Real Estate Investing in Eaton, Indiana (47338)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 47338 (Eaton, 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: 8.5% 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 Eaton, IN (47338)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 47338 Eaton
ZIP 47338 in Eaton, IN carries a notable set of headwinds. Home values near $174K and rents of $864/mo sit inside a market where underwriting has to be tight.
The 47338 ZIP can work — but only with a tight operating hand. Remote landlords and passive investors tend to struggle here more than the underwriting suggests.
The gap between 47338 and stronger Eaton ZIPs is not closing quickly. Investors should weight long-horizon assumptions accordingly.
Meanwhile, 2,378 residents fill the ZIP, renter turnover runs higher than neighboring postal codes and delinquency risk is a real line item rather than a theoretical one.
Strategically, 47338 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 Eaton:
Property Strategy for 47338
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $99,711 | $960 | 6.9% | +10.6% | $49,855 |
| 3BR | $169,900 | $1,240 | 5.3% | +9.3% | $56,633 |
| 4BR | $200,737 | $1,540 | 5.5% | +9.2% | $50,184 |
Market Trends
Home Value History (with trend line)
📊 How Does 47338 Compare?
| Metric | 47338 | Eaton | Muncie, IN | Indiana |
|---|---|---|---|---|
| Home Value | $173,941 | $173,941 | N/A | $248,442 |
| 5-Year CAGR | 8.0% | 8.0% | N/A | 7.7% |
| Avg Rent | $864 | $864 | N/A | - |
| Cap Rate | 3.9% | 3.9% | - | - |
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 47338 (Eaton, IN). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $173,941 |
| Monthly Rent | $864 |
| Price-to-Rent | 16.8:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 6.0% |
| Cap Rate | 3.9% |
| 5-Year IRR | 11.9% |
📈 Home Appreciation
| 1-Year | +7.3% ▲ |
| 3-Year CAGR | +7.0% ▲ |
| 5-Year CAGR | +8.0% ▲ |
| 10-Year CAGR | +8.1% ▲ |
🏠 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 (3.9%). 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 47338
Population: 2,378
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 47338
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.
🎓 Nearby Colleges & Universities
Investor Insight: With 1,042 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
What are vacancy rates like in Eaton, IN?
Vacancy in Eaton, IN is elevated, which keeps landlord downtime on reasonable timelines. Most properties lease within the standard window at $864/mo.
What is the average home sale price in Eaton, IN?
Expect median prices around $174K in Eaton, IN. The market has run at a 0.0% 5-year CAGR, so entry costs have been even-keeled.
What real estate strategy is ideal for Eaton, IN?
Eaton, IN investors pursuing careful cash-flow rentals with hands-on management. The underlying economics ($174K prices, $864/mo rents) make it a reasonable choice.
What is the renter demographic in Eaton, IN?
Tenant quality in Eaton, IN ranks as solid. Landlords generally report steady occupancy at market rents of $864/mo.
Is real estate in Eaton, IN a good investment right now?
Eaton, IN scores 3.0/5 for investability. Home values sit at $174K and rents near $864/mo, which keeps the rent-to-price ratio in reasonable territory for buy-and-hold investors.
You know 47338 now. You don’t know where it ranks.
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How 47338 ranks in Muncie, IN
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