Side-by-side comparison of New Castle, IN and North Vernon, IN — cap rates, rent, prices, and investment metrics.
Cash flow: New Castle has the edge with an estimated cap rate of 3.75% compared to North Vernon's 3.26%. Neither city passes the 1% rule outright, so deal sourcing and value-add strategies become more important. Median home prices are $185,000 in New Castle vs $220,000 in North Vernon, while rents come in at $880/mo and $950/mo respectively. For context, the national average cap rate is 3.81% and average price is $333K.
Growth & appreciation: New Castle is growing faster at 0.9% annually vs North Vernon's 0.9%. New Castle leads on home value appreciation at 2.6% per year.
Costs & risk: Property taxes are 0.84% in New Castle vs 0.84% in North Vernon. Vacancy rates of 5.5% and 5.5% are both healthy, suggesting strong tenant demand in both markets.
Entry point: New Castle offers a lower entry at $185K vs North Vernon's $220K — a difference of $35K. With a 20% down payment, that's $37K vs $44K. New Castle combines the lower price with a higher cap rate — a compelling combination.
Bottom line: New Castle edges out North Vernon on most key metrics. While cap rates are moderate at 3.75%, New Castle's overall profile is stronger. Use our free calculators to model specific deals in New Castle or North Vernon.