Type of neighbourhood

11 Replies | Indianapolis, Indiana

Hello peeps,

I am looking around in your city and Im trying to understand a little.

How would you judge the neighborhood bounded with 46th and 42nd, and Promise and Hillside

Like for instance this house:

4526 Primrose Ave Indianapolis, IN 46205 

Don't get me wrong, I am not trying to buy it I would just like to understand those few blocks. And maybe try and focus there.

Would You say that is B? Or maybe C? Crime seems to be not as bad as in some other places. Schools are not terrible, walk-ability not so bad.

So please hit me up!

Thanks in advance

Hi Milos,

I used to live down the street from the property you are looking at. The neighborhood gets better north of 46th, not as great as you get closer to the state fairground (directly south). That whole section of 46th st looks pretty tired with a lot of vacant retail. I would say it's a solid C neighborhood, you've got to go a little further North into SoBro before getting into the more B- and B blocks and there are some C- sections for sure. The area is quickly improving with plenty of flips already completed or underway. Also you're right down the street from the Monon Trail (most popular walking trail in central Indiana).

Elon Musks brother is opening a new resturaunt right down the street at 46th and College which has gotten some people excited and the new Red Line is being put in through College which should marginally improve public transit in the area.

@Milos N. This area is a little difficult to fit in to a classification. Like a lot of areas in Indianapolis, I would call it a transitional neighborhood. It is directly adjacent to the trendy and desirable Meridian Kessler neighborhood which has mostly large, expensive homes. This area that you are referring to is more mixed depending on the street. It could be anywhere from a C to B class. Primrose itself is on the lower end for the area. Because of it's proximity to Meridian Kessler and the relatively low crime, it would be a good, desirable area for a rental.

@Mike D'Arrigo thank you for the answer. I see a few houses for 50k (and less) right next to that street. The crime is similarly low. I am wondering to pull the trigger and rehab them, and hope for the best. The way you describe it, it sounds like it would be worth the shot.

I like this neighborhood for investing.  I would even probably live there if I had the money to buy a place right now.  It's close to So-Bro and Broad Ripple without the price of living in So Bro and Broad Ripple.  Also, I like Arsenal Park.  I've taken my daughter there to play.  Cute park.  Definitely not an A class neighborhood, but I think it show potential for growth in the next few years.  Let me know if you need any help with stuff out here.  I moved here from CA in August specifically to do real estate out here.  

I live close to this area in So Bro and I would agree with what Spencer said. Solid c to b- neighborhoods get better moving north but definitely seeing improvements being made in this area. Please let me know if anything I can do to help

I am just buying a home (targeting a higher end rental after rehab) - that is not far from this one, but north of 46th and within a few blocks of College & 46th where that new Musk restaurant is going, and maybe a half block from Monon.  Now I consider this area considerably different because it is within the Meridian-Kessler boundaries, and more of the leading edge of SoBro, and as others have said north of 46th.  This looks like a good time to buy in that area for eventual exit to owner occupier in as little as a few years.

Over the last couple of years I have seen the desirable edge of SoBro push south - but tightening up around the eastern side of College as it goes.  Maybe it will push a little further south and east to the area you are talking about in the years to come, but I think that might be a ways off.  

Hello BP family, I am looking at buying a 4 plex in the 46205 zip code.

Mike I especially am looking for your input. You would certainly know.  Looking for anyone's knowledge and help on this please.

Location: On Talbott St. near 28th St.

Purchase price is $215k

4 plex: 2bed 1 bath each unit

Year built: 1905

Utilities: Tenants pay all utilities

Rents: Currently low at $550 each

Main concerns:

  1. What should rents be in that market?
  2. Is that a great area or should I be avoiding it? ( high crime, transients, d class etc)
  3. Is that a rapid growing area

Is this a B, C or D class?

Thank you BP family!

@Marcello Oliveri   You really want to stay south of Fall Creek there.  That is a literal line drawn from a B/A area to a C-/D area.  The rent is pretty close to what you should expect there, but you can certainly find something for less money that is bringing the same kind of return.  

That area is changing, for the better but there are still people living there that have no intention of "improving" their home and they are eye sores for the neighbors that are trying to make it better.  You still have some not great people living around there.  I wouldnt live there,( I live on the south side of Fall Creek) but the people renting there...they know what they are getting living there.