17640 Ionia Ct

Duplex · 2 units: 3 bed / 2 bath ×2 unit split estimated · 3,332 sq ft

70 photos

Photos courtesy of Keller Williams Realty, via Realtor.com.

Asking price: $575,000
Monthly cash flow: −$284
Estimated rent: $4,950/mo
Break-even price: $521,614

Adjust the numbers See the full breakdown

From the listing

Welcome to this well-maintained duplex on a quiet cul-de-sac in the 194 Lakeville School District! This versatile property is ideal for an owner-occupant, multi-generational living, or an investor looking for rental potential. Both units are 3 bedroom, 2 bath, 2 car garage, and feature vaulted ceilings, open floor plans, main-level primary bedrooms, finished lower levels, and walkout access to the spacious 0.83 acre backyard. Recent improvements include a new roof and gutters (2026), fresh upstairs interior paint, waterproof LVP flooring in the kitchens and entryways, updated bathroom fixtures and lighting, new vanity mirrors, and new landscaping rock. The electrical system was upgraded in 2024 with a new 200-amp panel, and both asphalt driveways were replaced in 2024. Upstairs carpet and a downstairs refrigerator were replaced in 2022. One unit features an updated kitchen with new flooring, cabinetry, granite countertops, and breakfast bar, plus upgraded bathrooms. Both units offer two-car attached garages with direct home access. The large yard provides room for entertaining, recreation, and play, with full fencing and a wooded area for added privacy. A large play area on the north side of Unit 1 adds even more outdoor space. A great opportunity to own a flexible duplex with extensive recent updates and excellent space inside and out!

Listing courtesy of Keller Williams Realty (Top Producer AWS Customer). Description from Realtor.com, MLS #7154448. Believed reliable but not guaranteed; confirm with the listing agent. View on Realtor.com ↗

First look

This is a 1977 split-entry duplex in Lakeville with two 3-bed/2-bath units, a lot of recent capital work, and a big 0.83-acre lot. At $575K, our numbers show about -$284/month cash flow at 20% down and a 5.8% cap rate. Break-even price is about $522K, so it's roughly $53K too high on our rents of about $2,475 per unit. The listing gives no rents, no lease status and no utility info, so get the rent roll first. Roof, panel and driveways are all new, which lowers near-term capex. But the tax figure is unverified, so check it before anything else. Worth a showing only if the price comes down or the owner-occupy math works for you.

Things to consider

Price is about $53K above break-even Cash flow is negative at asking with 20% down, and the 5.8% cap rate is thin at current rates. You'd need a meaningful cut to make it work.
No rent, lease or occupancy information You can't verify income, and our rent estimate is not a stated rent. Rents on two 3-bed units could differ if one is dated.Listing says: “ideal for an owner-occupant, multi-generational living, or an investor looking for rental potential”
Recent capital work lowers near-term repair risk New roof, panel and driveways mean you can budget lower reserves for the first few years, which helps cash flow slightly.Listing says: “new roof and gutters (2026)”
Taxes and unit count are unverified The county parcel didn't match, so the tax number driving our underwriting is an estimate. Non-homestead taxes can be much higher than the current owner pays.
Unequal unit condition One unit has the upgraded kitchen and baths and the other may not, which affects rent and the cost to match them.Listing says: “One unit features an updated kitchen with new flooring, cabinetry, granite countertops, and breakfast bar”

From the photos

Based on 10 of the listing photos. Photos can hide as much as they show; an inspection is the real answer.

Condition and repairs

doneNew roof and gutters (2026)Listing says: new roof and gutters (2026)
doneNew 200-amp electrical panel (2024)Listing says: The electrical system was upgraded in 2024 with a new 200-amp panel
doneBoth asphalt driveways replaced (2024)Listing says: both asphalt driveways were replaced in 2024
doneUpstairs carpet and downstairs refrigerator replaced (2022)Listing says: Upstairs carpet and a downstairs refrigerator were replaced in 2022
doneWaterproof LVP flooring in kitchens and entryways, updated bath fixtures and lightingListing says: waterproof LVP flooring in the kitchens and entryways, updated bathroom fixtures and lighting

AI-assisted first read of the listing description and photos (Claude), checked against public records. Every rent and repair above quotes the listing; verify with the agent, leases and an inspection.

