Location: Orange County, IN | Metro: Crawford County, IN
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 | $800 |
| 1 Bedroom | $870 |
| 2 Bedrooms | $1,060 |
| 3 Bedrooms | $1,470 |
| 4 Bedrooms | $1,570 |
| 5 Bedrooms | $1,821 |
| 6 Bedrooms | $2,040 |
| 7 Bedrooms | $2,203 |
| 8 Bedrooms | $2,313 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,060 | $144,956 | 0.73% | D |
| 3BR | $1,470 | $186,965 | 0.79% | D |
| 4BR | $1,570 | $265,245 | 0.59% | F |
U.S. Census Bureau data (2024)
The classification of ZIP 47140 (Marengo, IN) on the axes of yield and stability reveals it to be a moderate cash flow opportunity with notable but not extreme volatility. The Federal Market Rent (FMR) for the metro area in fiscal year 2026 is set at $960, while the local market rent stands at $699. This disparity indicates that there is room for rental income growth, though it is not exceptionally high. A median home value of $174,476 suggests a relatively affordable market for investment properties.
On the stability axis, the area shows a mixed profile. With 24.7% of the population being renters, the market is not heavily reliant on rental housing, which can lead to fluctuations in demand. The absence of data regarding the number of days on market (DOM) indicates either limited turnover or incomplete information, making it challenging to assess the speed at which rental units are filled or sold. The median household income of $65,718 provides some assurance regarding the ability of residents to pay rent, but it does not guarantee consistent occupancy rates or rental income stability.
In summary, ZIP 47140 offers a moderate yield potential due to the gap between FMR and market rents, coupled with an affordable median home value. However, the stability is compromised by the relatively low percentage of renters and the lack of data on property turnover, which introduces elements of unpredictability. This makes the area neither a high-yield/low-stability flip-style market nor a steady-cashflow zone, but rather a middle-ground opportunity where careful tenant selection and property management can enhance both yield and stability.
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.