Real Estate Investing in Palmyra, Indiana (47161)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 47161 (Palmyra, 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: 15.5% 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 Palmyra, IN (47161)?
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Market Analysis: 47161 Palmyra
The 47161 ZIP in Palmyra, IN is a local-operator market. Outside capital chasing a $274K entry has to pair deep knowledge with the discount.
On balance, the numbers look inviting — $274K purchase price, 0.0% nominal cap — the work to hit that pro forma in 47161 is substantial and deserves full respect.
In the broader IN picture, 47161 is a reminder that not every low-priced ZIP is a value-add opportunity — some are simply distressed, and the difference matters.
The 47161 ZIP's population of 3,362 has faced economic pressure over the last decade. That pressure shows up in rent delinquency patterns that posts the need for careful underwriting.
The 47161 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 Palmyra:
Property Strategy for 47161
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $192,138 | $1,530 | 5.7% | +7.9% | $96,069 |
| 3BR | $262,262 | $1,970 | 5.4% | +8.0% | $87,421 |
| 4BR | $322,637 | $2,280 | 5.1% | +7.8% | $80,659 |
Market Trends
Home Value History (with trend line)
📊 How Does 47161 Compare?
| Metric | 47161 | Palmyra | Indiana |
|---|---|---|---|
| Home Value | $274,071 | $255,944 | $248,442 |
| 5-Year CAGR | 6.4% | 6.0% | 7.7% |
| Avg Rent | $1,377 | $1,170 | - |
| Cap Rate | 3.9% | 3.5% | - |
Similar ZIPs Within 25 Miles
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Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 47161 (Palmyra, IN). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $274,071 |
| Monthly Rent | $1,377 |
| Price-to-Rent | 16.6:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 6.0% |
| Cap Rate | 3.9% |
| 5-Year IRR | 10.3% |
📈 Home Appreciation
| 1-Year | +6.7% ▲ |
| 3-Year CAGR | +6.0% ▲ |
| 5-Year CAGR | +6.4% ▲ |
| 10-Year CAGR | +7.5% ▲ |
🏠 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 47161
Population: 3,362
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
Is vacancy a concern in Palmyra, IN?
Rental vacancy in Palmyra, IN is elevated. Investors should budget normal turnover but not chronic empty units.
Are eviction rules reasonable in Palmyra, IN?
Palmyra, IN falls under IN landlord-tenant law, which is landlord-friendly. That backdrop makes day-to-day property management reasonable.
What type of investing works in Palmyra, IN?
Investors usually favor careful cash-flow rentals with hands-on management in Palmyra, IN. With home values at $274K and rents near $1,377/mo, other strategies can work but produce steady rather than outsized returns.
Are tenants stable in Palmyra, IN?
Palmyra, IN draws a predictable base of working renters. Demand at the $1,377/mo rent level is reasonable for standard single-family and small multi rentals.
What do rentals go for in Palmyra, IN?
Rental rates in Palmyra, IN average $1,377/mo. Tenant demand and $274K home values make the yield look reasonable by investor standards.
You know 47161 now. You don’t know where it ranks.
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How 47161 ranks in Louisville/Jefferson County, KY-IN
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