Real Estate Investing in Evansville, Indiana (47720)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 47720 (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.
• Modeled rent — no observed market rent for this ZIP; the figure is estimated from HUD fair-market rent.
What’s happening in Evansville, IN (47720)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 47720 Evansville
Investors eyeing 47720 need to respect the fundamentals at play. Home values of $274K come alongside slower price movement and elevated management overhead.
If the plan assumes clean turnover, on-time rent, and low maintenance on a $274K asset, 47720 is the wrong submarket. If the plan prices in friction, the yield can still work.
Looking more closely, 47720 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.
Who lives in 47720 is part of why the ZIP is priced as it is. The demographic profile requires hands-on management, tight screening, and local knowledge.
New investors are better served looking at Evansville's stable or hybrid ZIPs before stepping into 47720. The learning curve here is expensive when the lesson is wrong.
Here's what matters if you're considering buying a home in Evansville:
Property Strategy for 47720
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 1BR | $127,909 | $940 | 5.3% | +1.1% | $127,909 |
| 2BR | $185,734 | $1,220 | 4.7% | +7.6% | $92,867 |
| 3BR | $263,018 | $1,500 | 4.1% | +7.1% | $87,673 |
| 4BR | $358,460 | $1,690 | 3.4% | +6.6% | $89,615 |
| 5BR | $424,970 | — | — | +4.8% | $84,994 |
Market Trends
Home Value History (with trend line)
📊 How Does 47720 Compare?
| Metric | 47720 | Evansville | Evansville, IN-KY | Indiana |
|---|---|---|---|---|
| Home Value | $273,760 | $59,067 | N/A | $248,442 |
| 5-Year CAGR | 5.8% | 6.1% | N/A | 7.7% |
| Avg Rent | $1,098 | $1,137 | N/A | - |
| Cap Rate | 3.1% | 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 47720 (Evansville, IN). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $273,760 |
| Monthly Rent | $1,098 |
| Price-to-Rent | 20.8:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 4.8% |
| Cap Rate | 3.1% |
| 5-Year IRR | 8.9% |
📈 Home Appreciation
| 1-Year | +7.4% ▲ |
| 3-Year CAGR | +5.3% ▲ |
| 5-Year CAGR | +5.8% ▲ |
| 10-Year CAGR | +6.3% ▲ |
🏠 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 (3.1%). 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 47720
Population: 17,103
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 47720
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 918 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
How strict are landlord regulations in Evansville, IN?
IN ranks as a landlord-friendly state for landlord-tenant law. Evansville generally follows the statewide framework, so landlords face reasonable operating rules.
Do landlords face vacancy issues in Evansville, IN?
Vacancy in Evansville, IN is elevated, which keeps landlord downtime on reasonable timelines. Most properties lease within the standard window at $1,098/mo.
Where do home prices stand in Evansville, IN?
In Evansville, IN the median home value sits at $274K. Against the broader IN market, that reads as reasonable for most investors.
Is Evansville, IN better for rentals, flips, or BRRRR?
Investors usually favor careful cash-flow rentals with hands-on management in Evansville, IN. With home values at $274K and rents near $1,098/mo, other strategies can work but produce even-keeled rather than outsized returns.
Are tenants stable in Evansville, IN?
The renter base in Evansville, IN is reasonable for the $1,098/mo price point. Screening well and pricing to market typically yields steady tenants.
You know 47720 now. You don’t know where it ranks.
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How 47720 ranks in Evansville, IN-KY
Every ZIP in this metro, ranked. Free.
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