Real Estate Investing in Elizabeth, Indiana (47117)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 47117 (Elizabeth, 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 Elizabeth, IN (47117)?
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Market Analysis: 47117 Elizabeth
ZIP 47117 in Elizabeth, IN carries a healthy set of headwinds. Home values near $271K and rents of $963/mo sit inside a market where underwriting has to be tight.
For an experienced owner, 47117 can be a a credible choice for hunting ground — but the discount at $271K reflects genuine risk that outside investors often underestimate.
Nearby ZIPs in Elizabeth have seen price recovery that 47117 has not matched. Harrison County data supports the view that the spread is structural rather than temporary.
Employment concentration in 47117 leans toward sectors with higher volatility. The demographic consequence is income fluctuation that investors need to factor into their pro forma.
Strategically, 47117 can be a high-return sleeve of a diversified portfolio — but it should not be the whole portfolio, and it should not be someone's first deal.
Here's what matters if you're considering buying a home in Elizabeth:
Property Strategy for 47117
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $187,168 | $1,070 | 4.1% | +7.7% | $93,584 |
| 3BR | $250,124 | $1,390 | 4.0% | +7.8% | $83,375 |
| 4BR | $337,840 | $1,590 | 3.4% | +7.2% | $84,460 |
Market Trends
Home Value History (with trend line)
📊 How Does 47117 Compare?
| Metric | 47117 | Elizabeth | Indiana |
|---|---|---|---|
| Home Value | $271,438 | $271,438 | $248,442 |
| 5-Year CAGR | 5.7% | 5.7% | 7.7% |
| Avg Rent | $963 | $963 | - |
| Cap Rate | 2.8% | 2.8% | - |
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 47117 (Elizabeth, IN). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $271,438 |
| Monthly Rent | $963 |
| Price-to-Rent | 23.5:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 4.3% |
| Cap Rate | 2.8% |
| 5-Year IRR | 8.5% |
📈 Home Appreciation
| 1-Year | +7.9% ▲ |
| 3-Year CAGR | +5.9% ▲ |
| 5-Year CAGR | +5.7% ▲ |
| 10-Year CAGR | +6.9% ▲ |
🏠 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 (2.8%). 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 47117
Population: 4,352
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 47117
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 5,711 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
How do experienced investors play Elizabeth, IN?
The best-fit strategy in Elizabeth, IN is careful cash-flow rentals with hands-on management. That approach the rent and price profile of the market.
How strong is tenant demand in Elizabeth, IN?
Working renters make up the core of the Elizabeth, IN tenant base. The pool is reasonable for investors targeting long-term holds.
How much rent can I charge in Elizabeth, IN?
Rents in Elizabeth, IN run near $963/mo. Compared with median home prices of $271K that produces solid gross yields for typical rentals.
Do landlords face vacancy issues in Elizabeth, IN?
Expect elevated vacancy in Elizabeth, IN. Rents at $963/mo are absorbed by the tenant base without meaningful lag.
Is Elizabeth, IN a good market for FHA house hackers?
Elizabeth, IN is a a challenging market for house hackers. FHA or conventional owner-occupant buyers find the $271K price point reasonable to enter.
You know 47117 now. You don’t know where it ranks.
This page stays free — all of it. What one page can’t tell you is how 47117 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 47117 ranks in Louisville/Jefferson County, KY-IN
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