Real Estate Investing in Monterey, Indiana (46960)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 46960 (Monterey, 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: 36.4% 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 Monterey, IN (46960)?
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Market Analysis: 46960 Monterey
Not every below-median market is a bargain. Monterey's 46960 ZIP sits at signals that favor experienced operators who can absorb the risk $173K pricing implies.
The 46960 ZIP can work — but only with a tight operating hand. Remote landlords and passive investors tend to struggle here more than the underwriting suggests.
Nearby ZIPs in Monterey have seen price recovery that 46960 has not matched. Starke County data supports the view that the spread is structural rather than temporary.
Resident income in 46960 sits below the county median. That reality colors rent collection, vacancy, and reinvestment math in ways that outside investors often underestimate.
The 46960 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 Monterey:
Property Strategy for 46960
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $119,533 | $960 | 5.8% | +10.6% | $59,766 |
| 3BR | $196,376 | $1,250 | 4.6% | +9.5% | $65,459 |
| 4BR | $247,279 | $1,560 | 4.5% | +9.0% | $61,820 |
Market Trends
Home Value History (with trend line)
📊 How Does 46960 Compare?
| Metric | 46960 | Monterey | Indiana |
|---|---|---|---|
| Home Value | $172,996 | $172,996 | $248,442 |
| 5-Year CAGR | 8.6% | 8.6% | 7.7% |
| Avg Rent | $864 | $864 | - |
| Cap Rate | 3.9% | 3.9% | - |
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 46960 (Monterey, IN). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $172,996 |
| Monthly Rent | $864 |
| Price-to-Rent | 16.7:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 6.0% |
| Cap Rate | 3.9% |
| 5-Year IRR | 12.5% |
📈 Home Appreciation
| 1-Year | +12.3% ▲ |
| 3-Year CAGR | +7.4% ▲ |
| 5-Year CAGR | +8.6% ▲ |
| 10-Year CAGR | +8.4% ▲ |
🏠 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 (3.9%). 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 46960
Population: 1,123
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
🎓 Nearby Colleges & Universities
Frequently Asked Questions
Is Monterey in IN worth investing in?
Our data puts Monterey, IN at 3.0/5 for investability. Home prices of $173K and rents around $864/mo create a solid backdrop for investor activity.
How expensive is real estate in Monterey, IN?
The median home value in Monterey, IN is roughly $173K. That puts it reasonable relative to the IN statewide average.
Should investors worry about vacancy in Monterey, IN?
Vacancy in Monterey, IN is elevated, which keeps landlord downtime on reasonable timelines. Most properties lease within the standard window at $864/mo.
Is Monterey, IN good for landlords?
Monterey, IN falls under IN landlord-tenant law, which is landlord-friendly. That backdrop makes day-to-day property management reasonable.
How much do tenants pay in Monterey, IN?
Expect rents around $864/mo per month in Monterey, IN. With home values at $173K, the yield math works out to reasonable levels for rental investors.
You know 46960 now. You don’t know where it ranks.
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