Real Estate Investing in Underwood, Indiana (47177)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 47177 (Underwood, IN)? Our answer, based on the numbers below.
Solid choice — values are growing steadily and the market is stable enough to buy with confidence.
A middle-of-the-road market. Workable, but the best opportunities may be nearby ZIPs rather than this one.
No major risk flags on the data we track.
• Modeled rent — no observed market rent for this ZIP; the figure is estimated from HUD fair-market rent.
What’s happening in Underwood, IN (47177)?
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Market Analysis: 47177 Underwood
ZIP 47177 in Underwood, IN carries a healthy set of headwinds. Home values near $262K and rents of $963/mo sit inside a market where underwriting has to be tight.
If the plan assumes clean turnover, on-time rent, and low maintenance on a $262K asset, 47177 is the wrong submarket. If the plan prices in friction, the yield can still work.
Nearby ZIPs in Underwood have seen price recovery that 47177 has not matched. Clark County data supports the view that the spread is structural rather than temporary.
Resident income in 47177 sits below the county median. That reality colors rent collection, vacancy, and reinvestment math in ways that outside investors often underestimate.
Strategically, 47177 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 Underwood:
Market Trends
Home Value History (with trend line)
📊 How Does 47177 Compare?
| Metric | 47177 | Underwood | Indiana |
|---|---|---|---|
| Home Value | $262,305 | $262,305 | $248,442 |
| 5-Year CAGR | 5.1% | 5.1% | 7.7% |
| Avg Rent | $963 | $963 | - |
| Cap Rate | 2.9% | 2.9% | - |
Similar ZIPs Within 25 Miles
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Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 47177 (Underwood, IN). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $262,305 |
| Monthly Rent | $963 |
| Price-to-Rent | 22.7:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 4.4% |
| Cap Rate | 2.9% |
| 5-Year IRR | 8.0% |
📈 Home Appreciation
| 1-Year | +7.4% ▲ |
| 3-Year CAGR | +4.8% ▲ |
| 5-Year CAGR | +5.1% ▲ |
| 10-Year CAGR | +7.2% ▲ |
🏠 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 47177
Population: 1,960
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
Where do rents currently stand in Underwood, IN?
Investors in Underwood, IN typically see rents near $963/mo per month against $262K home values - a solid setup for rental cash flow.
How high is vacancy risk in Underwood, IN?
Vacancy risk in Underwood, IN is elevated. That supports measured cash flow for typical rental holds.
Is Underwood, IN a good place for real estate investing?
Yes - Underwood, IN a 3.0/5 investability score. With $262K home prices against $963/mo monthly rent, the market delivers a reasonable entry point for new investors.
How should investors approach Underwood, IN?
Most investors in Underwood, IN run a careful cash-flow rentals with hands-on management strategy. It aligns with the 3.0/5 investability profile and the market fundamentals.
Does Underwood, IN favor landlords or tenants?
Rental owners in Underwood, IN deal with a landlord-friendly legal framework. Most standard eviction processes run on reasonable timelines.
You know 47177 now. You don’t know where it ranks.
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How 47177 ranks in Louisville/Jefferson County, KY-IN
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