4455 Westdel Rd · Farmington, MN 55024

$182,500

2 bd · 1.0 ba · 974 sqft · Condo public records · 32 Days on market

Built 1986 $350/mo HOA · 19% 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 +11.7/30.0
• ARV discount +7.5/15.0
• 1% rule +5.2/10.0
• Schools +4.4/10.0
• Livability +3.8/5.0
• DSCR +3.4/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

*Ready for New Buyer* All new carpet, flooring, and paint. New furnace and C/A, newer appliances, new bath. Affordable, quiet living awaits. Small little 8 plex - 2nd floor - south/east exposure. Rentals OK...2 pets OK... Rare opportunity, these units don't come on the market very often!!

Key facts

• $350 HOA
• Garage
• Built 1986

Property features AI

Finance

• Other: Not fractional ownership
• HOA & community: HOA name: HOAez; Monthly association fee of $350; HOA covers hazard insurance, lawn care, parking, professional management, sewer, shared amenities, snow removal and water

Exterior

• Parking: Attached garage with garage door opener; Parking lot; asphalt surfaces; 1 garage space
• Utilities: City water (connected); City sewer (connected); Xcel Energy power; Natural gas
• Home design: Attached residential property; One story; Main level living; Unit includes balcony
• Construction: Asphalt roof (over 8 years old); Slab foundation; Built area above grade: 974 (living area / main level finished area)
• Exterior features: Vinyl exterior; Deck; No pool; No fencing; Located on a cul-de-sac; public maintained road

Interior

• Kitchen: Dishwasher; Garbage disposal; Microwave; Range; Refrigerator
• Bedrooms: 2 bedrooms (both on the main floor)
• Flooring: Hardwood floors
• Bathrooms: 1 full bathroom on the main floor
• Heating & cooling: Forced air heating; Fireplace heating; Central air conditioning
• Interior features: Ceiling fan(s); Hardwood floors; Informal dining room; Balcony; Primary bedroom with walk-in closet; Main floor primary bedroom; Has fireplace (wood burning) in living room
• Laundry & utility: In-unit laundry room (main floor); Washer; Dryer; Gas water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $182k.

Deal economics

• At list price, monthly cash flow is $-53 ($-642/yr) — negative.
• To cash-flow at today's rent, offer at most $173k (5.2% below list).
• Meets the 1% rule at list price ($2k rent vs $182k).
• Recommended offer: $173k (5.2% below list) — sets the bar for cash-flow.
• Cap rate 5.9% 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; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 2,134 units permitted in Dakota County in 2024 (898 in 5+ unit buildings).
• This rent is only 18% of the median local income ($127k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k 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 32 days — a 3% lower offer ($177k) 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 $122k; 49% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $173,055 (5.2% 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 32 days. Have you received any prior offers? Is the seller open to a 5% 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. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.02% ✓
• Cap rate: 5.94%
• Cash-on-cash: -1.26%
• DSCR: 0.94
• GRM: 8.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -18.2%
• Equity multiple: 0.36×
• Total profit: $-32,787
• Equity at exit: $27,211

10-year hold

• IRR: -10.3%
• Equity multiple: 0.37×
• Total profit: $-32,157
• Equity at exit: $15,779

Cash invested: $51,100 (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: 8.2×

Monthly cashflow live

• Estimated rent: $1,865 medium
• Mortgage (P&I): −$957
• Tax from tax record: −$144 /mo · $1,724/yr
• Insurance: −$76
• HOA: −$350
• Vacancy / Maint / Mgmt: −$392
• Net cashflow: $-53

Break-even live

Break-even rent $1,933

Max offer price $173,055

Occupancy floor 98%

Sensitivity live

Price	-10% $50	-5% $-2	+0% $-53	+5% $-105	+10% $-157
Rent	-10% $-201	-5% $-127	+0% $-53	+5% $20	+10% $94
Rate	-1.0pp $38	-0.5pp $-7	base $-53	+0.5pp $-101	+1.0pp $-149

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: $45,625
• Closing costs: $5,475
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
808 2nd St Unit 3 Farmington, MN	2.0	1.0	910	$1,250	$1.37	44d	1	0.51mi
720 3rd St Unit 1 Farmington, MN	2.0	1.0	800	$1,375	$1.72	18d	1	0.61mi
21405 Dushane Pkwy Farmington, MN	1.0–2.0	1.0–2.5	937	$2,155	$2.30	0d	18	0.65mi
310 3rd St Farmington, MN	1.0–2.0	1.0–2.0	956	$2,400	$2.51	0d	1	0.83mi

HOA detail condo

• Monthly dues: $350 · $4,200/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 21 events

1. 2026-06-02
   status $182,500 Pending 32 DOM
2. 2026-06-01
   days on market $182,500 Contingent - Subject to Statutory Rescission 32 DOM
3. 2026-05-31
   days on market $182,500 Contingent - Subject to Statutory Rescission 31 DOM
4. 2026-05-01
   listed $182,500 Active 975-char remark
5. 2026-04-28
   historical $182,500 975-char remark
6. 2018-01-30
   soldstatus $122,500
7. 2018-01-26
   soldstatus $122,500 Sold 289-char remark

   Show marketing remark (289 chars)

   *Ready for New Buyer* All new carpet, flooring, and paint. New furnace and C/A, newer appliances, new bath. Affordable, quiet living awaits. Small little 8 plex - 2nd floor - south/east exposure. Rentals OK...2 pets OK... Rare opportunity, these units don't come on the market very often!!

