Location: Otsego County, NY | Metro: Delaware County, NY
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $850 |
| 1 Bedroom | $960 |
| 2 Bedrooms | $1,220 |
| 3 Bedrooms | $1,470 |
| 4 Bedrooms | $1,640 |
| 5 Bedrooms | $1,902 |
| 6 Bedrooms | $2,130 |
| 7 Bedrooms | $2,300 |
| 8 Bedrooms | $2,415 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,220 | $173,249 | 0.7% | D |
| 3BR | $1,470 | $194,520 | 0.76% | D |
| 4BR | $1,640 | $231,587 | 0.71% | D |
U.S. Census Bureau data (2024)
The analysis of ZIP code 12155, located in Schenevus, NY within the Otsego County, NY metro area, reveals several key points for potential landlords and small-portfolio investors.
First, let's examine if the rent math works. The Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $1,330. However, the current market rent as reported by the Census ACS is significantly lower at $746. This indicates that the rent levels are below the federally recommended rates, suggesting that landlords might need to adjust their expectations or improve property values to align with the FMR.
Second, regarding the affordability of acquisition, the median home value in this ZIP code is $177,302. While this figure is relatively low, the lack of data on days on market (DOM) and the percentage of homes needing price cuts makes it difficult to assess the ease or speed of selling properties in this area. Investors should proceed with caution and consider other factors such as local real estate trends and economic stability.
Third, we must evaluate tenant demand. With a total population of 1,685, only 7.4% of residents are renters. This low renter share suggests limited demand for rental properties, which could pose challenges for landlords looking to maintain occupancy rates and ensure steady cash flow.
Verdict: Investing in ZIP code 12155 presents a mixed picture. The current market rents are well below the federal guidelines, indicating a potentially challenging environment for maximizing returns. The median home value is modest, but without detailed insights into the real estate market dynamics, including DOM and price cut percentages, the risk of acquiring overpriced properties remains high. Furthermore, the low renter share implies a smaller pool of potential tenants, which could affect occupancy rates and profitability. For landlords and small-portfolio investors, this ZIP code may not be the most attractive option unless they can find ways to enhance property values and manage costs effectively.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). Demographics from U.S. Census (2024).
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.