Location: Pike County, IN | Metro: Pike 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 | $860 |
| 1 Bedroom | $880 |
| 2 Bedrooms | $1,150 |
| 3 Bedrooms | $1,590 |
| 4 Bedrooms | $1,620 |
| 5 Bedrooms | $1,879 |
| 6 Bedrooms | $2,104 |
| 7 Bedrooms | $2,272 |
| 8 Bedrooms | $2,386 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,150 | $134,650 | 0.85% | C |
| 3BR | $1,590 | $223,636 | 0.71% | D |
| 4BR | $1,620 | $244,769 | 0.66% | D |
U.S. Census Bureau data (2024)
The classification of ZIP code 47598, located in Winslow, IN, on the axes of yield and stability reveals a nuanced picture that can guide real estate investment decisions.
Yield Analysis: The Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $1,050, while the market rent stands at $917. This indicates a potential rental income gap of $133 per unit if you can secure tenants at the FMR rate. Additionally, the median home value of $172,035 suggests that there is a reasonable asset base that could be leveraged for higher yields through rental pricing strategies. However, it's important to note that achieving the FMR rate requires careful management and possibly improvements to properties to justify the higher rent.
Stability Analysis: Stability in this context is assessed through the percentage of renters, days on market (DOM), and average household income. With only 11.3% of residents being renters, the demand for rental units is relatively low, which could make it challenging to maintain occupancy rates. The lack of data on days on market (DOM) implies either limited turnover or incomplete information, but the average household income of $68,601 provides some insight into the financial capacity of potential tenants. This figure is significant because it suggests that the majority of households have the means to afford the median market rent of $917, though reaching the FMR of $1,050 might be more difficult.
Based on these figures, ZIP 47598 is best described as a moderate yield/moderate stability market. The yield is moderate due to the gap between FMR and market rents, and the possibility of leveraging home values to increase rental income. Stability is also moderate, given the low percentage of renters and the relatively high average household income, which supports the ability to pay market rents but not necessarily the premium FMR rents without significant property enhancements.
To succeed in this market, landlords and small-portfolio investors should focus on maintaining or slightly improving property conditions to attract tenants willing to pay closer to the FMR rate. This strategy would maximize yield while ensuring stability through consistent tenant income levels.
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.