Incredible Eagledale Neighborhood in Indianapolis

23 Replies

Hi there Team Indy,

I am just wondering what you guys think about investing in Eagledale? I have noticed that some folks market Eagledale as an up and coming B-Class neihgborhood with great tenants and very stable returns. 

Would you consider investing in Eagledale  for long-term buy and hold?

Any thoughts would be greatly appreciated, thanks so much for your time,

Phil

@Sterling White is right...I would trust @Shawn Holsapple 's opinion on the Eagledale neighborhood over most in the Indy market. He should be able to provide some good color on specific streets and what you can expect.

@Shawn Holsapple is incredibly knowledgeable about the Indy market as a whole - I have the utmost respect for him, and certainly value his views. I had a bit of a family matter that I had to attend to the past 3 weeks or so, but I am now ready to focus on buying some real estate in Indy. 

@Mike D'Arrigo , @Marco Santarelli , @STEVE LAWSON, I heard that you guys have Eageldale TK properties from time to time? 

@Clay Manship and @Sterling White what is your favorite street/s or Indy Neighborhood for cashflow properties? 

Hi @Account Closed

You will find that every investor will have a different answer for this question. Knowing Shawn and Sterling personally, I know this to be a fact with this specific question in mind...haha. Now that being said, that is not necessarily a bad thing. There are plenty of good places to be in the Indy market, and plenty of places to stay away from. A lot of this will depend on your risk tolerance. Being a young guy, I am more of a risk taker with my buy and holds (in regards to location) than someone like Shawn. And because of this, I have been burned a few times (just like Shawn said I would be!) and other times have made great deals.

Feel free to shoot me a PM and we can talk more in depth about my personal favorite markets in town and where I would stay away from. But most of my buying now takes place in Fall Creek Place/Fall Creek area, Herron Morton, Irvington, and Warren Township.

@Phil Fourie, I have one rental near Ball State with my daughter as one of the tenants.  But I would like to get more involved.  I'm quite busy with brokering real estate right now and don't have enough time to explore, learn and spend on Bigger Pockets!

Originally posted by @Phil Fourie: 
 
 @Marco Santarelli, I heard that you guys have Eageldale TK properties from time to time?  

We do have some properties in that area and can do more.  The area is descent and the renters are good and stable.  This area is close to the Indianapolis 500 Speedway.  Our 24th St property is in that area but in the upper-scale part of the area.

@Marco Santarelli would you rate the neighborhood as B or C? Seemingly it is a great neighborhood for Turnkey Properties - good cash flow. 

Just a couple of questions:

1) Investor owned homes - Are most of the homes in Eagledale investor owned and should this be a concern for buy and hold investors? 

2) Vacancy rates - Someone sent me a PM and said that the vacancy rate is 20% plus in Eagledale. Is this correct? What has your experience been with tenants in Eagledale?

Thank you for your time, really appreciate it.

@Sandy Thomas awesome that you have a rental property - hope renting to family is working out well for you LOL...

Would you say it is still a sellers market? I really appreciate the spreadsheet - I am sure other investors would appreciate it as well.

@Account Closed I agree with others that Eagledale is a great buy and hold area. I would consider it more of a solid upper C class area rather than B class though. I also think it's a stretch to call it an "up and coming area". To be up and coming, there general has to be a lot of gentrification and revitalization going on. You don't really have that in Eagledale. I see Eagledale as a good, mature area. We sell a lot of turn keys in this area and it's a solid rental area. Feel free to contact me if I can help

@Mike D'Arrigo Thanks so much for sharing your thoughts on Eagledale. You obviously wouldn't be selling "lots of properties" to investors if you didn't rate the area. Sounds like it is one of your favorite areas.

I heard that a very large proportion of the homes are investor owned - do you ever have any issues attracting quality tenants? How about vandalism when properties are vacant? 

Thanks again for your time, I really appreciate it!

