Real Estate Investing in Albany, Kentucky (42602)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 42602 (Albany, KY)? Our answer, based on the numbers below.
Mixed signals — some positives, some negatives. Worth considering but not a slam-dunk.
A cash-flow market — rent-to-price math works from day one, though value growth is modest. Great for income-focused investors.
- High vacancy: 25.9% of homes vacant — above national norms.
- 1-year downturn: Values declined 7.8% in the last year.
• Modeled rent — no observed market rent for this ZIP; the figure is estimated from HUD fair-market rent.
What’s happening in Albany, KY (42602)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 42602 Albany
The 42602 ZIP covers a section of Albany that demands careful diligence. Prices near $150K look accessible, but the work to make a deal cash flow is real.
For an experienced owner, 42602 can be a a credible choice for hunting ground — but the discount at $150K reflects genuine risk that outside investors often underestimate.
Nearby ZIPs in Albany have seen price recovery that 42602 has not matched. Clinton County data supports the view that the spread is structural rather than temporary.
The 42602 ZIP's population of 9,138 has faced economic pressure over the last decade. That pressure shows up in rent delinquency patterns that records the need for careful underwriting.
Strategically, 42602 can be a high-return sleeve of a diversified portfolio — but it should not be the whole portfolio, and it should not be someone's first deal.
Here's what matters if you're considering buying a home in Albany:
Property Strategy for 42602
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $112,993 | $930 | 5.9% | +8.8% | $56,497 |
| 3BR | $172,197 | $1,110 | 4.6% | +8.2% | $57,399 |
| 4BR | $239,151 | $1,320 | 4.0% | +9.7% | $59,788 |
Market Trends
Home Value History (with trend line)
📊 How Does 42602 Compare?
| Metric | 42602 | Albany | Kentucky |
|---|---|---|---|
| Home Value | $149,817 | $149,817 | $225,788 |
| 5-Year CAGR | 4.1% | 4.1% | 6.9% |
| Avg Rent | $837 | $837 | - |
| Cap Rate | 4.4% | 4.4% | - |
Similar ZIPs Within 25 Miles
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Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 42602 (Albany, KY). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $149,817 |
| Monthly Rent | $837 |
| Price-to-Rent | 14.9:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 6.7% |
| Cap Rate | 4.4% |
| 5-Year IRR | 8.5% |
📈 Home Appreciation
| 1-Year | -7.8% ▼ |
| 3-Year CAGR | +1.5% ▲ |
| 5-Year CAGR | +4.1% ▲ |
| 10-Year CAGR | +6.5% ▲ |
🏠 Rent Trends
| 1-Year | N/A |
| 3-Year CAGR | N/A |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (4.4%). Financing reduces your cash-on-cash return below the cap rate. Markets like this may still make sense as IRR plays — factoring in appreciation, depreciation, and a future refinance when rates drop.
Run an IRR Analysis →⚠️ Risk Signals
Composite view of factors that can impact a ZIP's stability and your downside risk.
Demographics in 42602
Population: 9,138
Crime & Safety
Crime & Safety Data Coming Soon
We're integrating comprehensive crime statistics including violent crime rates, property crime, and safety scores to help you make informed investment decisions.
Expected: Q1 2025
🎓 Schools in 42602
Schools in This ZIP Code
About Repit School Scores
Traditional school ratings rely heavily on standardized test scores, which often reflect family income more than school quality. Repit takes a different approach.
We evaluate schools based on factors that research shows actually impact educational outcomes:
- Class Size — Smaller classes mean more individual attention
- School Funding — Resources available for programs, staff, and facilities
- Community Factors — Neighborhood characteristics that influence student success
- School Environment — Size, type, and structure
Scores are updated annually using federal education data.
Frequently Asked Questions
How much is rent in Albany, KY?
Investors in Albany, KY typically see rents near $837/mo per month against $150K home values - a solid setup for rental cash flow.
How quickly do rentals get leased in Albany, KY?
Albany, KY vacancy trends elevated. Investors running standard buy-and-hold plays see reasonable downtime between tenants.
What strategy should investors use in Albany, KY?
For Albany, KY, careful cash-flow rentals with hands-on management is the standard investor playbook. The market structure makes it a reasonable default approach.
Are tenants stable in Albany, KY?
Tenant demand in Albany, KY is solid. The local workforce $837/mo rents across most rental classes.
What price range are homes in Albany, KY?
Expect median prices around $150K in Albany, KY. The market has run at a 0.0% 5-year CAGR, so entry costs have been reliable.
You know 42602 now. You don’t know where it ranks.
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