Winona, MN Rental Properties

[Corey Robert Leet]

Hey Minnesota People,

My wife and I are looking at investing in a college rental property in Winona, MN (near WSU). Anyone have any experience in this market? I have researched the rental laws and talked to city officials, as I know there are some pretty strict rental laws. Also, does anyone know of a good real estate agent to work with in Winona for rental properties? Any information is greatly appreciated. We currently have a few SFH and one college rental in Duluth and are looking to expand our portfolio.

     Thanks,

        Corey

[Matt J.]

Hey Jordan, 

Do you self-manage your properties down there, or do you have a property management company you work with? So the 30% rule, if there are 3 out of 10 houses on a block that are rentals, you can't turn a non-rental home into a rental home, correct? 

Originally posted by @Jordan B.:

I’ve lived in Winona my whole life, and it’s an awesome little town with lots of opportunities.

A few things to keep track of:
As you’ve probably seen, we have a “30% Rule”. This makes it impossible to certify a home on a block that is 30% rented. Certified homes over the limit are grandfathered in. It’s not every block. You’ve probably found the rental map on the city website.
There have been large multifamily units constructed recently. It’s beginning to push up vacancies a little, but you should still be very safe within the college area.
There are large units (up to 9 bedroom apartments) on the market. The word is that they’ve been having a really tough time keeping them filled.

I’ll PM you my agent’s contact information. We have a relatively new relationship, but he’s the most experienced investor/agent I could find! Good luck!