Location: Morris County, KS | Metro: Chase County, KS
| Unit Size | Monthly FMR |
|---|---|
| Studio | $710 |
| 1 Bedroom | $730 |
| 2 Bedrooms | $960 |
| 3 Bedrooms | $1,150 |
| 4 Bedrooms | $1,520 |
| 5 Bedrooms | $1,763 |
| 6 Bedrooms | $1,975 |
| 7 Bedrooms | $2,133 |
| 8 Bedrooms | $2,240 |
U.S. Census Bureau data (2024)
The investment risk assessment for ZIP 66838 highlights several critical concerns that landlords and small-portfolio investors must consider before engaging in Section 8 housing programs. Tenant turnover poses a significant challenge, as the market rent is currently unknown but the Fair Market Rent (FMR) stands at $880 per month for fiscal year 2026, based on metropolitan averages. This uncertainty can lead to fluctuating occupancy rates and financial instability.
Vacancy exposure is another risk factor, as the Days on Market (DOM) for rental properties in this area is also unspecified. High DOM values indicate prolonged periods where units remain unoccupied, leading to lost revenue. In ZIP 66838, landlords need to be prepared for potential vacancy issues that could arise from the lack of specific market data.
Deferred maintenance is a notable concern given the median income of $43,971. The typical home value is not provided, which makes it difficult to assess the overall condition and maintenance costs of properties in this area. Landlords should expect higher maintenance expenditures due to the lower median income, which might limit tenants' ability to contribute to repair costs.
However, these risks are somewhat mitigated by the 3.1% renter share in ZIP 66838. Despite being a relatively small percentage, high renter density often correlates with increased demand for housing vouchers, providing a stable tenant pool. The presence of voucher holders can ensure consistent rental income, reducing the impact of vacancy and turnover risks.
Verdict: Moderate risk for a first-time Section 8 landlord.
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.