@Account Closed Eagledale is a strong rental area. Some people seek it out so properties generally lease up pretty quickly. You can have vandalism and theft in any area during vacancy which is why it's important to buy in areas that rent easily. We've had very few problems with it. You'll see more of those problems in the rougher areas in Center township.

Originally posted by @Account Closed :

@Marco Santarelli would you rate the neighborhood as B or C? Seemingly it is a great neighborhood for Turnkey Properties - good cash flow. 

Just a couple of questions:

1) Investor owned homes - Are most of the homes in Eagledale investor owned and should this be a concern for buy and hold investors? 

2) Vacancy rates - Someone sent me a PM and said that the vacancy rate is 20% plus in Eagledale. Is this correct? What has your experience been with tenants in Eagledale?

 Don't forget vacancy rate it what YOU make it!  If you are trying to rent a home for $1,000 when the market rent is $800 - then, you will have a high VR and opposite holds true.

Overall, however, I think saying 20% is way off - even for warzones  and especially for this area.  I personally own several in this great neighborhood and have no issues getting and keeping tenants.

As a rule of thumb - $800 for a 3/1 with a garage and $750 without a garage.

Investor owned - don't forget the hedge funds own nearly entire "Pretty House" neighborhoods [vinyl villages] and people still rent and buy in them...

@Account Closed to answer your question the areas I am accustomed to purchasing in are either working class or urban neighborhoods such as Fountain Square, Bates Hendricks, Drexel Garden, Emerson Heights, Little Flower, Old Southside, Irvington. I do not have buy&holds at the moment in Eagledale so must be a misunderstanding 

Originally posted by @Account Closed would you rate the neighborhood as B or C? Seemingly it is a great neighborhood for Turnkey Properties - good cash flow. 

Just a couple of questions:

1) Investor owned homes - Are most of the homes in Eagledale investor owned and should this be a concern for buy and hold investors? 

2) Vacancy rates - Someone sent me a PM and said that the vacancy rate is 20% plus in Eagledale. Is this correct? What has your experience been with tenants in Eagledale?

Thank you for your time, really appreciate it.

Hi Phil -- In general terms, I would say that most of the area is in the "B" range.  It is a good cash-flow neighborhood, that will rent well and keep pace with the market in general.  It's not an equity play - it's a good buy-and-hold area.

Answers:

1)  According to our data, the Georgetown Rd/W 34th St neighborhood is about 58% renters.  It's a little on the higher side, but the numbers are very good there and there is demand and appeal for housing.

2)  Where are they getting 20% from??

@Marco Santarelli Thanks so much for taking the time to respond, I really appreciate it. 

According to Neighborhood Scout, 

"Vacant apartments or homes are a major fact of life in Georgetown Rd / W 34th St. The current real estate vacancy rate here is 21.6%. This is higher than the rate of vacancies in 87.2% of all U.S. neighborhoods. In addition, most vacant housing here is vacant year round."

http://www.neighborhoodscout.com/in/indianapolis/g...

@Shawn Holsapple Thanks for the very insightful comments above, as always, you are adding tremendous value to everyone thinking about investing in this area! Very few folks have more experience and knowledge, so thanks for taking the time to respond. Excellent point about the "pretty houses as well."

I am thinking that you would also agree that Neighborhood Scout is way off? 5 am - off to work - thanks Amazon!!

Originally posted by @Account Closed
 

@Marco Santarelli Thanks so much for taking the time to respond, I really appreciate it. 

"Vacant apartments or homes are a major fact of life in Georgetown Rd / W 34th St. The current real estate vacancy rate here is 21.6%. This is higher than the rate of vacancies in 87.2% of all U.S. neighborhoods. In addition, most vacant housing here is vacant year round." 

The 21.6% is what they call "Vacant Year-Round".  I have no idea where they get that number or how it's derived.  It doesn't make sense to me.  We know that we don't have issue leasing in the area.

Hi BP! wondering if anyone can update us on the current market in Eagledale. I hear it continues to be a strong, stable rental market. Anyone currently investing/managing in Eagledale care to share their thoughts? Thanks!