18335 County Road 24 · Plymouth, MN 55447

$470,000

4 bd · 3.0 ba · 2,260 sqft · SingleFamily public records · 53 Days on market

Built 1971 0.43 ac lot $208/sqft · 14% below area Est $579k · 19% 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 +15.0/15.0
• Schools +6.9/10.0
• Cash flow +6.8/30.0
• Livability +4.2/5.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• 1% rule +1.2/10.0
• DSCR +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Sprawling rambler with lower level that walks out to a quiet private wooded 0.43 acre lot. Recently appraised at $510,000 this home is the smart purchase for a savvy buyer who wants affordability in the Wayzata school district. Four season sunroom opens to secluded deck and overlooks large back yard and City property to the rear that features a pond that could be an ideal skating retreat in the winter. Established rose gardens provide a kaleidoscope of seasonal blooms and serene backdrop for outdoor entertaining. Vaulted knotty pine ceiling on main level adds a great room feel. Combine the vaulted ceiling with solar tubes and the main level is bright and airy. Spacious gourmet kitchen with granite counters and an abundance of cupboards and counters. Bathrooms feature updates with jetted tub in one and walk in showers in the other two. Long list of updates includes HVAC, water heater, windows, appliances, 2 gas fireplaces, gutters, roof and many more. Lower level has walk out apartment that could be a great work from home area or rent it out for additional income. Pre-inspected for your convenience and piece of mind.

Key facts

• Walk out back yard
• Four season sunroom
• Pond

Tags

• FOUR SEASON SUNROOM
• SECLUDED DECK
• WALK OUT BACK YARD
• POND
• ROSE GARDENS
• VAULTED KNOTTY PINE CEILING

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath single-family listed at $470k.

Deal economics

• At list price, monthly cash flow is $-738 ($-9k/yr) — negative.
• To cash-flow at today's rent, offer at most $340k (27.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $293k (37.6% below list).
• Recommended offer: $293k (37.6% below list) — sets the bar for 1% rule.
• Cap rate 4.4% vs local median 3.1% in Plymouth — 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 85/100 on livability (#17 in MN, #517 nationally) — a professional / high-income tenant draw. Strengths: schools A+, crime A+, commute A+; Watch: amenities F, cost of living F.
• Wayzata Public School District (urban): math 75% / reading 78% proficiency, ranked #2 of 301 in MN (top 1%) — strong family-tenant draw, lease renewals of 3-5y typical; only 11% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising (+1.1%/yr); 120 active listings in the ZIP; 1 comparable units currently listed for rent nearby; high-income renter base; 4,651 units permitted in Hennepin County in 2024 (2,443 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $14k of value loss. Plan a longer hold.
• Hennepin County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 53 days — a 3% lower offer ($456k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 29y 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 $178k; list at $470k implies a 164% gain — meaningful room to come down on a strong offer.

Recommended offer $293,160 (37.6% 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 53 days. Have you received any prior offers? Is the seller open to a 38% concession, seller financing, or rate buy-down credit?
3. Built in 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are A-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?
6. 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?
7. 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.
8. 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.
9. 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: 0.62% ✗
• Cap rate: 4.41%
• Cash-on-cash: -6.73%
• DSCR: 0.70
• GRM: 13.4

CMA / ARV

• ARV (median comp): $579,236
• List price: $470,000
• Delta: -18.86%
• Verdict: UNDERPRICED
• Comps: 5 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
18550 37th Ave N	0.65mi	4/3.0	2,230 (-1%)	16mo	$598,000	$268	54
17910 28th Ave N	0.38mi	5/2.0 (+1)	2,309 (+2%)	19mo	$450,000	$195	54

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 · 1.15% rent growth · sell at horizon

5-year hold

• IRR: -29.9%
• Equity multiple: 0.02×
• Total profit: $-128,582
• Equity at exit: $70,079

10-year hold

• IRR: -40.5%
• Equity multiple: -0.47×
• Total profit: $-193,963
• Equity at exit: $40,637

Cash invested: $131,600 (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 55447

• Rents YoY: 1.1%
• Active inventory: 120
• Price-to-rent: 13.4×

Monthly cashflow live

• Estimated rent: $2,932 medium
• Mortgage (P&I): −$2,465
• Tax from tax record: −$393 /mo · $4,718/yr
• Insurance: −$196
• HOA: −$0
• Vacancy / Maint / Mgmt: −$616
• Net cashflow: $-738

Break-even live

Break-even rent $3,865

Max offer price $339,671

Occupancy floor —

Sensitivity live

Price	-10% $-472	-5% $-605	+0% $-738	+5% $-871	+10% $-1,004
Rent	-10% $-969	-5% $-854	+0% $-738	+5% $-622	+10% $-506
Rate	-1.0pp $-501	-0.5pp $-618	base $-738	+0.5pp $-860	+1.0pp $-983

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: $117,500
• Closing costs: $14,100
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
17420 County Road 24 Minneapolis, MN	4.0	2.5	2200	$3,500	$1.59	0d	1	0.57mi

