Location: Washington-Arlington-Alexandria, DC | Metro: Washington-Arlington-Alexandria, DC-VA-MD HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,140 |
| 1 Bedroom | $2,230 |
| 2 Bedrooms | $2,470 |
| 3 Bedrooms | $3,150 |
| 4 Bedrooms | $3,710 |
| 5 Bedrooms | $4,304 |
| 6 Bedrooms | $4,820 |
| 7 Bedrooms | $5,206 |
| 8 Bedrooms | $5,466 |
The investment landscape for Section 8 properties in ZIP code 20847 presents several potential challenges that landlords must be aware of. First, tenant turnover can be a significant issue. With the Fair Market Rent (FMR) for ZIP 20847 set at $2100 for fiscal year 2024, there's a notable gap between this figure and the current market rent, which is currently unavailable. This discrepancy could lead to higher turnover rates if tenants find it difficult to secure housing at the FMR.
Vacancy exposure is another critical concern. The Days on Market (DOM), a measure indicating how long homes typically remain vacant before being rented, is also not available for ZIP 20847. This lack of data makes it challenging to predict the duration of vacancies, which can significantly impact cash flow. Landlords should prepare for potential extended periods of vacancy.
A third risk factor is deferred maintenance. The typical home value and median income for the area are not specified, but without these figures, assessing the likelihood of deferred maintenance becomes difficult. Deferred maintenance can increase repair costs and reduce property value over time, especially in rental properties where regular upkeep might be neglected.
However, the high density of renters in ZIP 20847, represented by an unspecified percentage of the total population, often translates into a robust demand for housing vouchers. This characteristic can mitigate some of the risks associated with vacancy and turnover, as the availability of Section 8 vouchers can ensure steady occupancy.
Verdict: Moderate risk for a first-time Section 8 landlord in ZIP 20847, due to unknown market conditions and the need for careful management to maintain occupancy and property condition.
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.