Anyone know much about Centerville, MN?

Question

Does anyone know much about Centerville, Minnesota? My wife and I area considering investing in a multi-family property there.

Brian R. · Answer

@Shu Matsuo Post Yes, Centerville Elementary school, part of the Centennial School District.  My sister and brother both went to that school.

Again, do your due dilligance, and have the property inspected, especially the foundation.  I know that a few of the properties in that area have been "upgraded" by putting new siding on, but probably didn't do anything with the rotted wood that existed.

Brian R. · Answer

I grew up in Centerville, graduating from Centennial school district.  A small city in the middle of the City of Lino Lakes.  A pretty quiet city.  It has been built up a lot since I moved in 1999.

I would have no problem purchasing a property in Centerville, I would be careful with anything in the Main Street/Centerville Road area, as far as the condition of the foundation.  Some of them I remember from when I lived their I questioned the overall condition. (the one in particular I remember was on the curve of Main Street, by Saint Johns Baptist Church)  You should anyways, but get an inspection of whatever you do buy.

This is not meant to sway you away from buying it, just do your due diligence.  I would jump on the area!

Tim Swierczek · Answer

@Shu Matsuo Post I actually think 1bed was units are easy to rent anywhere but I wouldn’t want small 2 bed units in that area.

Brian R. · Answer

Did you get anything for Lino Lakes?  Rent in Centerville would probably be similar to a little lower.  Centerville doesn't have a lot of rentals to compare.  I would base it on White Bear Township and Lino Lakes, see what kind of response you get based on those comps.

Shu Matsuo Post · Answer

@Brian R. Thanks again for your insight. One more quick question. I pulled the rentometer comps for one-bedroom and two-bedroom rents nearby and the median came back at around $950 and $1250, respectively, but they are mostly in White Bear Lake. Would you say the comps are similar in Centerville?

Shu Matsuo Post · Answer

@Brian R. thanks for your input. I'm sorry I'm just responding - I just saw your comment. Good to know the specifics about Centerville. It's on Progress Road, next to an elementary school - have you heard of that street?

Shu Matsuo Post · Answer

@Tim Swierczek sounds good. Thanks for the tips as always, Tim!

Shu Matsuo Post · Answer

@Josh Collins awesome. This is helpful. Thanks for your insight!

Josh Collins · Answer

This is a good area that is close enough to the metro that it's going to be in decent demand and any time.   Blue collar but plenty nice.  In the past I've been concerned with 1 bedrooms as it feels like a limited renter's pool but I've been proven very wrong in this thinking.  At the end of the day, as long as it's not high-end Class A property, I'd think you'd be in for a good occupancy rates assuming rents are at market rents.  It's closer than Forest Lake and I'd say FL is still plenty close to the Cities to garner rental attention.  Assuming your numbers are solid and you plan for a bump up in interest rates in 5 years after your initial loan term expires, I'd say go for it.

Shu Matsuo Post · Answer

@Tim Swierczek thanks for your comment. This multi-family property mostly has one-bedroom units. Are you saying it would be hard to rent out those?

Anyone know much about Centerville, MN?

Most Popular Reply