Listing history 24 events

1. 2026-06-07
   statusdays on market $470,000 Pending 53 DOM
2. 2026-06-04
   days on market $470,000 Contingent - Inspection 51 DOM
3. 2026-06-03
   days on market $470,000 Contingent - Inspection 50 DOM
4. 2026-06-02
   days on market $470,000 Contingent - Inspection 49 DOM
5. 2026-06-01
   days on market $470,000 Contingent - Inspection 48 DOM
6. 2026-05-31
   days on market $470,000 Contingent - Inspection 47 DOM
7. 2026-05-18
   historical Contingent - Inspection 1146-char remark

   Show marketing remark (1146 chars)

   Sprawling rambler with lower level that walks out to a quiet private wooded 0.43 acre lot. Recently appraised at $510,000 this home is the smart purchase for a savvy buyer who wants affordability in the Wayzata school district. Four season sunroom opens to secluded deck and overlooks large back yard and City property to the rear that features a pond that could be an ideal skating retreat in the winter. Established rose gardens provide a kaleidoscope of seasonal blooms and serene backdrop for outdoor entertaining. Vaulted knotty pine ceiling on main level adds a great room feel. Combine the vaulted ceiling with solar tubes and the main level is bright and airy. Spacious gourmet kitchen with granite counters and an abundance of cupboards and counters. Bathrooms feature updates with jetted tub in one and walk in showers in the other two. Long list of updates includes HVAC, water heater, windows, appliances, 2 gas fireplaces, gutters, roof and many more. Lower level has walk out apartment that could be a great work from home area or rent it out for additional income. Pre-inspected for your convenience and piece of mind.

8. 2026-05-11
   price $470,000 1146-char remark

   Show marketing remark (1146 chars)

   Sprawling rambler with lower level that walks out to a quiet private wooded 0.43 acre lot. Recently appraised at $510,000 this home is the smart purchase for a savvy buyer who wants affordability in the Wayzata school district. Four season sunroom opens to secluded deck and overlooks large back yard and City property to the rear that features a pond that could be an ideal skating retreat in the winter. Established rose gardens provide a kaleidoscope of seasonal blooms and serene backdrop for outdoor entertaining. Vaulted knotty pine ceiling on main level adds a great room feel. Combine the vaulted ceiling with solar tubes and the main level is bright and airy. Spacious gourmet kitchen with granite counters and an abundance of cupboards and counters. Bathrooms feature updates with jetted tub in one and walk in showers in the other two. Long list of updates includes HVAC, water heater, windows, appliances, 2 gas fireplaces, gutters, roof and many more. Lower level has walk out apartment that could be a great work from home area or rent it out for additional income. Pre-inspected for your convenience and piece of mind.

9. 2026-05-07
   price $475,000 1146-char remark

   Show marketing remark (1146 chars)

   Sprawling rambler with lower level that walks out to a quiet private wooded 0.43 acre lot. Recently appraised at $510,000 this home is the smart purchase for a savvy buyer who wants affordability in the Wayzata school district. Four season sunroom opens to secluded deck and overlooks large back yard and City property to the rear that features a pond that could be an ideal skating retreat in the winter. Established rose gardens provide a kaleidoscope of seasonal blooms and serene backdrop for outdoor entertaining. Vaulted knotty pine ceiling on main level adds a great room feel. Combine the vaulted ceiling with solar tubes and the main level is bright and airy. Spacious gourmet kitchen with granite counters and an abundance of cupboards and counters. Bathrooms feature updates with jetted tub in one and walk in showers in the other two. Long list of updates includes HVAC, water heater, windows, appliances, 2 gas fireplaces, gutters, roof and many more. Lower level has walk out apartment that could be a great work from home area or rent it out for additional income. Pre-inspected for your convenience and piece of mind.

10. 2026-04-14
    listed $480,000 Active 1146-char remark

    Show marketing remark (1146 chars)

    Sprawling rambler with lower level that walks out to a quiet private wooded 0.43 acre lot. Recently appraised at $510,000 this home is the smart purchase for a savvy buyer who wants affordability in the Wayzata school district. Four season sunroom opens to secluded deck and overlooks large back yard and City property to the rear that features a pond that could be an ideal skating retreat in the winter. Established rose gardens provide a kaleidoscope of seasonal blooms and serene backdrop for outdoor entertaining. Vaulted knotty pine ceiling on main level adds a great room feel. Combine the vaulted ceiling with solar tubes and the main level is bright and airy. Spacious gourmet kitchen with granite counters and an abundance of cupboards and counters. Bathrooms feature updates with jetted tub in one and walk in showers in the other two. Long list of updates includes HVAC, water heater, windows, appliances, 2 gas fireplaces, gutters, roof and many more. Lower level has walk out apartment that could be a great work from home area or rent it out for additional income. Pre-inspected for your convenience and piece of mind.

11. 2009-01-12
    soldstatus $178,000 233-char remark

    Show marketing remark (233 chars)

    Great value! Ranch style home w/ 4BR, 2BA, second kitchen, 2 fireplaces, c-air, deck, master bath, 4 season porch, hardwood floors, wooded backyard, needs cosmetics & repairs. Buyers to verify all info, sold as-is, no warranties.

