Real Estate Investing in Covington, Indiana (47932)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 47932 (Covington, 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: 11.3% 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 Covington, IN (47932)?
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Market Analysis: 47932 Covington
Investors eyeing 47932 need to respect the fundamentals at play. Home values of $227K come alongside slower price movement and elevated management overhead.
The investment case in 47932 is significant only for operators who understand what they are buying. A $227K median suggests accessibility, but management intensity, vacancy drift, and capex surprises are real.
Nearby ZIPs in Covington have seen price recovery that 47932 has not matched. Fountain County data supports the view that the spread is structural rather than temporary.
Who lives in 47932 is part of why the ZIP is priced as it is. The demographic profile requires hands-on management, tight screening, and local knowledge.
The right play in 47932 usually involves deep tenant screening, aggressive delinquency response, and a conservative capex buffer. Anything less, and the discount can turn into a trap.
Here's what matters if you're considering buying a home in Covington:
Property Strategy for 47932
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $153,652 | $960 | 4.5% | +7.1% | $76,826 |
| 3BR | $243,799 | $1,190 | 3.5% | +7.5% | $81,266 |
| 4BR | $307,201 | $1,570 | 3.7% | +6.6% | $76,800 |
Market Trends
Home Value History (with trend line)
📊 How Does 47932 Compare?
| Metric | 47932 | Covington | Lafayette-West Lafayette, IN | Indiana |
|---|---|---|---|---|
| Home Value | $227,060 | $227,060 | N/A | $248,442 |
| 5-Year CAGR | 4.5% | 4.5% | N/A | 7.7% |
| Avg Rent | $864 | $864 | N/A | - |
| Cap Rate | 3.0% | 3.0% | - | - |
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 47932 (Covington, IN). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $227,060 |
| Monthly Rent | $864 |
| Price-to-Rent | 21.9:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 4.6% |
| Cap Rate | 3.0% |
| 5-Year IRR | 7.5% |
📈 Home Appreciation
| 1-Year | +5.1% ▲ |
| 3-Year CAGR | +3.9% ▲ |
| 5-Year CAGR | +4.5% ▲ |
| 10-Year CAGR | +6.5% ▲ |
🏠 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 47932
Population: 5,193
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 47932
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 844 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
What price range are homes in Covington, IN?
Median home price in Covington, IN is near $227K, with a 5-year CAGR of 0.0%. Prices have been reliable and supportive of buy-and-hold strategies.
Is IN a landlord-friendly state?
Landlord-friendliness in Covington, IN is landlord-friendly. Eviction timelines and lease enforcement are considered reasonable by most property managers.
What is the rental occupancy rate in Covington, IN?
Occupancy in Covington, IN runs reliable with elevated vacancy. Well-priced units at $864/mo lease on reasonable timelines.
Which investment style suits Covington, IN?
A careful cash-flow rentals with hands-on management strategy Covington, IN best. The market produces stable results for that approach at the $227K price point.
How strong is the working-renter base in Covington, IN?
Tenant demand in Covington, IN is solid. The local workforce $864/mo rents across most rental classes.
You know 47932 now. You don’t know where it ranks.
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How 47932 ranks in Lafayette-West Lafayette, IN
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