My recommendation would be to find an agent who invests in the Twin Cities so they know what different properties can command in rent. 

Leader - "someone in an official position of authority who can command or control others"Your not leading them...you're following them,...and picking up the pieces.

My out-of-state clients are finding that the rents here command more than properties priced $200k+ more in their home markets. 

Great ROI/COC potential, rental market commands $850-$950 per month.

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The way to determine rent is to compare your property to comparable properties and the rent those command. 

Look at other empty waterfront lot listings in that area to get a feel for what price land is commanding per acre. 

I maintain anywhere between a 750-790, my wife commands a 800+ and between the both of us we make just under 200k a year at our normal jobs. 

Expect to command a little less rent for a dated property then completely updated. 

The staged property has historically commanded about 8-10% more in rent over my comparable rentals and I have never put a sign in the yard.