Real Estate Investing in Paragon, Indiana (46166)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 46166 (Paragon, 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.
- High vacancy: 17.2% of homes vacant — above national norms.
• Modeled rent — no observed market rent for this ZIP; the figure is estimated from HUD fair-market rent.
What’s happening in Paragon, IN (46166)?
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Market Analysis: 46166 Paragon
ZIP 46166 inside Morgan County looks affordable on the surface — median value of $272K — but the discount exists for reasons that a careful buyer should understand before committing.
The 46166 ZIP can work — but only with a tight operating hand. Remote landlords and passive investors tend to struggle here more than the underwriting suggests.
ZIP 46166's metrics run below Morgan County's averages on price growth and tenant stability. Investors who ignore that regional gap tend to relearn it the hard way.
Employment concentration in 46166 leans toward sectors with higher volatility. The demographic consequence is income fluctuation that investors need to factor into their pro forma.
Experienced landlords with local relationships tend to find 46166 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 Paragon:
Property Strategy for 46166
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $218,693 | $1,190 | 3.9% | +9.8% | $109,346 |
| 3BR | $267,262 | $1,530 | 4.1% | +9.7% | $89,087 |
Market Trends
Home Value History (with trend line)
📊 How Does 46166 Compare?
| Metric | 46166 | Paragon | Indianapolis-Carmel-Anderson, IN | Indiana |
|---|---|---|---|---|
| Home Value | $271,613 | $271,613 | N/A | $248,442 |
| 5-Year CAGR | 6.9% | 6.9% | N/A | 7.7% |
| Avg Rent | $1,071 | $1,071 | N/A | - |
| Cap Rate | 3.1% | 3.1% | - | - |
Similar ZIPs Within 25 Miles
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Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 46166 (Paragon, IN). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $271,613 |
| Monthly Rent | $1,071 |
| Price-to-Rent | 21.1:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 4.7% |
| Cap Rate | 3.1% |
| 5-Year IRR | 10.0% |
📈 Home Appreciation
| 1-Year | +5.4% ▲ |
| 3-Year CAGR | +6.8% ▲ |
| 5-Year CAGR | +6.9% ▲ |
| 10-Year CAGR | +9.0% ▲ |
🏠 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 (3.1%). 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 46166
Population: 2,819
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 46166
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 investment strategy works best in Paragon, IN?
In Paragon, IN the healthy play is typically careful cash-flow rentals with hands-on management. The combination of $272K prices and $1,071/mo rents suits that approach.
What price range are homes in Paragon, IN?
Median home price in Paragon, IN is near $272K, with a 5-year CAGR of 0.0%. Prices have been stable and supportive of buy-and-hold strategies.
How much rent can I charge in Paragon, IN?
Rents in Paragon, IN run near $1,071/mo. Compared with median home prices of $272K that produces solid gross yields for typical rentals.
Are eviction rules reasonable in Paragon, IN?
For rental operators, Paragon, IN rates as landlord-friendly. The regulatory environment standard buy-and-hold operations.
What is the typical vacancy rate in Paragon, IN?
Paragon, IN vacancy trends elevated. Investors running standard buy-and-hold plays see reasonable downtime between tenants.
You know 46166 now. You don’t know where it ranks.
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How 46166 ranks in Indianapolis-Carmel-Anderson, IN
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