Minneapolis Market

[Eli Sunderland]

Hey guys, I'm currently looking for my first property, most likely a SFH in the NW minneapolis suburbs. I plan on house-hacking it, renting it to some buddies from college. My question to all of you is: what are your general thoughts on the housing market in Minneapolis area? Would you say the Minneapolis market is fairly hot right now? Having just started, I don't really have a good reference point to compare today's prices to.

Also, For those of you already investing in this market, what is a general "rule of thumb" I should be looking for in my properties? I know about the 2% rule, but I don't really see many properties that fulfill that rule.  What percent do you all look for when analyzing deals in the minneapolis area?  Any tips on the whole property analysis process would be awesome!

I really want to avoid the "paralysis by analysis" epidemic that many first time investors struggle with, but I also don't want to start off with a bad deal, potentially putting myself back for awhile.

Thanks! Any input would be very much appreciated!