Location: Cass County, IN | Metro: Cass County, IN
| Unit Size | Monthly FMR |
|---|---|
| Studio | $790 |
| 1 Bedroom | $850 |
| 2 Bedrooms | $1,040 |
| 3 Bedrooms | $1,270 |
| 4 Bedrooms | $1,440 |
| 5 Bedrooms | $1,670 |
| 6 Bedrooms | $1,870 |
| 7 Bedrooms | $2,020 |
| 8 Bedrooms | $2,121 |
U.S. Census Bureau data (2024)
The analysis of ZIP code 46961, located in Cass County, Indiana, reveals several critical points that landlords and small-portfolio investors should consider before making investment decisions.
The first question is whether the rent math works. The Fair Market Rent (FMR) for the area is set at $990 for fiscal year 2026. However, the market rent data is currently unavailable. Without accurate market rent figures, it's challenging to determine if the rent set at $990 aligns with what tenants can afford or are willing to pay. This uncertainty can affect the profitability of rental properties in the area.
Regarding the affordability of property acquisitions, the median home value data is also missing. Additionally, the days on market (DOM) and the percentage of homes that require price cuts to sell are not available. These metrics are crucial for understanding how quickly properties sell and whether they often need to be discounted. Without these details, assessing the financial feasibility of acquiring new properties remains unclear.
Lastly, examining tenant demand, the data indicates a population of 101 individuals with a 0.0% renter share. This suggests an almost entirely owner-occupied community, which significantly reduces the potential tenant pool. With such a low number of renters, securing long-term tenants might prove difficult, especially given the small overall population.
In summary, while the FMR provides a benchmark for rental pricing at $990, the lack of market rent data complicates the assessment of whether this figure is realistic. The absence of median home value, DOM, and price-cut percentage data makes it impossible to gauge the affordability of property acquisitions. Most critically, the extremely low renter share and small population size indicate a weak tenant demand, which poses significant challenges for landlords and investors looking to manage rental properties in ZIP code 46961.
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.