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Updated almost 3 years ago, 03/10/2022
Which market to invest in?
Last fall my wife and I purchased our first rental in Red Wing, MN. There seem to be a shortage of houses for sale and rent and it rented quickly with no trouble. We are looking to continue to buy buy it seems like they are difficult to find and expensive to a point that the cash flow is tight.
Alternatively, I have looked at Albert Lea, MN where there is an abundance of houses available but have been told by some the market is dying, or is a tougher neighborhood. But. 3 bed 1 bath house in red wing that I can rent for $1300 goes for $175,000+ and in Albert Lea I can get the same house that can rent for around $1000 for under $100,000. Does anybody have information on the Albert Lea market, or thoughts on which direction it makes sense to go?