Location: Roseau County, MN | Metro: Lake of the Woods County, MN
| Unit Size | Monthly FMR |
|---|---|
| Studio | $810 |
| 1 Bedroom | $990 |
| 2 Bedrooms | $1,170 |
| 3 Bedrooms | $1,470 |
| 4 Bedrooms | $1,730 |
| 5 Bedrooms | $2,007 |
| 6 Bedrooms | $2,248 |
| 7 Bedrooms | $2,428 |
| 8 Bedrooms | $2,549 |
U.S. Census Bureau data (2024)
The analysis of ZIP code 56673, located in Roseau County, MN, reveals key insights for potential real-estate investments.
The first question to address is whether the rent math works. The Fair Market Rent (FMR) for the area in fiscal year 2026 is set at $1,300. However, the lack of available market rent data makes it impossible to directly compare these figures. Landlords should be cautious and consider local economic conditions before setting their rents.
Moving on to the affordability of acquisitions, the median home value in ZIP 56673 is $188,480. Without specific data on days on market (DOM) and the percentage of homes that have been subject to price cuts, it's challenging to fully assess the ease of acquiring properties. Nonetheless, the relatively low median home value suggests that buying property could be financially feasible for many investors.
The third question pertains to tenant demand. With a total population of 642, the renter share stands at 5.6%. This indicates a limited pool of potential tenants, which could pose challenges in maintaining occupancy rates.
In conclusion, while the median home value of $188,480 in ZIP 56673 offers an affordable entry point for acquisition, the scarcity of detailed market rent data and the modest renter share of 5.6% suggest that this area may not present a robust investment opportunity for landlords and small-portfolio investors. The limited tenant demand and the absence of comprehensive market data necessitate thorough due diligence and a conservative approach to setting rental prices to ensure financial viability.
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.