17640 Ionia Ct

70 photos

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

Asking price: $575,000
Monthly cash flow: −$362
Estimated rent: $4,850/mo
Break-even price: $506,959

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 ↗

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: 9.9

Each month

Cash flow: −$362/mo
Cash-on-cash: −3.3%
Cap rate: 5.6%
DSCR: 0.88×

Break-even

Price that breaks even: $506,959
Rent that breaks even: $5,314/mo

Long run

Year 30: property vs stocks: $2.02M vs $1.09M
Cash flow turns positive: year 6

Monthly

Monthly breakdown

Rent	$4,850
Vacancy (6%)	−$291
Collected	$4,559
Property tax Listing	−$635
Insurance Estimate	−$219
Water, sewer, trash Estimate	−$170
Lawn care ($120 × 6 mo ÷ 12)	−$60
Repairs (8% of rent)	−$388
Capital reserve (8% of rent)	−$388
Net operating income	$2,698
Mortgage (principal + interest)	−$3,060
Cash flow	−$362
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

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,395,676
Minus 6% selling cost	−$83,741
Minus loan still owedTenants' rent paid down all $517,500 of principal by year 30	$0
Plus rental profits, invested at 7%$293,924 of profit by year 30, before investment growth	$468,088
What you'd walk away with	$1,780,023
If you put the same money in stocks
Cash to close ($74,750) invested at 7%	$569,016
Monthly shortfalls ($61,146 total by yr 30) investedThe money you'd have put into the building while it lost money	$373,609
What you'd walk away with	$942,625
Building minus stocks	$837,398

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,395,676
Minus 6% selling cost	−$83,741
Minus loan still owedTenants' rent paid down all $517,500 of principal by year 30	$0
Plus rental profits, invested at 7%$132,284 of profit by year 30, before investment growth	$180,049
What you'd walk away with	$1,491,985
If you put the same money in stocks
Cash to close ($74,750) invested at 7%	$569,016
Monthly shortfalls ($133,755 total by yr 30) investedThe money you'd have put into the building while it lost money	$723,807
What you'd walk away with	$1,292,823
Building minus stocks	$199,162

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,371,403
Minus 6% selling cost	−$82,284
Minus loan still owedTenants' rent paid down all $508,500 of principal by year 30	$0
Plus rental profits, invested at 7%$309,013 of profit by year 30, before investment growth	$500,325
What you'd walk away with	$1,789,444
If you put the same money in stocks
Cash to close ($73,450) invested at 7%	$559,120
Monthly shortfalls ($54,410 total by yr 30) investedThe money you'd have put into the building while it lost money	$336,233
What you'd walk away with	$895,353
Building minus stocks	$894,091

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,371,403
Minus 6% selling cost	−$82,284
Minus loan still owedTenants' rent paid down all $508,500 of principal by year 30	$0
Plus rental profits, invested at 7%$142,993 of profit by year 30, before investment growth	$197,928
What you'd walk away with	$1,487,047
If you put the same money in stocks
Cash to close ($73,450) invested at 7%	$559,120
Monthly shortfalls ($122,638 total by yr 30) investedThe money you'd have put into the building while it lost money	$672,072
What you'd walk away with	$1,231,192
Building minus stocks	$255,855

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,395,676
Minus 6% selling cost	−$83,741
Minus loan still owedTenants' rent paid down all $460,000 of principal by year 30	$0
Plus rental profits, invested at 7%$398,433 of profit by year 30, before investment growth	$709,650
What you'd walk away with	$2,021,585
If you put the same money in stocks
Cash to close ($132,250) invested at 7%	$1,006,721
Monthly shortfalls ($12,413 total by yr 30) investedThe money you'd have put into the building while it lost money	$81,465
What you'd walk away with	$1,088,186
Building minus stocks	$933,399

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,395,676
Minus 6% selling cost	−$83,741
Minus loan still owedTenants' rent paid down all $460,000 of principal by year 30	$0
Plus rental profits, invested at 7%$208,453 of profit by year 30, before investment growth	$316,746
What you'd walk away with	$1,628,682
If you put the same money in stocks
Cash to close ($132,250) invested at 7%	$1,006,721
Monthly shortfalls ($56,680 total by yr 30) investedThe money you'd have put into the building while it lost money	$326,798
What you'd walk away with	$1,333,519
Building minus stocks	$295,163

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,371,403
Minus 6% selling cost	−$82,284
Minus loan still owedTenants' rent paid down all $452,000 of principal by year 30	$0
Plus rental profits, invested at 7%$414,471 of profit by year 30, before investment growth	$750,428
What you'd walk away with	$2,039,547
If you put the same money in stocks
Cash to close ($129,950) invested at 7%	$989,213
Monthly shortfalls ($9,290 total by yr 30) investedThe money you'd have put into the building while it lost money	$61,912
What you'd walk away with	$1,051,124
Building minus stocks	$988,423