12. 2008-12-12
    historical 233-char remark

    Show marketing remark (233 chars)

    Great value! Ranch style home w/ 4BR, 2BA, second kitchen, 2 fireplaces, c-air, deck, master bath, 4 season porch, hardwood floors, wooded backyard, needs cosmetics & repairs. Buyers to verify all info, sold as-is, no warranties.

13. 2008-11-10
    listed $187,000 233-char remark

    Show marketing remark (233 chars)

    Great value! Ranch style home w/ 4BR, 2BA, second kitchen, 2 fireplaces, c-air, deck, master bath, 4 season porch, hardwood floors, wooded backyard, needs cosmetics & repairs. Buyers to verify all info, sold as-is, no warranties.

14. 2008-08-26
    historical
15. 2008-03-03
    listed $279,900
16. 2006-01-30
    soldstatus $329,000
17. 2001-09-07
    soldstatus $220,000
18. 2001-09-07
    soldstatus $220,000
19. 2001-07-23
    historical
20. 2001-04-26
    listed $194,900
21. 1998-02-10
    soldstatus $156,500
22. 1998-01-09
    soldstatus $156,500
23. 1997-12-14
    historical
24. 1997-07-29
    listed $150,900

ⓘ 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: $4,718 · $393/mo
• Projected year-2 tax: $4,991 · $416/mo
• Expected delta: +$273/yr (+$23/mo · 5.8%)

ⓘ 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 ≥98°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: $35,179
• − Mortgage interest: −$26,327
• − Property taxes: −$4,718
• − Insurance: −$2,350
• − Repairs & maintenance: −$2,814
• − Management: −$2,814
• − Depreciation: −$13,673
• Taxable loss: −$17,517
• Est. tax savings @ 24.0%: +$4,204
• After-tax cash flow: $-4,649/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: Wayzata Public School District
• NCES district ID: 2742160
• Math proficiency: 75% ▼ -4.00%
• Reading proficiency: 78% ▼ -3.00%
• Median HH income: $91,783
• Composite: 68.75/100
• National rank: #336
• State rank: #2 of 301 in MN

Livability — Plymouth

• Score: 85/100
• State rank: #17
• US rank: #517

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Plymouth, MN
• County: Hennepin County · 1,150,272 people
• City population: 79,816
• Metro: Minneapolis-St. Paul-Bloomington, MN-WI
• Population (ZIP): 20,931
• Household income: $133,555
• Rent vs Own: 23.0% rent · 77.0% own
• Severe rent burden: 265.0

Population outlook (Hennepin County) Hauer SSP2

• Today (2025): 1,405,227 people
• By 2030: 1,492,650 · +6.2%
• By 2040: 1,660,157 · +18.1%
• By 2050: 1,823,498 · +29.8%
• By 2075: 2,221,283 · +58.1%
• By 2100: 2,509,976 · +78.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Two or more races 6% Asian 5% Hispanic / Latino 5% Black 3%
• Common ancestry: Portuguese 14% Romanian 4% Lithuanian 3%
• Foreign-born: 10% · Canada, China, Dominican Republic
• Languages at home: 88% English-only · Spanish 3% Other Asian/Pacific 2% Russian/Polish/Slavic 2%

Political lean MEDSL · Hennepin

• 2024 margin: Solid D (+42.6) · D 70.2% · R 27.5% · Other 2.3%
• 2008→2024 swing: +14.0pp toward D · 2008: 28.6pp · 2024: 42.6pp
• All cycles: 2024: D+42.6 2020: D+43.2 2016: D+35.3 2012: D+27.1 2008: D+28.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -380.57%
• Current HPI: 229.7126
• Rent YoY: ▲ 1.15%
• 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

+211.5% since first listed

18 events — show timeline

• 2026-05-18 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-11 Price Changed $470,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-07 Price Changed $475,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-14 Listed $480,000 NORTHSTARMLS as Distributed by MLS Grid
• 2009-01-12 Sold (MLS) $178,000 NORTHSTARMLS as Distributed by MLS Grid
• 2008-12-12 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2008-11-10 Listed $187,000 NORTHSTARMLS as Distributed by MLS Grid
• 2008-08-26 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2008-03-03 Listed $279,900 NORTHSTARMLS as Distributed by MLS Grid
• 2006-01-30 Sold (Public Records) $329,000 Public Records
• 2001-09-07 Sold (Public Records) $220,000 Public Records
• 2001-09-07 Sold (MLS) $220,000 NORTHSTARMLS as Distributed by MLS Grid
• 2001-07-23 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2001-04-26 Listed $194,900 NORTHSTARMLS as Distributed by MLS Grid
• 1998-02-10 Sold (Public Records) $156,500 Public Records
• 1998-01-09 Sold (MLS) $156,500 NORTHSTARMLS as Distributed by MLS Grid
• 1997-12-14 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 1997-07-29 Listed $150,900 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+2.1%/yr

Latest (2025): $4,718 · +12.9% YoY. Source: county tax records.