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The City of Mineral Water, also known as Martinsville, Indiana was founded in 1822. This city’s nickname is due to its well-known mineral water sanitariums that closed in the mid 1990’s.
Named after John Martin who established the city of Martinsville, it is now a place remembered for its history in several different industries.
The Old Hickory Furniture company was created here before going out of business in 1978. It is currently the location of Twigg Corporation, which is a company that manufactures jet aircraft engine components. This city also has one of the nations’ largest producers of custom-molded foam products, Tuscarora, Inc.
It was home to legendary basketball coach John R. Wooden, who played for Purdue University and eventually became a coach for the UCLA Bruins. During his career, his teams won 10 NCAA Basketball Championships.
According to Niche, the people within this 404 square mile rural area have a median home value of $98,500 with a median income of $52,901. Average rent in the city is $759.
Martinsville is also ranked #19 out of 115 for suburb with the lowest cost of living in the state and #93 out of 321 for places with the lowest cost of living in Indiana.
Martinsville schools have a student to teacher ratio of 16:1 with 4,340 students in grades PK-12.
It’s ranked #85 out of 115 for suburbs with the best public schools in Indiana. For academics, reading proficiency is at 45% and math is at 51%.
This is based off of a scale of 1-100 where 1 is low crime and 100 is high crime with the US average for violent crime is 22.7 and average for property crime is 35.4.
Martinsville might not be at the top of your list for investing. There are a few alarming statistics such as the high property crime rate, but it comes down to the neighborhood you choose to invest in as well.
It has smaller opportunities for investment not only because of the housing shortage but also the size of the city. However, homes are a lot less expensive than surrounding areas.
At the end of the day, whether Martinsville is the next investment location for you depend on what you are looking for. Does the school system match your expectations? Does crime rate have a big impact on your decision? Or, are you looking more at availability and pricing?
T&H Realty is working with Owner Clients to add Martinsville rental properties to their portfolios. If you are interested in finding properties in that area, our brokerage would be more than happy to help you purchase a property.
T&H Realty Services is a full-service, residential Property Management company located in Indianapolis, IN.
