Real Estate Investing in Middlebury, Indiana (46540)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 46540 (Middlebury, IN)? Our answer, based on the numbers below.
Solid choice — values are growing steadily and the market is stable enough to buy with confidence.
A middle-of-the-road market. Workable, but the best opportunities may be nearby ZIPs rather than this one.
- High price-to-rent: Price-to-rent ratio 28.4 — 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 Middlebury, IN (46540)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 46540 Middlebury
ZIP 46540 inside Elkhart County looks affordable on the surface — median value of $383K — but the discount exists for reasons that a careful buyer should understand before committing.
Stepping back, the numbers look inviting — $383K purchase price, 0.0% nominal cap — the work to hit that pro forma in 46540 is substantial and deserves full respect.
From a cash-flow lens, 46540 offers a low basis, the region around Middlebury has moved on in ways that the ZIP itself has not fully absorbed. The result is a discount with genuine reasons.
Who lives in 46540 is part of why the ZIP is priced as it is. The demographic profile requires hands-on management, tight screening, and local knowledge.
Experienced landlords with local relationships tend to find 46540 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 Middlebury:
Property Strategy for 46540
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $272,468 | $1,250 | 3.3% | +7.5% | $136,234 |
| 3BR | $323,513 | $1,630 | 3.6% | +7.1% | $107,838 |
| 4BR | $421,010 | $1,670 | 2.9% | +7.3% | $105,253 |
| 5BR | $596,865 | — | — | +7.8% | $119,373 |
Market Trends
Home Value History (with trend line)
📊 How Does 46540 Compare?
| Metric | 46540 | Middlebury | Elkhart-Goshen, IN | Indiana |
|---|---|---|---|---|
| Home Value | $382,825 | $382,825 | N/A | $248,442 |
| 5-Year CAGR | 6.0% | 6.0% | N/A | 7.7% |
| Avg Rent | $1,125 | $1,125 | N/A | - |
| Cap Rate | 2.3% | 2.3% | - | - |
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 46540 (Middlebury, IN). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $382,825 |
| Monthly Rent | $1,125 |
| Price-to-Rent | 28.4:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 3.5% |
| Cap Rate | 2.3% |
| 5-Year IRR | 8.3% |
📈 Home Appreciation
| 1-Year | +8.9% ▲ |
| 3-Year CAGR | +5.2% ▲ |
| 5-Year CAGR | +6.0% ▲ |
| 10-Year CAGR | +7.2% ▲ |
🏠 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 (2.3%). 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 46540
Population: 13,239
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 46540
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 monthly rent should investors expect in Middlebury, IN?
Rental rates in Middlebury, IN average $1,125/mo. Tenant demand and $383K home values make the yield look reasonable by investor standards.
How viable is house hacking in Middlebury, IN?
House hacking in Middlebury, IN is a challenging. With home values around $383K and rents at $1,125/mo, owner-occupants can offset a meaningful share of PITI.
Is Middlebury, IN a good market for buy-and-hold investors?
Investors tracking Middlebury, IN will find a 3.0/5 rating supported by $383K median home values and $1,125/mo rents. That profile suits long-term holders targeting reliable returns.
Are homes affordable in Middlebury, IN?
Middlebury, IN home values average about $383K. That price point suits investors targeting rentals with $1,125/mo in monthly income.
What investment strategy works best in Middlebury, IN?
In Middlebury, IN the sturdy play is typically careful cash-flow rentals with hands-on management. The combination of $383K prices and $1,125/mo rents suits that approach.
You know 46540 now. You don’t know where it ranks.
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How 46540 ranks in Elkhart-Goshen, IN
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