Location: DeKalb County, TN | Metro: Nashville-Davidson--Murfreesboro--Franklin, TN HUD Metro FMR Area
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 | $1,040 |
| 1 Bedroom | $1,060 |
| 2 Bedrooms | $1,190 |
| 3 Bedrooms | $1,500 |
| 4 Bedrooms | $1,820 |
| 5 Bedrooms | $2,111 |
| 6 Bedrooms | $2,364 |
| 7 Bedrooms | $2,553 |
| 8 Bedrooms | $2,681 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,500 | $411,017 | 0.36% | F |
U.S. Census Bureau data (2024)
The investment landscape for Section 8 properties in ZIP code 37184 presents several challenges that first-time landlords must consider. Firstly, tenant turnover can be a significant issue due to the disparity between the market rent at $941 and the Fair Market Rent (FMR) at $1270 for fiscal year 2024. This gap suggests that tenants might seek higher-paying jobs or better rental options outside the subsidized range, leading to frequent moves and increased vacancy rates.
Vacancy exposure is another critical factor. The Days on Market (DOM) data is currently unavailable, which makes it difficult to predict how long a property might remain vacant. However, the typical home value of $432,466 and the median income of $83,125 indicate a potential strain on residents' financial resources. Landlords should anticipate the need for regular maintenance and repairs, as the lower median income may lead to deferred maintenance issues, especially when tenants are limited by their budget.
Despite these risks, there is a silver lining. The renter share in ZIP 37184 stands at 15.5%, which is relatively high. High renter density often correlates with a greater demand for housing vouchers, meaning that there could be a steady stream of Section 8 tenants willing to pay the FMR. This situation could mitigate some of the risks associated with vacancy and turnover, as landlords would have a larger pool of potential tenants.
In summary, while the investment in Section 8 properties in ZIP 37184 carries notable risks related to tenant turnover and deferred maintenance, the high renter share provides a buffer against vacancy exposure. Therefore, the overall risk for a first-time Section 8 landlord in this area is moderate.
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.