North Minneapolis concerns - Duplex purchase
Hello everyone!
I am currently looking at a duplex in the Jordan neighborhood but I have some reservations...
Pros
- Property is in good condition and needs little work
- Great cash flow - based on my calculations I believe it would cash flow 700-900 for a <200k duplex. This would be 21-24% COC Year 1 with 5% vacancy and 5% capex.
Cons
- Neighborhood? I don't own anything in north Minneapolis and am concerned about the area given the state of Minneapolis
- Buying into a decline? I see there is a discussions on the state of rentals Minneapolis and see a lot of people that are holding off on buying.
Are my concerns warranted? Does anyone own property in this area that would be willing to share their thoughts?
Thanks!