Real Estate Investing in Evansville, Illinois (62217)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 62217 (Evansville, IL)? Our answer, based on the numbers below.
Proceed carefully. Weak appreciation or affordability makes this a harder case for most buyers.
A cash-flow market — rent-to-price math works from day one, though value growth is modest. Great for income-focused investors.
- High vacancy: 21.5% of homes vacant — above national norms.
• Limited market data — this is a very small market; averages are built from few observations and can swing widely. • Modeled rent — no observed market rent for this ZIP; the figure is estimated from HUD fair-market rent.
What’s happening in Evansville, IL (62217)?
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Market Analysis: 62217 Evansville
The 62217 ZIP covers a section of Evansville that demands careful diligence. Prices near $124K 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 62217 rewards the prepared, punishes the overconfident, and leaves the math unchanged either way.
In the broader IL picture, 62217 is a reminder that not every low-priced ZIP is a value-add opportunity — some are simply distressed, and the difference matters.
From a cash-flow lens, 710 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.
Strategically, 62217 can be a high-return sleeve of a diversified portfolio — but it should not be the whole portfolio, and it should not be someone's first deal.
Here's what matters if you're considering buying a home in Evansville:
Market Trends
Home Value History (with trend line)
📊 How Does 62217 Compare?
| Metric | 62217 | Evansville | Illinois |
|---|---|---|---|
| Home Value | $123,980 | $136,074 | $279,761 |
| 5-Year CAGR | N/A | N/A | 6.6% |
| Avg Rent | $855 | $842 | - |
| Cap Rate | 5.4% | 4.9% | - |
Similar ZIPs Within 25 Miles
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Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 62217 (Evansville, IL). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $123,980 |
| Monthly Rent | $855 |
| Price-to-Rent | 12.1:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 8.3% |
| Cap Rate | 5.4% |
| 5-Year IRR | 5.6% |
📈 Home Appreciation
| 1-Year | +0.2% ▲ |
| 3-Year CAGR | N/A |
| 5-Year CAGR | N/A |
| 10-Year CAGR | N/A |
🏠 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 (5.4%). 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 62217
Population: 710
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 is the renter demographic in Evansville, IL?
The tenant pool in Evansville, IL is solid, supported by local employment and population fundamentals. Rents of $855/mo are well-absorbed by the market.
How strict are landlord regulations in Evansville, IL?
IL law landlord-friendly for landlords, and Evansville inherits those rules. Investors should still review local ordinances for rental licensing.
What approach is best for Evansville, IL real estate?
In Evansville, IL the resilient play is typically careful cash-flow rentals with hands-on management. The combination of $124K prices and $855/mo rents suits that approach.
Can owner-occupants cash flow in Evansville, IL?
For house hackers, Evansville, IL is a challenging. The $855/mo rent on a unit helps defray the mortgage on a $124K property.
Is Evansville, IL a smart market for rental property?
Our data puts Evansville, IL at 2.0/5 for investability. Home prices of $124K and rents around $855/mo create a solid backdrop for investor activity.
You know 62217 now. You don’t know where it ranks.
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