Best zip codes in Indiana for buying an 8-16 unit apartment???

[Rohan J.]

Hi BP,

I'm a small-time investor that has primarily focused on single families & multis in the Midwest. Next month I am trying to take the leap and purchase my first 8-16 unit apartment complex in Indiana for $500k-800k. 

Right now I only have 1 single family in NW Indiana, so my experience with the area is very limited. I wanted to ask all the Indiana folks what zips or sub-districts are you excited about, and why? Also, any links or resources to areas with strong job growth / commercial development in Indianapolis?

[I usually stick to C+ / B- / B neighborhoods, and I'm starting to realize that my B neighborhoods (that look worse on paper) are actually performing better and giving me much less headaches than my C/C+ neighborhoods. For that reason alone I want to stick to B-/B areas, as I want really little headaches with this purchase. I usually aim for 10% caps, but definitely willing to drop if appropriate. Thank you so much for any help in advance!]

[Jameson Drew]

More stable tenants/higher rents closer to Ball State.  In general, still relatively low housing prices make it easy to enter into.  The rest is just research and groundwork.