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,371,403
Minus 6% selling cost	−$82,284
Minus loan still owedTenants' rent paid down all $452,000 of principal by year 30	$0
Plus rental profits, invested at 7%$220,588 of profit by year 30, before investment growth	$340,620
What you'd walk away with	$1,629,739
If you put the same money in stocks
Cash to close ($129,950) invested at 7%	$989,213
Monthly shortfalls ($49,655 total by yr 30) investedThe money you'd have put into the building while it lost money	$290,341
What you'd walk away with	$1,279,553
Building minus stocks	$350,186

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,395,676
Minus 6% selling cost	−$83,741
Minus loan still owedTenants' rent paid down all $431,250 of principal by year 30	$0
Plus rental profits, invested at 7%$458,287 of profit by year 30, before investment growth	$868,517
What you'd walk away with	$2,180,452
If you put the same money in stocks
Cash to close ($161,000) invested at 7%	$1,225,573
Monthly shortfalls ($3,407 total by yr 30) investedThe money you'd have put into the building while it lost money	$23,517
What you'd walk away with	$1,249,090
Building minus stocks	$931,362

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,395,676
Minus 6% selling cost	−$83,741
Minus loan still owedTenants' rent paid down all $431,250 of principal by year 30	$0
Plus rental profits, invested at 7%$254,300 of profit by year 30, before investment growth	$410,794
What you'd walk away with	$1,722,729
If you put the same money in stocks
Cash to close ($161,000) invested at 7%	$1,225,573
Monthly shortfalls ($33,669 total by yr 30) investedThe money you'd have put into the building while it lost money	$204,030
What you'd walk away with	$1,429,603
Building minus stocks	$293,126

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,371,403
Minus 6% selling cost	−$82,284
Minus loan still owedTenants' rent paid down all $423,750 of principal by year 30	$0
Plus rental profits, invested at 7%$474,839 of profit by year 30, before investment growth	$915,513
What you'd walk away with	$2,204,633
If you put the same money in stocks
Cash to close ($158,200) invested at 7%	$1,204,259
Monthly shortfalls ($1,997 total by yr 30) investedThe money you'd have put into the building while it lost money	$13,953
What you'd walk away with	$1,218,212
Building minus stocks	$986,421

	Year 30
If you buy this building
Sale priceValue grows 3% a year from the price	$1,371,403
Minus 6% selling cost	−$82,284
Minus loan still owedTenants' rent paid down all $423,750 of principal by year 30	$0
Plus rental profits, invested at 7%$267,172 of profit by year 30, before investment growth	$438,890
What you'd walk away with	$1,728,009
If you put the same money in stocks
Cash to close ($158,200) invested at 7%	$1,204,259
Monthly shortfalls ($28,578 total by yr 30) investedThe money you'd have put into the building while it lost money	$175,566
What you'd walk away with	$1,379,825
Building minus stocks	$348,184

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 $2.02M, stocks $1.09M. The property wins.

Comparable rentals

The closest rental listings with each unit's bedroom count, as of 2026-10-04. The estimate is the median asking rent of every rental we found nearby (the count is shown for each); houses are left out. Asking rents from Realtor.com rental listings, not signed leases.

3 bed estimate $2,425/mo · range $2,200–$2,800 · 8 rentals within 3 mi

Address	Rent	Bd / Ba	Sq ft	Distance	Listed	Type
18400 Orchard Trl, Lakeville	$2,675	3 / 2	1,528	1.6 mi	2025-05-01	Apartment
17400 Glacier Way, Lakeville	$2,387	3 / 2	1,436	1.9 mi	2026-05-19	Apartment
16255 Kenyon Ave, Lakeville	$2,795	3 / 3	1,679	2.0 mi	2026-02-03	Apartment
18351 Kenyon Ave, Lakeville	$2,376	3 / 2	1,444	2.0 mi	2024-04-12	Apartment
16160 Kendale Dr, Lakeville	$2,850	3 / 2	1,941	2.3 mi	2026-04-17	Apartment
7472 157th St W, Apple Valley	$1,750	3 / 2	1,340	2.6 mi	2025-04-02	Apartment
20390 Dodd Blvd, Lakeville	$2,100	3 / 2	—	2.7 mi	2026-07-20	Apartment
15025 Greenhaven Dr, Burnsville	$2,391	3 / 2	1,325	2.9 mi	2025-12-17	Apartment

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

Red flags and opportunities

Watch for

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

Opportunities

None found.

Questions for the agent

Can we see the current leases and a rent roll, with move-in dates?
What did water/sewer/trash, heat and electric cost the owner over the last 12 months?
How old are the roof, boiler or furnaces, water heaters and electrical panels?
Is the building licensed as a rental for this many units, and when was the last city inspection?
Any special assessments pending, and will the seller pay them off at closing?

Standard questions worth asking about any building.

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%

Status history

2026-10-02New at $575,000

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.