Location: Shiawassee County, MI | Metro: Flint, MI MSA
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 | $830 |
| 1 Bedroom | $990 |
| 2 Bedrooms | $1,190 |
| 3 Bedrooms | $1,460 |
| 4 Bedrooms | $1,690 |
| 5 Bedrooms | $1,960 |
| 6 Bedrooms | $2,195 |
| 7 Bedrooms | $2,371 |
| 8 Bedrooms | $2,490 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,190 | $191,490 | 0.62% | D |
| 3BR | $1,460 | $242,645 | 0.6% | D |
| 4BR | $1,690 | $294,061 | 0.57% | F |
| 5BR | $1,960 | $378,520 | 0.52% | F |
U.S. Census Bureau data (2024)
The analysis of ZIP 48433, located in Flushing, Michigan, within the Shiawassee County metro area, reveals several key points regarding its viability for landlords and small-portfolio investors.
The rent math does not work in favor of landlords. The Fair Market Rent (FMR) set at $1,120 for the fiscal year 2024 is higher than the market rent reported by the Census ACS at $1,028. This discrepancy suggests that landlords may struggle to justify the higher rent to tenants based on current market conditions.
Acquisition in this area is relatively affordable. With a median home value of $235,294, potential investors can purchase properties without facing excessive upfront costs. Additionally, the 17-day Days on Market (DOM) and a low 0.3% price-cut share indicate a stable market where homes sell quickly and without significant discounts, suggesting that the local real estate market is healthy and not overpriced.
Tenant demand is present but limited. The population of ZIP 48433 stands at 26,384, with a 12.9% renter share. This means that approximately 3,400 residents are likely seeking rental housing. While this number is not insignificant, it does highlight that the majority of the population owns their homes, which could impact the pool of potential tenants.
In summary, while the rent math currently works against landlords due to the higher FMR compared to the actual market rent, the acquisition costs are reasonable and the market is stable. Tenant demand exists, though it is somewhat constrained by the high rate of homeownership. For investors willing to accept slightly lower rents, ZIP 48433 presents a viable opportunity given its stable real estate market and the presence of a tenant base, albeit smaller than in areas with a higher renter share.
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.