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Shelby County/Cordova/38018

38018

ZIPSAFMR
Shelby County, TN
Zillow

ZIP Investment Score

94Below average

095130300
BRFMR
Eff. Rent
0 BR$1,500$1,650
1 BR$1,630$1,710
2 BR$1,780$1,670
3 BR$2,350$1,720
4 BR$2,710$2,390
5 BR$3,116Not available
6 BR$3,584Not available
7 BR$4,122Not available
8 BR$4,740Not available

Purchase Price Calculator

Maximum purchase price
$186,245

Cost breakdown

+Likely effective rent$1,670
HUD FMR$1,780
Market rentUsed$1,670
Est. payment standard (96%)$1,710
-Principal and interest-$942
Loan amount$148,996
Down payment$37,249
Rate6.50%
Term30 years
-Operating costs-$528
Property taxes-$186
Insurance-$175
Utilities$0
HOA$0
Management-$167
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$26,859(72.1% ROI)
Projected value
$200,565
Return breakdown
Property appreciation+$14,320
Loan principal paid down+$5,338
Rental cash flow+$7,200
5-year hold
+$45,993(123.5% ROI)
Projected value
$210,719
Return breakdown
Property appreciation+$24,474
Loan principal paid down+$9,519
Rental cash flow+$12,000
10-year hold
+$98,847(265.4% ROI)
Projected value
$238,409
Return breakdown
Property appreciation+$52,164
Loan principal paid down+$22,683
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
0.86
1 BR
0.93
2 BR
1.07
3 BR
1.37
4 BR
1.13
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 38018 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 38018 (Cordova, TN) is $1,780 a month. That is up 2.9% from $1,730 in FY 2026. Cordova is in the Memphis, TN-MS-AR HUD Metro FMR Area, where HUD requires housing authorities to set voucher payment standards by ZIP code using Small Area FMRs. Among 65 ZIP codes in Shelby County, 38018 has the 5th-highest two-bedroom rent (county range $1,000–$1,950). The median county two-bedroom FMR in Tennessee is $1,048, so ZIP 38018 is 70% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 38018
BedroomsFY 2027Change90–110% range
Studio$1,500+4.2%$1,350–$1,650
1BR$1,630+3.8%$1,467–$1,793
2BR$1,780+2.9%$1,602–$1,958
3BR$2,350+3.1%$2,115–$2,585
4BR$2,710+1.9%$2,439–$2,981

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 38018
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,500$1,630$1,780$2,350$2,710
FY 2026$1,440$1,570$1,730$2,280$2,660
FY 2025$1,520$1,660$1,860$2,440$2,860
FY 2024$1,410$1,560$1,770$2,330$2,720
FY 2023$1,070$1,210$1,380$1,820$2,120

Two-bedroom rent in nearby Shelby County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 38018
38002$1,860+4.5%
38004$1,420−20.2%
38011$1,110−37.6%
38016$1,600−10.1%
38017$1,660−6.7%
38018Current$1,780—
38027$1,300−27.0%
38028$1,410−20.8%
38029$1,670−6.2%
38053$1,250−29.8%
38054$1,250−29.8%
38055$1,300−27.0%

Questions about ZIP 38018 rents

How much will Section 8 pay for a two-bedroom in ZIP 38018?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,780, that basic range is $1,602 to $1,958 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 38018 in?

ZIP 38018 is in the Memphis, TN-MS-AR 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 38018 for FY 2027?

The two-bedroom FMR rose 2.9%, from $1,730 in FY 2026 to $1,780 in FY 2027. Since FY 2023 it has risen 29.0%.

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 rentCordova, TN fair market rentTN statewide rentsWhat is SAFMR?Data sources