Location: Wayne County, IN | Metro: Randolph 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 | $710 |
| 1 Bedroom | $920 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,330 |
| 4 Bedrooms | $1,340 |
| 5 Bedrooms | $1,554 |
| 6 Bedrooms | $1,740 |
| 7 Bedrooms | $1,879 |
| 8 Bedrooms | $1,973 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,330 | $223,072 | 0.6% | F |
U.S. Census Bureau data (2024)
The potential pitfalls of investing in ZIP 47358 through the Section 8 program are significant. Tenant turnover is a critical concern, as the market rent stands at $688, which is notably lower than the Fair Market Rent (FMR) of $960 for the fiscal year 2026 in the metropolitan area. This discrepancy can lead to difficulties in attracting and retaining tenants who qualify for the program.
Vacancy exposure is another issue. The Days on Market (DOM) figure is not available, indicating that there might be periods where properties remain unoccupied for extended durations. This can result in financial strain for landlords, especially when they must cover mortgage payments and other property expenses without rental income.
Deferred maintenance is also a risk factor. With a typical home value of $213,983 and a median income of $79,063, residents might struggle to afford timely repairs and upkeep. This could translate into higher maintenance costs for landlords, particularly if the tenants are not inclined to report issues promptly or if the property management company does not handle maintenance requests efficiently.
However, these risks must be weighed against the substantial 18.1% renter share in the area. High renter density generally correlates with a greater demand for housing vouchers, which can provide a steady stream of qualified tenants. The presence of many renters also suggests that the local economy supports a diverse group of individuals who rely on rental housing, potentially mitigating some of the financial risks associated with vacancy.
Verdict: Moderate risk for a first-time Section 8 landlord.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.