Anyone have rentals in Indianapolis? How has your experience been?
I'm currently looking at a few cities out-of-state to buy a rental, and one of the cities that looks great and affordable is Indianapolis.
Problem is, since I don't live there (i'm from CA), I don't know which areas to avoid, which areas have good job growth, which areas have good schools/families. etc. This will be my first out-of-state rental, so I'm really hoping it goes well and doesn't cause too many headaches.
I'm currently looking at MFRs and SFHs, and I was wondering if anyone who has bought a rental could let me know:
A) How has your experience has been so far? Anything unexpected?
B) What numbers on the map below should I avoid? Do you have any set of zip codes that you focus on?
C) What kind of cap rates are you seeing? I don't see too many multis listed.. are there still good areas for MFRs?
D) If you know of any investor-friendly real estate agents that are thorough, communicative, and helpful with out-of-state folks, please feel free to send me a PM. Would love to hear from you
Disclosure: If you are an agent/affiliate of the company you send, please let me know before hand. I'd primarily like to speak with investors who have rentals in Indianapolis- even better if you're out-of-state :)