The numbers

Edit rents, costs and assumptions

Default: 20% down (no PMI), offer at asking, self-managed, 7.00% for 30 years, buyer pays closing costs (3%).

The deal

Price: $575,000
Cash to close: $132,250
Price per unit: $287,500
GRM: 9.7

Each month

Cash flow: −$284/mo
Cash-on-cash: −2.6%
Cap rate: 5.8%
DSCR: 0.91×

Break-even

Price that breaks even: $521,614
Rent that breaks even: $5,314/mo

Long run

Year 30: property vs stocks: $2.11M vs $1.06M
Cash flow turns positive: year 5

Monthly

Monthly breakdown

Rent	$4,950
Vacancy (6%)	−$297
Collected	$4,653
Property tax Listing	−$635
Insurance Estimate	−$219
Water, sewer, trash Estimate	−$170
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$396
Capital reserve (8% of rent)	−$396
Net operating income	$2,776
Mortgage (principal + interest)	−$3,060
Cash flow	−$284
Principal paid down (equity, not cash)	$389

Cash flow each year

Rents +3%/yr, costs +3.5%/yr. Red bars are months you'd cover out of pocket.

30 years

How those totals add up

If you buy this building$2,114,650

Your equity when you sell: $1,311,935
Rental profits, invested at 7%: $802,714

Same money in stocks$1,059,922

Cash to close, invested at 7%: $1,006,721
Monthly shortfalls, invested: $53,201

The building comes out $1,054,728 ahead after 30 years.

Future dollars. At 3% inflation, divide year-30 figures by about 2.4 for today's buying power. Rental profits are assumed invested, not spent.

30 years: this property vs. the same money in stocks

This propertyStocks at 7%

Year 30 (loan paid off): property $2.11M, stocks $1.06M. The property wins.

Comparable rentals

Nearby rentals RentCast matched to each unit type, as of 2026-10-05. The estimate above is RentCast's, weighted toward the closest matches.

3 bed / 2 bath estimate $2,475/mo · range $1,925–$3,025

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Match
20390 Dodd Blvd, Lakeville 55044	$2,100	3 / 2	—	2.7 mi	2026-07-20	90%
18813 Kenwood Trl, Lakeville 55044 off market	$1,750	3 / 2	—	1.6 mi	2026-05-09	77%
7149 181st St W, Lakeville 55044 off market	$2,800	3 / 2.5	2,432	2.3 mi	2025-10-20	73%
901 E 143rd St, Burnsville 55337 off market	$2,875	3 / 2	2,300	3.5 mi	2026-04-06	73%
18025 Gleaming Ct, Lakeville 55044	$3,200	3 / 2.5	2,200	1.8 mi	2026-10-03	73%
7920 Grinnell Way, Lakeville 55044	$2,359	3 / 2	1,774	1.8 mi	2026-07-29	72%
500 Greenhaven Dr, Burnsville 55306 off market	$1,695	2 / 2	1,335	2.9 mi	2026-02-23	72%
7112 181st St W, Lakeville 55044 off market	$2,750	3 / 2.5	2,200	2.3 mi	2026-03-27	72%
18010 Kenwood Trl, Lakeville 55044 off market	$1,426	2 / 2	966	1.2 mi	2026-09-15	72%
7824 Whitney Dr, Apple Valley 55124	$1,750	2 / 2	1,250	2.8 mi	2025-04-16	71%

On the maps, this property and comparable rentals. Comparable rentals and rent estimate: RentCast. Rents are asking rents from listings; check them against the actual leases.

