Location: Orange County, IN | Metro: Washington County, 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 | $760 |
| 1 Bedroom | $830 |
| 2 Bedrooms | $1,020 |
| 3 Bedrooms | $1,380 |
| 4 Bedrooms | $1,640 |
| 5 Bedrooms | $1,902 |
| 6 Bedrooms | $2,130 |
| 7 Bedrooms | $2,300 |
| 8 Bedrooms | $2,415 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,020 | $153,403 | 0.66% | D |
| 3BR | $1,380 | $209,190 | 0.66% | D |
| 4BR | $1,640 | $263,486 | 0.62% | D |
U.S. Census Bureau data (2024)
The rent math in ZIP 47452, located in Orleans, IN, within the Orange County, IN metro area, does not align favorably for landlords. The Fair Market Rent (FMR) set at $990 for the fiscal year 2024 is notably higher than the market rent of $874, based on Census ACS data. This discrepancy suggests that landlords may struggle to find tenants willing to pay the FMR rate, leading to potential vacancies or reduced profitability.
Acquisition in ZIP 47452 is relatively affordable, with a median home value of $194,126. However, the lack of data regarding the number of days on market (DOM) and the percentage of homes requiring price cuts indicates that the local housing market may be less active or transparent. This could pose challenges for new investors looking to enter the market quickly or at optimal prices.
Tenant demand is present but limited. With a total population of 5,152, approximately 24.2% are renters, equating to about 1,248 individuals or households seeking rental properties. While this represents a significant portion of the local population, the overall size of the rental market is modest, which might limit the pool of potential tenants and affect the ability to maintain high occupancy rates.
In summary, while the acquisition cost is reasonable, the mismatch between the FMR and market rent, combined with a smaller tenant base, makes ZIP 47452 a challenging investment opportunity for landlords and small-portfolio investors. The focus should be on managing costs and expectations to ensure sustainable operations, given the limited upside in rental income relative to the FMR benchmark.
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.