Freeborn County

Freeborn County sits at a gross rent-to-price ratio of 6.07%, which places it in the lower tier of cash-flow markets but within range of acceptability for certain strategies. The cap rate pencils at 3.95% on a $202,260 median purchase, and the fully loaded cash-on-cash return at 6.85% financing comes out at negative 10.19%, with estimated monthly cash flow of negative $395 after a $40,452 down payment. That gap between a serviceable cap rate and a deeply negative leveraged return is almost entirely a function of where mortgage rates are right now, not a signal that the asset class is broken here. The appreciation story partially compensates: home prices are up 6.48% year-over-year, and the appreciation score of 90 out of 100 ranks this county near the top of its peer group on that dimension. The overall score of 71 puts Freeborn in the 82nd national percentile across 1,000 counties, which is a better headline than the cash-flow math suggests.

The profile here suits an appreciation buyer or a patient hold investor more than a cash-flow operator. Anyone underwriting for day-one positive cash flow at current rates will not find it in Freeborn at the median price point. A 6.48% annual price gain on a $202,260 asset generates roughly $13,100 in equity per year, which more than offsets the $4,740 annual cash flow deficit on paper, but only if that appreciation rate holds. The affordability index of 87 and median price well below $210,000 do create a realistic entry point for value-add operators who can acquire below median, force appreciation through renovation, and refinance into better terms when rates permit. The stability score of 50 is the number worth sitting with, as it suggests the income and demand base is not especially deep, which matters for anyone depending on consistent occupancy to service the debt.

The combined monthly tax and insurance burden on a median-priced property runs to $250, against a mortgage payment of $1,060 and estimated additional expenses of $358. That puts total estimated monthly outlay around $1,668 on a gross rent of $1,023, confirming the negative leverage picture. The property tax rate used here is 1.13%, flagged as normal relative to other states, and it is a state-average effective rate from Tax Foundation 2024 data, so actual Freeborn County or township-level rates may differ. At 1.13% it is not a meaningful drag compared to high-tax states, but it is not a tailwind either, and at these price points every dollar of carry matters.

On the risk side, the population of 30,857 is the number that demands attention. Small-county markets with a limited renter pool concentrate vacancy risk, and any meaningful employer contraction or demographic outmigration can move rental demand faster than the broader state trend. A stability score of 50 out of 100 in a county this size should be read as a real warning about demand depth, not a rounding error. There is no economic anchor data provided for Freeborn, so employer concentration risk cannot be quantified here, but any investor underwriting this market should spend time on that question independently before committing capital.

Compared to its neighbors, Freeborn's median price of $202,260 is the second-lowest in the group, trailing only Swift County at $188,268. Swift County also carries a higher overall score of 73 versus Freeborn's 71, which means an investor prioritizing entry price and composite score would lean toward Swift. Lake of the Woods County ($209,243, score 73) and Stevens County ($204,884, score 72) both score at or above Freeborn while sitting at comparable or slightly higher price points. Dodge County, at $317,490, is priced out of the same conversation entirely and likely reflects Rochester's suburban pull. Pine County ($261,402, score 70) offers neither a price nor score advantage over Freeborn. The case for choosing Freeborn over its neighbors comes down to the 90 appreciation score, which is the highest signal in the data set and not replicated in the neighbor table. If an investor's thesis is price appreciation over a five-to-seven year hold with tolerance for negative carry during that window, Freeborn has a cleaner argument than most of its peer counties. If the thesis requires current income, Swift County deserves the first look based on the available numbers.