Lockport , NY · Member since 2014 · 265 posts · 124 votes
Hello,
I'm interested in an 11 bed I found in the heart of Indianapolis. Can someone shed some light on the good and bad areas, near the corners of N Bolton and Devington.
Real Estate Investor · Fishers, IN · Member since 2014 · 35 posts · 30 votes
11y
I said I don't touch anything south of 38th because the home values drop significantly and it gets pretty rough. I flipped one at 41st and Illinois last year and made $27k. 3 blocks south and the houses are barely worth $27k. That's when you have to find the pockets of good and bad.
This area isn't too bad. The SFR are maintaining decent value and there is a lot of mfr and a couple larger complexes in this area. If you are looking at the building I think you are, your price per unit is closer to a class A price and that's probably why it's been listed so long but I haven't seen that building in person. The numbers may very well work but I think you have some room to get that price down quite a bit.
Flipper/Rehabber · Fishers, IN · Member since 2014 · 71 posts · 47 votes
11y
Vert questionable area. Drive downs Emerson N Of 38th and see the vacant units. You will struggle with a quality tenant base. In that area remember if your experience is limited you problems will be many. Dave Short
Rental Property Investor · Fishers, IN · Member since 2013 · 381 posts · 69 votes
11y
@Jeff Sprunger I own a SFR close to this area, near 42nd St & Arlington Ave and I haven't had any problems. It isn't the best neighborhood in Indy but it isn't a bad neighborhood. You can definitely cash flow in this area, though you won't see much appreciation at all. I definitely wouldn't call this the "heart of Indianapolis" though.