Most Affordable ZIP Codes in Indianapolis-Carmel-Anderson, IN (2026)

The lowest entry prices that still hold a decent investability rating — cheap is only useful if the market underneath it is sound.

# ZIP City Home value Rent Cap rate 5-yr growth
1 46016 1% rule Anderson, IN $84,473 $959 8.85% 7.0%
2 46218 1% rule Indianapolis, IN $115,342 $1,280 8.66% 6.0%
3 46063 Orestes, IN $119,790 $981 6.39% —
4 46222 Indianapolis, IN $126,403 $1,234 7.61% 4.9%
5 46201 Indianapolis, IN $154,963 $1,225 6.17% 2.8%
6 46036 Elwood, IN $157,727 $990 4.90% 6.2%
7 46241 Indianapolis, IN $157,981 $1,338 6.61% 4.9%
8 46226 Indianapolis, IN $162,871 $1,228 5.88% 4.7%
9 46203 Indianapolis, IN $168,872 $1,528 7.06% 3.3%
10 46208 Indianapolis, IN $175,906 $1,239 5.49% 2.9%
11 46225 Indianapolis, IN $176,170 $1,411 6.25% 2.8%
12 46013 Anderson, IN $180,686 $1,020 4.40% 6.4%
13 46001 Alexandria, IN $184,412 $982 4.15% 6.7%
14 46219 Indianapolis, IN $187,593 $1,049 4.36% 4.9%
15 46012 Anderson, IN $187,743 $1,231 5.11% 6.7%
16 46070 Summitville, IN $189,135 $1,008 4.16% 6.3%
17 46107 Beech Grove, IN $192,593 $1,340 5.43% 5.2%
18 46111 Brooklyn, IN $194,861 $1,224 4.90% 5.5%
19 46103 Amo, IN $197,241 $1,287 5.09% 5.2%
20 46044 Frankton, IN $202,484 $1,062 4.09% 5.6%
21 46224 Speedway, IN $203,480 $1,077 4.13% 6.2%
22 46175 Russellville, IN $205,156 $963 3.66% 8.6%
23 46221 Indianapolis, IN $210,237 $1,345 4.99% 6.0%
24 46011 Anderson, IN $214,064 $1,188 4.33% 6.8%
25 46235 Indianapolis, IN $218,714 $1,822 6.50% 5.4%

Ranked from Repit’s own ZIP-level data — Zillow home values and rents, HUD fair-market rents where Zillow has no coverage, and U.S. Census vacancy. Cap rate is gross: annual rent over purchase price, before financing and expenses. Every ZIP above links to its full free page. How we calculate this →

Same metro, different strategy

Cash Flow in Indianapolis-Carmel-Anderson, IN  ·  Appreciation in Indianapolis-Carmel-Anderson, IN

Or see the full Indianapolis-Carmel-Anderson, IN metro profile.