Location: Knox County, IN | Metro: Knox 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 | $770 |
| 1 Bedroom | $780 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,340 |
| 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 |
|---|---|---|---|---|
| 2BR | $1,010 | $119,702 | 0.84% | C |
| 3BR | $1,340 | $239,299 | 0.56% | F |
| 4BR | $1,340 | $309,237 | 0.43% | F |
U.S. Census Bureau data (2024)
The rent math in ZIP 47516, located in Bruceville, IN, Knox County, does not work favorably for landlords. The Fair Market Rent (FMR) for the metro area for fiscal year 2026 is set at $960, which is significantly higher than the actual market rent reported by the Census ACS at $496. This discrepancy suggests that landlords may face challenges in setting rents high enough to cover costs and generate profit.
Acquisition in this ZIP code is relatively affordable, with a median home value of $214,850. However, the lack of data on days on market (DOM) and the percentage of homes needing price cuts indicates limited insights into the speed of property sales and the necessity for negotiation. This could be a risk factor for potential investors looking to acquire properties quickly or at their listed price.
Tenant demand in ZIP 47516 is low. With a total population of 988, only 13.4% of residents are renters. This means there are approximately 133 potential tenants, which is insufficient to support a robust rental market. Landlords would need to ensure they offer competitive rents and amenities to attract and retain tenants in such a small pool.
Verdict: ZIP 47516 presents a challenging investment scenario for landlords and small-portfolio investors. The rent math is unfavorable due to the significant gap between the FMR and the actual market rent. Acquisition is affordable but lacks transparency regarding market dynamics. Tenant demand is notably low, making it difficult to sustain a profitable rental business. Given these factors, investing in this ZIP code is not advisable unless you can secure exceptionally low purchase prices and manage to command higher rents than the current market average.
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.