Real Estate Investing in Grand Marais, Minnesota (55604)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 55604 (Grand Marais, MN)? Our answer, based on the numbers below.
Proceed carefully. Weak appreciation or affordability makes this a harder case for most buyers.
A middle-of-the-road market. Workable, but the best opportunities may be nearby ZIPs rather than this one.
- High vacancy: 49.1% of homes vacant — above national norms.
- High price-to-rent: Price-to-rent ratio 38.7 — hard to cash-flow at these prices.
• Modeled rent — no observed market rent for this ZIP; the figure is estimated from HUD fair-market rent.
What’s happening in Grand Marais, MN (55604)?
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Market Analysis: 55604 Grand Marais
The 55604 ZIP covers a section of Grand Marais that demands careful diligence. Prices near $426K look accessible, but the work to make a deal cash flow is real.
For an experienced owner, 55604 can be a an appealing option for hunting ground — but the discount at $426K reflects genuine risk that outside investors often underestimate.
ZIP 55604's metrics run below Cook County's averages on price growth and tenant stability. Investors who ignore that regional gap tend to relearn it the hard way.
The demographic picture in 55604 includes headwinds that any investor should price in. Income distribution skews lower than Grand Marais averages, and tenant stability requires active management.
looks to the ZIP is not uninvestable, but it is unforgiving. Section 8 landlords, local operators, and specialized value-add funds are the investor types that tend to succeed.
Here's what matters if you're considering buying a home in Grand Marais:
Property Strategy for 55604
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 1BR | $318,729 | $930 | 2.1% | — | $318,729 |
| 2BR | $400,380 | $1,020 | 1.8% | +9.0% | $200,190 |
| 3BR | $462,607 | $1,350 | 2.1% | +8.7% | $154,202 |
Market Trends
Home Value History (with trend line)
📊 How Does 55604 Compare?
| Metric | 55604 | Grand Marais | Minnesota |
|---|---|---|---|
| Home Value | $426,383 | $426,383 | $340,597 |
| 5-Year CAGR | 7.3% | 7.3% | 4.9% |
| Avg Rent | $918 | $918 | - |
| Cap Rate | 1.7% | 1.7% | - |
Similar ZIPs Within 25 Miles
Compare other nearby markets to see if a neighbor offers a better fit.
Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 55604 (Grand Marais, MN). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $426,383 |
| Monthly Rent | $918 |
| Price-to-Rent | 38.7:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 2.6% |
| Cap Rate | 1.7% |
| 5-Year IRR | 8.9% |
📈 Home Appreciation
| 1-Year | +6.8% ▲ |
| 3-Year CAGR | +4.4% ▲ |
| 5-Year CAGR | +7.3% ▲ |
| 10-Year CAGR | +6.7% ▲ |
🏠 Rent Trends
| 1-Year | N/A |
| 3-Year CAGR | N/A |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (1.7%). Financing reduces your cash-on-cash return below the cap rate. Markets like this may still make sense as IRR plays — factoring in appreciation, depreciation, and a future refinance when rates drop.
Run an IRR Analysis →⚠️ Risk Signals
Composite view of factors that can impact a ZIP's stability and your downside risk.
Demographics in 55604
Population: 3,613
Crime & Safety
Crime & Safety Data Coming Soon
We're integrating comprehensive crime statistics including violent crime rates, property crime, and safety scores to help you make informed investment decisions.
Expected: Q1 2025
🎓 Schools in 55604
Schools in This ZIP Code
About Repit School Scores
Traditional school ratings rely heavily on standardized test scores, which often reflect family income more than school quality. Repit takes a different approach.
We evaluate schools based on factors that research shows actually impact educational outcomes:
- Class Size — Smaller classes mean more individual attention
- School Funding — Resources available for programs, staff, and facilities
- Community Factors — Neighborhood characteristics that influence student success
- School Environment — Size, type, and structure
Scores are updated annually using federal education data.
Frequently Asked Questions
What do landlords charge for rent in Grand Marais, MN?
Grand Marais, MN rentals go for roughly $918/mo a month. That puts gross yield in solid territory relative to $426K acquisition costs.
Are renters plentiful in Grand Marais, MN?
Grand Marais, MN offers a consistent renter base at the $918/mo rent level. Tenant turnover is reasonable for well-managed properties.
What kind of market is Grand Marais, MN for investors?
Grand Marais, MN stands at an investability rating of 3.0/5, with median home values near $426K and average rents around $918/mo. That combination puts it in the notable tier for investor interest.
Should investors worry about vacancy in Grand Marais, MN?
Grand Marais, MN vacancy trends elevated. Investors running standard buy-and-hold plays see reasonable downtime between tenants.
Can owner-occupants cash flow in Grand Marais, MN?
House hacking in Grand Marais, MN is reasonable to execute. Prices around $426K and rents of $918/mo solid owner-occupant economics.
You know 55604 now. You don’t know where it ranks.
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