Stillwater · Investment Property
Buying Investment Property in Stillwater
Buy rental and investment property in Minnesota with the numbers worked out before you make an offer.
Investing in Stillwater
Investors ask us about Stillwater's river setting and its older homes, and both affect the numbers. I'm Lesley, a REALTOR® with Bridge Realty.
What should an investor check first in Stillwater? 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.
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.
Stillwater costs to plan for
Older homes need a close look at the roof, foundation, wiring, and past updates, and we build those into your repair budget. If a home is in a historic or design review district, exterior changes may need city review, which can affect the timing of a project. Homes near the St. Croix River or Lily Lake need a flood zone check, since flood insurance can change the numbers.
Stillwater uses one hauler, Waste Management, for all homes, and it bills quarterly. Your lease should say whether you or the tenant pays that bill. You can look up the property tax through Washington County's property tax lookup or the city's property information lookup.
The city and the numbers
We suggest you ask the City of Stillwater 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 Stillwater page and in buying a home in Stillwater. If you own a rental here and want to sell, you can see what it is worth. Our Oakdale page covers a nearby suburb.
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 Stillwater associations allow rentals?
Some do, some limit them, and some do not. We read the documents before you offer.
Who pays for trash at a Stillwater rental?
Waste Management serves all homes in Stillwater and bills quarterly for trash, recycling, and yard waste carts. Your lease decides whether you or your tenant pays.
Will the rent cover my costs in Stillwater?
It depends on the price, your down payment, the taxes, any dues, and the repairs an older home may need. We run the numbers for each property.
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Homes For Sale In Stillwater
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Stillwater
What investment property looks like in Stillwater
Stillwater sits on the St. Croix River in Washington County, with a historic downtown, the 1931 Lift Bridge, and a nearly five-mile river loop trail.
Stillwater is a river city we know well, close to Lake Elmo, Oakdale, and Woodbury, and its older homes take a careful look before you buy.
- The homes
- Historic homes in older neighborhoods such as South Hill. Exterior changes in a designated historic district may need city review.
- Schools people ask about
- Stillwater Area Public Schools (District 834) serves Stillwater and 17 other communities. Confirm the assigned school for any address.
- Getting around
- Metro Transit Route 294 runs between downtown St. Paul and Stillwater, with a park-and-ride at the St. Croix Valley Rec Center.
- Nearby
- The St. Croix River, the 1931 Lift Bridge, and a nearly five-mile bicycle and pedestrian loop trail into Wisconsin.
- The trade-off
- Downtown sits in a historic district on the river, so parking is managed with permits and time limits, and some exterior projects need design review.
Investment Property: keep exploring
Ready to make your move with Lesley The Realtor?