1% or 2% rule in Minnesota?
I'm just getting started in real estate investing, with the intent of renting out either single family homes, multi-family or townhomes. I know that one cannot go strictly by the 1% or 2% rule, and that more detailed analysis is required...however, at least for screening the hundreds of possibilities, I'd like to understand whether ANY properties in the Minnesota MSP/metro area meet even close to the 1% rule, let alone the 2% rule. Everything I'm finding is more like .5% or .7% at best, and my banker, who has done investing himself, basically said the market is so high right now, it would be better to do nothing until prices comes down. Any advice?