All Forum Posts by: Dustin S.

Generally around 500 per room, but my next door neighbor is renting 4 bedrooms, each for 600 in a single family. It's a very nice house.

That's my investment area. I have a 4 unit just a few blocks directly south (1600 block). I'm not a seller... Now might be a good time to remove equity since you've made significant improvements and values in the area have already risen quite a bit.

I actually replaced a coin-operated washer and dryer in both a fourplex and a duplex with a free HE washer and standard cheap mid-range dryer to share in the basements.

This is pointed out when I show the apartment and is viewed as a selling feature. Maybe I'm not focused on the "business" enough, but I personally would be annoyed if I had to worry about keeping a stock of quarters on hand. The tenants I tend to attract want convenience, as these are very nice rentals. I make up for it with higher rent.

I would guess that a conversion is probably more costly than we'd initially think.

Where will the boiler/furnace and water heaters be located? Ideally, you'll have 2 of each. You'd want to have everything separated, with permits. Won't be fun unless you have plenty of cash, AND the city allows you to pull your own permits due to your occupancy status (like St. Paul does). Purchase price seems high for needing to put in all this extra money to make it work.

SteveGables

NMLS# 208331

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The Marschall Gables Group

PrimeLending, A PlainsCapital Company

8201 Norman Center Drive, Suite 230 | Bloomington, MN 55437

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PrimeLending NMLS 13649. Equal Housing Lender

Real estate agents should be able to set you up with an MLS alert that displays the properties that are eligible for contract for deed.

I would check population growth in the area. I have only been there to visit my grandparents once per year, but my perception is that it is a place for older people and for those who are "stuck". I don't imagine that it's a growing area... but I could be completely wrong (quick Google search appears to confirm suspicions).

It seems like people are wanting to live in the larger cities: Rochester, Minneapolis, St. Paul, etc.

I think the Midway neighborhood west of Snelling (51) is a solid B/B+, depending on street, especially north of Thomas. This general area seems to be upcoming, in my opinion (disclaimer, I own a 4plex here).

Directly east of Snelling until Lexington, I'd label B- rather than C.

Own a duplex in Seward where labeled "A". My map would have the first 2 blocks south of Franklin downgraded due to the proximity to Cedar-Riverside crime, although the location is closer to the colleges. :(