Greenwood Indiana rental property for out of state investor

5 Replies

Anyone know about Greenwood IN? I am trying to do some market research on the industries that drive the job market in the area. What do people say is the good and the bad about Greenwood?

Greenwood is a suburb of Indianapolis.  So, I wouldn't try to figure out what drives Greenwood economy as much as Indianapolis economy.  BTW, Indianapolis has a well diversified economy led by health care (e.g. Eli Lilly), distribution (e.g. FedEx) and insurance (e.g. State Farm).

Greenwood is a solid middle class suburb directly south of Indy.  It is a fine place to invest.

@David Walker Well, some of my family used to live there. She said it's like any place else, there's good and bad parts of it, so definitely do your due diligence on whatever neighborhoods you're looking into. There's some D Class apartments over there for sure.

Also, apparently Jockamo's Pizza is amazing. LOL. There are some distribution centers there, corp HQ for a couple tool and metal manufacturers, some breweries, a mall, etc. Your typical MidWestern suburb, really.

I grew up in Greenwood and graduated from Center Grove. Greenwood has 2 townships. The biggest part of Greenwood is in Pleasant Township. That what we used to call "old Greenwood." There's a downtown strip with older homes surrounding the area. There's newer construction outside of that. As mentioned above, look at the crime maps as some of the apartments in the area can be a nuisance.

The northwestern township in Johnson County is also Greenwood. White-River Township is much more newly developed with much nicer homes than most of Pleasant County. Center Grove Schools are a very desirable school as well. It's hard to get good rent ratios here though unless you find some older homes in the old Smith Valley area. There is a mobile home park at the northern part of this township and homes in that area are usually a little cheaper. They are good homes built in the late 70's/early 80's but being near the mobile home park keeps the prices a little more reasonable.

Both areas are great places for rentals. Good schools, lower crime, smaller city/suburban feel, etc. Older homes will typically require more maintenance, but that's going to be the case anywhere. I would always take a closer look at an opportunity in Greenwood.

@David Walker Greenwood is a bedroom community of Indianapolis. It does not have it's own economy per se. It's driven primarily by Indianapolis's industry.

Thank you for all the great responses!  I will continue to look into the market. I appreciate everyone!

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