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Evansville vs Fort Wayne for Rental Property Investing

Side-by-side comparison of Evansville, IN and Fort Wayne, IN — cap rates, rent, prices, and investment metrics.

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Evansville wins 4–3 across key metrics
Evansville leads on cash flow (3.86% vs 3.55% cap rate) · Fort Wayne leads on population growth
Metric
Evansville, IN
Fort Wayne, IN
Est. Cap Rate
3.86%
3.55%
Median Home Price
$215,000
$250,000
Median Monthly Rent
$1,050
$1,150
1% Rule
0.49%
0.46%
GRM
17.1x
18.1x
Price / Income
4.9x
5.1x
Property Tax Rate
0.82%
0.85%
Vacancy Rate
6.5%
5.8%
Population Growth
0.2% / yr
0.7% / yr
Annual Appreciation
2.2%
2.5%
Population
117,429
270,402
Median Income
$44,200
$48,600

Evansville vs Fort Wayne: Which Is Better for Investors?

Cash flow: Evansville has the edge with an estimated cap rate of 3.86% compared to Fort Wayne's 3.55%. Neither city passes the 1% rule outright, so deal sourcing and value-add strategies become more important. Median home prices are $215,000 in Evansville vs $250,000 in Fort Wayne, while rents come in at $1,050/mo and $1,150/mo respectively. For context, the national average cap rate is 3.81% and average price is $333K.

Growth & appreciation: Fort Wayne is growing faster at 0.7% annually vs Evansville's 0.2%. Fort Wayne leads on home value appreciation at 2.5% per year.

Costs & risk: Property taxes are 0.82% in Evansville vs 0.85% in Fort Wayne. Vacancy rates of 6.5% and 5.8% are mixed — Fort Wayne has the tighter rental market.

Entry point: Evansville offers a lower entry at $215K vs Fort Wayne's $250K — a difference of $35K. With a 20% down payment, that's $43K vs $50K. Evansville combines the lower price with a higher cap rate — a compelling combination.

Bottom line: Evansville edges out Fort Wayne on most key metrics. While cap rates are moderate at 3.86%, Evansville's overall profile is stronger. Use our free calculators to model specific deals in Evansville or Fort Wayne.

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Evansville, IN
3.86% cap rate · $215,000 median · $1,050/mo
Full analysis →
Fort Wayne, IN
3.55% cap rate · $250,000 median · $1,150/mo
Full analysis →

Frequently Asked Questions

Is Evansville or Fort Wayne better for rental investing?
Evansville wins 4–3 across our 7 key metrics (cap rate, 1% rule, GRM, taxes, vacancy, growth, appreciation). Evansville's 3.86% cap rate and $215K median price offer both higher returns and a lower entry point.
What is the cap rate difference between Evansville and Fort Wayne?
Evansville has a 3.86% cap rate vs Fort Wayne's 3.55% — a difference of 0.31 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?
Evansville has lower property taxes at 0.82% vs 0.85%. On a $233K property, that's a difference of approximately $362/year in tax expense — money that goes directly to (or from) your cash flow.
Which city is growing faster?
Fort Wayne is growing at 0.7% annually vs Evansville's 0.2%. Moderate growth provides stable demand. Fort Wayne's appreciation rate of 2.5% also leads on home value growth.

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