Real Estate Investing in West Lebanon, Indiana (47991)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 47991 (West Lebanon, 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: 12.0% 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 West Lebanon, IN (47991)?
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Market Analysis: 47991 West Lebanon
The 47991 ZIP covers a section of West Lebanon that demands careful diligence. Prices near $154K look accessible, but the work to make a deal cash flow is real.
Distressed does not mean uninvestable. It means the margin for error is thinner. ZIP 47991 rewards the prepared, punishes the overconfident, and leaves the math unchanged either way.
Regionally, 47991 sits on the difficult end of the IN spectrum. The worth a close look for read — for disciplined operators — is that pricing reflects the difficulty.
The demographic picture in 47991 includes headwinds that any investor should price in. Income distribution skews lower than West Lebanon averages, and tenant stability requires active management.
tilts toward the ZIP is not uninvestable, but it is unforgiving. Section 8 landlords, local operators, and specialized value-add funds are the investor types that tend to succeed.
Here's what matters if you're considering buying a home in West Lebanon:
Property Strategy for 47991
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $115,499 | $960 | 6.0% | — | $57,749 |
| 3BR | $155,408 | $1,330 | 6.2% | +11.0% | $51,803 |
Market Trends
Home Value History (with trend line)
📊 How Does 47991 Compare?
| Metric | 47991 | West Lebanon | Lafayette-West Lafayette, IN | Indiana |
|---|---|---|---|---|
| Home Value | $154,159 | $154,159 | N/A | $248,442 |
| 5-Year CAGR | 7.7% | 7.7% | N/A | 7.7% |
| Avg Rent | $864 | $864 | N/A | - |
| Cap Rate | 4.4% | 4.4% | - | - |
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 47991 (West Lebanon, IN). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $154,159 |
| Monthly Rent | $864 |
| Price-to-Rent | 14.9:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 6.7% |
| Cap Rate | 4.4% |
| 5-Year IRR | 12.1% |
📈 Home Appreciation
| 1-Year | +7.0% ▲ |
| 3-Year CAGR | +5.9% ▲ |
| 5-Year CAGR | +7.7% ▲ |
| 10-Year CAGR | +9.7% ▲ |
🏠 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 (4.4%). 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 47991
Population: 1,398
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 47991
Schools in This ZIP Code
Nearby Schools (1 more)
Schools in adjacent ZIP codes that may serve this area
Williamsport 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 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 West Lebanon, IN?
The median home value in West Lebanon, IN is roughly $154K. That puts it reasonable relative to the IN statewide average.
What is it like being a landlord in West Lebanon, IN?
IN ranks as a landlord-friendly state for landlord-tenant law. West Lebanon generally follows the statewide framework, so landlords face reasonable operating rules.
Is the tenant base reliable in West Lebanon, IN?
The renter base in West Lebanon, IN is reasonable for the $864/mo price point. Screening well and pricing to market typically yields predictable tenants.
Which investment style suits West Lebanon, IN?
A careful cash-flow rentals with hands-on management strategy West Lebanon, IN best. The market produces consistent results for that approach at the $154K price point.
What kind of market is West Lebanon, IN for investors?
Investors tracking West Lebanon, IN will find a 3.0/5 rating supported by $154K median home values and $864/mo rents. That profile suits long-term holders targeting stable returns.
You know 47991 now. You don’t know where it ranks.
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How 47991 ranks in Lafayette-West Lafayette, IN
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