I have seen a lot about investing in the Indianapolis area and would like to hear thoughts and concerns about those who have invested in this area. What are things to look for, suburbs that are better than others, etc.
Hello, I recently moved here from the Chicago burbs and can tell you that the cost of living in less and the property taxes are significantly better as well. I continue to watch the homes in Indy and it seems like they can be brought for 100K or less in some areas. I also see quite a bit of growth and don't see it stopping for awhile. I have heard and read frequently that each neighboorhood can be good vs bad by street by street. Best, Michael
@Zachary Olley Indianapolis is a great market but you have to know the areas well. It can vary block to block. However, it's not particularly good for multi family in my experience. With a few excpetions, most of the MF units are in old rough neighborhoods that don't perform well. We've been active in Indy for nearly 10 years and I can count on 1 hand how many multi families we've done. Personally, I would recommend sticking to single family if you're going to invest in Indy or go to another market. We've had success with MF in Kansas City.
Thank you Mike. I was curious because I have been through Indy a few times and my college roommate lives there and his rent for a single family home is a total of $1300 in Noblesville with the value being about 100k give or take a few. I’ll have to take a look at KC.
@Zachary Olley If you can find a MF in Noblesville you can do pretty well you're looking at much higher prices there.