Side-by-side comparison of Evansville, IN and Indianapolis, IN — cap rates, rent, prices, and investment metrics.
Cash flow: Evansville has the edge with an estimated cap rate of 5.26% compared to Indianapolis's 4.49%. Neither city passes the 1% rule outright, so deal sourcing and value-add strategies become more important. Median home prices are $155,000 in Evansville vs $235,000 in Indianapolis, while rents come in at $950/mo and $1,280/mo respectively.
Growth & appreciation: Indianapolis is growing faster at 0.9% annually vs Evansville's 0.2%. Indianapolis leads on home value appreciation at 2.8% per year.
Costs & risk: Property taxes are 0.82% in Evansville vs 0.84% in Indianapolis. Vacancy rates of 6.5% and 6.2% are mixed — Indianapolis has the tighter rental market.
Bottom line: Evansville edges out Indianapolis on most key metrics. With a 5.26% cap rate, it offers solid cash flow potential. Use our free calculators to model specific deals in Evansville or Indianapolis.