Indianapolis-Carmel-Anderson metro area
Rental Property Analysis in Indianapolis, Indiana
Scan any Indianapolis ZIP code and see every listing ranked by cash-on-cash return, with rent estimated from nearby comparables and every expense line already filled in.
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Indianapolis rental market at a glance
| Measure | Indianapolis metro |
|---|---|
| Metro area | Indianapolis-Carmel-Anderson |
| Metro population | 2.1 million |
| Median home price | $280,000 |
| Average rent | $1,350 |
| Cash-on-cash range investors target | 9-12% |
Metro-level figures. Confirm the price, the rent and the tax bill for the specific ZIP code and street before you offer.
Why invest in Indianapolis rental properties
What investors like about Indianapolis
- Strong cash flow market with low entry prices
- Major healthcare and pharmaceutical employers
- Affordable cost of living attracts renters
- Growing tech sector in downtown
- Landlord-friendly state laws
Where investors analyze in Indianapolis
The neighborhoods and ZIP codes that come up most often in investor searches for the metro.
Indianapolis Market Data by ZIP Code
What renters pay and what buyers ask, ZIP by ZIP — and the gross yield between the two, which is where Indianapolis ZIP codes separate from each other.
| ZIP | Median Rent | Median Price | Gross Yield | Days on Market |
|---|---|---|---|---|
| 46038 | $2,170 | $359,995 | 7.2% | 38 days |
| 46112 | $2,085 | $364,990 | 6.9% | 58 days |
| 46168 | $1,855 | $350,000 | 6.4% | 53 days |
| 46060 | $1,920 | $385,000 | 6.0% | 38 days |
| 46142 | $1,545 | $325,000 | 5.7% | 61 days |
| 46032 | $2,100 | $559,900 | 4.5% | 62 days |
Gross yield is annual median rent divided by median asking price, before taxes, insurance, vacancy, maintenance, management or financing. Open a ZIP for its trend, its breakdown by size and property type, and whether it is a buyer's or a seller's market.
Looking at a ZIP code that is not on this list?
These are the Indianapolis ZIP codes published here. Smart Rental Investor reads the same rent, price, yield and direction for any ZIP code in the country, on demand, so you can compare the one you are actually considering against the ones above.
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How to find profitable rentals in Indianapolis
Enter a ZIP code in IN
Pick the ZIP, property type and unit mix you want to buy in Indianapolis, plus a price ceiling.Set your financing and expense assumptions
Down payment, rate and term, with vacancy, maintenance and management percentages you can change later.Read the ranked list
Every listing in the ZIP gets a rent estimate from nearby comparables and is ranked by cash-on-cash return, in map, grid or table view.Open the deals worth your time
Any listing opens into the full analysis: every expense line, multi-year projections, loan and equity, rental comparables and a written AI verdict.
Every listing in the ZIP on the map with its rank, beside the AI market insights for the search.
Example uses public listing data for illustration. See disclaimer.
Metrics calculated for every Indianapolis property
| Metric | The question it answers |
|---|---|
| Cash-on-cash return | What the deal pays each year on the cash you put in |
| Cap rate | What the property earns before financing, for comparing across markets |
| Monthly cash flow | What is left after the mortgage and every operating expense |
| Total ROI | Cash flow plus appreciation, on the cash invested |
| Gross rent multiplier | Price divided by annual rent: the fastest sanity check on a listing |
| Rent-to-price ratio | The 1% rule, computed for every listing |
| Debt service coverage ratio | Whether net operating income covers the mortgage, the lender's test |
| Cash needed to close | Down payment, closing costs and repairs before the first rent check |
Rent is estimated from nearby rental listings and shown with its confidence range. Every expense line is editable, so a real tax bill or insurance quote replaces the estimate. See how each metric is calculated.
Start finding profitable rentals in Indianapolis
Enter a IN ZIP code, set your financing, and read every listing ranked by cash-on-cash return with the rent and expenses behind each number.
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