Indy's' Best C-Class Neighborhoods

[Melissa Fourie]

Happy New Year Everyone!

I trust you had a wonderful New Year's Eve and thoroughly enjoying their New years Day. I am wondering if anyone is investing in C-Class neighborhoods in Indianapolis? In particular, I am curious about whether this could be a viable strategy, and of course, it would be interesting to learn which neighborhoods would be best suited for a C-Class investment strategy. I am thinking that in order to be successful with this type of investment, the yield should be pretty close to the 2% rule and one should have a very good property manager in place.

I recently heard that one should stay away from older 3/1 homes that rent for less than $750 p/m. Would this be a good rule of them? 

Thank you so much for taking the time to read my post, I would really appreciate any thoughts or ideas.

Melissa

[Shawn Holsapple]

All good advise above.

As a one-time class C owner - I would suggest not to bother with it until you have a few years of seasoning under your belt.

At one point, I owned 22 doors that averaged $600 per door and cost around $25-$30k.

All were pre 1940 built and turned into money pits [even with full rehabs].

In addition, I've found that tenants that rent for over $700 seem to have a few more brain cells.

I sold my last low end property about 2 years ago and that was a HAPPY DAY!

Now, I only keep post built 1945 single family homes that rent for $700- up.

As I've mentioned before, I would suggest sticking to areas close to the I-465 loop or outside of it. IMHO