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Hamlin County/Watertown/57201

57201

ZIPSAFMR
Hamlin County, SD
Zillow

ZIP Investment Score

55Below average

095130300
BRFMR
Eff. Rent
0 BR$870$870
1 BR$940$910
2 BR$1,230$1,260
3 BR$1,500$1,380
4 BR$1,710$1,210
5 BR$1,966Not available
6 BR$2,261Not available
7 BR$2,601Not available
8 BR$2,991Not available

Purchase Price Calculator

Maximum purchase price
$125,319

Cost breakdown

+Likely effective rent$1,260
HUD FMR$1,230
Market rent$1,280
Est. payment standard (103%)Used$1,260
-Principal and interest-$634
Loan amount$100,255
Down payment$25,064
Rate6.50%
Term30 years
-Operating costs-$426
Property taxes-$125
Insurance-$175
Utilities$0
HOA$0
Management-$126
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$20,428(81.5% ROI)
Projected value
$134,955
Return breakdown
Property appreciation+$9,636
Loan principal paid down+$3,592
Rental cash flow+$7,200
5-year hold
+$34,873(139.1% ROI)
Projected value
$141,787
Return breakdown
Property appreciation+$16,468
Loan principal paid down+$6,405
Rental cash flow+$12,000
10-year hold
+$74,363(296.7% ROI)
Projected value
$160,419
Return breakdown
Property appreciation+$35,100
Loan principal paid down+$15,263
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
1.00
1 BR
1.03
2 BR
0.96
3 BR
1.09
4 BR
1.41
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 57201 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 57201 (Watertown, SD) is $1,230 a month. That is up 13.9% from $1,080 in FY 2026. Watertown is in the Hamlin County, SD 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 $1,014. Among 14 ZIP codes in Hamlin County, 57201 has the 3rd-highest two-bedroom rent (county range $1,010–$1,320). The median county two-bedroom FMR in South Dakota is $1,033, so ZIP 57201 is 19% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 57201
BedroomsFY 2027Change90–110% range
Studio$870+17.6%$783–$957
1BR$940+14.6%$846–$1,034
2BR$1,230+13.9%$1,107–$1,353
3BR$1,500+13.6%$1,350–$1,650
4BR$1,710+6.9%$1,539–$1,881

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 57201
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$870$940$1,230$1,500$1,710
FY 2026$740$820$1,080$1,320$1,600
FY 2025$690$760$1,000$1,270$1,600
FY 2024area FMR$613$695$905$1,225$1,229
FY 2023area FMR$575$660$826$1,156$1,160

Marked years use a different HUD benchmark than FY 2027, so they are not a like-for-like change.

Two-bedroom rent in nearby Hamlin County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 57201
57201Current$1,230—
57212$1,060−13.8%
57220$1,060−13.8%
57221$1,040−15.4%
57223$1,320+7.3%
57226$1,010−17.9%
57233$1,050−14.6%
57234$1,010−17.9%
57238$1,150−6.5%
57241$1,010−17.9%
57242$1,090−11.4%
57243$1,200−2.4%

Questions about ZIP 57201 rents

How much will Section 8 pay for a two-bedroom in ZIP 57201?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the county-wide two-bedroom FMR of $1,014, which applies unless the housing authority uses Small Area FMRs, that basic range is $913 to $1,115 a month; under the ZIP-level Small Area FMR of $1,230 it would be $1,107 to $1,353. 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 57201 in?

ZIP 57201 is in the Hamlin County, SD non-metropolitan FMR area. Small Area FMRs are optional here; the county-wide two-bedroom FMR is $1,014.

How much did fair market rent change in ZIP 57201 for FY 2027?

The two-bedroom FMR rose 13.9%, from $1,080 in FY 2026 to $1,230 in FY 2027. Since FY 2025 it has risen 23.0%.

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 rentWatertown, SD fair market rentSD statewide rentsWhat is SAFMR?Data sources