17325 Halifax Path · Lakeville, MN 55044

$439,900

4 bd · 3.0 ba · 2,226 sqft · SingleFamily public records · 49 Days on market

Built 1989 0.30 ac lot $198/sqft · 14% below area Est $526k · 16% 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 +14.9/15.0
• Cash flow +7.0/30.0
• Schools +5.6/10.0
• Livability +4.2/5.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• 1% rule +1.4/10.0
• DSCR +1.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

**Highest and Best by 2pm Monday**Welcome home to this wonderful split level 4 bd, 3 ba, situated on a 1/3 acre corner lot. Inside you will find beautiful hardwood floors, sky lights that bring in tons of natural light and master bedrooms on each level! Downstairs has a large family room with a connected bonus room that would be great for a pool table or exercise area. The walk-out leads you to your beautiful two tiered stone patio and landscaped backyard. This is a great area to relax or entertain. Irrigation to keep your grass looking green and lush. Schedule your showing today. This wont last long.

Key facts

• 0.3 acre lot
• 2 garage spots
• Built 1989

Property features AI

Exterior

• Parking: Attached garage with space for 2 cars
• Utilities: City water (connected); City sewer (connected); Natural gas service
• Home design: Residential property; Split entry (bi-level) design; Main living area and additional living space below
• Construction: Block foundation
• Exterior features: Wood exterior; Lot roughly 0.298 acres (approximately 100 x 130)

Interior

• Kitchen: Kitchen (upper level)
• Bedrooms: 4 bedrooms total; Primary bedroom (upper level); Additional bedrooms on upper and lower levels
• Bathrooms: 3 full bathrooms
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Finished basement; Bonus room (lower level); Family room (lower level); Foyer (main level); Living room (upper level); Dining room (upper level); Deck (upper level)
• Laundry & utility: Laundry room (lower level)

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath single-family listed at $440k.

Deal economics

• At list price, monthly cash flow is $-643 ($-8k/yr) — negative.
• To cash-flow at today's rent, offer at most $326k (25.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $280k (36.2% below list).
• Recommended offer: $280k (36.2% below list) — sets the bar for 1% rule.
• Cap rate 4.5% vs local median 3.2% in Lakeville — 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 84/100 on livability (#25 in MN, #711 nationally) — a professional / high-income tenant draw. Strengths: schools A+, crime A+, employment A+; Watch: amenities D+, commute F, cost of living F.
• Lakeville Public School District (suburban): math 57% / reading 65% proficiency, ranked #21 of 301 in MN (top 7%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 10% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising (+3.4%/yr); 713 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 3d 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 $3k of loan paydown is wiped out by about $13k 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 49 days — a 3% lower offer ($427k) is reasonable based on typical stale-listing flexibility.
• 6 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.

Recommended offer $280,460 (36.2% 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 49 days. Have you received any prior offers? Is the seller open to a 36% concession, seller financing, or rate buy-down credit?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 0.64% ✗
• Cap rate: 4.54%
• Cash-on-cash: -6.27%
• DSCR: 0.72
• GRM: 13.1

CMA / ARV

• ARV (median comp): $526,442
• List price: $439,900
• Delta: -16.44%
• Verdict: UNDERPRICED
• Comps: 4 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.38% rent growth · sell at horizon

5-year hold

• IRR: -26.7%
• Equity multiple: 0.10×
• Total profit: $-111,252
• Equity at exit: $65,591

10-year hold

• IRR: -23.1%
• Equity multiple: -0.18×
• Total profit: $-145,470
• Equity at exit: $38,035

Cash invested: $123,172 (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 55044

• Rents YoY: 3.4%
• Active inventory: 713
• Price-to-rent: 13.1×

Monthly cashflow live

• Estimated rent: $2,805 medium
• Mortgage (P&I): −$2,307
• Tax from tax record: −$369 /mo · $4,426/yr
• Insurance: −$183
• HOA: −$0
• Vacancy / Maint / Mgmt: −$589
• Net cashflow: $-643

Break-even live

Break-even rent $3,619

Max offer price $326,245

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: $109,975
• Closing costs: $13,197
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
18031 Headwaters Dr Lakeville, MN	4.0	3.5	2402	$3,250	$1.35	3d	1	0.69mi
17343 Gettysburg Way Unit 1 Lakeville, MN	3.0	3.0	1401	$2,400	$1.71	44d	1	0.99mi
7225 168th St W Rosemount, MN	5.0	2.0	2196	$2,195	$1.00	2d	1	1.00mi

