Investor · Los Angeles County, CA · Member since 2012 · 962 posts · 279 votes
Anyone have experience investing in Indianapolis suburbs and surrounding counties?
What do people think about markets like Anderson IN, that have had hard times and population declines due to employers closing factories. ie Anderson with their loss of GM.
Do you think there's any long term potential? Perhaps if they tear down some of the dilapidated housing stock?
I'm contemplating buy and hold in these areas for 10-40 years.
Plainfield is a developing suburb that has had numerous industrial parks put in within the last 5 years and it continues to grow from a population standpoint. Many of the people that are flocking that direction are middle-aged professionals that are starting families.
Avon sits about 4 miles away from Plainfield so they have many of the same traits
Franklin is town that has big city amenities with a small town feel. It also is home to a local university so the millennial population has begun to flock towards it. It would be a great town for college rentals and fix and flips as many of the homes within the city are little older.
Property Manager · Indianapolis, IN · Member since 2010 · 1k+ posts · 1k+ votes
9y
Obviously houses are super cheap there. But as you pointed out it's very depressed. At one point they had 16% unemployment. My buddy owns a business and rented a 25,000 sq/ft building (not pole barn) for $1000/month. Not joking. Big limestone 40' tall building for a grand.
It's hard to predict that far out, but only two options. A new big factory comes in and creates jobs or the town gets worse. I personally don't invest there, but I know plenty who do and do just fine. Of course having a good team is important. If you go an hour south you'll be in Indy where prices are higher, but the jobs are more diverse. And less meth. (Probably more coke though 😀)
Good luck.
Rental Property Investor · Indianapolis, IN · Member since 2015 · 108 posts · 66 votes
9y
My uncle is an investor primarily focused in Anderson and I'm sure he'd be happy to chat with you about his experiences. Shoot me a DM and I'll share his contact information with you.
Obviously houses are super cheap there. But as you pointed out it's very depressed. At one point they had 16% unemployment. My buddy owns a business and rented a 25,000 sq/ft building (not pole barn) for $1000/month. Not joking. Big limestone 40' tall building for a grand.
It's hard to predict that far out, but only two options. A new big factory comes in and creates jobs or the town gets worse. I personally don't invest there, but I know plenty who do and do just fine. Of course having a good team is important. If you go an hour south you'll be in Indy where prices are higher, but the jobs are more diverse. And less meth. (Probably more coke though 😀)
Good luck.
You're certainly right Josh.
I do think it's a matter of another big factory coming in. I've heard they have some hospitals coming in? Does anyone know of more desireable areas within the city or how to find out more info?
That's insane 25k building at $1000/ month is $.04/ sf rent. Crazy. Office is like $1-$5/sf/mo out here.
What are some other possible suburbs that are more likely to emerge versus Anderson?
Crothersville, IN · Member since 2017 · 13 posts · 5 votes
9y
To answer your question @Will F., possible suburbs of Indy that could emerge/see tremendous growth in the coming years include: Plainfield, Franklin, and Avon
To answer your question @Will F., possible suburbs of Indy that could emerge/see tremendous growth in the coming years include: Plainfield, Franklin, and Avon
Jordan Thank you.
What about those Indy suburbs make them stand out amongst the others?
Demographics? Population growth? Job growth? Any other reasons?
Plainfield is a developing suburb that has had numerous industrial parks put in within the last 5 years and it continues to grow from a population standpoint. Many of the people that are flocking that direction are middle-aged professionals that are starting families.
Avon sits about 4 miles away from Plainfield so they have many of the same traits
Franklin is town that has big city amenities with a small town feel. It also is home to a local university so the millennial population has begun to flock towards it. It would be a great town for college rentals and fix and flips as many of the homes within the city are little older.