Side-by-side comparison of South Bend, IN and Evansville, IN — cap rates, rent, prices, and investment metrics.
Cash flow: South Bend has the edge with an estimated cap rate of 5.45% compared to Evansville's 5.26%. Neither city passes the 1% rule outright, so deal sourcing and value-add strategies become more important. Median home prices are $155,000 in South Bend vs $155,000 in Evansville, while rents come in at $980/mo and $950/mo respectively.
Growth & appreciation: South Bend is growing faster at 0.3% annually vs Evansville's 0.2%. South Bend leads on home value appreciation at 2.3% per year.
Costs & risk: Property taxes are 0.86% in South Bend vs 0.82% in Evansville. Vacancy rates of 6.3% and 6.5% are mixed — South Bend has the tighter rental market.
Bottom line: South Bend edges out Evansville on most key metrics. With a 5.45% cap rate, it offers solid cash flow potential. Use our free calculators to model specific deals in South Bend or Evansville.