Evansville, WI — Rental Investment Analysis

Investment Summary

As of 2026, Evansville, WI has a 1.9% cap rate, indicating limited cash flow potential at current prices of $383,926 median.

Evansville is very expensive relative to rents — expect negative cash flow. Median home price sits at $383,926 — moderate by national standards, requiring a solid down payment but not out of reach. With 3-bedroom rents around $1,400/month, the 1.9% cap rate tells the story. Cash flow is deeply negative at -$1,439/month with standard assumptions. This market requires appreciation to justify the investment.

At 0.36% on the 1% rule, rents are low relative to purchase prices. You'd need a significant discount from asking price to make the numbers work. DSCR of 0.30 is below 1.0, meaning rental income doesn't cover the mortgage. DSCR lenders will likely decline this market at current prices.

Bottom line: At current valuations, Evansville doesn't make sense for rental investors focused on returns. Look at lower-cost markets unless you have specific local knowledge.

Data sources: HUD Fair Market Rents (FY2024), Zillow Home Value Index (April 2026), Freddie Mac Primary Mortgage Market Survey.