NE Minneapolis Duplexes for Sale
Seller’s Agent: Edina Realty
Buyer’s Agent: Jason Reed
We wanted to celebrate another Northeast Minneapolis duplex that was purchased by one of our clients. Edina Realty was on the listing side, and we were on the buyer side.
Northeast Minneapolis and Uptown have become two of the neighborhoods in Minneapolis that move inventory the fastest, and we are floored by the opportunity that people have to take what has become an inflated market and use a duplex to lower their overall living costs.
Northeast Minneapolis has become ultra desirable to live in.
If you’re looking for a home for sale in Northeast Minneapolis you’re going to find multiple offers on nearly every listing, and if you’re looking for a place to rent, you’re also going to see competition.
What we’ve noticed in Northeast Minneapolis is that a duplex or triplex allows you to leverage the benefits of being a landlord when rents are rising to offset the increased cost and price of listings.
One of the coolest things about a duplex or triplex is that by using the future income of the rental units in your mortgage underwriting, people that have lower incomes are able to afford a little more home.
Townhome vs. Duplex
If you’re looking to purchase a Townhome in Minneapolis, we would highly recommend having a conversation about whether or not you’d be able to qualify to purchase a duplex instead.
While there aren’t a lot of townhomes for sale in Minneapolis, we found that many people are simply unaware that they might be able to purchase a home because a duplex allows for more buying power.
Duplex Ownership vs. Renting a Townhome
Northeast Minneapolis is such a desirable place to live, and if you’re considering renting in Northeast Minneapolis, we highly recommend connecting with us and having a conversation with one of our lenders to see if you would be able to purchase a home.
Most people that are looking to rent either don’t have the financial means, or aren’t in the life stage where they want to be a homeowner. One of the coolest things about being a duplex owner is that it makes you into an investor rather than a homeowner.
Remember that people might be able to buy a duplex or triplex rather than rent and that it will be an asset rather than a liability.
So many people aren’t interested in purchasing a new home in Northeast Minneapolis if it’s single-family because they just don’t want that required mortgage payment. What’s great about the duplex is that you can have your rent to cover a large portion of your mortgage, and then if you decide you want to relocate in the future, you can simply find another renter and then your investment might create positive cash flow.
Also published on Medium.