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Cap Rate Analysis: Fishers, IN

Investment metrics, interactive calculators, and data-driven analysis for Fishers rental properties.

Challenging for pure cash flow
Based on $370,000 median price and $1,680/mo median rent
Est. Cap Rate
3.59%
1% Rule
0.45%
Fails
GRM
18.4x
Price / Income
3.6x

Market Data

Median Home Price$370,000
Median Monthly Rent$1,680
Property Tax Rate0.84%
Population104,000
Population Growth2.2% / yr
Median Household Income$104,000
Vacancy Rate4%
Annual Appreciation3.1%

Cap Rate Calculator — Fishers

Pre-filled with Fishers medians. Adjust to match a specific property.

Property Details
$
$
3–8% typical
%
Monthly Expenses
0.84% rate
$
$
8–10% of rent
$
8–12% of rent
$
Cap Rate
3.01%Low
Net Operating Income ÷ Purchase Price
NOI / Year
$11,146
net operating income
Gross Rent Multiplier
18.4x
High (>15)
1% Rule
0.45%
✗ Fails
Monthly Cash Flow
$929
before debt service
Annual Breakdown
Gross Rental Income$20,160
Less Vacancy−$806
Effective Income$19,354
Less Operating Expenses−$8,208
Net Operating Income$11,146

Cash-on-Cash Return — Fishers

Factor in financing to see your actual return on invested capital in Fishers.

$
$92,500
%
%
years
$
taxes + ins + maint + mgmt
$
$
Cash-on-Cash Return
-9.67%Weak
Annual Cash Flow ÷ Total Cash Invested
Total Cash Invested
$103,600
$92,500 down + $11,100 closing
Monthly Mortgage
$1,809
on $278K loan
Monthly Cash Flow
$-835
after all expenses
Annual Cash Flow
$-10,021
before taxes
Cash Flow Breakdown
Monthly Rent$1,680
Less Expenses−$706
Less Mortgage−$1,809
Monthly Cash Flow$-835

Is Fishers a Good Place to Invest in Rental Property?

Fishers, IN has a population of 104,000 and has been growing at 2.2% annually — well above the national average, signaling strong housing demand from population inflows. The median home price of $370,000 paired with median rents of $1,680/mo produces an estimated cap rate of 3.59%.

Property taxes at 0.84% fall within the national average range and shouldn't present unusual challenges. The vacancy rate of 4% is impressively low, indicating tight rental supply and strong tenant demand — favorable for landlords.

At a price-to-income ratio of 3.6x, homes cost about 3.6 times the local median income of $104,000. This relatively affordable ratio suggests a deep pool of renters who find buying out of reach, supporting rental demand. Home values have appreciated at roughly 3.1% annually. Steady appreciation means total returns will be primarily cash flow-driven — the more sustainable model for long-term wealth building.

Bottom line: At current median prices, Fishers is challenging for pure cash flow investing. Consider BRRRR strategies with below-market purchases, or look at neighboring metros with stronger price-to-rent ratios.

Run a BRRRR analysis for Fishers
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