Real Estate Investing in Richmond, Indiana (47374)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 47374 (Richmond, 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.
- High vacancy: 12.7% of homes vacant — above national norms.
What’s happening in Richmond, IN (47374)?
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Market Analysis: 47374 Richmond
From a cash-flow lens, ZIP 47374 has challenges — vacancy pressure, softer price growth, and tenant stability concerns sit alongside the $162K median. It rewards specialists, not generalists.
Looking more closely, the numbers look inviting — $162K purchase price, 0.0% nominal cap — the work to hit that pro forma in 47374 is substantial and deserves full respect.
In the broader IN picture, 47374 is a reminder that not every low-priced ZIP is a value-add opportunity — some are simply distressed, and the difference matters.
A substantial renter share of 37% in 47374 is not, on its own, a problem — but paired with below-average income and high mobility, it changes the operating playbook.
Distressed ZIPs reward experience. resilient returns are possible in 47374, but they flow to investors who already understand how to operate in soft markets.
Here's what matters if you're considering buying a home in Richmond:
Property Strategy for 47374
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 1BR | $57,192 | $740 | 9.3% | +9.2% | $57,192 |
| 2BR | $99,074 | $970 | 7.0% | +9.9% | $49,537 |
| 3BR | $165,746 | $1,210 | 5.3% | +8.5% | $55,249 |
| 4BR | $224,780 | $1,480 | 4.7% | +8.4% | $56,195 |
| 5BR | $272,842 | — | — | +7.6% | $54,568 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 47374 Compare?
| Metric | 47374 | Richmond | Richmond, IN | Indiana |
|---|---|---|---|---|
| Home Value | $162,146 | $162,146 | N/A | $248,442 |
| 5-Year CAGR | 7.6% | 7.6% | N/A | 7.7% |
| Avg Rent | $860 | $860 | N/A | - |
| Cap Rate | 4.1% | 4.1% | - | - |
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 47374 (Richmond, IN). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $162,146 |
| Monthly Rent | $860 |
| Price-to-Rent | 15.7:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 6.4% |
| Cap Rate | 4.1% |
| 5-Year IRR | 11.7% |
📈 Home Appreciation
| 1-Year | +7.7% ▲ |
| 3-Year CAGR | +7.4% ▲ |
| 5-Year CAGR | +7.6% ▲ |
| 10-Year CAGR | +7.2% ▲ |
🏠 Rent Trends
| 1-Year | +10.1% ▲ |
| 3-Year CAGR | N/A |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (4.1%). 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 47374
Population: 45,186
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 47374
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 1,552 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
Is Richmond, IN a smart market for rental property?
With a 3.0/5 investability score, Richmond, IN ranks as a solid market for rental property investors. Median prices of $162K and rents of $860/mo drive the underlying numbers.
How much rent can I charge in Richmond, IN?
Rents in Richmond, IN run near $860/mo. Compared with median home prices of $162K that produces solid gross yields for typical rentals.
Is IN a landlord-friendly state?
Landlord-friendliness in Richmond, IN is landlord-friendly. Eviction timelines and lease enforcement are considered reasonable by most property managers.
What are vacancy rates like in Richmond, IN?
Vacancy in Richmond, IN is elevated, which keeps landlord downtime on reasonable timelines. Most properties lease within the standard window at $860/mo.
Can owner-occupants cash flow in Richmond, IN?
Richmond, IN offers a challenging house-hacking opportunity. Small multifamily or rent-by-the-room plays can pair well with the $860/mo rent level.
You know 47374 now. You don’t know where it ranks.
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How 47374 ranks in Richmond, IN
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