Real Estate Investing in Madison, Indiana (47224)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 47224 (Madison, IN)? Our answer, based on the numbers below.
Mixed — home prices are stretched relative to local incomes. Run the math on your specific situation.
A middle-of-the-road market. Workable, but the best opportunities may be nearby ZIPs rather than this one.
- Elevated poverty: 29.1% poverty rate — can affect rent collection.
- High price-to-rent: Price-to-rent ratio 31.7 — hard to cash-flow at these prices.
• 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 Madison, IN (47224)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 47224 Madison
The 47224 ZIP in Madison, IN is a local-operator market. Outside capital chasing a $329K entry has to pair deep knowledge with the discount.
For an experienced owner, 47224 can be a worth a close look for hunting ground — but the discount at $329K reflects genuine risk that outside investors often underestimate.
Within IN, ZIP 47224 trails on several market indicators that neighboring Jefferson County submarkets outperform. The gap is real and robust enough to shape underwriting.
The 47224 ZIP's population of 396 has faced economic pressure over the last decade. That pressure shows up in rent delinquency patterns that records the need for careful underwriting.
Experienced landlords with local relationships tend to find 47224 workable. Turnkey investors from out of state usually find the numbers do not hold up in practice.
Here's what matters if you're considering buying a home in Madison:
Market Trends
Home Value History (with trend line)
📊 How Does 47224 Compare?
| Metric | 47224 | Madison | Madison, IN | Indiana |
|---|---|---|---|---|
| Home Value | $328,822 | $286,147 | N/A | $248,442 |
| 5-Year CAGR | 7.1% | 7.1% | N/A | 7.7% |
| Avg Rent | $864 | $864 | N/A | - |
| Cap Rate | 2.1% | 2.4% | - | - |
Similar ZIPs Within 25 Miles
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Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 47224 (Madison, IN). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $328,822 |
| Monthly Rent | $864 |
| Price-to-Rent | 31.7:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 3.2% |
| Cap Rate | 2.1% |
| 5-Year IRR | 9.2% |
📈 Home Appreciation
| 1-Year | +7.1% ▲ |
| 3-Year CAGR | +6.3% ▲ |
| 5-Year CAGR | +7.1% ▲ |
| 10-Year CAGR | +8.7% ▲ |
🏠 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 (2.1%). 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 47224
Population: 396
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 47224
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.
Frequently Asked Questions
Does a duplex house hack pencil in Madison, IN?
House hacking works a challenging in Madison, IN. Rents of $864/mo against $329K acquisition make the strategy solid for owner-occupants.
How deep is the rental pool in Madison, IN?
Working renters make up the core of the Madison, IN tenant base. The pool is reasonable for investors targeting long-term holds.
How do home values compare in Madison, IN?
The median home value in Madison, IN is roughly $329K. That puts it reasonable relative to the IN statewide average.
Is rental property easy to operate in Madison, IN?
IN law landlord-friendly for landlords, and Madison inherits those rules. Investors should still review local ordinances for rental licensing.
How much is rent in Madison, IN?
Rental rates in Madison, IN average $864/mo. Tenant demand and $329K home values make the yield look reasonable by investor standards.
You know 47224 now. You don’t know where it ranks.
This page stays free — all of it. What one page can’t tell you is how 47224 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 47224 ranks in Madison, IN
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