Location: Cass County, IL | Metro: Cass County, IL
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 | $650 |
| 1 Bedroom | $850 |
| 2 Bedrooms | $930 |
| 3 Bedrooms | $1,280 |
| 4 Bedrooms | $1,550 |
| 5 Bedrooms | $1,798 |
| 6 Bedrooms | $2,014 |
| 7 Bedrooms | $2,175 |
| 8 Bedrooms | $2,284 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $930 | $83,018 | 1.12% | B |
| 3BR | $1,280 | $136,297 | 0.94% | C |
| 4BR | $1,550 | $176,927 | 0.88% | C |
U.S. Census Bureau data (2024)
The potential pitfalls of investing in Section 8 properties in ZIP code 62691, located in Virginia, IL, are significant. Tenant turnover is a critical issue, with the market rent at $704 being notably lower than the Fair Market Rent (FMR) of $920 for FY 2026 in the metropolitan area. This disparity can lead to frequent changes in occupancy, which is detrimental to long-term stability and profitability.
Vacancy exposure is another concern. The Days on Market (DOM) is listed as N/A, indicating either a lack of recent sales data or that homes are selling very quickly. In either case, it's challenging to gauge how long a property might remain vacant if a tenant moves out, leaving the landlord vulnerable to periods without rental income.
Deferred maintenance is a risk factor due to the typical home value of $103,409 and the median income of $78,798. These figures suggest that residents might struggle to afford substantial repairs or improvements, even when covered by Section 8 vouchers. Landlords must be prepared to invest in maintaining the property's condition to meet program standards.
However, these risks are offset by the high renter share in the area, which stands at 23.9%. A larger proportion of renters typically translates into higher demand for housing assistance through Section 8 vouchers, ensuring a steady stream of qualified tenants. This demand helps mitigate the impact of vacancy periods and supports a more consistent cash flow.
In conclusion, the investment risk for a first-time Section 8 landlord in ZIP 62691 is moderate.
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.