Location: Noble County, IN | Metro: Fort Wayne, IN 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 | $820 |
| 1 Bedroom | $830 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,240 |
| 4 Bedrooms | $1,420 |
| 5 Bedrooms | $1,647 |
| 6 Bedrooms | $1,845 |
| 7 Bedrooms | $1,993 |
| 8 Bedrooms | $2,093 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,010 | $204,243 | 0.49% | F |
| 3BR | $1,240 | $305,914 | 0.41% | F |
| 4BR | $1,420 | $416,001 | 0.34% | F |
U.S. Census Bureau data (2024)
The ZIP code 46723, located in Churubusco, Indiana, presents a unique balance when classified on the axes of yield and stability. On the yield axis, the Fair Market Rent (FMR) for the fiscal year 2024 is set at $1,130. This figure stands notably above the local market rent of $705, indicating a higher potential for rental income per unit compared to what might typically be expected. However, the median home value in the area is $292,592, which is significantly higher than the FMR, suggesting that the property investment cost is substantial relative to the rental income it can generate.
Moving to the stability axis, the percentage of renters in the area is relatively low at 11.2%. This could imply that there is less demand for rental properties, potentially leading to longer vacancy periods and greater competition among landlords. The median household income is $84,286, which is a positive indicator as it suggests that residents have a decent financial capacity to afford housing. Unfortunately, the data on days on market (DOM) is not available, making it difficult to assess how quickly properties are rented out once they become available.
Given these figures, ZIP 46723 does not fit neatly into either a high-yield/low-stability flip-style market or a steady-cashflow zone. Instead, it represents a market that offers moderate yield potential due to the gap between FMR and market rent, but with lower stability because of the low percentage of renters. The high median home value indicates that this area is more suited for those looking to invest in higher-end rental properties rather than seeking quick flips for profit. Landlords and small-portfolio investors should carefully consider the balance between the higher rental yields and the risks associated with a less stable rental market before investing in this area.
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.