Location: Koochiching County, MN | Metro: Koochiching County, MN
| Unit Size | Monthly FMR |
|---|---|
| Studio | $710 |
| 1 Bedroom | $780 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,240 |
| 4 Bedrooms | $1,490 |
| 5 Bedrooms | $1,728 |
| 6 Bedrooms | $1,935 |
| 7 Bedrooms | $2,090 |
| 8 Bedrooms | $2,195 |
The classification of ZIP code 56658 hinges significantly on the available data points. Given the Full Market Rent (FMR) for the fiscal year 2026 at $970 for the metro area, we can infer that the rental market in this region leans towards providing higher yields when compared to the market rent which is currently not available (N/A).
The absence of specific figures for market rent, home values, percentage of renters, days on market (DOM), and median income makes it challenging to provide a precise classification. However, with the FMR at $970, landlords and small-portfolio investors should expect a relatively high rental yield if the actual market rents are close to or below this figure.
In a high-yield market, the cost of renting is often higher relative to home values, which can indicate a strong demand for rentals. This is typically seen in areas where home ownership is less affordable or where there's a significant transient population. Conversely, a steady-cashflow zone usually has a more balanced relationship between rental costs and home values, along with lower turnover rates and more stable tenant populations.
Without specific market rent and home value data, we cannot definitively state whether ZIP 56658 is experiencing a high-yield/low-stability scenario akin to a 'flip-style' market or if it offers a more consistent cash flow. The lack of median income data also prevents us from assessing the financial stability of potential tenants.
To make a more informed decision, investors would need to gather additional data such as the current market rent, average days on market, and the percentage of residents who rent. These figures will help determine the overall stability and potential returns of the investment.
In conclusion, based on the Full Market Rent of $970, ZIP 56658 appears to offer a promising yield for landlords and investors. However, the exact nature of the market—whether it is high-yield/low-stability or steady-cashflow—cannot be determined without further specifics on the local rental and housing market dynamics.
Data Sources: FMR data from HUD (2027).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.