Hastings · Investment Property
Buying Investment Property in Hastings
Buy rental and investment property in Minnesota with the numbers worked out before you make an offer.
Investing in Hastings
Investors ask us about Hastings because of its older homes and its river setting, and both affect the numbers. I'm Lesley, a REALTOR® with Bridge Realty.
What should an investor check first in Hastings? You should check the rules for the property. If it is in an association, the documents may cap rentals, require a waiting period, or prohibit renting. If it is an older home, its condition will drive your repair budget, and if it sits near the rivers, the flood zone can change your insurance.
Reading the association documents
- The rental rules come first. They say whether renting is allowed and under what limits.
- The dues come out of your rent. You pay them every month, whether or not the home is rented.
- The reserves show the risk of a special bill. Low reserves can mean a large charge to owners.
- The insurance split matters. The documents show what the association covers and what you must carry.
Hastings costs to plan for
Houses in the Old Hastings Historic District date from the 1860s to the 1920s, so we look closely at the roof, foundation, wiring, and past updates. Changes to some historic buildings may need review by the city's Heritage Preservation Commission, which can affect the timing of a project. Some land near the Mississippi and Vermillion Rivers is floodplain, so we check FEMA's map for every property near the water.
City code requires homes with four or fewer units to use the city's hauler, Tennis Sanitation, for trash and recycling. Your lease should say whether you or the tenant pays that bill. You can look up the property tax through Dakota County's property information lookup.
The city and the numbers
We suggest you ask the City of Hastings what it requires to rent out a home, including any license, inspection, and fees, before you make an offer. For each property, we check that the expected rent covers the mortgage, taxes, insurance, and dues with room for repairs.
The numbers to run on any rental are on our investment property page. You can learn more about the city on our Hastings page and in buying a home in Hastings. If you own a rental here and want to sell, you can see what it is worth. Our St. Paul Park page covers a nearby city.
We are not financial or tax advisors, so you should review your plan with your accountant. After that, you can send us a message or call (651) 661-4770.
Frequently Asked Questions
Do Hastings associations allow rentals?
Some do, some limit them, and some do not. We read the documents before you offer.
Who handles trash at a Hastings rental?
Homes with four or fewer units must use the city's hauler, Tennis Sanitation, and you set up service by calling them. Your lease decides whether you or your tenant pays.
Will the rent cover my costs in Hastings?
It depends on the price, your down payment, the taxes, any dues, the insurance, and the repairs an older home may need. We run the numbers for each property.
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Homes For Sale In Hastings
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Hastings
What investment property looks like in Hastings
Hastings is the Dakota County seat where the Mississippi and St. Croix Rivers meet, with historic homes, 37 parks, and about 30 miles of riverfront and park trails.
Hastings is a historic river city near Cottage Grove, and its older neighborhoods and riverfront homes each take a careful look before you buy.
- The homes
- Historic homes from the 1860s to the 1920s in the Old Hastings Historic District, plus later neighborhoods as the city grew.
- Schools people ask about
- Hastings Public Schools is based in the city. Confirm the district and schools for any address.
- Getting around
- Highway 61 crosses the Mississippi at Hastings. There is no large fixed-route bus network, but dial-a-ride and a weekly circulator bus serve the city.
- Nearby
- 37 parks on about 400 acres, about 30 miles of trails, and Vermillion Falls Park with its 35-foot waterfall.
- The trade-off
- Hastings sits where the Mississippi, St. Croix, and Vermillion Rivers meet, so some land near the rivers is floodplain. Check the flood zone for any home near the water.
Investment Property: keep exploring
Ready to make your move with Lesley The Realtor?