Your favorite Indianapolis neighborhoods

9 Replies

Hi BP Community who invest in Indianapolis area, what are your favorite neighborhoods / townships for buy and hold single family homes?

@Nazz Wang  

I'm a southsider of Indianapolis, born and raised, just outside of the 465 circle. Troy ave. on the south of the circle is one of the school boundaries for Perry Township (better) vs IPS (not so good), but it just depends on your target market for tenants. Perry Township tends to be a good place for low priced properties for rentals (however inventory is pretty low). I live in Franklin Township which is a great school district but (depending on your target purchase price) might be hard to find buy and hold properties with good cash flow. Center Grove further south is probably considered a A / B zone but prices go up. I'm not as familiar with the redevelopment areas to the northside and downtown (i.e. Mapleton Fall Creek). Finding the areas there would be key as there is a lot of development (residential and commercial) planned for downtown through 2016 I believe.

I am still relatively new to investing in Indianapolis, but in terms of decent neighborhoods that still have deals, I like both the Pike Township and Lawrence Township.

@Nazz Wang  I always recommend new Indy investors sticking to outside the I-465 loop or near it.  This will avoid most war zones and older homes.

I would suggest that you start off with post war built [1950-1960] ranch homes that rents for at least $700 per month.  Anything older or lower in rent will cause you headaches [ask me how I know!].

The properties can be picked up for under $55k rent ready and offer a good return, low maintenance and are easy to rent.

I hope that helps.

@Shawn Holsapple  - So you wouldn't be a fan of areas like Fountain Square or Baites Hendrix?  The homes are pre war built, but have great character and charm once rehabed.  How much would you project your maintenance costs? 

The area is booming in development and drawing folks from downtown who can't afford the $1500-$2000 rent.  IPS Schools don't matter because couples and young professionals don't have kids.  Crime is relatively higher than outside townships, but it's really subdivision by subdivision, and in some cases street by street.

Originally posted by @Weis Sherdel :

@Shawn Holsapple - So you wouldn't be a fan of areas like Fountain Square or Baites Hendrix?  The homes are pre war built, but have great character and charm once rehabed.  How much would you project your maintenance costs? 

The area is booming in development and drawing folks from downtown who can't afford the $1500-$2000 rent.  IPS Schools don't matter because couples and young professionals don't have kids.  Crime is relatively higher than outside townships, but it's really subdivision by subdivision, and in some cases street by street.

 [For me], I just don't care for those areas.  I've owned several older homes in these areas and it never turned out as planned.

I know a few people, however, like @Ryan Mullin  - that can make it work just fine.

Thanks @Shawn Holsapple  

Indy has so many great areas.  In center township close to downtown you have some awesome niche neighborhoods, but you really have to know the areas because it can be tricky.   Like @Weis Sherdel    said I really like Fountain Square and Bates Hendricks along with quite a few others.   @Cary Trusty    is right there is a lot of development going on downtown right now and I don't see it slowing down anytime soon.  Also, you have your outside townships Like Perry and Franklin..  where you have good schools systems and a very family friendly environment.  Cost of living is low, crime is low, etc...   On the north side you also have Washington township, which has a few neighborhoods where you can see some good cash flow like Ravenswood and the area around 65th and Michigan Rd.   Pike (NW side) and Lawrence (NE side) both have a ton of opportunity...   If you stay north of 46th st in both of these townships you should be fine...    Pike has a LOT of condos and apartments south of 46th and Lawrence has some real spotty areas south of 46th...   (Yes, there are plenty of pockets where it is fine south of 46th but for the sake of a quick summary for an out of towner...) 

Due east you have Warren Township..  I would be east of 465 in Warren just to be sure but Warren township is pretty consistent for the most part.  

To the west is Wayne township.  West of Tibbs is ok...   west of Holt rd is better and west of lynhurst is even nicer...  prices will typically increase the further west you get..  Once you get west of Raceway rd you are in Hendricks county where you have some nice little towns like Avon, Brownsburg and Danville.  All have excellent opportunities.  Also on the west side by the 500 track is a town called Speedway.  Very consistent, very stable, very desirable...  Very "Indiana"

The South side in general is great. If you are south of raymond st, you are more than likely in a good area.  From Garfield park all the way to greenwood and southport. 

SOOOOOO many opportunities in Indy.   The only real way to decipher what areas you want to be in is to come to Indy for a week or so, meet up with a local, and TAKE NOTES.  Ive been exploring and studying Indianapolis since the day I could ride a bike and I still have a ton to learn.   

317-965-8708

Hi @Nazz Wang  I work with @Ryan Mullin  at FS Houses in Indy.  If you wanted to chat about the Indy market sometime that'd be great.  If you were thinking about making a trip out to Indy to check it out I'd be happy to show you around and introduce you to our team.  There's a lot of exciting things happening in Indy!  Good luck!

@Shawn Holsapple  @Ryan Mullin  

Brightwood!!!??? Just Kidding! 

@Nazz Wang  

I agree with what everyone has said. You have to do your DD and not be afraid to ask questions. As Ryan has stated you need to come out to Indy and talk to the locals. Indianapolis has great opportunity in all aspects of investing. Some areas will work better then others pertaining on what your investment strategies are. Most important have FUN while your doing this!

@Nazz Wang  I'm a wholesaler in Indianapolis who does my best to provide great deals for area buyers.  It can be tough sometimes because every buyer has a different niche, and different criteria.  The one constant though, is that no one likes buying in war zones or areas that cater to difficult tenants.

Therefore, I have to know which neighborhoods to market in and which ones to avoid.  Otherwise, if I try marketing a deal in a bad neighborhood I won't be able to sell it to my buyers, some of which include, but are not limited to @Ryan Mullin  Steve L. 

All of these guys can help guide your search and help you make informed decisions.  They've been a huge help to me as well.

If you're looking for some concrete rules to follow and help guiding your search street by street, I may be able to help. Feel free to PM me.  

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