Real Estate Investing in Garfield, Minnesota (56332)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 56332 (Garfield, 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: 15.8% of homes vacant — above national norms.
- High price-to-rent: Price-to-rent ratio 33.1 — 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 Garfield, MN (56332)?
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Market Analysis: 56332 Garfield
The 56332 ZIP in Garfield, MN is a local-operator market. Outside capital chasing a $383K entry has to pair deep knowledge with the discount.
In practical terms, the numbers look inviting — $383K purchase price, 0.0% nominal cap — the work to hit that pro forma in 56332 is substantial and deserves full respect.
Nearby ZIPs in Garfield have seen price recovery that 56332 has not matched. Douglas County data supports the view that the spread is structural rather than temporary.
The demographic picture in 56332 includes headwinds that any investor should price in. Income distribution skews lower than Garfield averages, and tenant stability requires active management.
Strategically, 56332 can be a high-return sleeve of a diversified portfolio — but it should not be the whole portfolio, and it should not be someone's first deal.
Here's what matters if you're considering buying a home in Garfield:
Market Trends
Home Value History (with trend line)
📊 How Does 56332 Compare?
| Metric | 56332 | Garfield | Alexandria, MN | Minnesota |
|---|---|---|---|---|
| Home Value | $382,815 | $382,815 | N/A | $340,597 |
| 5-Year CAGR | 5.2% | 5.2% | N/A | 4.9% |
| Avg Rent | $963 | $963 | N/A | - |
| Cap Rate | 2.0% | 2.0% | - | - |
Similar ZIPs Within 25 Miles
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Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 56332 (Garfield, MN). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $382,815 |
| Monthly Rent | $963 |
| Price-to-Rent | 33.1:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 3.0% |
| Cap Rate | 2.0% |
| 5-Year IRR | 7.2% |
📈 Home Appreciation
| 1-Year | +6.6% ▲ |
| 3-Year CAGR | +4.1% ▲ |
| 5-Year CAGR | +5.2% ▲ |
| 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 (2.0%). 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 56332
Population: 1,658
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 56332
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.
🎓 Nearby Colleges & Universities
Investor Insight: With 2,415 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
Where do rents currently stand in Garfield, MN?
Rents in Garfield, MN run near $963/mo. Compared with median home prices of $383K that produces solid gross yields for typical rentals.
What kind of tenants rent in Garfield, MN?
The tenant pool in Garfield, MN is solid, supported by local employment and population fundamentals. Rents of $963/mo are well-absorbed by the market.
How expensive is real estate in Garfield, MN?
Typical homes in Garfield, MN go for around $383K. The 5-year CAGR of 0.0% predictable price movement.
How viable is house hacking in Garfield, MN?
House hacking in Garfield, MN is reasonable to execute. Prices around $383K and rents of $963/mo solid owner-occupant economics.
How landlord-friendly is Garfield, MN?
For rental operators, Garfield, MN rates as balanced. The regulatory environment standard buy-and-hold operations.
You know 56332 now. You don’t know where it ranks.
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