Real Estate Investing in Evansville, Minnesota (56326)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 56326 (Evansville, MN)? Our answer, based on the numbers below.
Mixed signals — some positives, some negatives. Worth considering but not a slam-dunk.
A middle-of-the-road market. Workable, but the best opportunities may be nearby ZIPs rather than this one.
- High vacancy: 20.0% of homes vacant — above national norms.
- High price-to-rent: Price-to-rent ratio 26.5 — 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 Evansville, MN (56326)?
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Market Analysis: 56326 Evansville
The 56326 ZIP in Evansville, MN is a local-operator market. Outside capital chasing a $278K entry has to pair deep knowledge with the discount.
Rent of $873/mo on a $278K basis reads well until vacancy, delinquency, and capex enter the model. The honest cap rate in 56326 sits below the stated 0.0% once reality is priced in.
The gap between 56326 and stronger Evansville ZIPs is not closing quickly. Investors should weight long-horizon assumptions accordingly.
Demographically, 56326 is a market where tenant selection matters more than unit finishes. Operators who understand that tend to do fine; those who do not tend to learn why the ZIP trades at a discount.
New investors are better served looking at Evansville's stable or hybrid ZIPs before stepping into 56326. The learning curve here is expensive when the lesson is wrong.
Here's what matters if you're considering buying a home in Evansville:
Market Trends
Home Value History (with trend line)
📊 How Does 56326 Compare?
| Metric | 56326 | Evansville | Alexandria, MN | Minnesota |
|---|---|---|---|---|
| Home Value | $277,924 | $277,924 | N/A | $340,597 |
| 5-Year CAGR | 5.4% | 5.4% | N/A | 4.9% |
| Avg Rent | $873 | $873 | N/A | - |
| Cap Rate | 2.5% | 2.5% | - | - |
Similar ZIPs Within 25 Miles
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Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 56326 (Evansville, MN). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $277,924 |
| Monthly Rent | $873 |
| Price-to-Rent | 26.5:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 3.8% |
| Cap Rate | 2.5% |
| 5-Year IRR | 7.9% |
📈 Home Appreciation
| 1-Year | +8.1% ▲ |
| 3-Year CAGR | +4.2% ▲ |
| 5-Year CAGR | +5.4% ▲ |
| 10-Year CAGR | +6.2% ▲ |
🏠 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 (2.5%). 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 56326
Population: 1,838
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 56326
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 typical home price in Evansville, MN?
The median home value in Evansville, MN is roughly $278K. That puts it reasonable relative to the MN statewide average.
How deep is the rental pool in Evansville, MN?
Evansville, MN draws a predictable base of working renters. Demand at the $873/mo rent level is reasonable for standard single-family and small multi rentals.
Should investors consider Evansville, MN?
Yes - Evansville, MN a 3.0/5 investability score. With $278K home prices against $873/mo monthly rent, the market delivers a reasonable entry point for new investors.
What kind of vacancy should I budget for in Evansville, MN?
Rental vacancy in Evansville, MN is elevated. Investors should budget normal turnover but not chronic empty units.
Are landlord laws favorable in Evansville, MN?
For rental operators, Evansville, MN rates as balanced. The regulatory environment standard buy-and-hold operations.
You know 56326 now. You don’t know where it ranks.
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How 56326 ranks in Alexandria, MN
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