Real Estate Investing in Waveland, Indiana (47989)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 47989 (Waveland, 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.
- High vacancy: 14.0% of homes vacant — above national norms.
• Modeled rent — no observed market rent for this ZIP; the figure is estimated from HUD fair-market rent.
What’s happening in Waveland, IN (47989)?
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Market Analysis: 47989 Waveland
ZIP 47989 inside Montgomery County looks affordable on the surface — median value of $228K — but the discount exists for reasons that a careful buyer should understand before committing.
Distressed markets are won on execution, not on spreadsheets. ZIP 47989 records the profile where tenant screening, deferred maintenance, and local relationships determine the outcome.
ZIP 47989's metrics run below Montgomery County's averages on price growth and tenant stability. Investors who ignore that regional gap tend to relearn it the hard way.
Employment concentration in 47989 leans toward sectors with higher volatility. The demographic consequence is income fluctuation that investors need to factor into their pro forma.
Experienced landlords with local relationships tend to find 47989 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 Waveland:
Property Strategy for 47989
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $127,746 | $960 | 5.4% | — | $63,873 |
| 3BR | $209,742 | $1,270 | 4.4% | +9.0% | $69,914 |
| 4BR | $298,376 | $1,480 | 3.6% | — | $74,594 |
Market Trends
Home Value History (with trend line)
📊 How Does 47989 Compare?
| Metric | 47989 | Waveland | Crawfordsville, IN | Indiana |
|---|---|---|---|---|
| Home Value | $228,215 | $228,215 | N/A | $248,442 |
| 5-Year CAGR | 7.5% | 7.5% | 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 47989 (Waveland, IN). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $228,215 |
| Monthly Rent | $864 |
| Price-to-Rent | 22.0:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 4.5% |
| Cap Rate | 3.0% |
| 5-Year IRR | 10.5% |
📈 Home Appreciation
| 1-Year | +11.0% ▲ |
| 3-Year CAGR | +8.0% ▲ |
| 5-Year CAGR | +7.5% ▲ |
| 10-Year CAGR | +9.1% ▲ |
🏠 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 47989
Population: 1,243
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
🎓 Nearby Colleges & Universities
Frequently Asked Questions
What do landlords charge for rent in Waveland, IN?
Rent in Waveland, IN is around $864/mo. The resulting rent-to-value relationship with $228K pricing is reasonable for most investor models.
How strong is tenant demand in Waveland, IN?
Waveland, IN draws a consistent base of working renters. Demand at the $864/mo rent level is reasonable for standard single-family and small multi rentals.
What are home prices like in Waveland, IN?
Median home price in Waveland, IN is near $228K, with a 5-year CAGR of 0.0%. Prices have been stable and supportive of buy-and-hold strategies.
How landlord-friendly is Waveland, IN?
Landlord-friendliness in Waveland, IN is landlord-friendly. Eviction timelines and lease enforcement are considered reasonable by most property managers.
Should investors consider Waveland, IN?
With a 3.0/5 investability score, Waveland, IN ranks as a solid market for rental property investors. Median prices of $228K and rents of $864/mo drive the underlying numbers.
You know 47989 now. You don’t know where it ranks.
This page stays free — all of it. What one page can’t tell you is how 47989 compares to every other market. Investor ($19/mo) screens every U.S. ZIP by cap rate, the 1% rule, vacancy and landlord climate, and exports your shortlist.
How 47989 ranks in Crawfordsville, IN
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