Looking to purchase first long term investment property

[Jon Benson]

We're new to the site, but it looks very helpful.

We've been looking to buy a house to rent out long term (under $200K). After a lot of research, Indianapolis seems like the right fit. It would be an OOS purchase (we're in Virginia). We've been saving for a long time and looking to pay cash. We need help understanding Federal and State taxes (how much should we expect to pay each year in taxes), the right areas in Indianapolis to purchase a house (and the areas to stay away from), a good property management company, a good independent home insurance agency, and help understanding what we wouldn't even think to ask about. Also, what are the benefits and disadvantages in purchasing a multi-family home. Thank you ahead of time for any and all assistance you can offer! :-)

[Ryan Rominger]

Welcome to the community—and big congrats on getting to this stage! Saving up to pay cash and doing your research ahead of time already puts you ahead of the game. Indy can definitely be a strong market for long-term rentals, especially for out-of-state investors like yourselves.

When it comes to neighborhoods, taxes, property management, and even things like insurance or what to watch out for—there’s a lot to consider, and the details can vary depending on your goals, the property type, and even your comfort level with certain areas. There’s no one-size-fits-all, but I’ve worked with quite a few OOS investors and can definitely help point you in the right direction.

Multi-family properties can be great for cash flow, but they do come with a few extra layers to think through compared to single-family homes—especially around financing, tenant turnover, and management style. Happy to break that down for you if you're weighing your options.