Real Estate Investing in New York Mills, Minnesota (56567)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 56567 (New York Mills, 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: 14.7% of homes vacant — above national norms.
- High price-to-rent: Price-to-rent ratio 27.1 — 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 New York Mills, MN (56567)?
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Market Analysis: 56567 New York Mills
Investors eyeing 56567 need to respect the fundamentals at play. Home values of $284K come alongside slower price movement and elevated management overhead.
If the plan assumes clean turnover, on-time rent, and low maintenance on a $284K asset, 56567 is the wrong submarket. If the plan prices in friction, the yield can still work.
Statewide comparisons place 56567 among MN's softer markets. That context does not make the ZIP uninvestable, but it does raise the bar for due diligence.
Who lives in 56567 is part of why the ZIP is priced as it is. The demographic profile requires hands-on management, tight screening, and local knowledge.
Strategy in 56567 is an operator game, not a passive one. Turning to rents, entry prices of $284K are inviting, the management lift is real and non-optional.
Here's what matters if you're considering buying a home in New York Mills:
Market Trends
Home Value History (with trend line)
📊 How Does 56567 Compare?
| Metric | 56567 | New York Mills | Fergus Falls, MN | Minnesota |
|---|---|---|---|---|
| Home Value | $283,756 | $283,756 | N/A | $340,597 |
| 5-Year CAGR | 6.3% | 6.3% | N/A | 4.9% |
| Avg Rent | $873 | $873 | N/A | - |
| Cap Rate | 2.4% | 2.4% | - | - |
Similar ZIPs Within 25 Miles
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Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 56567 (New York Mills, MN). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $283,756 |
| Monthly Rent | $873 |
| Price-to-Rent | 27.1:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 3.7% |
| Cap Rate | 2.4% |
| 5-Year IRR | 8.7% |
📈 Home Appreciation
| 1-Year | +9.5% ▲ |
| 3-Year CAGR | +5.6% ▲ |
| 5-Year CAGR | +6.3% ▲ |
| 10-Year CAGR | +7.3% ▲ |
🏠 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 (2.4%). 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 56567
Population: 3,247
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 56567
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 rental rate in New York Mills, MN?
Rent in New York Mills, MN is around $873/mo. The resulting rent-to-value relationship with $284K pricing is reasonable for most investor models.
Do landlords face vacancy issues in New York Mills, MN?
New York Mills, MN vacancy trends elevated. Investors running standard buy-and-hold plays see reasonable downtime between tenants.
How strong is New York Mills, MN for real estate investors?
Our data puts New York Mills, MN at 3.0/5 for investability. Home prices of $284K and rents around $873/mo create a solid backdrop for investor activity.
Is New York Mills, MN a good market for FHA house hackers?
House hacking in New York Mills, MN is a challenging. With home values around $284K and rents at $873/mo, owner-occupants can offset a meaningful share of PITI.
What approach is best for New York Mills, MN real estate?
New York Mills, MN investors pursuing careful cash-flow rentals with hands-on management. The underlying economics ($284K prices, $873/mo rents) make it a reasonable choice.
You know 56567 now. You don’t know where it ranks.
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How 56567 ranks in Fergus Falls, MN
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