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Ripley County/Osgood/47037

47037

ZIPSAFMR
Ripley County, IN
Zillow

ZIP Investment Score

88Below average

095130300
BRFMR
Eff. Rent
0 BR$780$780
1 BR$800$800
2 BR$1,040$1,040
3 BR$1,350$1,350
4 BR$1,420$1,420
5 BR$1,633Not available
6 BR$1,878Not available
7 BR$2,160Not available
8 BR$2,484Not available

Purchase Price Calculator

Maximum purchase price
$92,627

Cost breakdown

+Likely effective rent$1,040
HUD FMRUsed$1,040
Market rentN/A
Est. payment standardN/A
-Principal and interest-$468
Loan amount$74,102
Down payment$18,525
Rate6.50%
Term30 years
-Operating costs-$372
Property taxes-$93
Insurance-$175
Utilities$0
HOA$0
Management-$104
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$16,977(91.6% ROI)
Projected value
$99,749
Return breakdown
Property appreciation+$7,122
Loan principal paid down+$2,655
Rental cash flow+$7,200
5-year hold
+$28,906(156.0% ROI)
Projected value
$104,799
Return breakdown
Property appreciation+$12,172
Loan principal paid down+$4,734
Rental cash flow+$12,000
10-year hold
+$61,225(330.5% ROI)
Projected value
$118,570
Return breakdown
Property appreciation+$25,943
Loan principal paid down+$11,281
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
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Tax rate
--
Mortgage rate
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ZIP 47037 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 47037 (Osgood, IN) is $1,040 a month. That is up 8.3% from $960 in FY 2026. Osgood is in the Ripley County, IN non-metropolitan 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 county-wide two-bedroom FMR of $1,053. Among 16 ZIP codes in Ripley County, 47037 has the 13th-highest two-bedroom rent (county range $1,010–$1,400). The median county two-bedroom FMR in Indiana is $1,086, so ZIP 47037 is 4% below it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 47037
BedroomsFY 2027Change90–110% range
Studio$780+18.2%$702–$858
1BR$800+9.6%$720–$880
2BR$1,040+8.3%$936–$1,144
3BR$1,350+7.1%$1,215–$1,485
4BR$1,420+2.2%$1,278–$1,562

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 47037
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$780$800$1,040$1,350$1,420
FY 2026$660$730$960$1,260$1,390
FY 2025$670$710$930$1,300$1,320
FY 2024area FMR$617$673$884$1,216$1,282
FY 2023area FMR$583$642$845$1,139$1,247

Marked years use a different HUD benchmark than FY 2027, so they are not a like-for-like change.

Two-bedroom rent in nearby Ripley County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 47037
47006$1,110+6.7%
47017$1,070+2.9%
47018$1,220+17.3%
47021$1,050+1.0%
47023$1,210+16.3%
47031$1,180+13.5%
47032$1,400+34.6%
47033$1,050+1.0%
47034$1,070+2.9%
47037Current$1,040—
47041$1,170+12.5%
47042$1,010−2.9%

Questions about ZIP 47037 rents

How much will Section 8 pay for a two-bedroom in ZIP 47037?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the county-wide two-bedroom FMR of $1,053, which applies unless the housing authority uses Small Area FMRs, that basic range is $948 to $1,158 a month; under the ZIP-level Small Area FMR of $1,040 it would be $936 to $1,144. 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 47037 in?

ZIP 47037 is in the Ripley County, IN non-metropolitan FMR area. Small Area FMRs are optional here; the county-wide two-bedroom FMR is $1,053.

How much did fair market rent change in ZIP 47037 for FY 2027?

The two-bedroom FMR rose 8.3%, from $960 in FY 2026 to $1,040 in FY 2027. Since FY 2025 it has risen 11.8%.

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 rentOsgood, IN fair market rentIN statewide rentsWhat is SAFMR?Data sources