Location: Sampson County, NC | Metro: Duplin County, NC
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 | $810 |
| 1 Bedroom | $890 |
| 2 Bedrooms | $1,070 |
| 3 Bedrooms | $1,270 |
| 4 Bedrooms | $1,480 |
| 5 Bedrooms | $1,717 |
| 6 Bedrooms | $1,923 |
| 7 Bedrooms | $2,077 |
| 8 Bedrooms | $2,181 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,070 | $122,588 | 0.87% | C |
| 3BR | $1,270 | $182,225 | 0.7% | D |
U.S. Census Bureau data (2024)
The Section 8 cap-rate analysis for ZIP code 28393 in Turkey, NC, provides a clear snapshot of potential investment returns. Using the Fair Market Rent (FMR) for a 2-bedroom unit at $930 annually and the market rent at $981, we can derive the implied gross yields based on the median home value of $126,900.
In the scenario where the 2BR FMR is applied, the annualized rental income would be $11,160 ($930 x 12 months). This translates into an implied gross yield of 8.80%, calculated as follows:
$11,160 / $126,900 = 0.0879, or 8.80%
Conversely, if the market rent of $981 is considered, the annualized rental income would be $11,772 ($981 x 12 months). The implied gross yield in this case would be 9.28%:
$11,772 / $126,900 = 0.0927, or 9.28%
Given the 19.0% renter density in ZIP 28393, it's important to note that while this indicates a significant portion of the population rents, it doesn't directly correlate to the occupancy rate of Section 8 properties. However, the lack of Days on Market (DOM) data suggests that rental listings might move quickly once they are available, implying strong demand.
Between the two scenarios, the market rent scenario is more realistic for several reasons. Firstly, the higher rent reflects the actual market conditions, which are likely to be more favorable for landlords. Secondly, Section 8 contracts are typically set below market rates to ensure affordability, making the FMR scenario less reflective of long-term investment potential. The difference in gross yields, 0.48 percentage points, is significant when evaluating the profitability of a property in this area.
Investors should consider these gross yields as starting points for their analysis. While the FMR scenario offers a conservative estimate, the market rent scenario provides a more optimistic outlook. Both figures are useful for comparing against other investment opportunities and setting realistic expectations for returns on investment in ZIP 28393.
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.