Location: Portland-Vancouver-Hillsboro, OR | Metro: Portland-Vancouver-Hillsboro, OR-WA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,540 |
| 1 Bedroom | $1,640 |
| 2 Bedrooms | $1,890 |
| 3 Bedrooms | $2,570 |
| 4 Bedrooms | $3,090 |
| 5 Bedrooms | $3,584 |
| 6 Bedrooms | $4,014 |
| 7 Bedrooms | $4,335 |
| 8 Bedrooms | $4,552 |
The analysis for ZIP code 98687 in Unknown, Oregon, provides a unique set of challenges due to the lack of specific data points such as median home value, market rent, and other relevant metrics. However, we can still derive some insights based on the available information.
The Fair Market Rent (FMR) for a two-bedroom apartment in ZIP 98687 for fiscal year 2024 is set at $2000 per month. To annualize this figure, we multiply it by 12, resulting in an annual rental income of $24,000. Assuming a typical cap rate calculation where the annual rental income is divided by the property value, we need to estimate the median home value to determine the gross yield. Given that the median home value is not available, we cannot calculate a precise gross yield for this scenario. However, if we hypothetically assume a median home value, the gross yield would be derived by dividing $24,000 by that assumed value.
The absence of market rent data complicates the comparison between FMR-based and market rent-based yields. Without knowing the market rent, it's impossible to calculate a second gross yield to compare against the FMR-based yield. This lack of data makes it difficult to assess whether the FMR-based yield is realistic or inflated compared to what landlords might expect from market rents.
Furthermore, the unknown renter density and days on market (DOM) add another layer of uncertainty. These factors are crucial in determining the likelihood of finding stable tenants and the speed at which properties can be leased, both of which impact the overall profitability and risk assessment for investors in this area.
In conclusion, while the FMR-based annual rental income of $24,000 provides a starting point for understanding potential rental income in ZIP 98687, the lack of specific market data limits our ability to draw definitive conclusions about the gross yield and its realism. Landlords and investors should conduct thorough local market research to fill these gaps and make informed decisions.
Data Sources: FMR data from HUD (2027).
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.