From rental to owner occupied

This year in St. Paul we are seeing single-family homes that were being rented out hit the market. I know that small investors are struggling with the new rent control law. Rent increases are capped at 3% but with the cost of everything going up, including property taxes and fuel, rental property in St. Paul isn’t a great investment.

The houses are the perfect opportunity for owner-occupants. They tend to be priced lower than similar properties and often need some updating and minor repairs. They seem to be on the market a little longer than other types of housing.

Sellers will sometimes accept less than the asking price.

There are also duplexes on the market. A person could buy one and turn it back into a single-family home. There are many homes that were converted to duplexes in the 70s and 80s that could be converted back into single-family residences.

Former rental properties are a great opportunity for home buyers. Prices start at 100K. Some of the rentals that are on the market are small condos.

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