Indianapolis - Great Places 2020

2 Replies

Hello, new to the forum. 

I am considering investing in some cheap real estate, buying and holding for a few years. I'll be renting in the interim. My question though relates to the so-called "Great Places 2020" neighborhoods. Do the local experts think these are good areas to buy in with the expectation that the value will increase a great deal in the next 5-10 years? 

I am particularly interested in the Englewood Village great place on the near east side, I get the feeling I can safely rent a 3/1 for $750 on what looks to be the most stable block, Dearborn Street. With some of the improvements happening on East Washington Street, this seems like a low-cost place to get my feet wet. My long term goal is to branch out once I get enough cash from some of my Englewood Village properties. 

Anyone think this is a good area to invest, or am I about to make the biggest mistake of my life?

Thanks.

@Jules Haddix be advised on the "Plan 2020" deal as it could very easily turn into the Plan 2025.... Plan 2030..... etc.

That said, I am a huge proponent of the near east side. Indianapolis is stabilizing a good amount in the St. Clar, Springdale, and Little Flower areas which bodes well for your strategy. I would look for actual growth and play off of that before diving into the Plan 2020, because, while Plan 2020 says the River West may be up and developed by then, I am not about to start buying up SFRs up and down White River Parkway to hold for 5 years.

@Jules Haddix this has historically been one of the more blighted, high crime areas of Indianapolis. Yes, there may be plans for trying to improve it and turn the area around but that's pretty speculative. Like @Evan Manship say's, that Great Place 2020 could easily turn in to 2025 or 2030 or not at all. Personally, I think this is a high risk strategy.

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