600 Oak St · Farmington, MN 55024

$400,000

7 bd · 4.0 ba · 4,306 sqft · MultiFamily public records · 29 Days on market

Built 1900 0.25 ac lot ↓ 36% since listing

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Why this score? — see what drove the B 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.4/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Discover a rare and versatile property in the heart of Farmington featuring an updated triplex plus a separate single-family home, all on one spacious parcel. Whether you're a seasoned investor or looking to live in one unit while generating rental income from the others, this property offers exceptional potential. The triplex includes one 1-bedroom, 1-bath unit and two 2-bedroom, 1-bath units. Each thoughtfully updated within the last five years to reflect modern finishes and comfort. In addition, the standalone 2-bedroom, 1-bath single-family home provides a private living space perfect for an owner-occupant, on-site manager, or additional tenant. Each unit has its own charm, with updated kitchens, baths, flooring, and fixtures. The property also offers off-street parking and is conveniently located near downtown amenities, schools, and public transportation

Key facts

• Updated baths
• Updated triplex
• Updated flooring

Tags

• UPDATED TRIPLEX
• SEPARATE SINGLE-FAMILY HOME
• SPACIOUS PARCEL
• UPDATED KITCHENS
• UPDATED BATHS
• UPDATED FLOORING

What this means for you Summary

Snapshot

• This is a 7-bed/4.0-bath multifamily listed at $400k.

Deal economics

• At list price, monthly cash flow is $3k ($33k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $400k).
• Recommended offer: $394k (1.5% below list) — sets the bar for market timing.
• Cap rate 14.6% 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; high-income renter base; 2,134 units permitted in Dakota County in 2024 (898 in 5+ unit buildings).
• At $7,368/mo this rent would consume 69% of the median local household income ($127k/yr) (locally 288% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $112k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 29 days — a 2% lower offer ($394k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $50k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $394,000 (1.5% below list)

Questions for the listing agent

1. Built in 1900 — 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 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: 1.84% ✓
• Cap rate: 14.57%
• Cash-on-cash: 29.57%
• DSCR: 2.32
• GRM: 4.5

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: 24.1%
• Equity multiple: 1.99×
• Total profit: $111,277
• Equity at exit: $59,641

10-year hold

• IRR: 32.0%
• Equity multiple: 3.90×
• Total profit: $324,462
• Equity at exit: $34,585

Cash invested: $112,000 (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: 21.8×

Monthly cashflow live

• Estimated rent: $7,368 medium
• Mortgage (P&I): −$2,098
• Tax from tax record: −$796 /mo · $9,554/yr
• Insurance: −$167
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,547
• Net cashflow: $2,760

Break-even live

Break-even rent $3,874

Max offer price $400,000

Occupancy floor 58%

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
1× unit	1	1	$1,529
▸ 3× units	2	1	$5,838
Total (4 units)			$7,368

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: $100,000
• Closing costs: $12,000
• Reserves months: —
• Total cash needed: —

Listing history 24 events

1. 2026-06-18
   days on market $400,000 Active 29 DOM
2. 2026-06-17
   days on market $400,000 Active 28 DOM
3. 2026-06-16
   days on market $400,000 Active 27 DOM
4. 2026-06-15
   days on market $400,000 Active 26 DOM
5. 2026-06-13
   days on market $400,000 Active 24 DOM
6. 2026-06-09
   days on market $400,000 Active 20 DOM
7. 2026-06-08
   days on market $400,000 Active 19 DOM
8. 2026-06-07
   days on market $400,000 Active 18 DOM
9. 2026-06-04
   days on market $400,000 Active 15 DOM
10. 2026-06-03
    days on market $400,000 Active 14 DOM
11. 2026-06-02
    days on market $400,000 Active 13 DOM
12. 2026-06-02
    price $400,000 Active 12 DOM
13. 2026-06-01
    days on market $420,000 Active 12 DOM
14. 2026-05-31
    days on market $420,000 Active 11 DOM
15. 2026-03-13
    historical
16. 2026-03-12
    listed $450,000 Active 872-char remark

    Show marketing remark (872 chars)

    Discover a rare and versatile property in the heart of Farmington featuring an updated triplex plus a separate single-family home, all on one spacious parcel. Whether you're a seasoned investor or looking to live in one unit while generating rental income from the others, this property offers exceptional potential. The triplex includes one 1-bedroom, 1-bath unit and two 2-bedroom, 1-bath units. Each thoughtfully updated within the last five years to reflect modern finishes and comfort. In addition, the standalone 2-bedroom, 1-bath single-family home provides a private living space perfect for an owner-occupant, on-site manager, or additional tenant. Each unit has its own charm, with updated kitchens, baths, flooring, and fixtures. The property also offers off-street parking and is conveniently located near downtown amenities, schools, and public transportation

17. 2026-03-03
    price $499,000
18. 2025-11-06
    historical
19. 2025-11-05
    listed $550,000 Active
20. 2025-10-16
    price $595,000
21. 2025-10-01
    price $615,000
22. 2025-09-02
    price $625,000
23. 2025-07-26
    price $650,000
24. 2025-07-26
    listed $699,000 Active

ⓘ 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: $9,554 · $796/mo
• Projected year-2 tax: $9,554 · $796/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: $88,416
• − Mortgage interest: −$22,406
• − Property taxes: −$9,554
• − Insurance: −$2,000
• − Repairs & maintenance: −$7,073
• − Management: −$7,073
• − Depreciation: −$11,636
• Taxable income: $28,673
• Est. tax owed @ 24.0%: −$6,881
• After-tax cash flow: $26,241/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

-35.6% since first listed

10 events — show timeline

• 2026-03-13 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2026-03-12 Listed $450,000 NORTHSTARMLS as Distributed by MLS Grid
• 2026-03-03 Price Changed $499,000 NORTHSTARMLS as Distributed by MLS Grid
• 2025-11-06 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2025-11-05 Listed $550,000 NORTHSTARMLS as Distributed by MLS Grid
• 2025-10-16 Price Changed $595,000 NORTHSTARMLS as Distributed by MLS Grid
• 2025-10-01 Price Changed $615,000 NORTHSTARMLS as Distributed by MLS Grid
• 2025-09-02 Price Changed $625,000 NORTHSTARMLS as Distributed by MLS Grid
• 2025-07-26 Price Changed $650,000 NORTHSTARMLS as Distributed by MLS Grid
• 2025-07-26 Listed $699,000 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+6.5%/yr

Latest (2025): $9,554 · +8.2% YoY. Source: county tax records.