Real Estate Investing in Ely, Minnesota (55731)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 55731 (Ely, 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: 44.3% of homes vacant — above national norms.
• Modeled rent — no observed market rent for this ZIP; the figure is estimated from HUD fair-market rent.
What’s happening in Ely, MN (55731)?
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Market Analysis: 55731 Ely
The 55731 ZIP in Ely, MN is a local-operator market. Outside capital chasing a $291K entry has to pair deep knowledge with the discount.
The investment case in 55731 is significant only for operators who understand what they are buying. A $291K median suggests accessibility, but management intensity, vacancy drift, and capex surprises are real.
ZIP 55731's metrics run below Saint Louis County's averages on price growth and tenant stability. Investors who ignore that regional gap tend to relearn it the hard way.
On the rental side, 5,292 residents fill the ZIP, renter turnover runs higher than neighboring postal codes and delinquency risk is a real line item rather than a theoretical one.
New investors are better served looking at Ely's stable or hybrid ZIPs before stepping into 55731. The learning curve here is expensive when the lesson is wrong.
Here's what matters if you're considering buying a home in Ely:
Property Strategy for 55731
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 1BR | $219,335 | $850 | 2.8% | +8.2% | $219,335 |
| 2BR | $309,123 | $1,120 | 2.6% | +9.4% | $154,561 |
| 3BR | $297,646 | $1,390 | 3.4% | +8.8% | $99,215 |
| 4BR | $311,561 | $1,870 | 4.3% | +9.1% | $77,890 |
Market Trends
Home Value History (with trend line)
📊 How Does 55731 Compare?
| Metric | 55731 | Ely | Duluth, MN-WI | Minnesota |
|---|---|---|---|---|
| Home Value | $291,063 | $212,733 | N/A | $340,597 |
| 5-Year CAGR | 6.5% | 6.2% | N/A | 4.9% |
| Avg Rent | $1,008 | $968 | N/A | - |
| Cap Rate | 2.7% | 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 55731 (Ely, MN). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $291,063 |
| Monthly Rent | $1,008 |
| Price-to-Rent | 24.1:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 4.2% |
| Cap Rate | 2.7% |
| 5-Year IRR | 9.2% |
📈 Home Appreciation
| 1-Year | +9.2% ▲ |
| 3-Year CAGR | +4.5% ▲ |
| 5-Year CAGR | +6.5% ▲ |
| 10-Year CAGR | +6.5% ▲ |
🏠 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 (2.7%). 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 55731
Population: 5,292
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 55731
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
Is housing expensive in Ely, MN?
Expect median prices around $291K in Ely, MN. The market has run at a 0.0% 5-year CAGR, so entry costs have been steady.
What kind of market is Ely, MN for investors?
Ely, MN scores 3.0/5 for investability. Home values sit at $291K and rents near $1,008/mo, which keeps the rent-to-price ratio in reasonable territory for buy-and-hold investors.
What kind of tenants rent in Ely, MN?
The renter base in Ely, MN is reasonable for the $1,008/mo price point. Screening well and pricing to market typically yields predictable tenants.
Do landlords face vacancy issues in Ely, MN?
Ely, MN vacancy trends elevated. Investors running standard buy-and-hold plays see reasonable downtime between tenants.
Does house hacking work in Ely, MN?
For house hackers, Ely, MN is a challenging. The $1,008/mo rent on a unit helps defray the mortgage on a $291K property.
You know 55731 now. You don’t know where it ranks.
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How 55731 ranks in Duluth, MN-WI
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