8. 2018-01-04
   status Pending 289-char remark

   Show marketing remark (289 chars)

   *Ready for New Buyer* All new carpet, flooring, and paint. New furnace and C/A, newer appliances, new bath. Affordable, quiet living awaits. Small little 8 plex - 2nd floor - south/east exposure. Rentals OK...2 pets OK... Rare opportunity, these units don't come on the market very often!!

9. 2017-12-22
   historical Contingent - Inspection 289-char remark

   Show marketing remark (289 chars)

   *Ready for New Buyer* All new carpet, flooring, and paint. New furnace and C/A, newer appliances, new bath. Affordable, quiet living awaits. Small little 8 plex - 2nd floor - south/east exposure. Rentals OK...2 pets OK... Rare opportunity, these units don't come on the market very often!!

10. 2017-12-07
    listed $124,900 Active 289-char remark

    Show marketing remark (289 chars)

    *Ready for New Buyer* All new carpet, flooring, and paint. New furnace and C/A, newer appliances, new bath. Affordable, quiet living awaits. Small little 8 plex - 2nd floor - south/east exposure. Rentals OK...2 pets OK... Rare opportunity, these units don't come on the market very often!!

11. 2009-11-25
    soldstatus $53,000

    Show marketing remark (98 chars)

    REASONABLE TWO BEDROOM CONDO IN CONVENIENT LOCATION, SOME TLC NEEDED, EXTRA PARKING, GOOD STORAGE.

12. 2009-10-30
    historical

    Show marketing remark (98 chars)

    REASONABLE TWO BEDROOM CONDO IN CONVENIENT LOCATION, SOME TLC NEEDED, EXTRA PARKING, GOOD STORAGE.

13. 2009-07-21
    listed $50,900

    Show marketing remark (98 chars)

    REASONABLE TWO BEDROOM CONDO IN CONVENIENT LOCATION, SOME TLC NEEDED, EXTRA PARKING, GOOD STORAGE.

14. 2009-07-14
    historical
15. 2009-03-20
    listed $65,000
16. 2006-03-22
    soldstatus $127,900
17. 2006-03-09
    soldstatus $127,900
18. 2006-01-17
    historical
19. 2005-11-19
    historical
20. 2005-11-18
    listed $127,900
21. 2005-10-15
    listed $127,900

ⓘ 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: $1,724 · $144/mo
• Projected year-2 tax: $1,884 · $157/mo
• Expected delta: +$160/yr (+$13/mo · 9.3%)

ⓘ 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 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,379
• − Mortgage interest: −$10,223
• − Property taxes: −$1,724
• − Insurance: −$912
• − Repairs & maintenance: −$1,790
• − Management: −$1,790
• − HOA: −$4,200
• − Depreciation: −$5,309
• Taxable loss: −$3,570
• Est. tax savings @ 24.0%: +$857
• After-tax cash flow: $215/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

+42.7% since first listed

20 events — show timeline

• 2026-06-01 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-20 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2026-05-01 Listed $182,500 NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-28 Coming Soon $182,500 NORTHSTARMLS as Distributed by MLS Grid
• 2018-01-30 Sold (Public Records) $122,500 Public Records
• 2018-01-26 Sold (MLS) $122,500 NORTHSTARMLS as Distributed by MLS Grid
• 2018-01-04 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2017-12-22 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2017-12-07 Listed $124,900 NORTHSTARMLS as Distributed by MLS Grid
• 2009-11-25 Sold (MLS) $53,000 NORTHSTARMLS as Distributed by MLS Grid
• 2009-10-30 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2009-07-21 Listed $50,900 NORTHSTARMLS as Distributed by MLS Grid
• 2009-07-14 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2009-03-20 Listed $65,000 NORTHSTARMLS as Distributed by MLS Grid
• 2006-03-22 Sold (Public Records) $127,900 Public Records
• 2006-03-09 Sold (MLS) $127,900 NORTHSTARMLS as Distributed by MLS Grid
• 2006-01-17 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2005-11-19 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2005-11-18 Listed $127,900 NORTHSTARMLS as Distributed by MLS Grid
• 2005-10-15 Listed $127,900 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+2.1%/yr

Latest (2025): $1,724 · +6.8% YoY. Source: county tax records.