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Nicollet County/Mankato/56001

56001

ZIPSAFMR
Nicollet County, MN
Zillow

ZIP Investment Score

73Below average

095130300
BRFMR
Eff. Rent
0 BR$1,120$970
1 BR$1,120$980
2 BR$1,350$1,470
3 BR$1,870$1,680
4 BR$1,910$1,770
5 BR$2,197Not available
6 BR$2,526Not available
7 BR$2,905Not available
8 BR$3,341Not available

Purchase Price Calculator

Maximum purchase price
$156,525

Cost breakdown

+Likely effective rent$1,470
HUD FMR$1,350
Market rent$1,540
Est. payment standard (109%)Used$1,470
-Principal and interest-$791
Loan amount$125,220
Down payment$31,305
Rate6.50%
Term30 years
-Operating costs-$479
Property taxes-$157
Insurance-$175
Utilities$0
HOA$0
Management-$147
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$23,722(75.8% ROI)
Projected value
$168,560
Return breakdown
Property appreciation+$12,035
Loan principal paid down+$4,486
Rental cash flow+$7,200
5-year hold
+$40,569(129.6% ROI)
Projected value
$177,094
Return breakdown
Property appreciation+$20,569
Loan principal paid down+$8,000
Rental cash flow+$12,000
10-year hold
+$86,904(277.6% ROI)
Projected value
$200,365
Return breakdown
Property appreciation+$43,840
Loan principal paid down+$19,063
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
1.15
1 BR
1.14
2 BR
0.88
3 BR
1.11
4 BR
1.08
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 56001 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 56001 (Mankato, MN) is $1,350 a month. That is up 4.7% from $1,290 in FY 2026. Mankato is in the Mankato, MN MSA. HUD also publishes the ZIP-level Small Area FMRs shown here, but unless the local housing authority has adopted them, vouchers are based on the metro-wide two-bedroom FMR of $1,230. Among 11 ZIP codes in Nicollet County, 56001 has the highest two-bedroom rent (county range $1,060–$1,350). The median county two-bedroom FMR in Minnesota is $1,048, so ZIP 56001 is 29% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 56001
BedroomsFY 2027Change90–110% range
Studio$1,120+4.7%$1,008–$1,232
1BR$1,120+3.7%$1,008–$1,232
2BR$1,350+4.7%$1,215–$1,485
3BR$1,870+4.5%$1,683–$2,057
4BR$1,910−9.5%$1,719–$2,101

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 56001
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,120$1,120$1,350$1,870$1,910
FY 2026$1,070$1,080$1,290$1,790$2,110
FY 2025$1,030$1,030$1,250$1,750$2,100
FY 2024$950$960$1,170$1,650$1,990
FY 2023$880$900$1,120$1,570$1,910

Two-bedroom rent in nearby Nicollet County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 56001
55332$1,090−19.3%
55334$1,060−21.5%
55335$1,060−21.5%
56001Current$1,350—
56003$1,070−20.7%
56021$1,070−20.7%
56054$1,060−21.5%
56058$1,100−18.5%
56073$1,110−17.8%
56074$1,060−21.5%
56082$1,120−17.0%

Questions about ZIP 56001 rents

How much will Section 8 pay for a two-bedroom in ZIP 56001?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $1,230, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,107 to $1,353 a month; under the ZIP-level Small Area FMR of $1,350 it would be $1,215 to $1,485. The voucher pays the lower of the payment standard or the gross rent, minus the tenant's share, which is usually about 30% of adjusted monthly income. Confirm the local housing authority's current schedule before underwriting.

Which HUD fair market rent area is ZIP 56001 in?

ZIP 56001 is in the Mankato, MN MSA. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $1,230.

How much did fair market rent change in ZIP 56001 for FY 2027?

The two-bedroom FMR rose 4.7%, from $1,290 in FY 2026 to $1,350 in FY 2027. Since FY 2023 it has risen 20.5%.

When do FY 2027 fair market rents take effect?

HUD's FY 2027 fair market rents took effect on October 1, 2026. When FMRs change, housing authorities generally have up to three months to bring payment standards back within 90% to 110% of the new FMR.

Source: HUD FY 2027 Small Area Fair Market Rents and area FMRs. Payment-standard ranges are 90% to 110% of FMR, HUD's basic range, not a housing authority's published schedule. How payment standards are set

County fair market rentMankato, MN fair market rentMN statewide rentsWhat is SAFMR?Data sources