Catch the Amtrak Empire Builder line across North America, and you’ll pass through the city of Staples, MN. But this northernmost municipality is more than just a passenger stop along the railroad tracks.
Staples can be a solid long-term rental market for investors seeking steady cash flow. That’s because the town acts as a regional hub for healthcare and education, with Lakewood Health, 3M, and the Central Lakes College Staples Campus maintaining a high staff counts year-round.
Here are the advantages to investing in this historic railside town:
Affordable Inventory
The median home value has historically been much lower in Staples than the state and national averages. For example, a single-family home can go for $240,000; meanwhile, average rent is generally $1,200-1,700 for the same footprint. This means you can acquire properties easily without over-leveraging yourself.
Reliable Tenant Base
Rental demand in Staples is supported by a population of professionals, students, and transient medical staff. Add to this the fact that rental inventory is often sparse, and you have a steady pool of applicants who will keep your vacancy times short.
Low and steady….
Pricing is everything in this rental market. With median household incomes coming in at just over $52,000, it’s possible to push rent prices too high. That income ceiling means your potential tenant pool has affordability limits, and a wise investor will respect them.
This content is provided for general informational and educational purposes only and does not constitute financial, legal, tax, or investment advice. Readers should consult with licensed professionals regarding their specific circumstances.
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