Northeast Minneapolis is a neighborhood that’s full of duplexes. In this video, licensed realtor and Duplex Doctors team member Drew Hoefler brings us on a tour around the famous Minneapolis neighborhood known for breweries, restaurants, and laid back city lifestyles.
By watching this video, you’ll learn:
- The Properties You Can Expect to Find in Northeast
- The Neighborhood’s History and How it Defines the Kind of Duplexes that Exist There
- How to Live Essentially Mortgage-Free
- The Best Way to Live a Flexible Lifestyle
- How Baby Boomers Can Utilize Duplexes
How to Live Mortgage-Free in a Duplex
We talk about it a lot on this site, but if you’re just learning about the advantages of living in a duplex for the first time, this might just blow you away:
Most owner-occupiers who live in the duplexes they own stay there for free or close to it.
By renting out the second unit and having their tenant’s payment cover most of the mortgage. Since rental rates are sky-high in the city of Minneapolis, average rent payments are typically enough to pay off an entire property’s mortgage.
To fully accomplish this goal, you may have to live in the smaller of two units on a property. But in many cases, even one of two identical units can pay off a mortgage on its own.
Baby Boomers + Duplexes
Why are duplexes so ideal for baby boomers? Because in a way, one of the original intentions duplex owners had was to provide a place for their family to live in an independent living situation.
What better way to provide yourself the flexibility to enjoy retirement than living in a duplex? Family members that you have living in the second unit can care for the property and help pay the mortgage while you’re away so that you can be worry-free.
If you have extended family that would consider living in your home’s second unit, this might just be the perfect option for you. You’ll both have your independence, but you’ll also enjoy the benefits of working towards paying off the mortgage together.
Why Northeast Minneapolis is Duplex-Rich
When northeast Minneapolis was just beginning to establish itself as a neighborhood, it was populated primarily by immigrants coming to town in order to work on the docks.
Since many of these immigrants wanted to have the opportunity for their family to move over with them, they turned single-family homes into duplexes.
Because of the neighborhood’s history, there are many duplexes in this area. However, there are few that were constructed as
“true duplexes” that were originally intended to have two units. Instead, owners bought the properties and found creative ways to maximize the living space by fitting two units in as best as they could.
Considering Northeast Minneapolis for the location of your duplex? You’ll have lots of properties to pick from. Otherwise, we’d be happy to show you the duplexes that are available all across the city of Minneapolis. There are thousands in this city, and many great opportunities typically exist – we’d be happy to show you them.