Real Estate Investing in Indianapolis, Indiana (46202)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 46202 (Indianapolis, IN)? Our answer, based on the numbers below.
Multiple negative signals. Better options likely exist nearby.
Structural challenges here. The numbers may look cheap but operational risk is high. Only for experienced, hands-on investors.
- High vacancy: 12.1% of homes vacant — above national norms.
- Flat appreciation: Values have barely moved over 5 years (1.2% CAGR).
What’s happening in Indianapolis, IN (46202)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 46202 Indianapolis
Not every below-median market is a bargain. Indianapolis's 46202 ZIP shows signals that favor experienced operators who can absorb the risk $353K pricing implies.
The investment case in 46202 is solid only for operators who understand what they are buying. A $353K median suggests accessibility, but management intensity, vacancy drift, and capex surprises are real.
The gap between 46202 and stronger Indianapolis ZIPs is not closing quickly. Investors should weight long-horizon assumptions accordingly.
Employment concentration in 46202 leans toward sectors with higher volatility. The demographic consequence is income fluctuation that investors need to factor into their pro forma.
The 46202 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 Indianapolis:
Property Strategy for 46202
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 1BR | $240,350 | $1,590 | 4.8% | +1.9% | $240,350 |
| 2BR | $320,499 | $1,850 | 4.2% | +3.3% | $160,249 |
| 3BR | $356,247 | $2,400 | 4.9% | +4.2% | $118,749 |
| 4BR | $558,402 | $2,940 | 3.8% | +4.7% | $139,600 |
| 5BR | $680,991 | — | — | +4.2% | $136,198 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 46202 Compare?
| Metric | 46202 | Indianapolis | Indianapolis-Carmel-Anderson, IN | Indiana |
|---|---|---|---|---|
| Home Value | $352,826 | $240,648 | N/A | $248,442 |
| 5-Year CAGR | 1.2% | 4.1% | N/A | 7.7% |
| Avg Rent | $1,535 | $1,509 | N/A | - |
| Cap Rate | 3.4% | 5.0% | - | - |
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 46202 (Indianapolis, IN). Anonymous, moderated, never written by AI.
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Property managers serving Marion County
Manage rentals here? List your business →Atlas Property Services, LLC offers quality home rentals and property management services in Indianapolis and Muncie, including single-family homes and duplexes. summary from their website
Orion Property Management offers real estate and property management services for residential and commercial properties, including leasing, collections, maintenance, and city compliance. summary from their website
Red Door Property Management offers property management services in Indianapolis, including marketing, tenant screening, maintenance, leasing, eviction protection, and Airbnb management. summary from their website
Listings are shown for convenience — Repit doesn’t endorse or vet these companies. Ratings shown come only from email-verified visitors.
📊 Market Snapshot
| Home Value | $352,826 |
| Monthly Rent | $1,535 |
| Price-to-Rent | 19.2:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 5.2% |
| Cap Rate | 3.4% |
| 5-Year IRR | 4.6% |
📈 Home Appreciation
| 1-Year | +0.7% ▲ |
| 3-Year CAGR | +0.5% ▲ |
| 5-Year CAGR | +1.2% ▲ |
| 10-Year CAGR | +5.8% ▲ |
🏠 Rent Trends
| 1-Year | +7.2% ▲ |
| 3-Year CAGR | +4.0% ▲ |
| 5-Year CAGR | +5.9% ▲ |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (3.4%). 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 46202
Population: 20,331
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 46202
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
Investor Insight: With 47,422 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
How do home values compare in Indianapolis, IN?
Homes in Indianapolis, IN typically sell near $353K. Prices have moved at a 0.0% 5-year CAGR, which steady long-term demand.
What is the tenant pool like in Indianapolis, IN?
The tenant pool in Indianapolis, IN is solid, supported by local employment and population fundamentals. Rents of $1,535/mo are well-absorbed by the market.
What is the typical rental rate in Indianapolis, IN?
Investors in Indianapolis, IN typically see rents near $1,535/mo per month against $353K home values - a solid setup for rental cash flow.
How strong is Indianapolis, IN for real estate investors?
Indianapolis, IN scores 2.0/5 for investability. Home values sit at $353K and rents near $1,535/mo, which keeps the rent-to-price ratio in reasonable territory for buy-and-hold investors.
Is IN a landlord-friendly state?
Landlord-friendliness in Indianapolis, IN is landlord-friendly. Eviction timelines and lease enforcement are considered reasonable by most property managers.
You know 46202 now. You don’t know where it ranks.
This page stays free — all of it. What one page can’t tell you is how 46202 compares to every other market. Investor ($19/mo) screens every U.S. ZIP by cap rate, the 1% rule, vacancy and landlord climate, and exports your shortlist.
How 46202 ranks in Indianapolis-Carmel-Anderson, IN
Every ZIP in this metro, ranked. Free.
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