U.S. ZIP Code · MN56586

Price history

Zillow Home Value Index — monthly, smoothed and seasonally adjusted.

The typical home in 56586 is worth $332,290. Over the past year, values have risen 4.5%. The effective property tax rate is 0.6%.

#Rent & investment

Typical asking rent, and the returns it implies at the current home value.

Monthly rent

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Gross yield?Gross yieldAnnual rent (latest ZORI × 12) divided by the typical home value (latest ZHVI). Headline cash-flow proxy; ignores expenses, vacancy, and financing.

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Cap rate?Cap rateEstimated net operating income divided by purchase price. Net operating income assumes 40% of gross rent goes to taxes, insurance, repairs, vacancy, and management — the standard rule for single-family rentals.

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#Property tax

Effective rate — total real estate taxes paid relative to total home value.

Effective tax rate?Effective tax rateAggregate real estate taxes paid in this ZIP divided by aggregate home value, from the latest Census ACS. Includes every assessment line item — not the headline statutory rate.

0.6%^[3]

Typical annual tax?Typical annual taxThe effective tax rate applied to this ZIP's typical home (latest ZHVI). A rough estimate of what one ZIP-median property would pay annually.

$2,016^[3]

#Climate risk

FEMA National Risk Index ratings for Otter Tail County. "Not Applicable" means the hazard does not threaten the county.

Overall risk?Overall riskFEMA's composite National Risk Index rating, combining every modeled hazard with the area's social vulnerability and community resilience.

Relatively Low^[4]

Riverine flood

Relatively Moderate

Coastal flood

Not Applicable

Wildfire

Relatively Low

Drought

Relatively Low

Heat wave

Relatively Low

Hurricane

Not Applicable

Tornado

Relatively Moderate

Earthquake

Very Low

Winter weather

Very High

#Who lives here

Population

1,873^[3]

Median household income

$79,583^[3]

#Migration

Household moves in and out of Otter Tail County over a year, from IRS tax-return data.

Net migration?Net migrationTax returns moving in minus tax returns moving out, per year. From IRS Statistics of Income county-to-county migration data. County-level — every ZIP in the county carries the same number.

-168^[5]

Moved in

1,310

Moved out

1,478

Schools

Open public schools in this ZIP, from the NCES Common Core of Data.

Public schools

2

Elementary

1

Middle

0

High

1

• UNDERWOOD SECONDARY

  High · Grades 5–12 · UNDERWOOD PUBLIC SCHOOL DISTRICT

  287 students

• UNDERWOOD ELEMENTARY

  Elementary · Grades PK–6 · UNDERWOOD PUBLIC SCHOOL DISTRICT

  284 students

#Metro ranking

Where this ZIP sits among others in its metro area.

Appreciation?Metro percentileThis ZIP's rank among every ZIP in its metro for five-year price appreciation. 75th percentile means three-quarters of the metro's ZIPs appreciated less.

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Rental yield

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Property tax

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