Riots and Civil Unrest on Property Values

[Jeffrey Tate]

Hi All, I live in Minneapolis and on Tuesday I entered into a purchase agreement for a duplex that is blocks away from the center of all the riots and civil unrest. Since then the city has been torn apart by riots and civil unrest. I can still get out of the deal through the inspection contingency and I am just looking for some advice on what i should do. This would be my first duplex and I plan on house hacking. I love the property but the surrounding business are completely gone. I'm not sure what all this will do to rents and property values. it seems like the rioting is starting to die down now here and there is less and less property damage but i am really torn about what to do. Please offer suggestions and advice? 

[Bruce Runn]

@Scott Mac

I get your just thinking out loud but there was very limited impact to any homes and the only apt that was torched was one under construction and vulnerable so your view/understanding from 1,135 miles away isn't a very good one.  Just saying.  

We have approx. a 3% vacancy rate and the demand for housing continues to be unmet, just like Austin.  As @James Hamling said, there's a difference between short term and long term investing.  The main risk is uncertainty, no different than in 2008-2010 when I started buying.  Now people are looking back 10 years and telling me how lucky i was to buy back then.  Luck?  I tell them it took guts to buy places when real estate hadn't bottomed out and everyone and their brother wanted to sell-there were 10 sellers for every buyer.  For those who only buy when it's 100% secure, aren't going to find deals.  I'm not saying it's for the faint of heart but it has to be a long term strategy and you have to believe in what you are doing.  

I bought a place this month in an amazing location that just doesn't come up hardly ever and got a $70,000 discount as the person just wanted out.