Indy neighborhood insight

16 Replies

Hi all,

I'm considering some buy and hold investments on small SFR units in Indy and would appreciate some input on the neighborhoods I'm finding units in.

I believe the neighborhood is referred to as Bates-Hendricks and the units are all north of Raymond Street, east of Madison and west of I-65.  I'm hoping these properties to fall in a C class neighborhood...looking to avoid bullet holes and "war zones".  From street view, looks promising but would love to get insight on the neighborhoods from any PMs, Agents, or other investors in the area.

Thanks!

Hey Kevin,

We have a SFH in Franklin Township that we are really happy with. Bates-Hendricks doesn't look like the worst area, but schools rated pretty low and higher than average crime for Marion County. Try Trulia for an overview of crime data.

Nice, thanks Todd.  I'll check Trulia to drill down a bit more.

That area has been rough but is coming on strong.. You will likely have some decent appreciation over the next few years

Bate Hendricks neighborhood is often featured on the HGTV show Good Bones, as are the neighboring areas of Fountain Square and Old Southside.

Watch that show and you can get an idea of the type of homes that are there.  Basically if it's not priced abound 200k, it's more than likely got serious issues.  But, if you are willing and able to do some dramatic rehabbing, there can be plenty of opportunity there.

Bates Hendricks is the neighborhood of the year in Indy as far as gentrification is concerned. 

I really wish a local realtor would put together a James Wise esque break down of neighborhoods and assign a letter grade. 

I fully understand Indy can be very block by block, but it would be a good place to start.  

Bates-Hendricks is easily between a C-D area right now.  It is coming back and with the explosion of growth in Fountain Square there are some good deals.

The parts of BH that are in the D could become more viable, but it will take more than housing to do it. Growth and re-vitalization continues to creep further east and southeast from downtown.  

Do your homework and visit the area if you want to get a feel for it. 

what about downtown Indianapolis just outside of Holy Cross and Arsenal Heights area?

Hi @Kevin Dupuis I currently live in California as well but just moved here from Indianapolis 3 years ago. I do all of my business in Indianapolis. I would love to connect and give you the run down on which areas to avoid and which areas are thriving. Indy is a great market with huge potential especially with the tech boom moving in. With The surrounding areas of downtown Indianapolis it’s only a matter of time before things are on fire! I run a wholesale company in Indianapolis so I know the areas like the back of my head, as well as being from Indianapolis. PM anytime and we can talk!

@Jason Skelton another good Indy discussion.

We've been investing in Indy this year. (My biz partner is from there.) Would love to connect with folks who know and care about the area.

Things seem to be moving relatively fast in Fountain Square area these days, but my cautionary note is that things move slower in Indy compared to Western cities. For example, I grew up in Indy and for about 10 years, during the 1990's and into early 2000's, FS was going to be the next cool place. Only recently is it finally happening. So if you purchase expecting market appreciation, you should be patient. Western cities change quickly and dramatically because there continues to be an influx of new people. I live in Portland, Oregon and the change can be dizzying. Indy does not get the same regular and large influx of people, so it takes more time.   

Bates-Hendricks and Arsenal Heights are real close to FS so it seems a natural bet that one or both areas will change in a similar way--they might-- but my hunch is it will take several years for market appreciation in those areas. 

I'm betting Jason Skelton is wrong about the outlook for appreciation in Indy. Taking a look at the last 5 years alone shows an increase in property values. Plus there are condos going up downtown that are upwards of 300k. There development going on all over town. It's not the same city it was in the 90s.

@Kevin Dupuis if you're looking to buy in Indy, it would be worth your time to reach out to @Jeff Wallenius . He and his team at North Peak Investments are moving a lot of property over there and I know he is selling some too.  He is a wealth of knowledge and knows that market extremely well! 

I would definitely talk with someone who currently lives in Indy as there are many different areas rapidly growing that only someone living here would have their pulse on.  I have pretty much lived here all my life and barely recognize areas north where I don't visit much like Carmel and Westfield.  Every pocket of Indy is growing rapidly.  You know it's growing rapidly when things can't go out any more and are starting to go upwards.. every where.  If you want to know about any Broad Ripple, Butler, Meridian Kessler or downtown area give me a shout.

The area you're discussing is near the Lilly facility on Meridian.  It's an up and coming area IMHO.  While patching a roof on one of my houses there this week, I was delayed by trucks driving slowly through 'driving for dollars'.  My next purchase will be in this area off Union.

I find the https://www.biggerpockets.com/renewsblog/guide-grading-indianapolis-neighborhoods/ guide to still be pretty accurate - even listing the right C+ areas nestled between C-/D neighborhoods on the eastside.  All the best

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