Duluth Rental Market

[Corey Robert Leet]

Hey all of my fellow Duluth investors. My wife and I looked at a large old house in the Congdon/Endion area of Duluth yesterday and love the house. It has great historic woodwork, beautiful spaces, etc. but needs some work. It is a 5+ bedroom home with a 2-car garage in a nice area and good schools (Congdon elementary, Duluth East HS, etc.). My question is whether getting around $1800/month is realistic for rent in this area. I know we could get this or more as a college rental, but since it is such a nice property, I'd prefer to rent as a SFH if purchased, even if we get a little less money. This home would be somewhat of a "pet project" as opposed to a pure great ROI purchase, but need to be sure it could at least have some monthly cash flow. Any incite is appreciated as we have only done college rentals in Duluth, not SFH.

    Thanks,

          Corey 

[Brittany Kuschel]

@Corey Robert Leet

Getting $1800 or more for a larger, nicely finished 5+ bedroom home in Congdon should not be a problem.  Of course, as with any rental, a lot will depend on the condition and location of the property.  Nonetheless, I regularly receive requests through my office for parties that are relocating to Duluth (often in the medical field) and looking to rent for a year or two before they buy.  I see rental budgets for such parties typically starting around the $1500/mo mark and sometimes as high as $3,000/mo.  Feel free to PM me if you have any additional or more specific questions.