Real Estate Investing in Ely, Minnesota (55782)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 55782 (Ely, MN)? Our answer, based on the numbers below.
Solid choice — values are growing steadily and the market is stable enough to buy with confidence.
A middle-of-the-road market. Workable, but the best opportunities may be nearby ZIPs rather than this one.
- High vacancy: 21.7% of homes vacant — above national norms.
• Limited market data — this is a very small market; averages are built from few observations and can swing widely. • Modeled rent — no observed market rent for this ZIP; the figure is estimated from HUD fair-market rent.
What’s happening in Ely, MN (55782)?
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Market Analysis: 55782 Ely
ZIP 55782 in Ely, MN carries a resilient set of headwinds. Home values near $134K and rents of $927/mo sit inside a market where underwriting has to be tight.
Distressed markets are won on execution, not on spreadsheets. ZIP 55782 shows the profile where tenant screening, deferred maintenance, and local relationships determine the outcome.
Nearby ZIPs in Ely have seen price recovery that 55782 has not matched. Saint Louis County data supports the view that the spread is structural rather than temporary.
A resilient renter share of 17% in 55782 is not, on its own, a problem — but paired with below-average income and high mobility, it changes the operating playbook.
The 55782 ZIP fits a narrow investor profile — hands-on, patient, and willing to accept that the cap rate on paper is not the cap rate in reality.
Here's what matters if you're considering buying a home in Ely:
Market Trends
Home Value History (with trend line)
📊 How Does 55782 Compare?
| Metric | 55782 | Ely | Duluth, MN-WI | Minnesota |
|---|---|---|---|---|
| Home Value | $134,402 | $212,733 | N/A | $340,597 |
| 5-Year CAGR | 5.9% | 6.2% | N/A | 4.9% |
| Avg Rent | $927 | $968 | N/A | - |
| Cap Rate | 5.4% | 4.0% | - | - |
Similar ZIPs Within 25 Miles
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Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 55782 (Ely, MN). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $134,402 |
| Monthly Rent | $927 |
| Price-to-Rent | 12.1:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 8.3% |
| Cap Rate | 5.4% |
| 5-Year IRR | 11.3% |
📈 Home Appreciation
| 1-Year | +15.6% ▲ |
| 3-Year CAGR | +6.9% ▲ |
| 5-Year CAGR | +5.9% ▲ |
| 10-Year CAGR | +7.6% ▲ |
🏠 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 (5.4%). 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 55782
Population: 439
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
Frequently Asked Questions
How does Ely, MN stack up for property investment?
Ely, MN rates 3.0/5 for investability. With median values at $134K and rents near $927/mo, the market offers reasonable fundamentals for rental investors.
What do rentals go for in Ely, MN?
Rent in Ely, MN is around $927/mo. The resulting rent-to-value relationship with $134K pricing is reasonable for most investor models.
How do home values compare in Ely, MN?
Ely, MN median home values land near $134K. That is reasonable territory for investors looking at $927/mo-per-month rentals.
How quickly do rentals get leased in Ely, MN?
Ely, MN vacancy trends elevated. Investors running standard buy-and-hold plays see reasonable downtime between tenants.
How do landlord-tenant laws work in Ely, MN?
Ely, MN operates under MN law, which is balanced overall for landlords. Expect stable treatment in typical lease and eviction cases.
You know 55782 now. You don’t know where it ranks.
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How 55782 ranks in Duluth, MN-WI
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