When I am looking for Minnesota investment property for customers, I am not only looking for properties that have the best prices, I am also looking for investment properties that have certain features. Some of those features are:
- Tenant paid utilities: Almost always, each apartment will have separate electrical, but in Minnesota, many investment properties have one heat source. Whenever possible I pass on those buildings and find the ones where they have separate heat for each apartment. If you have lived in Minnesota in January, you understand why!
- On-site laundry: This may be free or paid laundry. Even if it is free, it will help sell the unit when you are renting. Most tenants do not want to haul their laundry to a laundromat in the snow in Minnesota.
- Near bus-line: I frequently am asked about the nearest bus line when renting properties in Minneapolis. The closer you are to a central bus line the more attractive your apartments will be to prospective tenants.
- Large rooms and architectural details: There are many properties that have hardwood floor and old woodwork, especially in Minneapolis. Many tenants are looking for that old-world charm and will pay a small rent premium for it.
- Good or updated windows: Many of the properties that I look at in Minneapolis have windows that are 75+ years old. I am especially excited when I see they have replace some or all of them with newer vinyl or aluminum units to keep out the Minnesota wind!
Although this is not an exhaustive list of features, many of these are important when searching for investment property in Minnesota.
Leave a Reply