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Washington County/Block Island/02807

02807

ZIPSAFMR
Washington County, RI
Zillow

ZIP Investment Score

22Below average

095130300
BRFMR
Eff. Rent
0 BR$1,510$1,510
1 BR$1,520$1,520
2 BR$1,990$1,990
3 BR$2,530$2,530
4 BR$3,000$3,000
5 BR$3,450Not available
6 BR$3,967Not available
7 BR$4,563Not available
8 BR$5,247Not available

Purchase Price Calculator

Maximum purchase price
$233,797

Cost breakdown

+Likely effective rent$1,990
HUD FMRUsed$1,990
Market rentN/A
Est. payment standardN/A
-Principal and interest-$1,182
Loan amount$187,037
Down payment$46,759
Rate6.50%
Term30 years
-Operating costs-$608
Property taxes-$234
Insurance-$175
Utilities$0
HOA$0
Management-$199
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$31,878(68.2% ROI)
Projected value
$251,773
Return breakdown
Property appreciation+$17,977
Loan principal paid down+$6,701
Rental cash flow+$7,200
5-year hold
+$54,673(116.9% ROI)
Projected value
$264,519
Return breakdown
Property appreciation+$30,723
Loan principal paid down+$11,950
Rental cash flow+$12,000
10-year hold
+$117,957(252.3% ROI)
Projected value
$299,280
Return breakdown
Property appreciation+$65,483
Loan principal paid down+$28,474
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Not enough rental comps in this area to determine how FMR aligns with current market rates.

Historical
FY 2023-2027
FMR
FY2027
Property value
--
Tax rate
--
Mortgage rate
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ZIP 02807 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 02807 (Block Island, RI) is $1,990 a month. That is up 5.9% from $1,880 in FY 2026. Block Island is in the Providence-Fall River, RI-MA HUD Metro FMR Area. HUD also publishes the ZIP-level Small Area FMRs shown here, but unless the local housing authority has adopted them, vouchers are based on the metro-wide two-bedroom FMR of $1,879. Among 23 ZIP codes in Washington County, 02807 has the 5th-highest two-bedroom rent (county range $1,560–$2,490). The median county two-bedroom FMR in Rhode Island is $1,879, so ZIP 02807 is 6% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 02807
BedroomsFY 2027Change90–110% range
Studio$1,510+2.0%$1,359–$1,661
1BR$1,520+2.0%$1,368–$1,672
2BR$1,990+5.9%$1,791–$2,189
3BR$2,530+8.1%$2,277–$2,783
4BR$3,000+18.1%$2,700–$3,300

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 02807
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,510$1,520$1,990$2,530$3,000
FY 2026$1,480$1,490$1,880$2,340$2,540
FY 2025$1,280$1,290$1,570$1,960$2,460
FY 2024$1,230$1,240$1,490$1,910$2,530
FY 2023$970$980$1,170$1,550$1,990

Two-bedroom rent in nearby Washington County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 02807
02804$1,980−0.5%
02807Current$1,990—
02808$1,560−21.6%
02812$1,980−0.5%
02813$2,000+0.5%
02822$1,980−0.5%
02832$1,760−11.6%
02833$1,880−5.5%
02836$2,000+0.5%
02852$1,920−3.5%
02873$1,660−16.6%
02874$1,970−1.0%

Questions about ZIP 02807 rents

How much will Section 8 pay for a two-bedroom in ZIP 02807?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $1,879, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,691 to $2,067 a month; under the ZIP-level Small Area FMR of $1,990 it would be $1,791 to $2,189. The voucher pays the lower of the payment standard or the gross rent, minus the tenant's share, which is usually about 30% of adjusted monthly income. Confirm the local housing authority's current schedule before underwriting.

Which HUD fair market rent area is ZIP 02807 in?

ZIP 02807 is in the Providence-Fall River, RI-MA HUD Metro FMR Area. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $1,879.

How much did fair market rent change in ZIP 02807 for FY 2027?

The two-bedroom FMR rose 5.9%, from $1,880 in FY 2026 to $1,990 in FY 2027. Since FY 2023 it has risen 70.1%.

When do FY 2027 fair market rents take effect?

HUD's FY 2027 fair market rents took effect on October 1, 2026. When FMRs change, housing authorities generally have up to three months to bring payment standards back within 90% to 110% of the new FMR.

Source: HUD FY 2027 Small Area Fair Market Rents and area FMRs. Payment-standard ranges are 90% to 110% of FMR, HUD's basic range, not a housing authority's published schedule. How payment standards are set

County fair market rentBlock Island, RI fair market rentRI statewide rentsWhat is SAFMR?Data sources