Real Estate Investing in Wawaka, Indiana (46794)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 46794 (Wawaka, 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: 31.3% of homes vacant — above national norms.
• Modeled rent — no observed market rent for this ZIP; the figure is estimated from HUD fair-market rent.
What’s happening in Wawaka, IN (46794)?
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Market Analysis: 46794 Wawaka
The 46794 ZIP covers a section of Wawaka that demands careful diligence. Prices near $235K look accessible, but the work to make a deal cash flow is real.
Distressed markets are won on execution, not on spreadsheets. ZIP 46794 clocks in at the profile where tenant screening, deferred maintenance, and local relationships determine the outcome.
Regionally, 46794 sits on the difficult end of the IN spectrum. The a solid fit for read — for disciplined operators — is that pricing reflects the difficulty.
The 46794 ZIP's population of 1,138 has faced economic pressure over the last decade. That pressure shows up in rent delinquency patterns that reports the need for careful underwriting.
Distressed ZIPs reward experience. robust returns are possible in 46794, but they flow to investors who already understand how to operate in soft markets.
Here's what matters if you're considering buying a home in Wawaka:
Property Strategy for 46794
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $193,104 | $1,020 | 3.8% | +9.3% | $96,552 |
| 3BR | $238,474 | $1,230 | 3.7% | +8.3% | $79,491 |
Market Trends
Home Value History (with trend line)
📊 How Does 46794 Compare?
| Metric | 46794 | Wawaka | Kendallville, IN | Indiana |
|---|---|---|---|---|
| Home Value | $235,361 | $235,361 | N/A | $248,442 |
| 5-Year CAGR | 7.2% | 7.2% | N/A | 7.7% |
| Avg Rent | $918 | $918 | N/A | - |
| Cap Rate | 3.0% | 3.0% | - | - |
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 46794 (Wawaka, IN). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $235,361 |
| Monthly Rent | $918 |
| Price-to-Rent | 21.4:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 4.7% |
| Cap Rate | 3.0% |
| 5-Year IRR | 10.3% |
📈 Home Appreciation
| 1-Year | +9.1% ▲ |
| 3-Year CAGR | +6.1% ▲ |
| 5-Year CAGR | +7.2% ▲ |
| 10-Year CAGR | +7.6% ▲ |
🏠 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 (3.0%). 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 46794
Population: 1,138
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
Frequently Asked Questions
What are rental rates like in Wawaka, IN?
Rental rates in Wawaka, IN average $918/mo. Tenant demand and $235K home values make the yield look reasonable by investor standards.
What is the tenant pool like in Wawaka, IN?
The tenant pool in Wawaka, IN is solid, supported by local employment and population fundamentals. Rents of $918/mo are well-absorbed by the market.
What is the median home value in Wawaka, IN?
Typical homes in Wawaka, IN go for around $235K. The 5-year CAGR of 0.0% predictable price movement.
How strict are landlord regulations in Wawaka, IN?
Wawaka, IN operates under IN law, which is landlord-friendly overall for landlords. Expect even-keeled treatment in typical lease and eviction cases.
Does house hacking make sense in Wawaka, IN?
House hacking works a challenging in Wawaka, IN. Rents of $918/mo against $235K acquisition make the strategy solid for owner-occupants.
You know 46794 now. You don’t know where it ranks.
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How 46794 ranks in Kendallville, IN
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