Real Estate Investing in Leesburg, Indiana (46538)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 46538 (Leesburg, 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: 41.4% of homes vacant — above national norms.
- High price-to-rent: Price-to-rent ratio 30.7 — hard to cash-flow at these prices.
• Modeled rent — no observed market rent for this ZIP; the figure is estimated from HUD fair-market rent.
What’s happening in Leesburg, IN (46538)?
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Market Analysis: 46538 Leesburg
Not every below-median market is a bargain. Leesburg's 46538 ZIP comes in at signals that favor experienced operators who can absorb the risk $375K pricing implies.
Looking more closely, the numbers look inviting — $375K purchase price, 0.0% nominal cap — the work to hit that pro forma in 46538 is substantial and deserves full respect.
From a cash-flow lens, 46538 offers a low basis, the region around Leesburg has moved on in ways that the ZIP itself has not fully absorbed. The result is a discount with genuine reasons.
The demographic picture in 46538 includes headwinds that any investor should price in. Income distribution skews lower than Leesburg averages, and tenant stability requires active management.
The 46538 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 Leesburg:
Property Strategy for 46538
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $267,090 | $1,130 | 3.0% | +7.9% | $133,545 |
| 3BR | $343,356 | $1,370 | 2.9% | +7.1% | $114,452 |
| 4BR | $500,403 | $1,540 | 2.2% | +6.7% | $125,101 |
| 5BR | $631,520 | — | — | +6.3% | $126,304 |
Market Trends
Home Value History (with trend line)
📊 How Does 46538 Compare?
| Metric | 46538 | Leesburg | Warsaw, IN | Indiana |
|---|---|---|---|---|
| Home Value | $374,795 | $374,795 | N/A | $248,442 |
| 5-Year CAGR | 5.4% | 5.4% | N/A | 7.7% |
| Avg Rent | $1,017 | $1,017 | N/A | - |
| Cap Rate | 2.1% | 2.1% | - | - |
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 46538 (Leesburg, IN). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $374,795 |
| Monthly Rent | $1,017 |
| Price-to-Rent | 30.7:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 3.3% |
| Cap Rate | 2.1% |
| 5-Year IRR | 7.5% |
📈 Home Appreciation
| 1-Year | +8.4% ▲ |
| 3-Year CAGR | +3.6% ▲ |
| 5-Year CAGR | +5.4% ▲ |
| 10-Year CAGR | +7.0% ▲ |
🏠 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 (2.1%). 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 46538
Population: 4,369
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 46538
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
What is the rental occupancy rate in Leesburg, IN?
Leesburg, IN vacancy trends elevated. Investors running standard buy-and-hold plays see reasonable downtime between tenants.
How expensive is real estate in Leesburg, IN?
The median home value in Leesburg, IN is roughly $375K. That puts it reasonable relative to the IN statewide average.
What do rentals go for in Leesburg, IN?
Rental rates in Leesburg, IN average $1,017/mo. Tenant demand and $375K home values make the yield look reasonable by investor standards.
Can owner-occupants cash flow in Leesburg, IN?
Leesburg, IN offers a challenging house-hacking opportunity. Small multifamily or rent-by-the-room plays can pair well with the $1,017/mo rent level.
What is the investability score for Leesburg, IN?
Yes - Leesburg, IN a 3.0/5 investability score. With $375K home prices against $1,017/mo monthly rent, the market delivers a reasonable entry point for new investors.
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