Hancock County

Hancock County's median home price of $329,462 against a median rent of $1,755 produces a gross rent-to-price ratio of 6.39%, which lands it squarely in the middle ground between pure cash-flow territory and appreciation-driven markets. The modeled cap rate of 4.16% confirms that picture: there's yield here, but not enough to make this a cash-flow powerhouse on its own. At a 6.85% financing rate with 20% down, the numbers close hard against you, with the model showing a monthly cash flow of negative $586 and a cash-on-cash return of negative 9.28%. Home price appreciation came in at 2% year-over-year, modest but positive, and the overall market score of 61 out of 100 with an appreciation sub-score of 70 tells you where the market's real investment thesis lives: building equity over time in a stable suburban county, not collecting strong monthly checks from day one.

Given that cash-on-cash math, the levered cash-flow buyer has a real problem here at current rates. The 4.16% cap rate is below the 6.85% cost of debt, creating negative leverage by definition. This market suits an investor in one of two postures: someone paying closer to all-cash or carrying low leverage who can actually realize that 4.16% unlevered yield, or a longer-horizon appreciation buyer betting on Hancock's suburban Indianapolis location to compound equity over five-plus years. It does not suit a buyer who needs the rent check to cover the mortgage from month one without a substantial equity position or below-market basis. The affordability index of 59 and stability score of 50 suggest the market isn't overheated, but it also doesn't have deep value hiding in distress. A value-add operator who can force appreciation through renovation and push rents meaningfully above the current $1,755 median has the best shot at making the numbers work, since even a 10% rent lift to roughly $1,930 materially changes the cash-flow profile without moving the purchase price.

The taxInsurance data provides one genuine piece of good news for the underwrite. Indiana's state-average effective property tax rate of 0.85% is flagged as "normal," producing an estimated annual tax bill of $2,800 on a $329,462 asset. Combined with $922 in estimated annual insurance, monthly tax and insurance together run approximately $310. That's not negligible, but it's a manageable line relative to markets where tax rates run 1.5% or higher. Worth noting: this is a state-average effective rate sourced from Tax Foundation 2024 data, and actual Hancock County or township rates may differ, so pull the assessor's records before finalizing your numbers.

Compared to the neighboring counties in the dataset, Hancock holds its own on rent-to-price ratio, which is the most direct read on relative yield. At 6.39%, Hancock is marginally behind Tippecanoe County's 6.35% but ahead of Hendricks at 6.24%, Boone at 5.22%, Putnam at 5.24%, and Elkhart at 5.04%. What's notable is that Tippecanoe offers a similar ratio at a $288,669 median price, meaning a lower absolute capital commitment for essentially the same proportional yield, though Hancock's appreciation score of 70 likely reflects its tighter orbit around the Indianapolis metro. Boone County sits at a premium $408,148 median with a 5.22% rent-to-price ratio, a worse yield setup for more capital outlay. Hendricks County is the closest comparable: similar price, similar rent, similar ratio, same overall score of 61. Hancock earns the edge over Hendricks if you believe Indianapolis' eastern suburban corridor has more demand pressure than the western side, but that's a qualitative call the data here doesn't settle. Against Elkhart and Putnam, Hancock's higher absolute rents of $1,755 versus $1,057 and $1,144 respectively reflect deeper tenant pool purchasing power, even if the raw ratios don't favor Hancock on yield alone.

The primary risk in Hancock is concentration: with a population of 80,170, this is a small suburban county whose rental demand is structurally tied to Indianapolis employment. Any meaningful pullback in the metro economy or a sustained shift in remote-work patterns that reduces the need for suburban proximity would hit occupancy and rent growth here before it would show up in a larger, more diversified market. The stability score of 50 is the lowest sub-score in the dataset for this county and is the honest signal that the investment thesis carries some cyclical sensitivity. There are no vacancy statistics or regulatory data provided here to characterize landlord-tenant dynamics, so those factors require independent research before committing capital.