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Minnehaha County/Sioux Falls/57186

57186

ZIPFMR
Minnehaha County, SD
Zillow
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ZIP Investment Score

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095130300
BRFMR
Eff. Rent
0 BR$941$1,040
1 BR$1,044$1,150
2 BR$1,228$1,350
3 BR$1,694$1,860
4 BR$2,053$2,260
5 BR$2,361Not available
6 BR$2,715Not available
7 BR$3,122Not available
8 BR$3,591Not available

Purchase Price Calculator

Maximum purchase price
$138,693

Cost breakdown

+Likely effective rent$1,350
HUD FMR$1,228
Market rent$1,730
Est. payment standard (110%)Used$1,350
-Principal and interest-$701
Loan amount$110,954
Down payment$27,739
Rate6.50%
Term30 years
-Operating costs-$449
Property taxes-$139
Insurance-$175
Utilities$0
HOA$0
Management-$135
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$21,839(78.7% ROI)
Projected value
$149,357
Return breakdown
Property appreciation+$10,664
Loan principal paid down+$3,975
Rental cash flow+$7,200
5-year hold
+$37,314(134.5% ROI)
Projected value
$156,918
Return breakdown
Property appreciation+$18,225
Loan principal paid down+$7,089
Rental cash flow+$12,000
10-year hold
+$79,737(287.5% ROI)
Projected value
$177,539
Return breakdown
Property appreciation+$38,846
Loan principal paid down+$16,892
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
0.84
1 BR
0.65
2 BR
0.71
3 BR
0.66
4 BR
0.84
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
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Tax rate
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Mortgage rate
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ZIP 57186 fair market rent, FY 2027

For FY 2027, HUD's Fair Market Rent for a two-bedroom unit in ZIP 57186 (Sioux Falls, SD) is $1,228 a month. That is up 6.2% from $1,156 in FY 2026. Sioux Falls is in the Sioux Falls, SD HUD Metro FMR Area. The median county two-bedroom FMR in South Dakota is $1,033, so ZIP 57186 is 19% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 57186
BedroomsFY 2027Change90–110% range
Studio$941+8.8%$847–$1,035
1BR$1,044+5.9%$940–$1,148
2BR$1,228+6.2%$1,105–$1,351
3BR$1,694+6.8%$1,525–$1,863
4BR$2,053+5.9%$1,848–$2,258

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 57186
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$941$1,044$1,228$1,694$2,053
FY 2026$865$986$1,156$1,586$1,939
FY 2025$748$882$1,030$1,412$1,730
FY 2024$769$884$1,042$1,417$1,768
FY 2023$710$793$949$1,274$1,616

Questions about ZIP 57186 rents

How much will Section 8 pay for a two-bedroom in ZIP 57186?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,228, that basic range is $1,105 to $1,351 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 57186 in?

ZIP 57186 is in the Sioux Falls, SD HUD Metro FMR Area. Small Area FMRs are not mandatory in this area.

How much did fair market rent change in ZIP 57186 for FY 2027?

The two-bedroom FMR rose 6.2%, from $1,156 in FY 2026 to $1,228 in FY 2027. Since FY 2023 it has risen 29.4%.

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 Fair Market Rents. 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 rentSioux Falls, SD fair market rentSD statewide rentsWhat is SAFMR?Data sources