Real Estate Investing in Springfield, Minnesota (56087)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 56087 (Springfield, 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.
- Elevated vacancy: 8.1% vacancy may signal weakening demand.
• Modeled rent — no observed market rent for this ZIP; the figure is estimated from HUD fair-market rent.
What’s happening in Springfield, MN (56087)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 56087 Springfield
The 56087 ZIP covers a section of Springfield that demands careful diligence. Prices near $217K look accessible, but the work to make a deal cash flow is real.
The investment case in 56087 is durable only for operators who understand what they are buying. A $217K median suggests accessibility, but management intensity, vacancy drift, and capex surprises are real.
Statewide comparisons place 56087 among MN's softer markets. That context does not make the ZIP uninvestable, but it does raise the bar for due diligence.
Resident income in 56087 sits below the county median. That reality colors rent collection, vacancy, and reinvestment math in ways that outside investors often underestimate.
Experienced landlords with local relationships tend to find 56087 workable. Turnkey investors from out of state usually find the numbers do not hold up in practice.
Here's what matters if you're considering buying a home in Springfield:
Property Strategy for 56087
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $133,519 | $970 | 5.2% | +8.0% | $66,760 |
| 3BR | $171,688 | $1,190 | 5.0% | +8.5% | $57,229 |
| 4BR | $211,111 | $1,610 | 5.5% | +9.0% | $52,778 |
Market Trends
Home Value History (with trend line)
📊 How Does 56087 Compare?
| Metric | 56087 | Springfield | New Ulm, MN | Minnesota |
|---|---|---|---|---|
| Home Value | $217,174 | $217,174 | N/A | $340,597 |
| 5-Year CAGR | 8.0% | 8.0% | N/A | 4.9% |
| Avg Rent | $873 | $873 | N/A | - |
| Cap Rate | 3.1% | 3.1% | - | - |
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 56087 (Springfield, MN). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $217,174 |
| Monthly Rent | $873 |
| Price-to-Rent | 20.7:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 4.8% |
| Cap Rate | 3.1% |
| 5-Year IRR | 11.2% |
📈 Home Appreciation
| 1-Year | +10.9% ▲ |
| 3-Year CAGR | +7.9% ▲ |
| 5-Year CAGR | +8.0% ▲ |
| 10-Year CAGR | +7.2% ▲ |
🏠 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 (3.1%). 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 56087
Population: 3,240
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 56087
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 is the average home sale price in Springfield, MN?
Springfield, MN home values average about $217K. That price point suits investors targeting rentals with $873/mo in monthly income.
Are eviction rules reasonable in Springfield, MN?
Springfield, MN operates under MN law, which is balanced overall for landlords. Expect consistent treatment in typical lease and eviction cases.
Do rentals sit vacant long in Springfield, MN?
Occupancy in Springfield, MN runs consistent with elevated vacancy. Well-priced units at $873/mo lease on reasonable timelines.
What does house hacking look like in Springfield, MN?
House hacking works a challenging in Springfield, MN. Rents of $873/mo against $217K acquisition make the strategy solid for owner-occupants.
Are tenants stable in Springfield, MN?
Expect a solid tenant pool in Springfield, MN. The rental market absorbs $873/mo rents without meaningful friction.
You know 56087 now. You don’t know where it ranks.
This page stays free — all of it. What one page can’t tell you is how 56087 compares to every other market. Investor ($19/mo) screens every U.S. ZIP by cap rate, the 1% rule, vacancy and landlord climate, and exports your shortlist.
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Community Ratings
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