Side-by-side comparison of Elkhart, IN and Kokomo, IN — cap rates, rent, prices, and investment metrics.
Cash flow: Kokomo has the edge with an estimated cap rate of 4.55% compared to Elkhart's 3.16%. 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 $185,000 in Kokomo, while rents come in at $1,080/mo and $1,010/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 Kokomo'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 Kokomo. Vacancy rates of 5.5% and 5.5% are both healthy, suggesting strong tenant demand in both markets.
Entry point: Kokomo offers a lower entry at $185K vs Elkhart's $255K — a difference of $70K. With a 20% down payment, that's $37K vs $51K. Kokomo combines the lower price with a higher cap rate — a compelling combination.
Bottom line: Kokomo edges out Elkhart on most key metrics. While cap rates are moderate at 4.55%, Kokomo's overall profile is stronger. Use our free calculators to model specific deals in Elkhart or Kokomo.