Real Estate Investing in Carthage, Indiana (46115)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 46115 (Carthage, IN)? Our answer, based on the numbers below.
Mixed signals — some positives, some negatives. Worth considering but not a slam-dunk.
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 Carthage, IN (46115)?
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Market Analysis: 46115 Carthage
Looking more closely, ZIP 46115 has challenges — vacancy pressure, softer price growth, and tenant stability concerns sit alongside the $239K median. It rewards specialists, not generalists.
From a cash-flow lens, the numbers look inviting — $239K purchase price, 0.0% nominal cap — the work to hit that pro forma in 46115 is substantial and deserves full respect.
Statewide comparisons place 46115 among IN's softer markets. That context does not make the ZIP uninvestable, but it does raise the bar for due diligence.
The 46115 ZIP's population of 1,512 has faced economic pressure over the last decade. That pressure shows up in rent delinquency patterns that shows the need for careful underwriting.
Experienced landlords with local relationships tend to find 46115 workable. Turnkey investors from out of state usually find the numbers do not hold up in practice.
Here's what matters if you're considering buying a home in Carthage:
Property Strategy for 46115
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $154,061 | $1,100 | 5.1% | +8.7% | $77,031 |
| 3BR | $243,261 | $1,440 | 4.3% | +9.8% | $81,087 |
| 4BR | $273,508 | $1,730 | 4.6% | +8.4% | $68,377 |
Market Trends
Home Value History (with trend line)
📊 How Does 46115 Compare?
| Metric | 46115 | Carthage | Indiana |
|---|---|---|---|
| Home Value | $238,855 | $238,855 | $248,442 |
| 5-Year CAGR | 7.2% | 7.2% | 7.7% |
| Avg Rent | $990 | $990 | - |
| Cap Rate | 3.2% | 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 46115 (Carthage, IN). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $238,855 |
| Monthly Rent | $990 |
| Price-to-Rent | 20.1:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 5.0% |
| Cap Rate | 3.2% |
| 5-Year IRR | 10.5% |
📈 Home Appreciation
| 1-Year | +5.6% ▲ |
| 3-Year CAGR | +5.6% ▲ |
| 5-Year CAGR | +7.2% ▲ |
| 10-Year CAGR | +7.9% ▲ |
🏠 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 (3.2%). 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 46115
Population: 1,512
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
Frequently Asked Questions
Should investors consider Carthage, IN?
With a 3.0/5 investability score, Carthage, IN ranks as a solid market for rental property investors. Median prices of $239K and rents of $990/mo drive the underlying numbers.
Is Carthage, IN landlord-friendly?
IN ranks as a landlord-friendly state for landlord-tenant law. Carthage generally follows the statewide framework, so landlords face reasonable operating rules.
Should investors worry about vacancy in Carthage, IN?
Vacancy in Carthage, IN is elevated, which keeps landlord downtime on reasonable timelines. Most properties lease within the standard window at $990/mo.
Are tenants stable in Carthage, IN?
Working renters make up the core of the Carthage, IN tenant base. The pool is reasonable for investors targeting long-term holds.
How much rent can I charge in Carthage, IN?
Rents in Carthage, IN run near $990/mo. Compared with median home prices of $239K that produces solid gross yields for typical rentals.
You know 46115 now. You don’t know where it ranks.
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