I am a new investor aiming to purchase a property in Indianapolis for buy and hold at ARV under 100K.
My purpose in to narrow the search for a few relevant neighborhoods (approximately 3-5).
I did some research and found some good and relevant neighborhoods for my purposes.
I would highly appreciate it if you could give your opinion on the next neighborhoods or suggest other area you think is more appropriate:
Eagledale, River side park area, Mapleton-Fall Creek, Windsor Park, Garfield Park, Little Flower, Irvington, Beech Grove.
Thank you (:
Welcome to BP and all the best to you!
Only 2 out off that list I would invest in is: Irvington and Garfield park.
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I would look seriously at Windsor Park if you can find something that cash flows. The closer to the interstate and 10th street the better. Beech Grove is very safe as well.
@Nadav Segal I like Irvington but would stay off of Emerson, 10th, and Washington streets and get something back in the neighborhood on a quieter street.
I think you could do well in Little Flower, particularly in the eastern half of the neighborhood, but would stay off of 16th, Emerson, and 10th.
I've heard of people doing well in Eagledale but I'm not as familiar with that area.
I think Riverside would be more of a challenge in terms of attracting a quality tenant and avoiding turnover.
If investing in Windsor Park, I would aim to be in the southwest end of the neighborhood, away from Rural and south of the park.
Mapleton Fall Creek: Reach out to the Mapleton Fall Creek Development Corporation. It is a non profit and might have some insight into opportunities there.
I don't know much about Garfield Park or Beech Grove. Cheers.
@Nadav Segal I finished and sold a flip in Mapleton Fall Creek earlier this year. It's a great area but like other emerging markets it goes by block/street and pocket within the street. I would have no problem doing another project there if the numbers work and the block is 60% + updated.
Thank you for your feedback. It is very helpful.
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