Real Estate Investing in Connersville, Indiana (47331)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 47331 (Connersville, 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.
- Elevated vacancy: 11.1% vacancy may signal weakening demand.
What’s happening in Connersville, IN (47331)?
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Market Analysis: 47331 Connersville
Investors eyeing 47331 need to respect the fundamentals at play. Home values of $163K come alongside slower price movement and elevated management overhead.
From an investor standpoint, the numbers look inviting — $163K purchase price, 0.0% nominal cap — the work to hit that pro forma in 47331 is substantial and deserves full respect.
Within IN, ZIP 47331 trails on several market indicators that neighboring Fayette County submarkets outperform. The gap is real and healthy enough to shape underwriting.
The demographic picture in 47331 includes headwinds that any investor should price in. Income distribution skews lower than Connersville averages, and tenant stability requires active management.
The right play in 47331 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 Connersville:
Property Strategy for 47331
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 1BR | $78,238 | $760 | 7.0% | +11.4% | $78,238 |
| 2BR | $104,853 | $960 | 6.6% | +13.0% | $52,426 |
| 3BR | $177,110 | $1,260 | 5.1% | +9.9% | $59,037 |
| 4BR | $217,602 | $1,480 | 4.9% | +9.5% | $54,401 |
| 5BR | $247,256 | — | — | +10.1% | $49,451 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 47331 Compare?
| Metric | 47331 | Connersville | Connersville, IN | Indiana |
|---|---|---|---|---|
| Home Value | $162,598 | $162,598 | N/A | $248,442 |
| 5-Year CAGR | 8.4% | 8.4% | N/A | 7.7% |
| Avg Rent | $730 | $730 | N/A | - |
| Cap Rate | 3.5% | 3.5% | - | - |
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 47331 (Connersville, IN). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $162,598 |
| Monthly Rent | $730 |
| Price-to-Rent | 18.6:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 5.4% |
| Cap Rate | 3.5% |
| 5-Year IRR | 11.9% |
📈 Home Appreciation
| 1-Year | +6.3% ▲ |
| 3-Year CAGR | +6.8% ▲ |
| 5-Year CAGR | +8.4% ▲ |
| 10-Year CAGR | +9.2% ▲ |
🏠 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 (3.5%). 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 47331
Population: 22,769
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 47331
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 is the typical vacancy rate in Connersville, IN?
Connersville, IN vacancy trends elevated. Investors running standard buy-and-hold plays see reasonable downtime between tenants.
Are eviction rules reasonable in Connersville, IN?
Connersville, IN falls under IN landlord-tenant law, which is landlord-friendly. That backdrop makes day-to-day property management reasonable.
What is the best play in Connersville, IN?
Connersville, IN investors pursuing careful cash-flow rentals with hands-on management. The underlying economics ($163K prices, $730/mo rents) make it a reasonable choice.
How viable is house hacking in Connersville, IN?
House hacking in Connersville, IN is a challenging. With home values around $163K and rents at $730/mo, owner-occupants can offset a meaningful share of PITI.
How much rent can I charge in Connersville, IN?
Connersville, IN rentals go for roughly $730/mo a month. That puts gross yield in solid territory relative to $163K acquisition costs.
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