Real Estate Investing in Delphi, Indiana (46923)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 46923 (Delphi, 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.
- High vacancy: 12.3% of homes vacant — above national norms.
What’s happening in Delphi, IN (46923)?
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Market Analysis: 46923 Delphi
The 46923 ZIP covers a section of Delphi that demands careful diligence. Prices near $237K look accessible, but the work to make a deal cash flow is real.
For an experienced owner, 46923 can be a a viable market for hunting ground — but the discount at $237K reflects genuine risk that outside investors often underestimate.
In the broader IN picture, 46923 is a reminder that not every low-priced ZIP is a value-add opportunity — some are simply distressed, and the difference matters.
On the rental side, 8,036 residents fill the ZIP, renter turnover runs higher than neighboring postal codes and delinquency risk is a real line item rather than a theoretical one.
Distressed ZIPs reward experience. impressive returns are possible in 46923, but they flow to investors who already understand how to operate in soft markets.
Here's what matters if you're considering buying a home in Delphi:
Property Strategy for 46923
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $163,784 | $1,050 | 4.6% | +8.7% | $81,892 |
| 3BR | $227,566 | $1,270 | 4.0% | +8.3% | $75,855 |
| 4BR | $310,283 | $1,580 | 3.7% | +8.4% | $77,571 |
| 5BR | $295,488 | — | — | +7.4% | $59,098 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 46923 Compare?
| Metric | 46923 | Delphi | Lafayette-West Lafayette, IN | Indiana |
|---|---|---|---|---|
| Home Value | $236,532 | $236,532 | N/A | $248,442 |
| 5-Year CAGR | 7.1% | 7.1% | N/A | 7.7% |
| Avg Rent | $1,065 | $1,065 | N/A | - |
| Cap Rate | 3.5% | 3.5% | - | - |
Similar ZIPs Within 25 Miles
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Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 46923 (Delphi, IN). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $236,532 |
| Monthly Rent | $1,065 |
| Price-to-Rent | 18.5:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 5.4% |
| Cap Rate | 3.5% |
| 5-Year IRR | 10.6% |
📈 Home Appreciation
| 1-Year | +8.0% ▲ |
| 3-Year CAGR | +6.7% ▲ |
| 5-Year CAGR | +7.1% ▲ |
| 10-Year CAGR | +7.9% ▲ |
🏠 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 (3.5%). 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 46923
Population: 8,036
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 46923
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.
Frequently Asked Questions
Which real estate strategy fits Delphi, IN?
The best-fit strategy in Delphi, IN is careful cash-flow rentals with hands-on management. That approach the rent and price profile of the market.
Are rents high in Delphi, IN?
Delphi, IN rentals go for roughly $1,065/mo a month. That puts gross yield in solid territory relative to $237K acquisition costs.
What is the typical renter like in Delphi, IN?
Delphi, IN offers a measured renter base at the $1,065/mo rent level. Tenant turnover is reasonable for well-managed properties.
What is the typical vacancy rate in Delphi, IN?
Delphi, IN vacancy trends elevated. Investors running standard buy-and-hold plays see reasonable downtime between tenants.
How do landlord-tenant laws work in Delphi, IN?
IN ranks as a landlord-friendly state for landlord-tenant law. Delphi generally follows the statewide framework, so landlords face reasonable operating rules.
You know 46923 now. You don’t know where it ranks.
This page stays free — all of it. What one page can’t tell you is how 46923 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 46923 ranks in Lafayette-West Lafayette, IN
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