Listing history 37 events

1. 2026-06-18
   days on market $439,900 Active 49 DOM
2. 2026-06-17
   days on market $439,900 Active 48 DOM
3. 2026-06-16
   days on market $439,900 Active 47 DOM
4. 2026-06-15
   days on market $439,900 Active 46 DOM
5. 2026-06-13
   days on market $439,900 Active 44 DOM
6. 2026-06-09
   days on market $439,900 Active 40 DOM
7. 2026-06-08
   days on market $439,900 Active 39 DOM
8. 2026-06-07
   days on market $439,900 Active 38 DOM
9. 2026-06-04
   days on market $439,900 Active 35 DOM
10. 2026-06-03
    days on market $439,900 Active 34 DOM
11. 2026-06-02
    days on market $439,900 Active 33 DOM
12. 2026-06-01
    days on market $439,900 Active 32 DOM
13. 2026-05-31
    days on market $439,900 Active 31 DOM
14. 2026-04-30
    listed $449,900 Active 502-char remark
15. 2025-11-05
    historical
16. 2025-08-28
    price $439,900
17. 2025-08-08
    listed $449,900 Active
18. 2022-07-14
    soldstatus $415,000
19. 2022-06-03
    soldstatus $415,000 Sold

    Show marketing remark (608 chars)

    **Highest and Best by 2pm Monday**Welcome home to this wonderful split level 4 bd, 3 ba, situated on a 1/3 acre corner lot. Inside you will find beautiful hardwood floors, sky lights that bring in tons of natural light and master bedrooms on each level! Downstairs has a large family room with a connected bonus room that would be great for a pool table or exercise area. The walk-out leads you to your beautiful two tiered stone patio and landscaped backyard. This is a great area to relax or entertain. Irrigation to keep your grass looking green and lush. Schedule your showing today. This wont last long.

20. 2022-05-09
    status Pending

    Show marketing remark (608 chars)

    **Highest and Best by 2pm Monday**Welcome home to this wonderful split level 4 bd, 3 ba, situated on a 1/3 acre corner lot. Inside you will find beautiful hardwood floors, sky lights that bring in tons of natural light and master bedrooms on each level! Downstairs has a large family room with a connected bonus room that would be great for a pool table or exercise area. The walk-out leads you to your beautiful two tiered stone patio and landscaped backyard. This is a great area to relax or entertain. Irrigation to keep your grass looking green and lush. Schedule your showing today. This wont last long.

21. 2022-05-06
    listed $400,000 Active

    Show marketing remark (608 chars)

    **Highest and Best by 2pm Monday**Welcome home to this wonderful split level 4 bd, 3 ba, situated on a 1/3 acre corner lot. Inside you will find beautiful hardwood floors, sky lights that bring in tons of natural light and master bedrooms on each level! Downstairs has a large family room with a connected bonus room that would be great for a pool table or exercise area. The walk-out leads you to your beautiful two tiered stone patio and landscaped backyard. This is a great area to relax or entertain. Irrigation to keep your grass looking green and lush. Schedule your showing today. This wont last long.

22. 2022-05-03
    historical $400,000

    Show marketing remark (608 chars)

    **Highest and Best by 2pm Monday**Welcome home to this wonderful split level 4 bd, 3 ba, situated on a 1/3 acre corner lot. Inside you will find beautiful hardwood floors, sky lights that bring in tons of natural light and master bedrooms on each level! Downstairs has a large family room with a connected bonus room that would be great for a pool table or exercise area. The walk-out leads you to your beautiful two tiered stone patio and landscaped backyard. This is a great area to relax or entertain. Irrigation to keep your grass looking green and lush. Schedule your showing today. This wont last long.

