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Shelby County/Flat Rock/47234

47234

ZIPSAFMR
Shelby County, IN
Zillow

ZIP Investment Score

98Above average

095130300
BRFMR
Eff. Rent
0 BR$1,120$1,120
1 BR$1,210$1,210
2 BR$1,410$1,410
3 BR$1,760$1,760
4 BR$2,120$2,120
5 BR$2,438Not available
6 BR$2,804Not available
7 BR$3,224Not available
8 BR$3,708Not available

Purchase Price Calculator

Maximum purchase price
$147,609

Cost breakdown

+Likely effective rent$1,410
HUD FMRUsed$1,410
Market rentN/A
Est. payment standardN/A
-Principal and interest-$746
Loan amount$118,087
Down payment$29,522
Rate6.50%
Term30 years
-Operating costs-$464
Property taxes-$148
Insurance-$175
Utilities$0
HOA$0
Management-$141
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$22,781(77.2% ROI)
Projected value
$158,959
Return breakdown
Property appreciation+$11,350
Loan principal paid down+$4,231
Rental cash flow+$7,200
5-year hold
+$38,942(131.9% ROI)
Projected value
$167,006
Return breakdown
Property appreciation+$19,397
Loan principal paid down+$7,545
Rental cash flow+$12,000
10-year hold
+$83,320(282.2% ROI)
Projected value
$188,952
Return breakdown
Property appreciation+$41,343
Loan principal paid down+$17,977
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 47234 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 47234 (Flat Rock, IN) is $1,410 a month. That is up 11.9% from $1,260 in FY 2026. Flat Rock is in the Indianapolis-Carmel, IN HUD Metro FMR Area, where HUD requires housing authorities to set voucher payment standards by ZIP code using Small Area FMRs. Among 17 ZIP codes in Shelby County, 47234 has the 7th-highest two-bedroom rent (county range $1,040–$2,030). The median county two-bedroom FMR in Indiana is $1,086, so ZIP 47234 is 30% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 47234
BedroomsFY 2027Change90–110% range
Studio$1,120+10.9%$1,008–$1,232
1BR$1,210+11.0%$1,089–$1,331
2BR$1,410+11.9%$1,269–$1,551
3BR$1,760+11.4%$1,584–$1,936
4BR$2,120+12.2%$1,908–$2,332

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 47234
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,120$1,210$1,410$1,760$2,120
FY 2026$1,010$1,090$1,260$1,580$1,890
FY 2025$940$1,040$1,220$1,590$1,920
FY 2024$850$940$1,090$1,410$1,640
FY 2023$740$790$920$1,220$1,410

Two-bedroom rent in nearby Shelby County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 47234
46140$1,430+1.4%
46144$1,340−5.0%
46150$1,280−9.2%
46161$1,340−5.0%
46162$1,540+9.2%
46163$1,430+1.4%
46176$1,280−9.2%
46182$2,030+44.0%
46259$1,590+12.8%
47234Current$1,410—
47240$1,120−20.6%
47272$1,180−16.3%

Questions about ZIP 47234 rents

How much will Section 8 pay for a two-bedroom in ZIP 47234?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,410, that basic range is $1,269 to $1,551 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 47234 in?

ZIP 47234 is in the Indianapolis-Carmel, IN 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 47234 for FY 2027?

The two-bedroom FMR rose 11.9%, from $1,260 in FY 2026 to $1,410 in FY 2027. Since FY 2023 it has risen 53.3%.

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