Real Estate Investing in Martinsville, Indiana (46151)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 46151 (Martinsville, 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.
- Elevated vacancy: 8.7% vacancy may signal weakening demand.
What’s happening in Martinsville, IN (46151)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 46151 Martinsville
ZIP 46151 inside Morgan County looks affordable on the surface — median value of $298K — but the discount exists for reasons that a careful buyer should understand before committing.
From a cash-flow lens, the numbers look inviting — $298K purchase price, 0.0% nominal cap — the work to hit that pro forma in 46151 is substantial and deserves full respect.
On balance, 46151 offers a low basis, the region around Martinsville has moved on in ways that the ZIP itself has not fully absorbed. The result is a discount with genuine reasons.
Resident income in 46151 sits below the county median. That reality colors rent collection, vacancy, and reinvestment math in ways that outside investors often underestimate.
looks to the ZIP is not uninvestable, but it is unforgiving. Section 8 landlords, local operators, and specialized value-add funds are the investor types that tend to succeed.
Here's what matters if you're considering buying a home in Martinsville:
Property Strategy for 46151
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 1BR | $152,302 | $1,060 | 5.0% | +6.2% | $152,302 |
| 2BR | $197,925 | $1,230 | 4.5% | +8.2% | $98,962 |
| 3BR | $290,806 | $1,590 | 3.9% | +8.3% | $96,935 |
| 4BR | $402,208 | $1,950 | 3.5% | +8.3% | $100,552 |
| 5BR | $497,543 | — | — | +8.5% | $99,509 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 46151 Compare?
| Metric | 46151 | Martinsville | Indianapolis-Carmel-Anderson, IN | Indiana |
|---|---|---|---|---|
| Home Value | $297,933 | $297,933 | N/A | $248,442 |
| 5-Year CAGR | 5.7% | 5.7% | N/A | 7.7% |
| Avg Rent | $1,206 | $1,206 | N/A | - |
| 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 46151 (Martinsville, IN). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $297,933 |
| Monthly Rent | $1,206 |
| Price-to-Rent | 20.6:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 4.9% |
| Cap Rate | 3.2% |
| 5-Year IRR | 8.8% |
📈 Home Appreciation
| 1-Year | +5.1% ▲ |
| 3-Year CAGR | +4.9% ▲ |
| 5-Year CAGR | +5.7% ▲ |
| 10-Year CAGR | +7.4% ▲ |
🏠 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 46151
Population: 32,339
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 46151
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
What price range are homes in Martinsville, IN?
Typical homes in Martinsville, IN go for around $298K. The 5-year CAGR of 0.0% consistent price movement.
Is Martinsville, IN landlord-friendly?
Martinsville, IN operates under IN law, which is landlord-friendly overall for landlords. Expect measured treatment in typical lease and eviction cases.
Are there empty rentals in Martinsville, IN?
Expect elevated vacancy in Martinsville, IN. Rents at $1,206/mo are absorbed by the tenant base without meaningful lag.
What do landlords charge for rent in Martinsville, IN?
Average rent in Martinsville, IN is approximately $1,206/mo per month. Against $298K home values that yields a reasonable rent-to-price ratio.
Can I live-in-and-rent in Martinsville, IN?
House hacking works a challenging in Martinsville, IN. Rents of $1,206/mo against $298K acquisition make the strategy solid for owner-occupants.
You know 46151 now. You don’t know where it ranks.
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How 46151 ranks in Indianapolis-Carmel-Anderson, IN
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