If I can give you some words of advice; be very careful to make sure your investment is going to cash flow. This will obviously depend on how much money you are going to put down, but you want to make sure your purchase cash flows especially if you are not going to be living in either of the units. You also want to make sure it cash flows because duplex values are going to continue to decrease for the rest of 2008 and possibly into 2009.
If you have any other questions please feel free to call or e-mail me. Click on the web reference below to get my contact information and also to view the Free reports and buyers guide we offer.
I do wish you the best!
I learned a lot about being a landlord prior to ever becoming a license real estate agent. I would also suggest you check out the City of Minneapolis website for information on the City's rental inspection and licensing process, vacant building registration fees, special assessments, "conversion" fees for buying previously homesteaded property and "converting" them to full rental status (this fee was $1,000 a year or so ago - that may have changed) and if you haven't ever owned rental property before - consider taking some classes.
Here is a link to the City's website: http://www.minneapolismn.gov/index.htm
Under the "most requested" tab on the front page of the City's website, you'll find a link to Property Information that is very helpful in researching specific properties. Good luck in your search!
Stephanie Gruver, RE/MAX Results
Great question, have a look at this site as it shows average rentals and has a real easy map to use. http://www.padmapper.com . $1 a square foot is pretty close. Although in Uptown you can usually get more.
Also like others say, make sure it cash flows, cash will get you out of trouble for any vacancy or unexpected repairs. I like the 1% rule, can you get 1% of the purchase price in rent every month eg $200,000 Duplex can you get $2000 a month in rent.
I'd be happy to set up a search for you
There are some great answers here, but I will toss my 2 cents in anyway!
I own several duplexes in the 55408 area. Depending on the quality of renovation/updating, unit sizes, layout, amenities, and most importantly location ( near 35W or Calhoun) you can expect to get between $900-$1300 for a 2 bedroom 1 bath unit. in unit laundry, garage, etc will add more.
If you would like help looking for investment properties, I specialize in the area.
Keller Williams Integrity Lakes
I always like to check Craig's list and the newspaper to see what other people are charging for rent. That will give you a starting point, from there it will depend on the condition and location of the duplex.