Side-by-side comparison of North Vernon, IN and Richmond, IN — cap rates, rent, prices, and investment metrics.
Cash flow: Richmond has the edge with an estimated cap rate of 4.13% 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 $220,000 in North Vernon vs $165,000 in Richmond, while rents come in at $950/mo and $840/mo respectively. For context, the national average cap rate is 3.81% and average price is $333K.
Growth & appreciation: North Vernon is growing faster at 0.9% annually vs Richmond's 0.9%. North Vernon leads on home value appreciation at 2.6% per year.
Costs & risk: Property taxes are 0.84% in North Vernon vs 0.84% in Richmond. Vacancy rates of 5.5% and 5.5% are both healthy, suggesting strong tenant demand in both markets.
Entry point: Richmond offers a lower entry at $165K vs North Vernon's $220K — a difference of $55K. With a 20% down payment, that's $33K vs $44K. Richmond combines the lower price with a higher cap rate — a compelling combination.
Bottom line: Richmond edges out North Vernon on most key metrics. While cap rates are moderate at 4.13%, Richmond's overall profile is stronger. Use our free calculators to model specific deals in North Vernon or Richmond.