Location: Wilcox County, GA | Metro: Crisp County, GA
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 | $840 |
| 1 Bedroom | $850 |
| 2 Bedrooms | $1,060 |
| 3 Bedrooms | $1,460 |
| 4 Bedrooms | $1,530 |
| 5 Bedrooms | $1,775 |
| 6 Bedrooms | $1,988 |
| 7 Bedrooms | $2,147 |
| 8 Bedrooms | $2,254 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,060 | $119,279 | 0.89% | C |
| 3BR | $1,460 | $188,461 | 0.77% | D |
U.S. Census Bureau data (2024)
The Section 8 cap rate analysis for ZIP code 31092 in Vienna, GA, reveals interesting insights into potential investment opportunities. Using the Fair Market Rent (FMR) for a 2-bedroom apartment set at $1,030 annually for fiscal year 2026, and the median home value of $136,466, we can calculate the implied gross yield. The annualized FMR for a 2BR unit would be $12,360 ($1,030 x 12 months). Dividing this by the median home value gives an implied gross yield of approximately 9.05%. This calculation assumes that the property could be rented out at the FMR rate.
In contrast, using the market rent figure of $770 per month from the Census ACS data, the annualized market rent for a 2BR unit would be $9,240 ($770 x 12 months). When divided by the median home value, this yields an implied gross yield of about 6.78%. This scenario reflects the actual rental rates in the area, as opposed to the higher FMR rates.
Given the 46.1% renter density in the area, it is important to consider how realistic these two scenarios are. The higher implied gross yield based on FMR rates is attractive but less likely to materialize in practice due to the limited number of renters who qualify for Section 8 assistance. The market rent scenario, while offering a lower gross yield, is more reflective of the current rental environment and the proportion of renters in the community.
The absence of a specific day DOM (Days on Market) figure makes it challenging to predict the speed at which properties might be leased under either scenario. However, the higher FMR rate is typically reserved for those eligible for Section 8, which represents a smaller subset of the total rental market. Therefore, the market rent scenario is more practical for most investors, despite the lower gross yield.
To summarize, the FMR-based gross yield of 9.05% is theoretically possible but less likely given the actual market conditions and the percentage of qualified renters. The market rent-based gross yield of 6.78% provides a clearer picture of what landlords and small-portfolio investors can realistically expect in terms of returns on investment in ZIP code 31092.
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.