Real Estate Investing in Fishers, Indiana (46038)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 46038 (Fishers, IN)? 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.
What’s happening in Fishers, IN (46038)?
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Market Analysis: 46038 Fishers
Investors eyeing 46038 need to respect the fundamentals at play. Home values of $385K come alongside slower price movement and elevated management overhead.
The investment case in 46038 is notable only for operators who understand what they are buying. A $385K median suggests accessibility, but management intensity, vacancy drift, and capex surprises are real.
The gap between 46038 and stronger Fishers ZIPs is not closing quickly. Investors should weight long-horizon assumptions accordingly.
The demographic picture in 46038 includes headwinds that any investor should price in. Income distribution skews lower than Fishers averages, and tenant stability requires active management.
The right play in 46038 usually involves deep tenant screening, aggressive delinquency response, and a conservative capex buffer. Anything less, and the discount can turn into a trap.
Here's what matters if you're considering buying a home in Fishers:
Property Strategy for 46038
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $261,806 | $1,940 | 5.3% | +7.7% | $130,903 |
| 3BR | $341,904 | $2,510 | 5.3% | +7.6% | $113,968 |
| 4BR | $409,030 | $3,080 | 5.4% | +7.5% | $102,257 |
| 5BR | $548,443 | — | — | +7.6% | $109,689 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 46038 Compare?
| Metric | 46038 | Fishers | Indianapolis-Carmel-Anderson, IN | Indiana |
|---|---|---|---|---|
| Home Value | $384,776 | $456,380 | N/A | $248,442 |
| 5-Year CAGR | 5.2% | 5.2% | N/A | 7.7% |
| Avg Rent | $1,800 | $1,879 | N/A | - |
| Cap Rate | 3.7% | 3.2% | - | - |
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 46038 (Fishers, IN). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $384,776 |
| Monthly Rent | $1,800 |
| Price-to-Rent | 17.8:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 5.6% |
| Cap Rate | 3.7% |
| 5-Year IRR | 8.9% |
📈 Home Appreciation
| 1-Year | +4.4% ▲ |
| 3-Year CAGR | +2.6% ▲ |
| 5-Year CAGR | +5.2% ▲ |
| 10-Year CAGR | +6.7% ▲ |
🏠 Rent Trends
| 1-Year | -5.9% ▼ |
| 3-Year CAGR | +0.5% ▲ |
| 5-Year CAGR | +3.0% ▲ |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (3.7%). 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 46038
Population: 43,245
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 46038
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 expensive is real estate in Fishers, IN?
The median home value in Fishers, IN is roughly $385K. That puts it reasonable relative to the IN statewide average.
What is the typical rental rate in Fishers, IN?
The typical rental in Fishers, IN commands about $1,800/mo monthly. That rent profile even-keeled cash flow against the $385K purchase basis.
What is the renter demographic in Fishers, IN?
Fishers, IN offers a stable renter base at the $1,800/mo rent level. Tenant turnover is reasonable for well-managed properties.
What does house hacking look like in Fishers, IN?
For house hackers, Fishers, IN is a challenging. The $1,800/mo rent on a unit helps defray the mortgage on a $385K property.
What is the smart move for investors in Fishers, IN?
In Fishers, IN the significant play is typically careful cash-flow rentals with hands-on management. The combination of $385K prices and $1,800/mo rents suits that approach.
You know 46038 now. You don’t know where it ranks.
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How 46038 ranks in Indianapolis-Carmel-Anderson, IN
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