Real Estate Investing in Spencerville, Ohio (45887)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 45887 (Spencerville, OH)? Our answer, based on the numbers below.
Solid choice — values are growing steadily and the market is stable enough to buy with confidence.
A middle-of-the-road market. Workable, but the best opportunities may be nearby ZIPs rather than this one.
No major risk flags on the data we track.
• Modeled rent — no observed market rent for this ZIP; the figure is estimated from HUD fair-market rent.
What’s happening in Spencerville, OH (45887)?
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Market Analysis: 45887 Spencerville
The 45887 ZIP in Spencerville, OH is a local-operator market. Outside capital chasing a $205K entry has to pair deep knowledge with the discount.
Distressed does not mean uninvestable. It means the margin for error is thinner. ZIP 45887 rewards the prepared, punishes the overconfident, and leaves the math unchanged either way.
Regionally, 45887 sits on the difficult end of the OH spectrum. The a strong candidate for read — for disciplined operators — is that pricing reflects the difficulty.
A impressive renter share of 24% in 45887 is not, on its own, a problem — but paired with below-average income and high mobility, it changes the operating playbook.
The 45887 ZIP fits a narrow investor profile — hands-on, patient, and willing to accept that the cap rate on paper is not the cap rate in reality.
Here's what matters if you're considering buying a home in Spencerville:
Property Strategy for 45887
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $127,475 | $1,030 | 5.8% | +7.7% | $63,738 |
| 3BR | $211,707 | $1,260 | 4.3% | +7.3% | $70,569 |
| 4BR | $212,271 | $1,410 | 4.8% | +7.4% | $53,068 |
Market Trends
Home Value History (with trend line)
📊 How Does 45887 Compare?
| Metric | 45887 | Spencerville | Lima, OH | Ohio |
|---|---|---|---|---|
| Home Value | $205,299 | $205,299 | N/A | $237,530 |
| 5-Year CAGR | 5.8% | 5.8% | N/A | 7.4% |
| Avg Rent | $927 | $927 | N/A | - |
| Cap Rate | 3.5% | 3.5% | - | - |
Similar ZIPs Within 25 Miles
Compare other nearby markets to see if a neighbor offers a better fit.
Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 45887 (Spencerville, OH). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $205,299 |
| Monthly Rent | $927 |
| Price-to-Rent | 18.5:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 5.4% |
| Cap Rate | 3.5% |
| 5-Year IRR | 9.3% |
📈 Home Appreciation
| 1-Year | +11.3% ▲ |
| 3-Year CAGR | +7.0% ▲ |
| 5-Year CAGR | +5.8% ▲ |
| 10-Year CAGR | +7.0% ▲ |
🏠 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 (3.5%). 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 45887
Population: 4,335
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 45887
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.
🎓 Nearby Colleges & Universities
Frequently Asked Questions
How should investors approach Spencerville, OH?
In Spencerville, OH the resilient play is typically careful cash-flow rentals with hands-on management. The combination of $205K prices and $927/mo rents suits that approach.
Does house hacking make sense in Spencerville, OH?
House hacking works a challenging in Spencerville, OH. Rents of $927/mo against $205K acquisition make the strategy solid for owner-occupants.
What is the median home value in Spencerville, OH?
Typical homes in Spencerville, OH go for around $205K. The 5-year CAGR of 0.0% reliable price movement.
Does Spencerville, OH make sense for an investment property?
With a 3.0/5 investability score, Spencerville, OH ranks as a solid market for rental property investors. Median prices of $205K and rents of $927/mo drive the underlying numbers.
Is the tenant base reliable in Spencerville, OH?
The renter base in Spencerville, OH is reasonable for the $927/mo price point. Screening well and pricing to market typically yields consistent tenants.
You know 45887 now. You don’t know where it ranks.
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How 45887 ranks in Lima, OH
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