Real Estate Investing in Wakarusa, Indiana (46573)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 46573 (Wakarusa, 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: 9.4% vacancy may signal weakening demand.
• Modeled rent — no observed market rent for this ZIP; the figure is estimated from HUD fair-market rent.
What’s happening in Wakarusa, IN (46573)?
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Market Analysis: 46573 Wakarusa
This part of Elkhart County is not an easy win. The 46573 ZIP sits at softness in key indicators, and the playbook that works in cleaner markets often stalls here.
For an experienced owner, 46573 can be a a strong candidate for hunting ground — but the discount at $322K reflects genuine risk that outside investors often underestimate.
Looking more closely, 46573 offers a low basis, the region around Wakarusa has moved on in ways that the ZIP itself has not fully absorbed. The result is a discount with genuine reasons.
A solid renter share of 10% in 46573 is not, on its own, a problem — but paired with below-average income and high mobility, it changes the operating playbook.
The right play in 46573 usually involves deep tenant screening, aggressive delinquency response, and a conservative capex buffer. Anything less, and the discount can turn into a trap.
Here's what matters if you're considering buying a home in Wakarusa:
Property Strategy for 46573
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $240,083 | $1,240 | 3.7% | +8.0% | $120,042 |
| 3BR | $293,541 | $1,610 | 3.9% | +7.3% | $97,847 |
| 4BR | $351,742 | $1,650 | 3.4% | +7.1% | $87,935 |
| 5BR | $469,704 | — | — | +6.2% | $93,941 |
Market Trends
Home Value History (with trend line)
📊 How Does 46573 Compare?
| Metric | 46573 | Wakarusa | Elkhart-Goshen, IN | Indiana |
|---|---|---|---|---|
| Home Value | $321,820 | $321,820 | N/A | $248,442 |
| 5-Year CAGR | 5.8% | 5.8% | N/A | 7.7% |
| Avg Rent | $1,116 | $1,116 | N/A | - |
| Cap Rate | 2.7% | 2.7% | - | - |
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 46573 (Wakarusa, IN). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $321,820 |
| Monthly Rent | $1,116 |
| Price-to-Rent | 24.0:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 4.2% |
| Cap Rate | 2.7% |
| 5-Year IRR | 8.5% |
📈 Home Appreciation
| 1-Year | +8.0% ▲ |
| 3-Year CAGR | +5.1% ▲ |
| 5-Year CAGR | +5.8% ▲ |
| 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 (2.7%). 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 46573
Population: 3,943
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 46573
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 1,262 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
How does Wakarusa, IN rate as a rental market?
Wakarusa, IN rates 3.0/5 for investability. With median values at $322K and rents near $1,116/mo, the market offers reasonable fundamentals for rental investors.
How quickly do rentals get leased in Wakarusa, IN?
Wakarusa, IN carries elevated vacancy risk. Expect consistent absorption at market rents of $1,116/mo.
Does Wakarusa, IN favor landlords or tenants?
Rental owners in Wakarusa, IN deal with a landlord-friendly legal framework. Most standard eviction processes run on reasonable timelines.
Is Wakarusa, IN suited for a house hack?
For house hackers, Wakarusa, IN is a challenging. The $1,116/mo rent on a unit helps defray the mortgage on a $322K property.
What monthly rent should investors expect in Wakarusa, IN?
Rental rates in Wakarusa, IN average $1,116/mo. Tenant demand and $322K home values make the yield look reasonable by investor standards.
You know 46573 now. You don’t know where it ranks.
This page stays free — all of it. What one page can’t tell you is how 46573 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 46573 ranks in Elkhart-Goshen, IN
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