022-08-12
    listed $249,900 Active

    Show marketing remark (275 chars)

    This charming home boasts many recent updates on the inside including newer counters, cabinets, appliances. Outside you will enjoy freshly painted siding and a new roof within the last couple of years. Close-in to downtown Farmington for easy access to shops and restaurants.

17. 2020-01-17
    soldstatus $198,000
18. 2019-11-26
    soldstatus $198,000 Sold
19. 2019-10-21
    status Pending
20. 2019-10-14
    historical Contingent - Inspection
21. 2019-10-11
    listed $198,500 Active
22. 2019-10-10
    historical
23. 2019-10-03
    status Active
24. 2019-09-22
    historical Contingent - Inspection
25. 2019-09-16
    listed $199,900 Active
26. 2019-08-12
    soldstatus $135,000
27. 2008-06-01
    historical
28. 2008-04-01
    listed $179,000
29. 2001-10-15
    soldstatus $125,000
30. 2001-10-15
    soldstatus $125,000
31. 2001-09-20
    historical
32. 2001-08-30
    listed $129,900
33. 2001-08-29
    historical
34. 2001-07-25
    listed $144,900

ⓘ 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: $3,376 · $281/mo
• Projected year-2 tax: $3,376 · $281/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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,733
• − Mortgage interest: −$15,399
• − Property taxes: −$3,376
• − Insurance: −$1,374
• − Repairs & maintenance: −$2,299
• − Management: −$2,299
• − Depreciation: −$7,997
• Taxable loss: −$4,011
• Est. tax savings @ 24.0%: +$963
• After-tax cash flow: $1,612/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

+89.7% since first listed

34 events — show timeline

• 2026-05-06 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-30 Listed $274,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-03-25 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2026-03-20 Listed $274,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-03-18 Coming Soon — NORTHSTARMLS as Distributed by MLS Grid
• 2026-01-20 Sold (Public Records) $184,848 Public Records
• 2023-04-04 Sold (MLS) $243,500 NORTHSTARMLS as Distributed by MLS Grid
• 2023-02-28 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2023-02-20 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2022-11-08 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2022-10-11 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2022-10-04 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2022-09-15 Price Changed $244,900 NORTHSTARMLS as Distributed by MLS Grid
• 2022-08-29 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2022-08-24 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2022-08-12 Listed $249,900 NORTHSTARMLS as Distributed by MLS Grid
• 2020-01-17 Sold (Public Records) $198,000 Public Records
• 2019-11-26 Sold (MLS) $198,000 NORTHSTARMLS as Distributed by MLS Grid
• 2019-10-21 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2019-10-14 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2019-10-11 Listed $198,500 NORTHSTARMLS as Distributed by MLS Grid
• 2019-10-10 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2019-10-03 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2019-09-22 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2019-09-16 Listed $199,900 NORTHSTARMLS as Distributed by MLS Grid
• 2019-08-12 Sold (Public Records) $135,000 Public Records
• 2008-06-01 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2008-04-01 Listed $179,000 NORTHSTARMLS as Distributed by MLS Grid
• 2001-10-15 Sold (Public Records) $125,000 Public Records
• 2001-10-15 Sold (MLS) $125,000 NORTHSTARMLS as Distributed by MLS Grid
• 2001-09-20 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2001-08-30 Listed $129,900 NORTHSTARMLS as Distributed by MLS Grid
• 2001-08-29 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2001-07-25 Listed $144,900 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+1.8%/yr

Latest (2025): $3,376 · +27.7% YoY. Source: county tax records.