Real Estate Investing in Westport, Indiana (47283)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 47283 (Westport, 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: 9.0% 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 Westport, IN (47283)?
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Market Analysis: 47283 Westport
From a cash-flow lens, ZIP 47283 has challenges — vacancy pressure, softer price growth, and tenant stability concerns sit alongside the $242K median. It rewards specialists, not generalists.
Distressed does not mean uninvestable. It means the margin for error is thinner. ZIP 47283 rewards the prepared, punishes the overconfident, and leaves the math unchanged either way.
Within IN, ZIP 47283 trails on several market indicators that neighboring Decatur County submarkets outperform. The gap is real and sturdy enough to shape underwriting.
Employment concentration in 47283 leans toward sectors with higher volatility. The demographic consequence is income fluctuation that investors need to factor into their pro forma.
appears to the ZIP is not uninvestable, but it is unforgiving. Section 8 landlords, local operators, and specialized value-add funds are the investor types that tend to succeed.
Here's what matters if you're considering buying a home in Westport:
Property Strategy for 47283
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $176,001 | $1,150 | 4.7% | +8.6% | $88,000 |
| 3BR | $229,759 | $1,390 | 4.4% | +8.3% | $76,586 |
| 4BR | $293,418 | $1,600 | 3.9% | +8.4% | $73,355 |
Market Trends
Home Value History (with trend line)
📊 How Does 47283 Compare?
| Metric | 47283 | Westport | Greensburg, IN | Indiana |
|---|---|---|---|---|
| Home Value | $241,926 | $241,926 | N/A | $248,442 |
| 5-Year CAGR | 6.4% | 6.4% | N/A | 7.7% |
| Avg Rent | $1,035 | $1,035 | N/A | - |
| Cap Rate | 3.3% | 3.3% | - | - |
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 47283 (Westport, IN). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $241,926 |
| Monthly Rent | $1,035 |
| Price-to-Rent | 19.5:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 5.1% |
| Cap Rate | 3.3% |
| 5-Year IRR | 9.7% |
📈 Home Appreciation
| 1-Year | +8.9% ▲ |
| 3-Year CAGR | +5.6% ▲ |
| 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 (3.3%). 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 47283
Population: 4,085
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
Can owner-occupants cash flow in Westport, IN?
Westport, IN is a a challenging market for house hackers. FHA or conventional owner-occupant buyers find the $242K price point reasonable to enter.
How qualified is the tenant pool in Westport, IN?
The tenant pool in Westport, IN is solid, supported by local employment and population fundamentals. Rents of $1,035/mo are well-absorbed by the market.
Does Westport, IN favor landlords or tenants?
Rental owners in Westport, IN deal with a landlord-friendly legal framework. Most standard eviction processes run on reasonable timelines.
Is Westport, IN a smart market for rental property?
The 3.0/5 investability rating in Westport, IN reflects its $242K prices and $1,035/mo rents. Investors generally consider it a solid option within IN.
How much does a house cost in Westport, IN?
In Westport, IN the median home value sits at $242K. Against the broader IN market, that reads as reasonable for most investors.
You know 47283 now. You don’t know where it ranks.
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