1017 Larch St · Farmington, MN 55024

$344,900

4 bd · 2.0 ba · 1,652 sqft · SingleFamily public records · 40 Days on market

Built 1996 6,751 sqft lot $209/sqft · at area comps Est $341k · at est. $46/mo HOA · 2% 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).

• Cash flow +12.4/30.0
• ARV discount +7.0/15.0
• Schools +4.4/10.0
• Livability +3.8/5.0
• DSCR +3.7/10.0
• 1% rule +3.3/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Incredibly charming 4 bedroom home on corner lot in demanded Farmington neigborhood! Open and airy vaulted main level floorplan with updated kitchen featuring granite counter, stainless appliances & rolling island included! Huge window over sink pours the light in. Walkout from dining to relaxing deck and fully fenced backyard with lush greenery. Awesome additional courtyard greenspace immediately behind home. Side loading garage with ample storage and entry into foyer and convenient main level mudroom/laundry. Storage shed included. Cozy gas burning, brick fireplace. 3 bedrooms upstairs with a an owner's suite featuring a walkthru full bath and walk in closet! Awesome ISD192 schools. Neutral decor and turn-key ready home awaiting new owner. Won't last, hurry!

Key facts

• 6,751 sq ft lot
• 2 garage spots
• Built 1996

Property features AI

Finance

• HOA & community: Has HOA (First Service Residential); Annual association fee of $550 covering professional management

Exterior

• Parking: Attached garage with garage door opener (2 spaces)
• Utilities: City water (connected); City sewer (connected); Natural gas
• Home design: Residential property; Two levels; Entry level includes main floor living spaces; Pitched asphalt roof
• Construction: Slab foundation; Asphalt pitched roof
• Exterior features: Vinyl exterior; Deck; Storage shed; Chain link full fencing; Corner lot with medium tree coverage

Interior

• Kitchen: Range; Microwave; Dishwasher; Kitchen window
• Bedrooms: 4 bedrooms total; Main level bedroom; Upper level bedrooms
• Bathrooms: Main floor full bath; Upper level full bath; One three-quarter bath
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Vaulted ceiling(s); Ceiling fan(s); Informal dining area; Washer/dryer hookup; Main floor laundry; Main floor bedroom; 3 bedrooms on one level; Gas fireplace in the living room (1)
• Laundry & utility: Main level laundry with sink; Washer; Dryer

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $345k.

Deal economics

• At list price, monthly cash flow is $-54 ($-652/yr) — negative.
• To cash-flow at today's rent, offer at most $335k (2.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $287k (16.9% below list).
• Recommended offer: $287k (16.9% below list) — sets the bar for 1% rule.
• Cap rate 6.1% 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: 326 active listings in the ZIP; 2 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 $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 40 days — a 3% lower offer ($335k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 21y 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 $280k; 23% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $286,736 (16.9% 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 40 days. Have you received any prior offers? Is the seller open to a 17% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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: 0.83% ✗
• Cap rate: 6.10%
• Cash-on-cash: -0.68%
• DSCR: 0.97
• GRM: 10.0

CMA / ARV

• ARV (median comp): $341,297
• List price: $344,900
• Delta: 1.06%
• Verdict: FAIR
• Comps: 2 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -17.4%
• Equity multiple: 0.39×
• Total profit: $-59,346
• Equity at exit: $51,426

10-year hold

• IRR: -9.4%
• Equity multiple: 0.42×
• Total profit: $-56,119
• Equity at exit: $29,821

Cash invested: $96,572 (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: 326
• Price-to-rent: 10.0×

Monthly cashflow live

• Estimated rent: $2,867 medium
• Mortgage (P&I): −$1,809
• Tax from tax record: −$321 /mo · $3,854/yr
• Insurance: −$144
• HOA: −$46
• Vacancy / Maint / Mgmt: −$602
• Net cashflow: $-54

