Saint Louis Park MN Rental Property

[James Gilson]

Good evening,

I am brand new to real estate investing and am looking to buy a single family home in Saint Louis Park to hold onto and rent out. I am looking at this area for a few reasons. My sister lives in Minneapolis (Uptown) and is moving to the suburbs to escape the rise in crime. I have read that this happening quite a bit. Additionally, I have spent time in Saint Louis Park and like the area, and it looks like single family homes can produce some good passive income. I have read that laws are changing for renters in Minneapolis, but it doesn't look like this is happening in Saint Louis Park.

Curious about anyone's experience with rental properties in this area. 

Thank you

[James Hamling]

@James Gilson there is about 47 additional factors that need to go into making a sound analysis and advisement as to what/where you be best served. Speaking very generally, yes there is an exodus at play although Mpls is far from falling apart, not just yet. I would say SLP is a touch too close to Mpls though, I would suggest a touch further west, such as Plymouth, Maple grove, Rogers or south to say Eagan, Apple Valley etc. Your financial position and budget will be a major factor in which market you can best leverage, and the mix your needing between cash flow and equitable appreciation. 

I would also say the remote working situation is a major factor to the Mpls exodus, arguably more a factor than anything else at this moment and simply a cycle that needs to play itself out. 

If your looking at doing 3+br homes, your bigger factor to look at is school zoning than city name, for example anything Wayzetta district, is liquid gold. And there are a few other school districts of similar. But if your looking at 2br or 4+br for room-mate situations, Golden Valley or Hopkins may be a better play. 

Again, so many factors in evaluating yourself as an investor, walking through building YOUR individualized strategy. And the evolutions of it as it will need to grow with you and get re-evaluated as markets shift. 

For that I suggest speaking with a Investment Real Estate Advisor, one who's specific to building these investing strategies and plans just like a others do for stock portfolios etc etc. general Realtors are just functionaries, can only pander to buying or selling, not really capable or willing to own the results of that transaction, your question is a strategy one.