northeast minneapolis market
Hi guys!
Quick question for you:
I'm currently looking to buy my first property, which I will "house-hack." I'm currently analyzing a property that is in Northeast Minneapolis, Minnesota, specifically west of 35W. I'm a little bit surprised with the ratio of housing prices to rent in the area. Rent doesn't seem to be as high as I was expecting, relative to the prices of the homes in the area.
Specifically, it's a 4/2 SFH that looks like its in pretty good shape. Preliminarily looking at local rents, it seems like I would get around $1,600, which makes it tough to cashflow without buying at a pretty low price-point, considering most non-fixer upper 4/2s in this market are selling at 200k+
Any general thoughts on this rental market? Do you guys think I could potentially get more/less rent? If so, based off of what data/website? I'm currently looking for a better way to get strong rental comps.
Thanks so much!