Break-even live

Break-even rent $2,936

Max offer price $335,298

Occupancy floor 97%

Sensitivity live

Price	-10% $141	-5% $43	+0% $-54	+5% $-152	+10% $-250
Rent	-10% $-281	-5% $-168	+0% $-54	+5% $59	+10% $172
Rate	-1.0pp $119	-0.5pp $33	base $-54	+0.5pp $-144	+1.0pp $-235

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: $86,225
• Closing costs: $10,347
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
505 13th St Farmington, MN	3.0	2.0	1600	$2,495	$1.56	0d	1	0.23mi
20515 Chippendale Ave W Farmington, MN	4.0	1.5	1750	$2,300	$1.31	44d	1	1.21mi

HOA detail

• Monthly dues: $46 · $552/yr
• Likely covers: gas

Listing history 33 events

1. 2026-06-13
   statusdays on market $344,900 Pending 40 DOM
2. 2026-06-09
   days on market $344,900 Contingent - Inspection 37 DOM
3. 2026-06-08
   days on market $344,900 Contingent - Inspection 36 DOM
4. 2026-06-07
   days on market $344,900 Contingent - Inspection 35 DOM
5. 2026-06-04
   days on market $344,900 Contingent - Inspection 32 DOM
6. 2026-06-03
   days on market $344,900 Contingent - Inspection 31 DOM
7. 2026-06-02
   days on market $344,900 Contingent - Inspection 30 DOM
8. 2026-06-02
   status $344,900 Contingent - Inspection 29 DOM
9. 2026-06-01
   days on market $344,900 Active 29 DOM
10. 2026-05-31
    days on market $344,900 Active 28 DOM
11. 2026-05-04
    listed $344,900 Active 925-char remark
12. 2026-05-01
    historical $344,900 925-char remark
13. 2026-02-09
    historical
14. 2025-11-21
    price $345,000
15. 2025-11-03
    listed $350,000 Active
16. 2020-11-10
    soldstatus $280,000
17. 2020-11-01
    soldstatus $280,000 Sold

    Show marketing remark (785 chars)

    Incredibly charming 4 bedroom home on corner lot in demanded Farmington neigborhood! Open and airy vaulted main level floorplan with updated kitchen featuring granite counter, stainless appliances & rolling island included! Huge window over sink pours the light in. Walkout from dining to relaxing deck and fully fenced backyard with lush greenery. Awesome additional courtyard greenspace immediately behind home. Side loading garage with ample storage and entry into foyer and convenient main level mudroom/laundry. Storage shed included. Cozy gas burning, brick fireplace. 3 bedrooms upstairs with a an owner's suite featuring a walkthru full bath and walk in closet! Awesome ISD192 schools. Neutral decor and turn-key ready home awaiting new owner. Won't last, hurry!

18. 2020-09-08
    status Pending

    Show marketing remark (785 chars)

    Incredibly charming 4 bedroom home on corner lot in demanded Farmington neigborhood! Open and airy vaulted main level floorplan with updated kitchen featuring granite counter, stainless appliances & rolling island included! Huge window over sink pours the light in. Walkout from dining to relaxing deck and fully fenced backyard with lush greenery. Awesome additional courtyard greenspace immediately behind home. Side loading garage with ample storage and entry into foyer and convenient main level mudroom/laundry. Storage shed included. Cozy gas burning, brick fireplace. 3 bedrooms upstairs with a an owner's suite featuring a walkthru full bath and walk in closet! Awesome ISD192 schools. Neutral decor and turn-key ready home awaiting new owner. Won't last, hurry!

19. 2020-09-01
    historical Contingent - Inspection

    Show marketing remark (785 chars)

    Incredibly charming 4 bedroom home on corner lot in demanded Farmington neigborhood! Open and airy vaulted main level floorplan with updated kitchen featuring granite counter, stainless appliances & rolling island included! Huge window over sink pours the light in. Walkout from dining to relaxing deck and fully fenced backyard with lush greenery. Awesome additional courtyard greenspace immediately behind home. Side loading garage with ample storage and entry into foyer and convenient main level mudroom/laundry. Storage shed included. Cozy gas burning, brick fireplace. 3 bedrooms upstairs with a an owner's suite featuring a walkthru full bath and walk in closet! Awesome ISD192 schools. Neutral decor and turn-key ready home awaiting new owner. Won't last, hurry!

