Reasonable rent to charge in Edina (2br apt.)?
Hi there! I am interested in purchasing a 2 bedroom condo in Edina, but I currently live in FL and wont realistically be able to move to Minneapolis-St. Paul for a year (or more). I could wait to buy, but I have spotted a condo that I am interested in now--I think it's a good deal, and I am afraid that mortgage rates will be higher in a few years (also, I think it's probably a great time to be a buyer right now).
Anyway, I am trying to figure out if by renting out the place I will be able to aford the mortgage payments and association fees (& taxes, etc.) for a few years. For that reason, I'm trying to get a good idea of what a reasonable monthly rent to charge would be. This would be a large (appx 1400sq feet) 2 bedroom, 1.75 bathroom top floor condo (in a 6-floor building) with a small balcony in the Southdale area (on York). Comes with 1 heated underground parking spot and tons of amenities (fitness center, indoor/outdoor pools, etc. etc.). Has in-unit laundry and it is a concrete building (so I assume less noise from neighbors) with an elevator. Also, my association fee would include heat, water, and cable so a renter would only need to pay phone and electric. The only downside is that the current appliances are not very up-to-date. But they are there already (including washer/dryer).
What do you think would be a reasonable rent? Do you think I could get $1200/month for it maybe? More? Less? Also, I would have to hire a property management firm since I live in Florida. How much of a cut do managers usually take?
Thanks for your help! Any advice would be great, as I'm trying to do the calculations before getting in over my head possibly. When I was a grad student at the University of Minnesota, I lived in Uptown and in Bloomington, so I am more familiar with the typical rents in those areas. Edina, not so much.
Barbara
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