Grant County

Grant County sits at a gross rent-to-price ratio of 7.81%, which puts it firmly in cash-flow territory for an Indiana market. The cap rate comes in at 5.08% on a $154,000 median purchase price against $1,003 in median monthly rent, which is a respectable yield at that price point. The 4.1% year-over-year home price appreciation is meaningful but secondary to the income story here. The affordability index of 97 out of 100 signals that you are buying at the low end of the price spectrum nationally, which compresses your downside risk on the asset side even if the income doesn't pencil perfectly at current financing rates. The modeled investment scenario at 6.85% interest rates produces a monthly cash flow of negative $155 on a 20% down payment, which means the deal does not self-fund at median rents under conventional financing without some intervention, whether that's additional negotiation on price, a different financing structure, or a value-add component that pushes rents above the county median.

The negative cash-on-cash return of -5.25% in the base scenario is the number that tells you who this market suits and who it doesn't. A pure cash-flow buyer expecting day-one positive returns at 80% LTV will need to either find below-median assets or bring more equity to the table. A value-add operator has a clearer path: entry prices averaging $154,000 leave meaningful room to buy distressed assets well below median, force appreciation through renovation, and reposition rents above the $1,003 benchmark. Given the affordability score of 97, there is likely a real spread between distressed and retail pricing that an operator can exploit. The appreciation score of 83 is also notable, suggesting the market has some upward price momentum that a longer-hold buyer can benefit from even if the carry is thin in the early years. Grant ranks 40th nationally out of 1,000 counties scored, sitting at the 95th percentile overall and 8th in Indiana out of 92 counties, so the market's relative positioning is strong despite the financing headwind.

The combined monthly tax and insurance burden comes to $145, based on a state-average effective property tax rate of 0.85% and an insurance rate of 0.28%. That $145 figure, annualizing to roughly $1,740, is already baked into the estimated expenses and the resulting negative cash flow. The 0.85% tax rate carries a "normal" flag, meaning it's neither a tailwind nor a headwind worth isolating on your underwrite, though the standard caveat applies: this is a state-average effective rate from Tax Foundation 2024 data, and actual county and township assessments in Grant County may differ from that figure. Verify the parcel-level tax bill before closing on any specific asset.

The stability score of 50 is the number that deserves the most attention in this data set. Every other score is in the upper range, but stability sitting at the midpoint suggests the county's economic base or demographic trajectory carries real uncertainty. Grant County's population of 66,560 is not large, and smaller Midwest counties with manufacturing exposure or single-industry dependence can see meaningful demand swings tied to employment cycles. The data does not provide specific economic anchors here, so the stability flag is the signal to do your own diligence on the local employer mix, whether the population trend is flat or declining, and what the vacancy environment looks like on the ground before committing capital.

Comparing Grant to its neighbors sharpens the case. Delaware County offers a slightly higher rent-to-price ratio of 8.01% against a median price of $160,460, marginally better on paper, and carries a nearly identical overall score of 75 versus Grant's 76. Miami County comes in at a weaker 7.18% rent-to-price on $163,000 median pricing with an overall score of 73. Greene, Orange, and Newton counties all carry higher median prices ranging from $182,000 to $218,000 with lower overall scores of 73 to 78, none of which has rent data provided in this set, making their income yields harder to evaluate directly. Grant's edge over the neighbor group is the combination of the lowest median price in the set at $154,000 and a 7.81% rent-to-price ratio that beats Miami while staying competitive with Delaware. If you are choosing between Grant and Delaware, the decision comes down to the stability read on each market: Delaware's slightly better yield and similar score make it worth underwriting side by side. If you are choosing between Grant and the higher-priced neighbors, Grant wins on affordability and yield for any strategy that prioritizes income over raw appreciation.