Indianapolis /Lawrence area? Investing
Older sister lived in Lawrence. She moved to Carmel for better schools for my 3 nephews. Lawrence was nice where she lived.
I have thought about - not that seriously - getting something over in Indy so I could be closer to my nephews and renting out the remaining rooms. Although older sister has room for me.
I have a rental in Lawrence that cash flows very well. You can find plenty of cash dole properties in Lawrence, and some areas (like much of the city) are just fine. Just know that in Lawrence, you won't see much appreciation for resale down te road. I'd you paid $50k for it now, that's probably about what you can sell it for later. Solid rental area though if you ask me.
Hi @Rodney Kuhl - just curious. What time horizon have you been looking at?
I invest in Indy, pretty much exclusively for cash flow, but I'm wondering if, in 30 years, it will appreciate (even if it won't in 5-10).
Thanks!
@Dave Olverson No specific time frame. I'm sure they could appreciate some, but Indy in general doesn't see much appreciation, except for in a few areas. That doesn't mean it's a bad area to invest in, as Lawrence properties can cash flow very well. But most of the houses in a lot of Lawrence areas (at least where my property is located) are older cookie cutter homes, which just aren't going to go up in value much as there are ample supply of similar homes.
Yup - that makes sense. I'll be curious to see what happens either way in 30 years!
@Rodney Kuhl so what other areas have good cash flow with a chance of appreciation. My thoughts are that better areas =better schools= better long term tenants and a higher demand. But perhaps you can't have your cake and eat it to. To get better cash flow you have to go in the areas with just "Ok" schools and areas.
@Account Closed I just put down earnest money today on my 2nd rental property. This one is in the Emerson Heights neighborhood. There are various neighborhoods closer to downtown where you can achieve both good cash flow and appreciation. This one won't necessarily appreciate super quickly, but I got it at a price I was comfortable with where I should be walking into a good chunk of equity right away.
I agree better schools can help, but that isn't totally necessary in some areas. For example, Fountain Square is in an area where the schools aren't the best, but the average tenant in that area will be a young professional, either without kids or with very young kids who wouldn't be in school yet anyways. Obviously not all of the tenants would fit this category, but a lot of them. Schools wouldn't be a big concern in this case.
@Account Closed
the area in Carmel where my sister bought houses were gone in a day,
@Rodney Kuhl is right about Lawerence being a good rental area. If your model is for cash flow as the schools are mostly B and C as opposed to the city where the schools are D and F. You get working-class people that cant afford Carmel or Washington township but can usually swing $750-1050 in rents.
@Account Closed I live in old town Caramel and up here we/they are buying two bedroom bungalow's for 140K and knocking them down. Land was cheap up here in the 50s and 60s so most of these properties sit on a lot that can accommodate 2500-3500 square-foot new construction
Are there any pockets in Lawrence Township that you all would not buy in?
@Rodney Kuhl Please post the details of your deal in Emerson Heights when you get a chance!
@Justin Owens I stay away from the 42nd and Post and 38th and Post areas. That is one of the highest crime areas in the city, as shown by a recent news report by Fox 59 (link below):
http://fox59.com/2014/10/09/public-safety-official...
I'm excited about the Emerson Heights property. Purchase price is $39k. It's a 3 bed, 2 bath, 2000 sq ft house. Expecting rent to be $700-$750/mo at least.
@Justin Owens I agree with @Rodney Kuhl The areas that he spoke of are not good right now. Lawrence can by good in some areas and really bad in others. You really should be careful where you buy. I suggest traveling the neighborhoods that you are interested in on a Saturday or Sunday afternoon to see how the neighbor looks. I found weekends to be the best because most people are home.
Congrats on the new property @Rodney Kuhl !
Check out hs, think quite a few kids in my nephews were getting free meals my experience no where no house doesnt have some challenges
If your an out of state investor looking to buy in Lawrence I would highly recommend staying north of 46th street. Make sure you are buying a house that is actually in Lawrence township schools. As @Rodney Kuhl said 42nd and post is literally the worst area in Indy metro IMO... and its NOT lawrence schools its IPS and John Marshal high school (at 38th and mitthoffer) is ranked 343rd out of 352 schools in all of Indianapolis. Francis Scott Key school (that area's elementray school) is ranked DEAD LAST out of all of Indiana's grade schools.
I hear a lot of out of towners talk about good school systems so.. My point is this... Please do your research!
Source:
Darn @Ryan Mullin I used to go to those schools! Bad then and getting even worst. @Rodney Kuhl I agree with your statement on Lawrence being great for cash-flow. From my experience also in those rental properties it doesn't seem to be much appreciation.
If you are looking for great deals in IN please email me [email protected]
Please email me your information at [email protected] and i will email all the properties i have in IN.Thank you
@Chetan Tandon are you selling turnkey properties or wholesale properties?
Originally posted by @Sterling White:
Darn @Ryan Mullin I used to go to those schools! Bad then and getting even worst.
Well.. they must have been better back then! haha.. Foot-in-mouth moment :)
@Ryan Mullin just curious, what price point are you talking in that area of Lawrence you prefer?
What about E 38th St and N. Emerson Ave? Its about 4 miles to the west of war zone (N. Post & 42nd) inside the 465 belt? I guess that's not Lawrence anymore, but would still appreciate opinions in the neighborhood. If you don't like this area, can you be specific as to what makes this a bad neighborhood?