Red flags and opportunities

Watch for

highPriced well above break-even; negative cash flow at asking Based on: data: underwriting · AI review
mediumCouldn't match this address to a county parcel record, so taxes and unit count are unverified. Public record: County parcels: no match for 17640 IONIA CT
mediumDescription pitches owner-occupant use and gives no rent, lease or tenant info; unclear if either unit is rented Listing says: ideal for an owner-occupant, multi-generational living, or an investor looking for rental potential · AI review
lowOnly one unit has the updated kitchen and upgraded baths; the other is likely dated, so rents may differ Listing says: One unit features an updated kitchen with new flooring, cabinetry, granite countertops, and breakfast bar · AI review
lowPhotos show basement framing exposed in the garage and a block-wall basement with a dehumidifier running; check for moisture Based on: photo 9 · AI review

Opportunities

Large fenced lot with wooded area and play area could support higher rents or better tenant quality, or a house-hack Listing says: The large yard provides room for entertaining, recreation, and play, with full fencing and a wooded area for added privacy · AI review
Walkout lower levels and attached 2-car garages per unit make this appealing to families, a strong rental pool Listing says: Both units offer two-car attached garages with direct home access · AI review
Unit with the dated kitchen could be brought up to match to push rent toward the top of the range Listing says: One unit features an updated kitchen with new flooring, cabinetry, granite countertops, and breakfast bar · AI review
Only 3 days on market, but the price gap to break-even gives room to negotiate Based on: data: underwriting.break_even_price · AI review

Questions for the agent

Is either unit occupied now? What are the rents, lease terms and deposits?
What are the actual annual property taxes, and is it a legal duplex with a rental license in Lakeville?
Which unit has the updated kitchen and baths, and what is the condition of the other?
Are utilities separately metered, and who pays water, sewer, trash and heat? Are there two furnaces and two water heaters?
Who did the 2026 roof and 2024 electrical work, and were permits pulled?
Has the lower level or basement had any water intrusion?

Bottom line

Well-updated duplex with a good lot, but at $575K it loses money on our rents; it only works at a lower price or as a house-hack. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Listinglisting, tax year 2026. The tax the listing states. If the seller lives there it may be at the lower homestead rate; an investor owner pays the non-homestead rate, often 20–40% more on the owner's unit.	$7,624
Insurance / yr Estimateestimate. from units, square feet and age; get a quote	$2,633
Water, sewer, trash / mo Estimateestimate. $85/unit/mo, owner-paid	$170
Heat / mo Assumptionassumption. tenants pay heat; confirm with the agent	$0
Lawn care / mo Assumptionassumption. $120/mo for 6 months, spread over 12; no snow removal	$60
Repairs / capital reserve Rulerule. base rate	8% / 8%

Price history Realtor.com

On the market since 2026-10-02 (3 days); last sold for $542,700 on 2022-08-19.

Date	Event	Price
2026-10-02	Listed	$575,000
2022-08-19	Sold	$542,700
2022-07-13	Listed	$575,000
2021-03-18	Removed	$375,000
2011-06-28	Sold	$234,050
2011-06-13	Removed	$270,000
2011-06-13	Removed	$375,000
2011-06-13	Removed	$355,000
2011-05-12	Listed	$218,500
2010-11-11	Price changed	$270,000
2010-10-29	Price changed	$280,000
2010-09-09	Price changed	$290,000
2010-08-26	Price changed	$300,000
2010-08-12	Price changed	$310,000
2010-07-23	Price changed	$320,000
2010-06-29	Price changed	$330,000
2010-06-09	Price changed	$340,000
2010-05-20	Price changed	$350,000
2010-04-18	Listed	$375,000
2009-09-04	Price changed	$360,000
2009-07-10	Listed	$365,000
2009-06-02	Listed	$375,000
2004-08-13	Sold public record	$290,000
2001-08-08	Sold public record	$115,000

From the listing Listing

Listed as	duplex side x side
Property tax, 2026	$7,624
County	Dakota
Parcel number	221940601070

As the listing states it (NorthstarMLS, via Realtor.com). We don't have county records here yet; check the tax, homestead status and special assessments with the county.

Crime, rental-license and vacant-building records are only available for St. Paul and Minneapolis so far. Check with Lakeville on rental licensing before you buy.