Looking for First Deal in Indy
I am new to RE investing and have been doing my research for the past few month, been in the Indy area for 15 years now but not super familiar with what areas are profitable. My goals are to do at minimum 2 fix/flips and use that profit to acquire a multi-family unit. If you are in the area and have any advice or think you could be of some help I would appreciate the opportunity to connect.
Investing in real estate to fix and flip properties in Indianapolis, like in any other city, involves identifying areas that offer a good balance of affordable purchase prices, potential for property value appreciation, and a strong demand for housing.
Look for neighborhoods that are in the early stages of gentrification or redevelopment. These areas often have lower property prices and are poised for growth.
Areas near new commercial developments, infrastructure projects, or large employers can be promising. Such developments can increase property values and attract buyers.
Sometimes, historic districts offer unique opportunities for fix and flip due to their distinctive architecture and charm, though be aware of any restrictions related to renovations in such areas.
Neighborhoods with lower crime rates are generally more attractive to buyers. It also helps the flipper not get his flip broken into before it's sold (which, unfortunately, happens a lot in our city).
Some areas where flippers have found good fortune include (but are not limited to):
Fountain Square: Known for its arts scene and nightlife, this area has been popular for fixer-upper projects. However, properties in this area have become a bit more difficult to find.
Broad Ripple: A vibrant area with a mix of residential and commercial properties, attractive due to its nightlife, parks, and cultural scene. I personally love South Broad Ripple (SoBro) and own a couple of rentals there.
Bates-Hendricks: Close to downtown and Fountain Square, this neighborhood has been on the rise for fix and flips.
Irvington: Known for its historic charm, it's a neighborhood with potential for flipping older homes (if you are lucky enough to find a cheap property there).
Garfield Park: Offers affordable options and is near a large park, making it attractive to families. Another one of my favorites. The whole Near South East side is filled with good properties that can be flipped.
Remember, real estate markets can change rapidly, and it's crucial to conduct thorough market research and consult with local real estate experts before making investment decisions.
Hope this helps. Feel free to send me a DM if I can be of further assistance.
Love this reply by Andres! Feel free to reach out if there's something I can do to help! Would love to help point you in the right direction!
Andres coming through with some detail, good stuff!
When you say MFR are you referring to duplexes or something larger? You'll find that a lot of duplexes were built around low to mid-last century so they'll but just outside of downtown. Like Andres suggested, you may target zones that the city is offering incentives for and/or zones that have seen some gentrification already. The Near East side is a good example of that but it's really inconsistent. Historically, the crime rate is pretty high over there but we've seen a lot of buy/flips on some/a lot of those streets. It's a small neighborhood but I would keep an eye on the Irish Hill area. Muncie and Anderson are also markets that cash flow pretty well however you don't find as many MFR's up there.
Hope this helps, best of luck!