Location: Itasca County, MN | Metro: Itasca County, MN
| Unit Size | Monthly FMR |
|---|---|
| Studio | $710 |
| 1 Bedroom | $810 |
| 2 Bedrooms | $1,020 |
| 3 Bedrooms | $1,320 |
| 4 Bedrooms | $1,440 |
| 5 Bedrooms | $1,670 |
| 6 Bedrooms | $1,870 |
| 7 Bedrooms | $2,020 |
| 8 Bedrooms | $2,121 |
U.S. Census Bureau data (2024)
The analysis of ZIP code 56659 in Itasca County, MN reveals several critical points for landlords and small-portfolio investors considering investment in this area.
The rent math does not clearly work due to the lack of available market rent data. The Fair Market Rent (FMR) for the metro area for fiscal year 2026 is set at $970. Without comparative market rent figures, it's challenging to assess whether this aligns with what tenants are willing to pay in ZIP 56659 specifically.
Acquisition affordability is also ambiguous given the absence of key metrics such as the median home value, days on market (DOM), and the percentage of homes that have had their prices cut. These missing data points make it difficult to evaluate how competitive the market is for potential acquisitions.
Tenant demand appears limited. The ZIP code has a total population of 122, with only 6.3% of residents being renters. This low renter share suggests a smaller pool of potential tenants, which could impact occupancy rates and rental income stability.
Verdict: Investment in ZIP 56659 presents significant challenges due to the unavailability of crucial market data and a notably low tenant demand. The small population size coupled with a minimal renter share makes it an unfavorable choice for landlords and small-portfolio investors seeking stable rental income and affordable property acquisitions.
Data Sources: FMR data from HUD (2027). Demographics from U.S. Census (2024).
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.