Location: Sullivan County, NY | Metro: Sullivan County, NY
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,010 |
| 1 Bedroom | $1,040 |
| 2 Bedrooms | $1,300 |
| 3 Bedrooms | $1,800 |
| 4 Bedrooms | $1,830 |
| 5 Bedrooms | $2,123 |
| 6 Bedrooms | $2,378 |
| 7 Bedrooms | $2,568 |
| 8 Bedrooms | $2,696 |
U.S. Census Bureau data (2024)
The Section 8 cap-rate analysis for ZIP code 12767 reveals a challenging investment landscape due to limited data points. The annualized Fair Market Rent (FMR) for a two-bedroom apartment in the metro area for fiscal year 2026 is set at $1,300. However, the median home value and market rent figures are currently unavailable, complicating a full assessment.
To derive the implied gross yield, we must consider the FMR scenario first. Assuming an average home value for ZIP 12767, let's use a hypothetical median home value of $325,000 for illustration purposes. With an FMR of $1,300 per month, the annual rental income would be $15,600. This translates into an implied gross yield of approximately 4.8%, calculated by dividing the annual rental income by the median home value ($15,600 / $325,000).
In contrast, without specific market rent data, we cannot accurately calculate a gross yield based on current market conditions. This lack of information makes it impossible to determine if the market rent is higher or lower than the FMR, which would significantly impact the potential gross yield for investors.
Given the 0.0% renter density in ZIP 12767, it's evident that the majority of housing units are not rented out, suggesting a low demand for rental properties in this area. Additionally, the absence of Days on Market (DOM) data further obscures the reality of how quickly rental properties might be filled or sold.
Based on the available data, the FMR scenario provides a clearer, albeit hypothetical, gross yield figure. However, the actual market dynamics could differ substantially. For instance, if market rents are lower than the FMR, the gross yield would be less favorable. Conversely, if market rents exceed the FMR, the gross yield could be higher.
Investors should focus on obtaining detailed local market data to refine their calculations. Given the low renter density, it's crucial to assess whether there are specific factors driving this trend, such as high homeownership rates or limited job opportunities, which could affect long-term rental prospects.
In summary, while the FMR-based gross yield of 4.8% offers a starting point, the true investment potential in ZIP 12767 remains uncertain without comprehensive market rent and DOM data. Investors must proceed with caution and gather additional local insights before making any decisions.
Data Sources: FMR data from HUD (2027). 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.