Location: Adams 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 | $900 |
| 1 Bedroom | $910 |
| 2 Bedrooms | $1,190 |
| 3 Bedrooms | $1,450 |
| 4 Bedrooms | $1,660 |
| 5 Bedrooms | $1,926 |
| 6 Bedrooms | $2,157 |
| 7 Bedrooms | $2,330 |
| 8 Bedrooms | $2,447 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,190 | $208,925 | 0.57% | F |
| 3BR | $1,450 | $260,300 | 0.56% | F |
| 4BR | $1,660 | $338,366 | 0.49% | F |
U.S. Census Bureau data (2024)
ZIP 46777, located in Ossian, Indiana, within the Adams County, IN metro area, is best suited as a cash-flow anchor in a Section 8 portfolio strategy. The Federal Market Rent (FMR) for a one-bedroom unit in ZIP 46777 for fiscal year 2024 is set at $1010. This compares favorably to the market rent of $911, providing a $99 spread per unit. This positive differential ensures that landlords can generate stable, predictable cash flows from their properties.
The median home value in ZIP 46777 stands at $258,720. Given the relatively low market rent, this indicates that property values are not excessively inflated compared to rental income. This makes it easier for landlords to maintain their properties without facing significant financial strain from maintenance costs or mortgage payments.
While there isn't specific data on price-cut share or days on market (DOM), the absence of these metrics suggests that the market in ZIP 46777 is stable and doesn't require frequent adjustments to pricing or lengthy periods to find tenants. Stability is key when aiming for consistent cash flow.
The 22.3% renter share and median income of $72,758 provide further insight into the area's suitability as a cash-flow anchor. The renter share is moderate, indicating a balanced mix of renters and homeowners. With a median income of $72,758, residents have the financial capacity to pay rents in line with the FMR, ensuring a reliable tenant pool that can sustain the higher Section 8 rent rates.
In summary, ZIP 46777 offers a solid foundation for generating steady cash flows due to the favorable spread between FMR and market rent, stable property values, and a resident population capable of meeting rental obligations. It serves as an ideal cash-flow anchor within a diversified Section 8 portfolio strategy.
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.