I created a few resources that out of state buyers might find useful in gaining insight into the Indianapolis market
1) Neighborhoods and their classification on a map ( A, B, C, D = using input from the forums)
zip code boundaries
starbucks, whole foods, hospitals, etc
2) Virtual driving from Fountain Square to Lucas oil stadium
3) Virtual driving from Fountain Square to wholesale district
4) virtual driving from the children's museum to wholesale district
Your the mvp, wish I could like this twice!
that is awesome if you ever need info on bay area CA let me know haha
1) Updated the map with map of the ghetto, gang affiliation, hoods like "murderville"
Source TheRealStreetz.comA drive through the hoods https://www.youtube.com/watch?time_continue=151&v=...
2) Virtual drive through an area suggested by Mike D'Arrigo B area - http://youtu.be/AW_5081HR0Y?hd=1
As someone who is interested in buying a B, B+ sfr in Indianapolis, this appears to be a valuable resource. Thanks, and if I could, I too, would vote a few more times!
This may be a good place for a comment: I talked to someone about buying in Rocky Ripple. The response was "it floods a lot there". So this is a suggestion to inquire about flooding where-ever you're interested.
Great job Sourabh! I created a google map for Indy neighborhoods when I first started researching/exploring the area. But your map is 100X more elegant and imo very accurate.
I need look into using google maps more intensely. This is a great resource for keeping as a research tool. Are there other areas that you've done?
Thanks for sharing - a fantastic resource!
Wow @Sourabh Bora this is fantastic. Thanks for your time and hard work. This is a great resource for the out of staters to understand Indy a little more! Nice job!
There is an area on your map that show's B properties on the East side of Indy. I drive through that area every day and from personal observation, I would not consider it to be a B area.
Thanks @Sourabh Bora , Indianapolis definitely seems like an attractive market . Pretty amazing the prices in fountain square area .
Prices can really take off when an area becomes hip .
I also think it is REALLY elegant...great job! But, it is not completely accurate. Living in Indy, I can tell you that the listings of gang presence are not accurate. The gangs are all but gone. An a middle-aged white male, I ride my bike through those areas regularly with ZERO problems.
After the super-bowl a few years ago, the city earmarked millions of dollars to improve streets, roads, bridges, and infrastructure. They built community centers, and increased the police force by nearly 35%. This has had a profound effect on the city....there is gentrification everywhere, both residential and commercial, much of which is not shown on this map.
We are heavily invested in B/C-class here, and doing really well...we find great properties very inexpensively here on "the streetz." Of course, great rehabs, and firm management are the keys to making it these properties perform.
If you really want to learn a city, these maps are great, but it's hard to get the real picture of ANY town, without seeing it for yourself.
I agree with @Jeff Schechter This map is nice but not the full picture and paints with a very broad brush. Indy can widely differ block by block, street by street.
@Jeff Schechter that's really interesting about the city investing a lot a few years ago . That's what seems to really turn areas around .
Sounds similar to what happened in Cincinnati in the over the Rhine area although I don't know if Indy hoods were as dangerous .
Over the Rhine was called one of the most dangerous neighborhoods in America at one time but now it's a bunch of lofts and looks to be pretty hip .
How much would you say prices have increased in Indy areas since a few years ago ?
@Joseph M. Not significant appreciation in Indy. Overall as a city, it's only like 2-3% a year. However, in those hot pockets like Fountain Square, it's been off the charts...in some cases 200-300%. But, because of so much competition, those gains were short-lived, and impossible to replicate. We are seeing more and more upward pressure and competition for properties in the areas we buy/rehab. Because of what's going on here, we're having to work harder/smarter to create the strong buy/hold positions that we go after.
@Jeff Schechter , interesting. Do you feel like there are other areas nearby that might have similar gains in the future?
That's what has happened in L.A..but I know every market is different.
Now we don't have any areas with homes that are reasonable... fixer shacks in the hood are $400,000+
@Joseph M. Like all other investors, we wish we had the crystal ball. :) That said, we do work hard to find properties adjacent to the hot areas, as we'll occasionally get some bleed over. We also want the older stuff near downtown, as the city center has really come on strong....so we want to hold these for future potential. Full disclosure: we're a TK company, so our main metric for our investors is cash flow, not appreciation. We just like that Indy has the extra benefit of being a great city, going through a really nice renaissance!
@Jeff Schechter . Yeah that would be nice to have a crystal ball! Across the country there has definitely been a renaissance of downtown areas which is nice to see.
Took a look at your site, nice site!
Thank you so much people ! Just so you know I have only been to Indy only once and at that time, i thought broad rippe was another city! All the information is from searching the forums.
I have updated the maps with zipcode vs zillow price to rent indices.
please take a look
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