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Pottawattamie County/Underwood/51576

51576

ZIPSAFMR
Pottawattamie County, IA
Zillow

ZIP Investment Score

58Below average

095130300
BRFMR
Eff. Rent
0 BR$940$940
1 BR$980$980
2 BR$1,170$1,170
3 BR$1,550$1,550
4 BR$1,760$1,760
5 BR$2,024Not available
6 BR$2,328Not available
7 BR$2,677Not available
8 BR$3,078Not available

Purchase Price Calculator

Maximum purchase price
$111,945

Cost breakdown

+Likely effective rent$1,170
HUD FMRUsed$1,170
Market rentN/A
Est. payment standardN/A
-Principal and interest-$566
Loan amount$89,556
Down payment$22,389
Rate6.50%
Term30 years
-Operating costs-$404
Property taxes-$112
Insurance-$175
Utilities$0
HOA$0
Management-$117
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$19,016(84.9% ROI)
Projected value
$120,553
Return breakdown
Property appreciation+$8,608
Loan principal paid down+$3,209
Rental cash flow+$7,200
5-year hold
+$32,432(144.9% ROI)
Projected value
$126,656
Return breakdown
Property appreciation+$14,710
Loan principal paid down+$5,722
Rental cash flow+$12,000
10-year hold
+$68,988(308.1% ROI)
Projected value
$143,299
Return breakdown
Property appreciation+$31,354
Loan principal paid down+$13,634
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 51576 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 51576 (Underwood, IA) is $1,170 a month. That is up 12.5% from $1,040 in FY 2026. Underwood 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 26 ZIP codes in Pottawattamie County, 51576 has the 9th-highest two-bedroom rent (county range $1,010–$1,460). The median county two-bedroom FMR in Iowa is $927, so ZIP 51576 is 26% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 51576
BedroomsFY 2027Change90–110% range
Studio$940+13.3%$846–$1,034
1BR$980+12.6%$882–$1,078
2BR$1,170+12.5%$1,053–$1,287
3BR$1,550+12.3%$1,395–$1,705
4BR$1,760+12.8%$1,584–$1,936

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 51576
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$940$980$1,170$1,550$1,760
FY 2026$830$870$1,040$1,380$1,560
FY 2025$810$880$1,060$1,410$1,560
FY 2024$730$800$980$1,310$1,450
FY 2023$670$740$900$1,200$1,340

Two-bedroom rent in nearby Pottawattamie County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 51576
51549$1,010−13.7%
51552$1,010−13.7%
51553$1,010−13.7%
51555$1,050−10.3%
51559$1,180+0.9%
51560$1,140−2.6%
51566$1,010−13.7%
51570$1,010−13.7%
51571$1,180+0.9%
51575$1,340+14.5%
51576Current$1,170—
51577$1,020−12.8%

Questions about ZIP 51576 rents

How much will Section 8 pay for a two-bedroom in ZIP 51576?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,170, that basic range is $1,053 to $1,287 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 51576 in?

ZIP 51576 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 51576 for FY 2027?

The two-bedroom FMR rose 12.5%, from $1,040 in FY 2026 to $1,170 in FY 2027. Since FY 2023 it has risen 30.0%.

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