Real Estate Investing in Spencer, Indiana (47460)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 47460 (Spencer, 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: 8.7% 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 Spencer, IN (47460)?
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Market Analysis: 47460 Spencer
In practical terms, ZIP 47460 has challenges — vacancy pressure, softer price growth, and tenant stability concerns sit alongside the $257K median. It rewards specialists, not generalists.
The investment case in 47460 is impressive only for operators who understand what they are buying. A $257K median suggests accessibility, but management intensity, vacancy drift, and capex surprises are real.
Put differently, 47460 offers a low basis, the region around Spencer has moved on in ways that the ZIP itself has not fully absorbed. The result is a discount with genuine reasons.
Demographically, 47460 is a market where tenant selection matters more than unit finishes. Operators who understand that tend to do fine; those who do not tend to learn why the ZIP trades at a discount.
Experienced landlords with local relationships tend to find 47460 workable. Turnkey investors from out of state usually find the numbers do not hold up in practice.
Here's what matters if you're considering buying a home in Spencer:
Property Strategy for 47460
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 1BR | $150,772 | $980 | 4.7% | +5.6% | $150,772 |
| 2BR | $190,845 | $1,110 | 4.2% | +7.1% | $95,423 |
| 3BR | $251,352 | $1,460 | 4.2% | +7.9% | $83,784 |
| 4BR | $321,494 | $1,740 | 3.9% | +7.8% | $80,373 |
Market Trends
Home Value History (with trend line)
📊 How Does 47460 Compare?
| Metric | 47460 | Spencer | Bloomington, IN | Indiana |
|---|---|---|---|---|
| Home Value | $256,804 | $246,321 | N/A | $248,442 |
| 5-Year CAGR | 6.3% | 5.4% | N/A | 7.7% |
| Avg Rent | $999 | $932 | N/A | - |
| Cap Rate | 3.0% | 2.9% | - | - |
Similar ZIPs Within 25 Miles
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Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 47460 (Spencer, IN). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $256,804 |
| Monthly Rent | $999 |
| Price-to-Rent | 21.4:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 4.7% |
| Cap Rate | 3.0% |
| 5-Year IRR | 9.3% |
📈 Home Appreciation
| 1-Year | +7.6% ▲ |
| 3-Year CAGR | +5.2% ▲ |
| 5-Year CAGR | +6.3% ▲ |
| 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 (3.0%). 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 47460
Population: 11,395
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 47460
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 kind of market is Spencer, IN for investors?
With a 3.0/5 investability score, Spencer, IN ranks as a solid market for rental property investors. Median prices of $257K and rents of $999/mo drive the underlying numbers.
What approach is best for Spencer, IN real estate?
In Spencer, IN the resilient play is typically careful cash-flow rentals with hands-on management. The combination of $257K prices and $999/mo rents suits that approach.
What are rental rates like in Spencer, IN?
Rent in Spencer, IN is around $999/mo. The resulting rent-to-value relationship with $257K pricing is reasonable for most investor models.
What kind of tenants rent in Spencer, IN?
The tenant pool in Spencer, IN is solid, supported by local employment and population fundamentals. Rents of $999/mo are well-absorbed by the market.
Are there empty rentals in Spencer, IN?
Rental vacancy in Spencer, IN is elevated. Investors should budget normal turnover but not chronic empty units.
You know 47460 now. You don’t know where it ranks.
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How 47460 ranks in Bloomington, IN
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