23. 2022-04-26
    historical
24. 2018-08-21
    soldstatus $335,000
25. 2018-08-20
    soldstatus $335,000 Sold
26. 2018-06-26
    status Pending
27. 2018-06-18
    historical Contingent - Inspection
28. 2018-06-13
    price $329,000
29. 2018-06-07
    listed $339,000 Active
30. 1999-10-26
    soldstatus $166,000
31. 1999-10-06
    historical
32. 1999-10-04
    listed $168,900
33. 1997-06-04
    soldstatus $139,900
34. 1997-05-30
    soldstatus $139,900
35. 1997-04-27
    historical
36. 1997-02-24
    listed $142,900
37. 1989-12-08
    soldstatus $109,325

ⓘ 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: $4,426 · $369/mo
• Projected year-2 tax: $4,676 · $390/mo
• Expected delta: +$250/yr (+$21/mo · 5.7%)

ⓘ 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 ≥100°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: $33,655
• − Mortgage interest: −$24,641
• − Property taxes: −$4,426
• − Insurance: −$2,200
• − Repairs & maintenance: −$2,692
• − Management: −$2,692
• − Depreciation: −$12,797
• Taxable loss: −$15,793
• Est. tax savings @ 24.0%: +$3,790
• After-tax cash flow: $-3,930/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: Lakeville Public School District
• NCES district ID: 2717780
• Math proficiency: 57% ▼ -12.00%
• Reading proficiency: 65% ▼ -8.00%
• Median HH income: $96,899
• Composite: 56.36/100
• National rank: #1164
• State rank: #21 of 301 in MN

Livability — Lakeville

• Score: 84/100
• State rank: #25
• US rank: #711

Category grades

Amenities D+ Commute F 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: Lakeville, MN
• County: Dakota County · 417,704 people
• City population: 64,762
• Metro: Minneapolis-St. Paul-Bloomington, MN-WI
• Population (ZIP): 64,762
• Household income: $141,551
• Rent vs Own: 12.0% rent · 88.0% own
• Severe rent burden: 956.0

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 (80%)
• Race & ethnicity: White 80% Hispanic / Latino 6% Asian 6% Two or more races 5% Black 4%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Portuguese 13% Romanian 4% Italian 3%
• Foreign-born: 9% · Canada, Vietnam, South Korea
• Languages at home: 88% English-only · Spanish 4% Other Asian/Pacific 2% Vietnamese 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: ▼ -165.50%
• Current HPI: 216.0601
• Rent YoY: ▲ 3.38%
• 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

+302.4% since first listed

25 events — show timeline

• 2026-05-24 Price Changed $439,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-04-30 Listed $449,900 NORTHSTARMLS as Distributed by MLS Grid
• 2025-11-05 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2025-08-28 Price Changed $439,900 NORTHSTARMLS as Distributed by MLS Grid
• 2025-08-08 Listed $449,900 NORTHSTARMLS as Distributed by MLS Grid
• 2022-07-14 Sold (Public Records) $415,000 Public Records
• 2022-06-03 Sold (MLS) $415,000 NORTHSTARMLS as Distributed by MLS Grid
• 2022-05-09 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2022-05-06 Listed $400,000 NORTHSTARMLS as Distributed by MLS Grid
• 2022-05-03 Coming Soon $400,000 NORTHSTARMLS as Distributed by MLS Grid
• 2022-04-26 Coming Soon — NORTHSTARMLS as Distributed by MLS Grid
• 2018-08-21 Sold (Public Records) $335,000 Public Records
• 2018-08-20 Sold (MLS) $335,000 NORTHSTARMLS as Distributed by MLS Grid
• 2018-06-26 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2018-06-18 Contingent — NORTHSTARMLS as Distributed by MLS Grid
• 2018-06-13 Price Changed $329,000 NORTHSTARMLS as Distributed by MLS Grid
• 2018-06-07 Listed $339,000 NORTHSTARMLS as Distributed by MLS Grid
• 1999-10-26 Sold (MLS) $166,000 NORTHSTARMLS as Distributed by MLS Grid
• 1999-10-06 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 1999-10-04 Listed $168,900 NORTHSTARMLS as Distributed by MLS Grid
• 1997-06-04 Sold (Public Records) $139,900 Public Records
• 1997-05-30 Sold (MLS) $139,900 NORTHSTARMLS as Distributed by MLS Grid
• 1997-04-27 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 1997-02-24 Listed $142,900 NORTHSTARMLS as Distributed by MLS Grid
• 1989-12-08 Sold (Public Records) $109,325 Public Records

Property tax history

+4.5%/yr

Latest (2025): $4,426 · -2.2% YoY. Source: county tax records.