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South Bend vs Evansville for Rental Property Investing

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

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South Bend wins 6–1 across key metrics
South Bend leads on cash flow (5.29% vs 3.86% cap rate)
Metric
South Bend, IN
Evansville, IN
Est. Cap Rate
5.29%
3.86%
Median Home Price
$225,000
$215,000
Median Monthly Rent
$1,390
$1,050
1% Rule
0.62%
0.49%
GRM
13.5x
17.1x
Price / Income
5.5x
4.9x
Property Tax Rate
0.86%
0.82%
Vacancy Rate
6.3%
6.5%
Population Growth
0.3% / yr
0.2% / yr
Annual Appreciation
2.3%
2.2%
Population
103,453
117,429
Median Income
$40,800
$44,200

South Bend vs Evansville: Which Is Better for Investors?

Cash flow: South Bend has the edge with an estimated cap rate of 5.29% compared to Evansville's 3.86%. Neither city passes the 1% rule outright, so deal sourcing and value-add strategies become more important. Median home prices are $225,000 in South Bend vs $215,000 in Evansville, while rents come in at $1,390/mo and $1,050/mo respectively. For context, the national average cap rate is 3.81% and average price is $333K.

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.

Entry point: Evansville offers a lower entry at $215K vs South Bend's $225K — a difference of $10K. With a 20% down payment, that's $43K vs $45K. South Bend's higher price may be justified by stronger growth.

Bottom line: South Bend edges out Evansville on most key metrics. With a 5.29% cap rate, it offers solid cash flow potential. Use our free calculators to model specific deals in South Bend or Evansville.

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South Bend, IN
5.29% cap rate · $225,000 median · $1,390/mo
Full analysis →
Evansville, IN
3.86% cap rate · $215,000 median · $1,050/mo
Full analysis →

Frequently Asked Questions

Is South Bend or Evansville better for rental investing?
South Bend wins 6–1 across our 7 key metrics (cap rate, 1% rule, GRM, taxes, vacancy, growth, appreciation). South Bend's 5.29% cap rate and $225K median price edge out Evansville's 3.86% at $215K.
What is the cap rate difference between South Bend and Evansville?
South Bend has a 5.29% cap rate vs Evansville's 3.86% — a difference of 1.43 percentage points. This is a significant gap that meaningfully impacts cash flow. For context, the national average is 3.81%.
Which city has lower property taxes?
Evansville has lower property taxes at 0.82% vs 0.86%. On a $220K property, that's a difference of approximately $172/year in tax expense — money that goes directly to (or from) your cash flow.
Which city is growing faster?
South Bend is growing at 0.3% annually vs Evansville's 0.2%. Both cities have slow growth — focus on the strongest neighborhoods. South Bend's appreciation rate of 2.3% also leads on home value growth.

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