New Investor - information & questions Saint Paul, MN

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New Investor - information & questions Saint Paul, MN

My Lee
Saint Paul, MN · Member since 2016 · 3 posts · 0 votes

Hi Everyone,

I am new investor and I want to know more about where can I find more information about the market in Saint Paul, MN and pricing of the market. Also, how we can calculate the repair estimate on a house?

Lastly, if a house is a duplex, and the family have lived there for 10 plus year as a single family house, can I rent it out as a duplex or do I have to do some legal work?

I know little bit about renting, rent to own, flipping and wholesaling. I am hoping to learn more and in the flied of flipping house, rent to own and renting.

Thank you for reading this.

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  • Gregory Brooks
    SD · Member since 2015 · 26 posts · 3 votes
    10y

    Hello,

    I can sorta help with the little knowledge I have gained. There are many sites like zillow, trulia, or a MN based site called Edinarealty.com having a realtor will help with pricing and recent comps in areas. Also there are others on BP that are knowledgeable about St. Paul.

    Onto the duplex question. Is the home itself a duplex or did they convert it to a SFH? A single family could live in the home, even if it's a duplex. But I'll be intrested to hear from others the legalities to convert a SFH to a duplex.

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  • My Lee
    OP
    Saint Paul, MN · Member since 2016 · 3 posts · 0 votes
    10y

    Thanks, Gregory Brooks

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  • Jared McKie
    Real Estate Investor · Minneapolis, MN · Member since 2014 · 20 posts · 3 votes
    10y

    Is the property zoned as multi family? If so, there shouldn't be an issue with reverting the use back to a duplex. Given you're prepared for the cost to separate utilities and any ingress/egress issues they may have changed if they converted it to a SFR.

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  • Jay LohnBusiness Member
    Real Estate Agent & Investor · Champlin, MN · Member since 2014 · 179 posts · 43 votes
    10y

    I would contact a local agent to get accurate price as they should have intimate knowledge of the local market and proper valuation for properties. Also I would check with the city to see what the property is zoned at and if it has ever had a rental license as well as what it will take to get it active again. 

    Lohn/Paulno Property Management, LLC53 Reviews
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  • My Lee
    OP
    Saint Paul, MN · Member since 2016 · 3 posts · 0 votes
    10y

    Thanks Jared McKie and Jay Lohn for the advise.

    I believe the property is located in a zoned for multi-family because I have a the multi-family house a few block away from that house. However, I will still go check with the city to make sure that it was not cut-off before reaching that area. Also, according to the owner, he says when he bought the house, it was originally was a rental, but that was 30 years ago. The house is all pay off and looks like in good condition, but it only need an upgrade.

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