Real Estate Investing in Greensburg, Indiana (47240)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 47240 (Greensburg, 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: 10.5% 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 Greensburg, IN (47240)?
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Market Analysis: 47240 Greensburg
This part of Decatur County is not an easy win. The 47240 ZIP reports softness in key indicators, and the playbook that works in cleaner markets often stalls here.
Distressed does not mean uninvestable. It means the margin for error is thinner. ZIP 47240 rewards the prepared, punishes the overconfident, and leaves the math unchanged either way.
The gap between 47240 and stronger Greensburg ZIPs is not closing quickly. Investors should weight long-horizon assumptions accordingly.
Who lives in 47240 is part of why the ZIP is priced as it is. The demographic profile requires hands-on management, tight screening, and local knowledge.
The right play in 47240 usually involves deep tenant screening, aggressive delinquency response, and a conservative capex buffer. Anything less, and the discount can turn into a trap.
Here's what matters if you're considering buying a home in Greensburg:
Property Strategy for 47240
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 1BR | $123,848 | $940 | 5.5% | +6.3% | $123,848 |
| 2BR | $174,211 | $1,100 | 4.5% | +8.1% | $87,105 |
| 3BR | $253,546 | $1,440 | 4.1% | +8.1% | $84,515 |
| 4BR | $338,945 | $1,730 | 3.7% | +7.9% | $84,736 |
| 5BR | $414,340 | — | — | +7.9% | $82,868 |
Market Trends
Home Value History (with trend line)
📊 How Does 47240 Compare?
| Metric | 47240 | Greensburg | Greensburg, IN | Indiana |
|---|---|---|---|---|
| Home Value | $270,273 | $270,273 | N/A | $248,442 |
| 5-Year CAGR | 6.3% | 6.3% | N/A | 7.7% |
| Avg Rent | $990 | $990 | N/A | - |
| Cap Rate | 2.9% | 2.9% | - | - |
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 47240 (Greensburg, IN). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $270,273 |
| Monthly Rent | $990 |
| Price-to-Rent | 22.8:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 4.4% |
| Cap Rate | 2.9% |
| 5-Year IRR | 9.1% |
📈 Home Appreciation
| 1-Year | +7.6% ▲ |
| 3-Year CAGR | +5.8% ▲ |
| 5-Year CAGR | +6.3% ▲ |
| 10-Year CAGR | +7.0% ▲ |
🏠 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 47240
Population: 21,514
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 47240
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
What are vacancy rates like in Greensburg, IN?
Rental vacancy in Greensburg, IN is elevated. Investors should budget normal turnover but not chronic empty units.
Is rental property easy to operate in Greensburg, IN?
For rental operators, Greensburg, IN rates as landlord-friendly. The regulatory environment standard buy-and-hold operations.
How strong are rents in Greensburg, IN?
Rents in Greensburg, IN run near $990/mo. Compared with median home prices of $270K that produces solid gross yields for typical rentals.
Does a duplex house hack pencil in Greensburg, IN?
Greensburg, IN is a a challenging market for house hackers. FHA or conventional owner-occupant buyers find the $270K price point reasonable to enter.
What type of investing works in Greensburg, IN?
For Greensburg, IN, careful cash-flow rentals with hands-on management is the standard investor playbook. The market structure makes it a reasonable default approach.
You know 47240 now. You don’t know where it ranks.
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