Real Estate Investing in Evansville, Illinois (62242)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 62242 (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: 17.7% 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 Evansville, IL (62242)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 62242 Evansville
The 62242 ZIP in Evansville, IL is a local-operator market. Outside capital chasing a $148K entry has to pair deep knowledge with the discount.
Distressed markets are won on execution, not on spreadsheets. ZIP 62242 sits at the profile where tenant screening, deferred maintenance, and local relationships determine the outcome.
Within IL, ZIP 62242 trails on several market indicators that neighboring Randolph County submarkets outperform. The gap is real and significant enough to shape underwriting.
From a cash-flow lens, 1,764 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.
Strategy in 62242 is an operator game, not a passive one. From a cash-flow lens, entry prices of $148K are inviting, the management lift is real and non-optional.
Here's what matters if you're considering buying a home in Evansville:
Market Trends
Home Value History (with trend line)
📊 How Does 62242 Compare?
| Metric | 62242 | Evansville | Illinois |
|---|---|---|---|
| Home Value | $148,168 | $136,074 | $279,761 |
| 5-Year CAGR | N/A | N/A | 6.6% |
| Avg Rent | $828 | $842 | - |
| Cap Rate | 4.4% | 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 62242 (Evansville, IL). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $148,168 |
| Monthly Rent | $828 |
| Price-to-Rent | 14.9:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 6.7% |
| Cap Rate | 4.4% |
| 5-Year IRR | 6.3% |
📈 Home Appreciation
| 1-Year | +1.9% ▲ |
| 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 (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 62242
Population: 1,764
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 62242
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
Frequently Asked Questions
Can I live-in-and-rent in Evansville, IL?
House hacking works a challenging in Evansville, IL. Rents of $828/mo against $148K acquisition make the strategy solid for owner-occupants.
How do landlord-tenant laws work in Evansville, IL?
Rental owners in Evansville, IL deal with a landlord-friendly legal framework. Most standard eviction processes run on reasonable timelines.
What are home prices like in Evansville, IL?
Typical homes in Evansville, IL go for around $148K. The 5-year CAGR of 0.0% stable price movement.
How much is rent in Evansville, IL?
The typical rental in Evansville, IL commands about $828/mo monthly. That rent profile predictable cash flow against the $148K purchase basis.
How strong is the working-renter base in Evansville, IL?
Working renters make up the core of the Evansville, IL tenant base. The pool is reasonable for investors targeting long-term holds.
You know 62242 now. You don’t know where it ranks.
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