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Elkhart vs Frankfort for Rental Property Investing

Side-by-side comparison of Elkhart, IN and Frankfort, IN — cap rates, rent, prices, and investment metrics.

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Elkhart wins 3–0 across key metrics
Elkhart leads on cash flow (3.16% vs 2.79% cap rate)
Metric
Elkhart, IN
Frankfort, IN
Est. Cap Rate
3.16%
2.79%
Median Home Price
$255,000
$215,000
Median Monthly Rent
$1,080
$840
1% Rule
0.42%
0.39%
GRM
19.7x
21.3x
Price / Income
4.2x
3.5x
Property Tax Rate
0.84%
0.84%
Vacancy Rate
5.5%
5.5%
Population Growth
0.9% / yr
0.9% / yr
Annual Appreciation
2.6%
2.6%
Population
50,000
50,000
Median Income
$60,888
$60,888

Elkhart vs Frankfort: Which Is Better for Investors?

Cash flow: Elkhart has the edge with an estimated cap rate of 3.16% compared to Frankfort's 2.79%. Neither city passes the 1% rule outright, so deal sourcing and value-add strategies become more important. Median home prices are $255,000 in Elkhart vs $215,000 in Frankfort, while rents come in at $1,080/mo and $840/mo respectively. For context, the national average cap rate is 3.81% and average price is $333K.

Growth & appreciation: Elkhart is growing faster at 0.9% annually vs Frankfort's 0.9%. Elkhart leads on home value appreciation at 2.6% per year.

Costs & risk: Property taxes are 0.84% in Elkhart vs 0.84% in Frankfort. Vacancy rates of 5.5% and 5.5% are both healthy, suggesting strong tenant demand in both markets.

Entry point: Frankfort offers a lower entry at $215K vs Elkhart's $255K — a difference of $40K. With a 20% down payment, that's $43K vs $51K. Elkhart's higher price may be justified by better market fundamentals.

Bottom line: Elkhart edges out Frankfort on most key metrics. While cap rates are moderate at 3.16%, Elkhart's overall profile is stronger. Use our free calculators to model specific deals in Elkhart or Frankfort.

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Elkhart, IN
3.16% cap rate · $255,000 median · $1,080/mo
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Frankfort, IN
2.79% cap rate · $215,000 median · $840/mo
Full analysis →

Frequently Asked Questions

Is Elkhart or Frankfort better for rental investing?
Elkhart wins 3–0 across our 7 key metrics (cap rate, 1% rule, GRM, taxes, vacancy, growth, appreciation). Elkhart's 3.16% cap rate and $255K median price edge out Frankfort's 2.79% at $215K.
What is the cap rate difference between Elkhart and Frankfort?
Elkhart has a 3.16% cap rate vs Frankfort's 2.79% — a difference of 0.37 percentage points. This is a relatively small difference — other factors like growth, taxes, and local market conditions may matter more. For context, the national average is 3.81%.
Which city has lower property taxes?
Frankfort has lower property taxes at 0.84% vs 0.84%. On a $235K property, that's a difference of approximately $336/year in tax expense — money that goes directly to (or from) your cash flow.
Which city is growing faster?
Elkhart is growing at 0.9% annually vs Frankfort's 0.9%. Moderate growth provides stable demand. Elkhart's appreciation rate of 2.6% also leads on home value growth.

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