Location: Franklin County, ME | Metro: Franklin County, ME
| Unit Size | Monthly FMR |
|---|---|
| Studio | $880 |
| 1 Bedroom | $960 |
| 2 Bedrooms | $1,260 |
| 3 Bedrooms | $1,740 |
| 4 Bedrooms | $2,110 |
| 5 Bedrooms | $2,448 |
| 6 Bedrooms | $2,742 |
| 7 Bedrooms | $2,961 |
| 8 Bedrooms | $3,109 |
To determine if you should buy in ZIP code 04992 for Section 8 investment, follow this decision tree:
1) Does the Fair Market Rent (FMR) of $1,320 clear debt service on a property?
No specific property cost or debt service amount was provided. To make a sound financial decision, calculate your total monthly mortgage payment including principal, interest, taxes, and insurance. If this figure is higher than $1,320, then the FMR does not cover your debt service.
2) Is the market rent above, at, or below the FMR?
The data indicates that the market rent is not available. Without this information, it's impossible to assess whether market rents exceed or fall short of the FMR. This is crucial because properties rented at market rates can be more profitable than those rented at FMR.
3) Are there enough renters and days on the market (DOM) to ensure demand?
The percentage of renters and the DOM figures are also not specified. A high percentage of renters combined with a low DOM suggests strong demand for rental properties. Conversely, a low percentage of renters or a high DOM might indicate a saturated market or lower demand.
Based on the available data, the decision to invest in ZIP 04992 for Section 8 properties hinges on the answers to these questions. If the FMR cannot cover debt service, it is not advisable to purchase. If market rents are significantly higher than the FMR, there could be opportunities to profit from both Section 8 and market-rate tenants. Lastly, sufficient demand is critical for ensuring a steady stream of potential tenants. Without specific figures for market rent, percentage of renters, and DOM, a definitive recommendation cannot be made.
Data Sources: FMR data from HUD (2027).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.