Real Estate Investing in Evansville, Indiana (47715)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 47715 (Evansville, 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.
No major risk flags on the data we track.
What’s happening in Evansville, IN (47715)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 47715 Evansville
The 47715 ZIP in Evansville, IN is a local-operator market. Outside capital chasing a $242K entry has to pair deep knowledge with the discount.
Distressed does not mean uninvestable. It means the margin for error is thinner. ZIP 47715 rewards the prepared, punishes the overconfident, and leaves the math unchanged either way.
In practical terms, 47715 offers a low basis, the region around Evansville has moved on in ways that the ZIP itself has not fully absorbed. The result is a discount with genuine reasons.
Employment concentration in 47715 leans toward sectors with higher volatility. The demographic consequence is income fluctuation that investors need to factor into their pro forma.
The 47715 ZIP fits a narrow investor profile — hands-on, patient, and willing to accept that the cap rate on paper is not the cap rate in reality.
Here's what matters if you're considering buying a home in Evansville:
Property Strategy for 47715
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 1BR | $82,646 | $960 | 8.4% | +7.8% | $82,646 |
| 2BR | $173,632 | $1,240 | 5.1% | +7.6% | $86,816 |
| 3BR | $226,221 | $1,530 | 4.9% | +7.5% | $75,407 |
| 4BR | $328,926 | $1,710 | 3.7% | +6.9% | $82,232 |
| 5BR | $432,355 | — | — | +7.0% | $86,471 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 47715 Compare?
| Metric | 47715 | Evansville | Evansville, IN-KY | Indiana |
|---|---|---|---|---|
| Home Value | $241,826 | $59,067 | N/A | $248,442 |
| 5-Year CAGR | 5.8% | 6.1% | N/A | 7.7% |
| Avg Rent | $1,216 | $1,137 | N/A | - |
| Cap Rate | 3.9% | 4.6% | - | - |
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 47715 (Evansville, IN). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $241,826 |
| Monthly Rent | $1,216 |
| Price-to-Rent | 16.6:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 6.0% |
| Cap Rate | 3.9% |
| 5-Year IRR | 9.7% |
📈 Home Appreciation
| 1-Year | +6.8% ▲ |
| 3-Year CAGR | +4.7% ▲ |
| 5-Year CAGR | +5.8% ▲ |
| 10-Year CAGR | +6.4% ▲ |
🏠 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 47715
Population: 28,476
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 47715
Schools in This ZIP Code
Nearby Schools (5 more)
Schools in adjacent ZIP codes that may serve this area
Dexter Elementary School
Lodge Community School
McGary Middle School
Washington Middle School
Fairlawn Elementary School
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 918 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
How much does a house cost in Evansville, IN?
The median home value in Evansville, IN is roughly $242K. That puts it reasonable relative to the IN statewide average.
Are renters plentiful in Evansville, IN?
Expect a solid tenant pool in Evansville, IN. The rental market absorbs $1,216/mo rents without meaningful friction.
Is IN a landlord-friendly state?
IN law landlord-friendly for landlords, and Evansville inherits those rules. Investors should still review local ordinances for rental licensing.
Can I live-in-and-rent in Evansville, IN?
Evansville, IN is a a challenging market for house hackers. FHA or conventional owner-occupant buyers find the $242K price point reasonable to enter.
How much rent can I charge in Evansville, IN?
Average rent in Evansville, IN is approximately $1,216/mo per month. Against $242K home values that yields a reasonable rent-to-price ratio.
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How 47715 ranks in Evansville, IN-KY
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