Marshall County

Marshall County, Minnesota comes in with a median home price of $210,448, up 9.01% year over year, and an affordability index of 85, which places it well above the midpoint for accessibility. The appreciation score of 82 out of 100 is the headline number here. What's notably absent from this data set is a cash flow score, which registers at zero, along with blank cap rate and cash-on-cash figures. That combination, rising prices with no calculable income return at current rents, tells you exactly where this market sits on the spectrum: it leans toward appreciation-driven returns rather than day-one cash flow. The 9% price appreciation over the past year is real movement for a county at this price point, but investors need to go in clear-eyed that the income side of the ledger isn't what's pulling the overall score of 73.

The buyer who fits this market is someone who can accept deferred yield in exchange for price appreciation in an affordable entry-point market. At $210,448 median, the downpayment requirement on a conventional 25% down deal is roughly $42,090, which is a low capital commitment compared to most appreciation-oriented markets. The affordability score of 85 signals that the tenant pool can support rents at a level that keeps units occupied, even if the rent-to-price ratio doesn't produce strong cap rates today. A value-add operator could find opportunity here if acquisition prices are below median and cosmetic renovation brings rents up, but the underlying math won't bail anyone out who overpays. A pure cash-flow buyer looking for day-one yield should look elsewhere, because the data simply doesn't support that profile in Marshall County at current prices.

No economic anchor data was provided for this county, so employer and demand-driver analysis cannot be responsibly offered. What the population figure of 9,017 does tell you is that this is a small, rural market. Thin population means thin tenant demand relative to larger metros, which likely explains why cash flow metrics are absent or uncompetitive. Vacancy risk in small rural counties is structurally different from urban markets: a single employer contraction or demographic out-migration can move the rental vacancy rate meaningfully because the absolute number of renter households is small. The stability score of 50 reflects this directly, sitting at exactly the midpoint and warranting attention before committing capital.

On carry costs, the combined monthly tax and insurance estimate comes in at $260, broken out as $2,378 annually in property taxes at a 1.13% state-average effective rate and $737 annually in insurance at 0.35%. The tax flag here is "normal," meaning this rate doesn't create the kind of drag that can make or break a deal, but at $198 per month in taxes alone, it's still a real number on a sub-$220,000 asset. Worth noting that the 1.13% figure is a state-average estimate from Tax Foundation 2024 data, and actual Marshall County or township-level rates may differ, so pulling the specific assessor data for any target property before finalizing your underwrite is essential. Insurance at 0.35% annually is relatively modest, though Minnesota's exposure to winter weather and wind events means that localized quotes can come in higher depending on property age and construction.

The specific risk worth flagging here is concentration and demographic fragility. A population of 9,017 means the entire rental market might be a few hundred units. Any single large tenant exit or employer shift creates outsized vacancy exposure. The stability score of 50 out of 100 is not alarming on its own, but combined with the small population and absent cash flow metrics, it reinforces that this is a market where getting the specific submarket right matters more than the county-level average.

Among the neighboring counties provided, Marshall's $210,448 median price is mid-pack. Stevens County at $204,884 is slightly cheaper with a comparable overall score of 72, making it a minor step down in cost with a fractionally lower composite rating. Swift County at $188,268 offers the lowest entry price in this peer group with the same 73 overall score as Marshall, which could appeal to a buyer prioritizing capital efficiency. On the upper end, Rock County at $260,804 and Saint Louis County at $241,512 carry higher price tags. Saint Louis is the one neighbor with actual rent data provided: a median rent of $1,574.57 and a rent-to-price ratio of 0.0782 with an overall score of 73. That gross yield is materially better than what the Marshall County data implies, and any investor for whom current income matters should seriously model Saint Louis County alongside Marshall before deciding. Marshall makes the most sense over its neighbors specifically for a buyer who wants appreciation exposure at a lower entry price and is comfortable with the liquidity and demand risks that come with a population under 10,000.