Investor · Redondo Beach, CA · Member since 2015 · 9 posts · 4 votes
I'm looking at properties in the Fountain Square and Bates-Hendricks neighborhoods of Indianapolis. Do any of you guys out there who invest in these neighborhoods have any advice?
What should I look for or what should I be avoiding? Are there certain streets to avoid? What type of rents and vacancies are typical of these areas?
I love Bates-Hendricks and some adjacent areas. I'm wrapping up a flip there now. If you want to talk about rentals ask @Lee Smith or @Ryan Mullin. There are some strong wholesalers up there too, PM me if you need referrals.
I love Bates-Hendricks and some adjacent areas. I'm wrapping up a flip there now. If you want to talk about rentals ask @Lee Smith or @Ryan Mullin. There are some strong wholesalers up there too, PM me if you need referrals.
It all depends on what you're looking for. Those areas typically have older homes and vary widely from street to street so you can't universally say Fountain Square or Bates Hendricks are good areas. You have to know the street. There are areas in Fountain Square with $150K homes and other areas with $30K homes. If you're looking for lower priced homes, Fountain Square can be pretty good if you're very careful, As @Shawn Holsapple said, @Ryan Mullin knows this area well. I focus outside of the inner city in the suburbs for various reasons. If you're interested in those areas, I'd be happy to help you.
Yes, as everyone else has stated Indianapolis is very much street by street.. You can go 1 street over and see a 50k+ drop in values... Whomever you work with get a second opinion until the trust levels are built up, maybe even after that. haha Even if you worked with me I would recommend you do that!
This article came out this weekend in the Indianapolis Business Journal.
It basically outlines some of the commercial properties in fountain square in regards to the jump in value over the past few years. Pretty interesting. When I moved to Fountain Square in 2003 most of the commercial buildings were vacant and small businesses went under all the time. There was 1 maybe 2 decent places to drink and eat. Now there is around 30 or so. Fountain Square now has a brewery, ice cream shop, multiple music venues, art museum, the cultural trail, etc, etc... Great example of turning a neighborhood around.
With the expansions of businesses and the property values on the rise in Fountain Square, Bates Hendricks is reaping the benefits of it. With recent sales in the area of $155K to $199K on houses that were built in early 1900's. The homeowners association of BH has recently taken a few empty lots cleaned them up and turned them into a nice park. The homeowners of BH know exactly what they have around them and they are cleaning up their community.
Whether you are an investor or a homeowner both of these areas offer a lot for the value.
Should you have any questions feel free to reach out to me.
If I had to choose I would go with the fountain square area. I personally like all the little restaurants and shops in fountain square. Cool little places to hang out. From an investor standpoint I would agree with everyone else that it is all about the specific streets and blocks ect for both areas. Ultimately I would go with what I thought was the better deal. Both are pretty much the same area and share the same characteristics. Checking the crime reports on the Indy Police department website and consulting an expert like Ryan Mullin would help too. Asking the locals like Steve Lehman ,
And Rodney Kuhl about specific blocks is also a good idea. Whatever you...do don't ask me. Cuz I dunno!
I actually own properties in Fountain Square. I started purchasing in the area in 2007. I am now looking to sell some of my properties given the demand in the area.
I sold two homes last summer and made approximately $35,000 in profit. However, I held the properties for about 6 years as RTOs.
The City has targeted this area as one of its main focuses for redevelopment and revitalization. Many people who want to live in the heart of downtown Indianapolis can't because the pricing has gotten so expensive. The best alternative is to live in one of the adjoining neighborhoods about 5 minutes from downtown where the prices are more reasonable but you are still close to all of the downtown attractions and activities.
If you would like to know more since I am an investor in the area, send me a PM. Happy to speak with you.