Gratiot County/Shepherd/48883

48883

ZIPSAFMR

Gratiot County, MI

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ZIP Investment Score

83Below average

095130300

BR	FMR	Eff. Rent	3Y CAGR
0 BR	$830	$890	6.4%
1 BR	$840	$870	6.8%
2 BR	$1,080	$1,190	5.9%
3 BR	$1,370	$1,450	4.8%
4 BR	$1,520	$1,530	6.5%
5 BR	$1,748	Not available	6.5%
6 BR	$2,010	Not available	6.5%
7 BR	$2,312	Not available	6.5%
8 BR	$2,658	Not available	6.4%

Purchase Price Calculator

Maximum purchase price

$114,917

Cost breakdown

+Likely effective rent$1,190

HUD FMR$1,080

Market rent$1,260

Est. payment standard (110%)Used$1,190

-Principal and interest-$581

Loan amount$91,934

Down payment$22,983

Rate6.50%

Term30 years

-Operating costs-$409

Property taxes-$115

Insurance-$175

Utilities$0

HOA$0

Management-$119

=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

+$19,330(84.1% ROI)

Projected value

$123,753

Return breakdown

Property appreciation+$8,836

Loan principal paid down+$3,294

Rental cash flow+$7,200

5-year hold

+$32,975(143.5% ROI)

Projected value

$130,018

Return breakdown

Property appreciation+$15,101

Loan principal paid down+$5,874

Rental cash flow+$12,000

10-year hold

+$70,182(305.4% ROI)

Projected value

$147,103

Return breakdown

Property appreciation+$32,186

Loan principal paid down+$13,996

Rental cash flow+$24,000

Public Housing Authority

Rolodex

Market Alignment

Studio

0.90ratio

FMR$830

Market$920

vs market-$90

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

0.90

1 BR

0.94ratio

FMR$840

Market$890

vs market-$50

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

0.94

2 BR

0.86ratio

FMR$1,080

Market$1,260

vs market-$180

FMR is below market; voucher rent may lag private rents.

0.86

3 BR

0.92ratio

FMR$1,370

Market$1,490

vs market-$120

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

0.92

4 BR

0.99ratio

FMR$1,520

Market$1,530

vs market-$10

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

0.99

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 48883 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 48883 (Shepherd, MI) is $1,080 a month. That is up 4.9% from $1,030 in FY 2026. Shepherd is in the Gratiot County, MI 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 $1,018. Among 24 ZIP codes in Gratiot County, 48883 is tied for the 14th-highest two-bedroom rent (county range $1,010–$1,260).

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 48883
Bedrooms	FY 2026	FY 2027	Change	90–110% range
Studio	$810	$830	+2.5%	$747–$913
1BR	$820	$840	+2.4%	$756–$924
2BR	$1,030	$1,080	+4.9%	$972–$1,188
3BR	$1,330	$1,370	+3.0%	$1,233–$1,507
4BR	$1,380	$1,520	+10.1%	$1,368–$1,672

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 48883
Fiscal year	Studio	1BR	2BR	3BR	4BR
FY 2027	$830	$840	$1,080	$1,370	$1,520
FY 2026	$810	$820	$1,030	$1,330	$1,380
FY 2025	$780	$790	$970	$1,270	$1,380
FY 2024	$690	$690	$910	$1,190	$1,260
FY 2023	$600	$630	$830	$1,110	$1,210

Two-bedroom rent in nearby Gratiot County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code	2 bedroom	vs. 48883
48845	$1,150	+6.5%
48847	$1,010	−6.5%
48856	$1,010	−6.5%
48862	$1,010	−6.5%
48871	$1,200	+11.1%
48874	$1,120	+3.7%
48877	$1,090	+0.9%
48879	$1,150	+6.5%
48880	$1,080	0.0%
48883Current	$1,080	—
48889	$1,190	+10.2%
48891	$1,190	+10.2%

Questions about ZIP 48883 rents

How much will Section 8 pay for a two-bedroom in ZIP 48883?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the county-wide two-bedroom FMR of $1,018, which applies unless the housing authority uses Small Area FMRs, that basic range is $916 to $1,120 a month; under the ZIP-level Small Area FMR of $1,080 it would be $972 to $1,188. 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 48883 in?

ZIP 48883 is in the Gratiot County, MI non-metropolitan FMR area. Small Area FMRs are optional here; the county-wide two-bedroom FMR is $1,018.

How much did fair market rent change in ZIP 48883 for FY 2027?

The two-bedroom FMR rose 4.9%, from $1,030 in FY 2026 to $1,080 in FY 2027. Since FY 2023 it has risen 30.1%.

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 Shepherd, MI fair market rent MI statewide rents What is SAFMR?Data sources