Real Estate Investing in Waite Park, Minnesota (56387)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 56387 (Waite Park, 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.
No major risk flags on the data we track.
What’s happening in Waite Park, MN (56387)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 56387 Waite Park
Turning to rents, ZIP 56387 has challenges — vacancy pressure, softer price growth, and tenant stability concerns sit alongside the $253K median. It rewards specialists, not generalists.
Distressed markets are won on execution, not on spreadsheets. ZIP 56387 records the profile where tenant screening, deferred maintenance, and local relationships determine the outcome.
Within MN, ZIP 56387 trails on several market indicators that neighboring Stearns County submarkets outperform. The gap is real and resilient enough to shape underwriting.
The demographic picture in 56387 includes headwinds that any investor should price in. Income distribution skews lower than Waite Park averages, and tenant stability requires active management.
Strategically, 56387 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 Waite Park:
Property Strategy for 56387
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $240,928 | $1,250 | 3.7% | +6.6% | $120,464 |
| 3BR | $235,870 | $1,660 | 5.1% | +6.7% | $78,623 |
| 4BR | $280,318 | $1,940 | 5.0% | +7.5% | $70,079 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 56387 Compare?
| Metric | 56387 | Waite Park | St. Cloud, MN | Minnesota |
|---|---|---|---|---|
| Home Value | $252,558 | $252,558 | N/A | $340,597 |
| 5-Year CAGR | 5.0% | 5.0% | N/A | 4.9% |
| Avg Rent | $1,228 | $1,228 | N/A | - |
| Cap Rate | 3.8% | 3.8% | - | - |
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 56387 (Waite Park, MN). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $252,558 |
| Monthly Rent | $1,228 |
| Price-to-Rent | 17.1:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 5.8% |
| Cap Rate | 3.8% |
| 5-Year IRR | 8.8% |
📈 Home Appreciation
| 1-Year | +2.9% ▲ |
| 3-Year CAGR | +3.7% ▲ |
| 5-Year CAGR | +5.0% ▲ |
| 10-Year CAGR | +6.0% ▲ |
🏠 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 (3.8%). 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 56387
Population: 7,705
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 56387
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 2,927 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
Is real estate in Waite Park, MN a good investment right now?
Waite Park, MN scores 3.0/5 for investability. Home values sit at $253K and rents near $1,228/mo, which keeps the rent-to-price ratio in reasonable territory for buy-and-hold investors.
What is the smart move for investors in Waite Park, MN?
Most investors in Waite Park, MN run a careful cash-flow rentals with hands-on management strategy. It aligns with the 3.0/5 investability profile and the market fundamentals.
What monthly rent should investors expect in Waite Park, MN?
Rental rates in Waite Park, MN average $1,228/mo. Tenant demand and $253K home values make the yield look reasonable by investor standards.
How tight is the rental market in Waite Park, MN?
Vacancy risk in Waite Park, MN is elevated. That supports measured cash flow for typical rental holds.
Does house hacking make sense in Waite Park, MN?
House hacking works a challenging in Waite Park, MN. Rents of $1,228/mo against $253K acquisition make the strategy solid for owner-occupants.
You know 56387 now. You don’t know where it ranks.
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How 56387 ranks in St. Cloud, MN
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