To determine the fair market rental (not the fair market sale value) for your location, you can use the HUD tool in this reference:  https://www.huduser.gov/portal/datasets/fmr.html

fair market value & fair rental values are 2 different things ...

Fair Market value is what it is worth today ... fair rental value is what similar properties are renting for today.

It is the current market value if you were to sell it today.