Location: Gladwin County, MI | Metro: Midland, 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 | $1,170 |
| 1 Bedroom | $1,200 |
| 2 Bedrooms | $1,550 |
| 3 Bedrooms | $1,940 |
| 4 Bedrooms | $2,310 |
| 5 Bedrooms | $2,680 |
| 6 Bedrooms | $3,002 |
| 7 Bedrooms | $3,242 |
| 8 Bedrooms | $3,404 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,940 | $236,039 | 0.82% | C |
U.S. Census Bureau data (2024)
ZIP 48628, located in Gladwin County, Michigan, can serve as a cash-flow anchor within a Section 8 portfolio strategy. The Federal Market Rent (FMR) for FY 2024 is set at $1240 for a one-bedroom unit in this area. This figure is significantly lower than the market rent, which stands at $1,500 for a similar unit. The difference between the FMR and the market rent provides a clear spread that benefits landlords participating in the Section 8 program.
The median home value in ZIP 48628 is $218,320, indicating that the overall housing market in this area is relatively stable and affordable. This stability supports the idea of using this ZIP code as a cash-flow anchor. Landlords who invest in properties here can rely on consistent rental income from Section 8 tenants, knowing that the government will cover a substantial portion of the market rent.
While there is no specific data provided regarding the price-cut share or days on market (DOM), these metrics typically indicate appreciation potential. However, given the lack of such information, we cannot categorize ZIP 48628 as an appreciation play. Instead, the focus should be on the steady cash flow that can be generated from this area.
The renter share in ZIP 48628 is 7.6%, which is relatively low compared to many other areas. This suggests that a significant portion of the population might own their homes rather than renting. Despite this, the median income of $93,854 indicates that residents have the financial capacity to afford higher rents or mortgage payments, making the area attractive for landlords seeking stable tenants.
In summary, ZIP 48628 is best suited as a cash-flow anchor in a Section 8 portfolio due to the favorable spread between the FMR and market rent. This allows landlords to receive a reliable income while minimizing the risk associated with market fluctuations. The stable median home value further supports this strategy, ensuring that property values remain predictable and manageable.
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.