Location: Washington County, GA | Metro: Johnson County, GA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $790 |
| 1 Bedroom | $800 |
| 2 Bedrooms | $1,000 |
| 3 Bedrooms | $1,190 |
| 4 Bedrooms | $1,340 |
| 5 Bedrooms | $1,554 |
| 6 Bedrooms | $1,740 |
| 7 Bedrooms | $1,879 |
| 8 Bedrooms | $1,973 |
U.S. Census Bureau data (2024)
The investment risk assessment for ZIP code 31035 reveals several potential issues that could impact landlords and small-portfolio investors. Tenant turnover is a significant concern due to the disparity between the market rent of $821 and the Fair Market Rent (FMR) of $1,020 for FY 2026 in the metropolitan area. This gap can lead to higher turnover rates as tenants seek more affordable housing options.
Vacancy exposure is another critical risk factor. The average number of days on the market (DOM) is not available, which makes it challenging to predict how long properties might remain vacant. Extended vacancy periods can significantly affect cash flow and profitability.
Deferred maintenance is also a notable risk. With a typical home value of $144,779 and a median income of $41,563, homeowners may struggle to maintain their properties, leading to potential issues for rental units. Landlords must be prepared to invest in regular upkeep and repairs to ensure compliance with Section 8 requirements and maintain property standards.
However, these risks are tempered by the high concentration of renters in the area, with a 20.0% renter share. High renter density generally translates into a robust demand for rental properties, including those utilizing Section 8 vouchers. This demand can help mitigate the risks associated with tenant turnover and vacancy exposure.
In conclusion, the investment risk for a first-time Section 8 landlord in ZIP code 31035 is moderate. While there are significant challenges, particularly with tenant turnover and deferred maintenance, the high renter share provides a buffer against some of these risks.
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.