Portland, OR vs Minneapolis, MN for house hacking
Hello, I currently work and am in grad school in Portland, OR, and am planning to move back home to MN in a little over a year.
There is a 3bed/2.5 bath townhouse for sale in outer SE Portland for sale (probably would be considered a "C" neighborhood but is hip and property values trending up) that I could house hack with an FHA loan and live for only about 200 bucks a month excluding repairs and vacancies (the rental market is hot and the property was built in 2007 so I am only including P&I, MIP, taxes and insurance in this equation; property has no HOA dues). Would something like this be a great opportunity or not necessarily worth my time at this point?
I ask because my other option is to keep saving money and house hack when I get back to MN in a little over year. In Minneapolis rental prices are lower as are home values. Thoughts on what would be a better option?
Thank you!
Most Popular Reply
Minneapolis' housing market is nuts right now. I just saw a home in the Longfellow neighborhood sell for $300k in less than two weeks. The home was in less than stellar condition.
Sounds like your will be in a hot (overpriced) market wherever you go. Might be a better idea to keep saving money and Airbnb your apt whenever you aren't in it. If you buy that home I doubt you will be able to pick up another in Mpls soon.
Did you run the perspective home through the BP calculator? I've been using it a lot while looking for my first deal and it's helped a ton.
I look forward to networking when you get back to Mpls!
- Jordan Moorhead
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