northeast minneapolis market

[Eli Sunderland]

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!