37040

ZIPSAFMR

Montgomery County, TN

ZIP Investment Score

83Below average

095130300

BR	FMR	Eff. Rent	3Y CAGR
0 BR	$1,100	$1,030	7.7%
1 BR	$1,100	$1,070	4.3%
2 BR	$1,350	$1,340	2.9%
3 BR	$1,850	$1,710	2.1%
4 BR	$2,260	$1,930	2.5%
5 BR	$2,599	Not available	2.5%
6 BR	$2,989	Not available	2.5%
7 BR	$3,437	Not available	2.5%
8 BR	$3,953	Not available	2.5%

Purchase Price Calculator

Maximum purchase price

$137,207

Cost breakdown

+Likely effective rent$1,340

HUD FMR$1,350

Market rentUsed$1,340

Est. payment standard (100%)$1,340

-Principal and interest-$694

Loan amount$109,766

Down payment$27,441

Rate6.50%

Term30 years

-Operating costs-$446

Property taxes-$137

Insurance-$175

Utilities$0

HOA$0

Management-$134

=Target cash flow+$200

Calculation mode

BedroomsCash-flow target

Down payment methodDown payment %

HOA / mo

Utilities methodUtilities amount

Management methodManagement % of rent

Hold period projections

Annual appreciation rate

3-year hold

+$21,683(79.0% ROI)

Projected value

$147,757

Return breakdown

Property appreciation+$10,550

Loan principal paid down+$3,933

Rental cash flow+$7,200

5-year hold

+$37,043(135.0% ROI)

Projected value

$155,237

Return breakdown

Property appreciation+$18,030

Loan principal paid down+$7,013

Rental cash flow+$12,000

10-year hold

+$79,140(288.4% ROI)

Projected value

$175,637

Return breakdown

Property appreciation+$38,430

Loan principal paid down+$16,711

Rental cash flow+$24,000

Public Housing Authority

Rolodex

Market Alignment

Studio

1.07ratio

FMR$1,100

Market$1,030

vs market+$70

FMR is near market; voucher and private rents are aligned.

1.07

1 BR

1.03ratio

FMR$1,100

Market$1,070

vs market+$30

FMR is near market; voucher and private rents are aligned.

1.03

2 BR

1.01ratio

FMR$1,350

Market$1,340

vs market+$10

FMR is near market; voucher and private rents are aligned.

1.01

3 BR

1.08ratio

FMR$1,850

Market$1,710

vs market+$140

FMR is near market; voucher and private rents are aligned.

1.08

4 BR

1.17ratio

FMR$2,260

Market$1,930

vs market+$330

FMR is above market; underwrite to market rent.

1.17

0.700.800.901.001.101.201.30aligned range

Historical

FY 2023-2027

FMR: FY2027
Market rent: last ~365 days
Property value: --
Tax rate: --
Mortgage rate: --

ZIP 37040 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 37040 (Clarksville, TN) is $1,350 a month. That is down 2.2% from $1,380 in FY 2026. Clarksville is in the Clarksville, TN-KY 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 $1,307. Among 17 ZIP codes in Montgomery County, 37040 has the 8th-highest two-bedroom rent (county range $1,190–$1,570). The median county two-bedroom FMR in Tennessee is $1,048, so ZIP 37040 is 29% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 37040
Bedrooms	FY 2026	FY 2027	Change	90–110% range
Studio	$1,120	$1,100	−1.8%	$990–$1,210
1BR	$1,120	$1,100	−1.8%	$990–$1,210
2BR	$1,380	$1,350	−2.2%	$1,215–$1,485
3BR	$1,920	$1,850	−3.6%	$1,665–$2,035
4BR	$2,320	$2,260	−2.6%	$2,034–$2,486

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 37040
Fiscal year	Studio	1BR	2BR	3BR	4BR
FY 2027	$1,100	$1,100	$1,350	$1,850	$2,260
FY 2026	$1,120	$1,120	$1,380	$1,920	$2,320
FY 2025	$890	$950	$1,200	$1,680	$2,020
FY 2024	$880	$970	$1,240	$1,740	$2,100
FY 2023	$710	$770	$1,000	$1,410	$1,700

Two-bedroom rent in nearby Montgomery County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code	2 bedroom	vs. 37040
37010	$1,230	−8.9%
37015	$1,540	+14.1%
37032	$1,240	−8.1%
37035	$1,570	+16.3%
37040Current	$1,350	—
37041	$1,380	+2.2%
37042	$1,360	+0.7%
37043	$1,380	+2.2%
37050	$1,220	−9.6%
37051	$1,190	−11.9%
37052	$1,190	−11.9%
37061	$1,220	−9.6%

Questions about ZIP 37040 rents

How much will Section 8 pay for a two-bedroom in ZIP 37040?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $1,307, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,176 to $1,438 a month; under the ZIP-level Small Area FMR of $1,350 it would be $1,215 to $1,485. 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 37040 in?

ZIP 37040 is in the Clarksville, TN-KY HUD Metro FMR Area. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $1,307.

How much did fair market rent change in ZIP 37040 for FY 2027?

The two-bedroom FMR fell 2.2%, from $1,380 in FY 2026 to $1,350 in FY 2027. Since FY 2023 it has risen 35.0%.

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 rent Clarksville, TN fair market rent TN statewide rents What is SAFMR?Data sources