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Harrison County/Neola/51559

51559

ZIPSAFMR
Harrison County, IA
Zillow

ZIP Investment Score

98Above average

095130300
BRFMR
Eff. Rent
0 BR$950$950
1 BR$990$990
2 BR$1,180$1,180
3 BR$1,570$1,570
4 BR$1,770$1,770
5 BR$2,035Not available
6 BR$2,341Not available
7 BR$2,692Not available
8 BR$3,096Not available

Purchase Price Calculator

Maximum purchase price
$113,431

Cost breakdown

+Likely effective rent$1,180
HUD FMRUsed$1,180
Market rentN/A
Est. payment standardN/A
-Principal and interest-$574
Loan amount$90,745
Down payment$22,686
Rate6.50%
Term30 years
-Operating costs-$406
Property taxes-$113
Insurance-$175
Utilities$0
HOA$0
Management-$118
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$19,173(84.5% ROI)
Projected value
$122,153
Return breakdown
Property appreciation+$8,722
Loan principal paid down+$3,251
Rental cash flow+$7,200
5-year hold
+$32,703(144.2% ROI)
Projected value
$128,337
Return breakdown
Property appreciation+$14,906
Loan principal paid down+$5,798
Rental cash flow+$12,000
10-year hold
+$69,585(306.7% ROI)
Projected value
$145,201
Return breakdown
Property appreciation+$31,770
Loan principal paid down+$13,815
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 51559 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 51559 (Neola, IA) is $1,180 a month. That is up 2.6% from $1,150 in FY 2026. Neola 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 16 ZIP codes in Harrison County, 51559 has the 3rd-highest two-bedroom rent (county range $1,010–$1,440). The median county two-bedroom FMR in Iowa is $927, so ZIP 51559 is 27% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 51559
BedroomsFY 2027Change90–110% range
Studio$950+3.3%$855–$1,045
1BR$990+2.1%$891–$1,089
2BR$1,180+2.6%$1,062–$1,298
3BR$1,570+3.3%$1,413–$1,727
4BR$1,770+2.9%$1,593–$1,947

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 51559
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$950$990$1,180$1,570$1,770
FY 2026$920$970$1,150$1,520$1,720
FY 2025$860$910$1,090$1,450$1,610
FY 2024$800$870$1,050$1,400$1,560
FY 2023$700$780$950$1,270$1,410

Two-bedroom rent in nearby Harrison County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 51559
51546$1,090−7.6%
51550$1,070−9.3%
51555$1,050−11.0%
51556$1,440+22.0%
51557$1,130−4.2%
51558$1,010−14.4%
51559Current$1,180—
51562$1,010−14.4%
51563$1,250+5.9%
51564$1,010−14.4%
51565$1,010−14.4%
51570$1,010−14.4%

Questions about ZIP 51559 rents

How much will Section 8 pay for a two-bedroom in ZIP 51559?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,180, that basic range is $1,062 to $1,298 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 51559 in?

ZIP 51559 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 51559 for FY 2027?

The two-bedroom FMR rose 2.6%, from $1,150 in FY 2026 to $1,180 in FY 2027. Since FY 2023 it has risen 24.2%.

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