Real Estate Investing in Patriot, Indiana (47038)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 47038 (Patriot, 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: 34.8% of homes vacant — above national norms.
- Elevated poverty: 53.2% poverty rate — can affect rent collection.
- Higher unemployment: 7.4% unemployment — tenant risk signal.
• Limited market data — this is a very small market; averages are built from few observations and can swing widely. • Modeled rent — no observed market rent for this ZIP; the figure is estimated from HUD fair-market rent.
What’s happening in Patriot, IN (47038)?
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Market Analysis: 47038 Patriot
This part of Switzerland County is not an easy win. The 47038 ZIP records softness in key indicators, and the playbook that works in cleaner markets often stalls here.
Meanwhile, the numbers look inviting — $236K purchase price, 0.0% nominal cap — the work to hit that pro forma in 47038 is substantial and deserves full respect.
From an investor standpoint, 47038 offers a low basis, the region around Patriot has moved on in ways that the ZIP itself has not fully absorbed. The result is a discount with genuine reasons.
Resident income in 47038 sits below the county median. That reality colors rent collection, vacancy, and reinvestment math in ways that outside investors often underestimate.
New investors are better served looking at Patriot's stable or hybrid ZIPs before stepping into 47038. The learning curve here is expensive when the lesson is wrong.
Here's what matters if you're considering buying a home in Patriot:
Market Trends
Home Value History (with trend line)
📊 How Does 47038 Compare?
| Metric | 47038 | Patriot | Indiana |
|---|---|---|---|
| Home Value | $235,859 | $215,168 | $248,442 |
| 5-Year CAGR | 8.4% | 5.9% | 7.7% |
| Avg Rent | $882 | $900 | - |
| Cap Rate | 2.9% | 3.3% | - |
Similar ZIPs Within 25 Miles
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Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 47038 (Patriot, IN). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $235,859 |
| Monthly Rent | $882 |
| Price-to-Rent | 22.3:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 4.5% |
| Cap Rate | 2.9% |
| 5-Year IRR | 11.3% |
📈 Home Appreciation
| 1-Year | +11.8% ▲ |
| 3-Year CAGR | +8.6% ▲ |
| 5-Year CAGR | +8.4% ▲ |
| 10-Year CAGR | +8.2% ▲ |
🏠 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 (2.9%). 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 47038
Population: 800
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
Investor Insight: With 3,350 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
What is the investability score for Patriot, IN?
Patriot, IN clocks in at an investability rating of 3.0/5, with median home values near $236K and average rents around $882/mo. That combination puts it in the healthy tier for investor interest.
What is the typical home price in Patriot, IN?
Homes in Patriot, IN typically sell near $236K. Prices have moved at a 0.0% 5-year CAGR, which even-keeled long-term demand.
What do landlords charge for rent in Patriot, IN?
Expect rents around $882/mo per month in Patriot, IN. With home values at $236K, the yield math works out to reasonable levels for rental investors.
What strategy should investors use in Patriot, IN?
Investors usually favor careful cash-flow rentals with hands-on management in Patriot, IN. With home values at $236K and rents near $882/mo, other strategies can work but produce even-keeled rather than outsized returns.
Is Patriot, IN a friendly market for rental owners?
For rental operators, Patriot, IN rates as landlord-friendly. The regulatory environment standard buy-and-hold operations.
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