Location: Carroll County, IA | Metro: Carroll County, IA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $800 |
| 1 Bedroom | $810 |
| 2 Bedrooms | $940 |
| 3 Bedrooms | $1,180 |
| 4 Bedrooms | $1,250 |
| 5 Bedrooms | $1,450 |
| 6 Bedrooms | $1,624 |
| 7 Bedrooms | $1,754 |
| 8 Bedrooms | $1,842 |
U.S. Census Bureau data (2024)
The Section 8 cap-rate analysis for ZIP code 51444 provides insight into potential investment opportunities for landlords and small-portfolio investors. The Fair Market Rent (FMR) for a two-bedroom apartment in this area, as of FY 2026, is set at $920 per month. Annualizing this figure yields a yearly rental income of $11,040.
To calculate the implied gross yield using the FMR, we divide the annual rental income by the median home value of $170,244. This results in an implied gross yield of approximately 6.5%. However, it's important to note that this calculation assumes the property is rented at the FMR rate year-round without any vacancy periods.
In contrast, the market rent for ZIP 51444 is currently listed as N/A, indicating that there is insufficient data to determine the average market rent. Without this information, we cannot provide an accurate implied gross yield based on market rents alone. It's crucial for investors to research local market conditions to estimate a realistic market rent for properties in this area.
Given the renter density of 6.3%, it's evident that the demand for rental properties in ZIP 51444 is relatively low. This factor should be considered when evaluating the feasibility of renting a property under the Section 8 program versus the open market. Additionally, the lack of data regarding the days-on-market (DOM) suggests that rental turnover rates might also be unpredictable, further complicating the investment decision.
The FMR-based gross yield of 6.5% is a theoretical upper limit for Section 8 properties in this ZIP code. For a more realistic assessment, investors should consider the lower renter density and potentially higher vacancy rates when comparing this yield to the expected returns from market-rate rentals. Since the market rent data is unavailable, investors must rely on local real estate agents or other sources to gather up-to-date information on market rates.
In conclusion, while the FMR provides a clear benchmark for potential rental income, the actual performance of Section 8 investments in ZIP 51444 could vary significantly due to the low renter density and unknown market conditions. Investors should proceed with caution and conduct thorough due diligence before making any investment decisions.
Data Sources: FMR data from HUD (2027). 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.