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Mills County/Mineola/51554

51554

ZIPSAFMR
Mills County, IA
Zillow

ZIP Investment Score

69Below average

095130300
BRFMR
Eff. Rent
0 BR$890$890
1 BR$930$930
2 BR$1,110$1,110
3 BR$1,470$1,470
4 BR$1,670$1,670
5 BR$1,920Not available
6 BR$2,209Not available
7 BR$2,540Not available
8 BR$2,921Not available

Purchase Price Calculator

Maximum purchase price
$103,029

Cost breakdown

+Likely effective rent$1,110
HUD FMRUsed$1,110
Market rentN/A
Est. payment standardN/A
-Principal and interest-$521
Loan amount$82,423
Down payment$20,606
Rate6.50%
Term30 years
-Operating costs-$389
Property taxes-$103
Insurance-$175
Utilities$0
HOA$0
Management-$111
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$18,075(87.7% ROI)
Projected value
$110,951
Return breakdown
Property appreciation+$7,922
Loan principal paid down+$2,953
Rental cash flow+$7,200
5-year hold
+$30,805(149.5% ROI)
Projected value
$116,568
Return breakdown
Property appreciation+$13,539
Loan principal paid down+$5,266
Rental cash flow+$12,000
10-year hold
+$65,405(317.4% ROI)
Projected value
$131,886
Return breakdown
Property appreciation+$28,857
Loan principal paid down+$12,548
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 51554 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 51554 (Mineola, IA) is $1,110 a month. That is up 4.7% from $1,060 in FY 2026. Mineola is in the Omaha-Council Bluffs, NE-IA HUD Metro FMR Area, where HUD requires housing authorities to set voucher payment standards by ZIP code using Small Area FMRs. Among 13 ZIP codes in Mills County, 51554 is tied for the 9th-highest two-bedroom rent (county range $1,010–$1,310). The median county two-bedroom FMR in Iowa is $927, so ZIP 51554 is 20% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 51554
BedroomsFY 2027Change90–110% range
Studio$890+6.0%$801–$979
1BR$930+5.7%$837–$1,023
2BR$1,110+4.7%$999–$1,221
3BR$1,470+5.0%$1,323–$1,617
4BR$1,670+5.7%$1,503–$1,837

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 51554
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$890$930$1,110$1,470$1,670
FY 2026$840$880$1,060$1,400$1,580
FY 2025$810$880$1,060$1,410$1,560
FY 2024$800$860$1,040$1,390$1,540
FY 2023$740$820$1,000$1,340$1,490

Two-bedroom rent in nearby Mills County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 51554
51503$1,230+10.8%
51533$1,310+18.0%
51534$1,090−1.8%
51540$1,160+4.5%
51541$1,120+0.9%
51549$1,010−9.0%
51551$1,1100.0%
51554Current$1,110—
51561$1,190+7.2%
51571$1,180+6.3%
51645$1,090−1.8%
51649$1,290+16.2%

Questions about ZIP 51554 rents

How much will Section 8 pay for a two-bedroom in ZIP 51554?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,110, that basic range is $999 to $1,221 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 51554 in?

ZIP 51554 is in the Omaha-Council Bluffs, NE-IA 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 51554 for FY 2027?

The two-bedroom FMR rose 4.7%, from $1,060 in FY 2026 to $1,110 in FY 2027. Since FY 2023 it has risen 11.0%.

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 rentMineola, IA fair market rentIA statewide rentsWhat is SAFMR?Data sources