Real Estate Investing in Garrett, Indiana (46738)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 46738 (Garrett, 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.
- Elevated vacancy: 8.2% 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 Garrett, IN (46738)?
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Market Analysis: 46738 Garrett
From a cash-flow lens, ZIP 46738 has challenges — vacancy pressure, softer price growth, and tenant stability concerns sit alongside the $212K median. It rewards specialists, not generalists.
If the plan assumes clean turnover, on-time rent, and low maintenance on a $212K asset, 46738 is the wrong submarket. If the plan prices in friction, the yield can still work.
Statewide comparisons place 46738 among IN's softer markets. That context does not make the ZIP uninvestable, but it does raise the bar for due diligence.
The 46738 ZIP's population of 8,462 has faced economic pressure over the last decade. That pressure shows up in rent delinquency patterns that registers the need for careful underwriting.
leans the ZIP is not uninvestable, but it is unforgiving. Section 8 landlords, local operators, and specialized value-add funds are the investor types that tend to succeed.
Here's what matters if you're considering buying a home in Garrett:
Property Strategy for 46738
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $150,569 | $980 | 4.7% | +9.5% | $75,285 |
| 3BR | $203,196 | $1,220 | 4.3% | +8.6% | $67,732 |
| 4BR | $237,861 | $1,300 | 3.9% | +8.1% | $59,465 |
Market Trends
Home Value History (with trend line)
📊 How Does 46738 Compare?
| Metric | 46738 | Garrett | Auburn, IN | Indiana |
|---|---|---|---|---|
| Home Value | $211,547 | $211,547 | N/A | $248,442 |
| 5-Year CAGR | 7.4% | 7.4% | N/A | 7.7% |
| Avg Rent | $882 | $882 | N/A | - |
| Cap Rate | 3.3% | 3.3% | - | - |
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 46738 (Garrett, IN). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $211,547 |
| Monthly Rent | $882 |
| Price-to-Rent | 20.0:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 5.0% |
| Cap Rate | 3.3% |
| 5-Year IRR | 10.6% |
📈 Home Appreciation
| 1-Year | +8.0% ▲ |
| 3-Year CAGR | +6.8% ▲ |
| 5-Year CAGR | +7.4% ▲ |
| 10-Year CAGR | +7.8% ▲ |
🏠 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 (3.3%). 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 46738
Population: 8,462
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 46738
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 1,109 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
Is real estate in Garrett, IN a good investment right now?
Garrett, IN rates 3.0/5 for investability. With median values at $212K and rents near $882/mo, the market offers reasonable fundamentals for rental investors.
Is house hacking profitable in Garrett, IN?
House hacking in Garrett, IN is reasonable to execute. Prices around $212K and rents of $882/mo solid owner-occupant economics.
What investment strategy works best in Garrett, IN?
Most investors in Garrett, IN run a careful cash-flow rentals with hands-on management strategy. It aligns with the 3.0/5 investability profile and the market fundamentals.
Should investors worry about vacancy in Garrett, IN?
Garrett, IN sees elevated vacancy, which is reasonable relative to the broader IN rental market.
How much should I expect to pay for a home in Garrett, IN?
Expect median prices around $212K in Garrett, IN. The market has run at a 0.0% 5-year CAGR, so entry costs have been measured.
You know 46738 now. You don’t know where it ranks.
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How 46738 ranks in Auburn, IN
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