Davidson County/Madison/37115

37115

ZIPSAFMR

Davidson County, TN

View on ZillowZillow

ZIP Investment Score

88Below average

095130300

BR	FMR	Eff. Rent	3Y CAGR
0 BR	$1,470	$1,170	4.5%
1 BR	$1,530	$1,300	4.8%
2 BR	$1,670	$1,700	3.9%
3 BR	$2,140	$2,080	4.6%
4 BR	$2,600	$2,670	4.5%
5 BR	$2,990	Not available	4.5%
6 BR	$3,438	Not available	4.5%
7 BR	$3,954	Not available	4.5%
8 BR	$4,547	Not available	4.5%

Purchase Price Calculator

Maximum purchase price

$190,703

Cost breakdown

+Likely effective rent$1,700

HUD FMR$1,670

Market rent$1,720

Est. payment standard (102%)Used$1,700

-Principal and interest-$964

Loan amount$152,562

Down payment$38,141

Rate6.50%

Term30 years

-Operating costs-$536

Property taxes-$191

Insurance-$175

Utilities$0

HOA$0

Management-$170

=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

+$27,329(71.7% ROI)

Projected value

$205,366

Return breakdown

Property appreciation+$14,663

Loan principal paid down+$5,466

Rental cash flow+$7,200

5-year hold

+$46,807(122.7% ROI)

Projected value

$215,763

Return breakdown

Property appreciation+$25,060

Loan principal paid down+$9,747

Rental cash flow+$12,000

10-year hold

+$100,639(263.9% ROI)

Projected value

$244,116

Return breakdown

Property appreciation+$53,413

Loan principal paid down+$23,226

Rental cash flow+$24,000

Public Housing Authority

Rolodex

Market Alignment

Studio

1.26ratio

FMR$1,470

Market$1,170

vs market+$300

FMR is above market; underwrite to market rent.

1.26

1 BR

1.18ratio

FMR$1,530

Market$1,300

vs market+$230

FMR is above market; underwrite to market rent.

1.18

2 BR

0.97ratio

FMR$1,670

Market$1,720

vs market-$50

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

0.97

3 BR

1.03ratio

FMR$2,140

Market$2,080

vs market+$60

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

1.03

4 BR

0.96ratio

FMR$2,600

Market$2,700

vs market-$100

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

0.96

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 37115 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 37115 (Madison, TN) is $1,670 a month. That is up 3.1% from $1,620 in FY 2026. Madison is in the Nashville-Davidson--Murfreesboro--Franklin, TN HUD Metro FMR Area, where HUD requires housing authorities to set voucher payment standards by ZIP code using Small Area FMRs. Among 49 ZIP codes in Davidson County, 37115 has the 41st-highest two-bedroom rent (county range $1,210–$2,700). The median county two-bedroom FMR in Tennessee is $1,048, so ZIP 37115 is 59% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 37115
Bedrooms	FY 2026	FY 2027	Change	90–110% range
Studio	$1,410	$1,470	+4.3%	$1,323–$1,617
1BR	$1,480	$1,530	+3.4%	$1,377–$1,683
2BR	$1,620	$1,670	+3.1%	$1,503–$1,837
3BR	$2,070	$2,140	+3.4%	$1,926–$2,354
4BR	$2,520	$2,600	+3.2%	$2,340–$2,860

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 37115
Fiscal year	Studio	1BR	2BR	3BR	4BR
FY 2027	$1,470	$1,530	$1,670	$2,140	$2,600
FY 2026	$1,410	$1,480	$1,620	$2,070	$2,520
FY 2025	$1,440	$1,500	$1,660	$2,100	$2,580
FY 2024	$1,290	$1,330	$1,490	$1,870	$2,280
FY 2023	$1,140	$1,170	$1,320	$1,650	$2,040

Two-bedroom rent in nearby Davidson County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code	2 bedroom	vs. 37115
37070	$1,840	+10.2%
37072	$1,660	−0.6%
37073	$1,360	−18.6%
37076	$1,840	+10.2%
37080	$1,210	−27.5%
37086	$2,080	+24.6%
37115Current	$1,670	—
37116	$1,840	+10.2%
37122	$2,280	+36.5%
37135	$2,700	+61.7%
37138	$1,850	+10.8%
37143	$1,510	−9.6%

Questions about ZIP 37115 rents

How much will Section 8 pay for a two-bedroom in ZIP 37115?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,670, that basic range is $1,503 to $1,837 a month. 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 37115 in?

ZIP 37115 is in the Nashville-Davidson--Murfreesboro--Franklin, TN HUD Metro FMR Area. HUD requires Small Area FMRs in this area, so payment standards are set by ZIP code.

How much did fair market rent change in ZIP 37115 for FY 2027?

The two-bedroom FMR rose 3.1%, from $1,620 in FY 2026 to $1,670 in FY 2027. Since FY 2023 it has risen 26.5%.

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