20. 2020-08-27
    listed $269,900 Active

    Show marketing remark (785 chars)

    Incredibly charming 4 bedroom home on corner lot in demanded Farmington neigborhood! Open and airy vaulted main level floorplan with updated kitchen featuring granite counter, stainless appliances & rolling island included! Huge window over sink pours the light in. Walkout from dining to relaxing deck and fully fenced backyard with lush greenery. Awesome additional courtyard greenspace immediately behind home. Side loading garage with ample storage and entry into foyer and convenient main level mudroom/laundry. Storage shed included. Cozy gas burning, brick fireplace. 3 bedrooms upstairs with a an owner's suite featuring a walkthru full bath and walk in closet! Awesome ISD192 schools. Neutral decor and turn-key ready home awaiting new owner. Won't last, hurry!

21. 2015-05-28
    soldstatus $215,000
22. 2015-05-11
    soldstatus $215,000 Sold
23. 2015-03-31
    status Pending
24. 2015-03-23
    historical Contingent - Inspection
25. 2015-03-20
    listed $210,000 Active
26. 2008-10-20
    soldstatus $189,900
27. 2008-09-29
    soldstatus $189,900
28. 2008-08-18
    listed $189,900
29. 2005-07-19
    soldstatus $225,000
30. 2005-06-03
    soldstatus $225,000
31. 2005-05-05
    historical
32. 2005-04-13
    listed $227,900
33. 1997-07-23
    soldstatus $137,815

ⓘ 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: $3,854 · $321/mo
• Projected year-2 tax: $3,858 · $322/mo
• Expected delta: +$4/yr ($0/mo · 0.1%)

ⓘ 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: $34,408
• − Mortgage interest: −$19,320
• − Property taxes: −$3,854
• − Insurance: −$1,724
• − Repairs & maintenance: −$2,753
• − Management: −$2,753
• − HOA: −$552
• − Depreciation: −$10,033
• Taxable loss: −$6,581
• Est. tax savings @ 24.0%: +$1,579
• After-tax cash flow: $927/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

+150.3% since first listed

25 events — show timeline

• 2026-06-12 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2026-06-01 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-04 Listed $344,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-01 Coming Soon $344,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-02-09 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2025-11-21 Price Changed $345,000 NORTHSTARMLS as Distributed by MLS Grid
• 2025-11-03 Listed $350,000 NORTHSTARMLS as Distributed by MLS Grid
• 2020-11-10 Sold (Public Records) $280,000 Public Records
• 2020-11-01 Sold (MLS) $280,000 NORTHSTARMLS as Distributed by MLS Grid
• 2020-09-08 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2020-09-01 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2020-08-27 Listed $269,900 NORTHSTARMLS as Distributed by MLS Grid
• 2015-05-28 Sold (Public Records) $215,000 Public Records
• 2015-05-11 Sold (MLS) $215,000 NORTHSTARMLS as Distributed by MLS Grid
• 2015-03-31 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2015-03-23 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2015-03-20 Listed $210,000 NORTHSTARMLS as Distributed by MLS Grid
• 2008-10-20 Sold (Public Records) $189,900 Public Records
• 2008-09-29 Sold (MLS) $189,900 NORTHSTARMLS as Distributed by MLS Grid
• 2008-08-18 Listed $189,900 NORTHSTARMLS as Distributed by MLS Grid
• 2005-07-19 Sold (Public Records) $225,000 Public Records
• 2005-06-03 Sold (MLS) $225,000 NORTHSTARMLS as Distributed by MLS Grid
• 2005-05-05 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2005-04-13 Listed $227,900 NORTHSTARMLS as Distributed by MLS Grid
• 1997-07-23 Sold (Public Records) $137,815 Public Records

Property tax history

+3.5%/yr

Latest (2025): $3,854 · +2.4% YoY. Source: county tax records.