Path of Progress in the Midwest - Your Thoughts?

37 Replies

Originally posted by @Bruce Lee :

I'm surprised InfoSys or Salesforce haven't been mentioned - two IT related companies that have made big investments in Indianapolis.  

https://www.indystar.com/story/news/politics/2018/...

Salesforce went as far as to rebrand Bank One / Chase Tower, and move lots of their operations here. Chase's Indiana operations center is still housed in Salesforce Tower.  I don't know how many folks follow the growth of Salesforce over the past 20 years, but they're THE big player in the CRM industry. 

@Bruce Lee Infosys & Salesforce (and their acquisition companies) are great will for Indianapolis and let's hope to see more corporations come out and bring much needed revenue. (I see Ikea went to Fishers instead of Indy, which is surprising since Indianapolis would have been more centrally located for all of Indiana, and brings great revenue/tax dollars to the communities it lands.)  @Clay Sellers and if the hyperloop connects with Chicago making us a 'bedroom community', wow, then I guess Fishers IKEA makes sense. 

@Lynne MacFarlane I think the Fishers IKEA makes sense as it is. It’s packed all the time. The few patches of real estate big enough in Indianapolis for their parking lot alone would be one of the shuttered old malls. A growing commercial area is probably more appealing than trying to be the reason for a turnaround at an old mall. 

I think it is great to see investment in the Indianapolis area.  Our area is ripe for investment opportunities as more neighborhoods are turned and put on a "path of progression".  the dialogue is excellent and points to several things everyone should consider.

East of downtown is an area heavy with revitalization and good investment opportunities, as I many young professionals have chosen to call that area home now.

South of downtown is also a growing opportunity and will yield a lot revitalization.  

I look forward to hearing more about other's thoughts on Indianapolis!

Originally posted by @Todd Murphy :

I think it is great to see investment in the Indianapolis area.  Our area is ripe for investment opportunities as more neighborhoods are turned and put on a "path of progression".  the dialogue is excellent and points to several things everyone should consider.

East of downtown is an area heavy with revitalization and good investment opportunities, as I many young professionals have chosen to call that area home now.

South of downtown is also a growing opportunity and will yield a lot revitalization.  

I look forward to hearing more about other's thoughts on Indianapolis!

@Todd Murphy

What are your thoughts about the areas below? 

I think the cost of living might, over time, start to sway some of the work from home crowd who have begun to expand the distance of home considerably over the last several years.  I mean who wouldn't want a nice $70k house that's only a few miles away from a small town filled with nice people.  I think over the next decade or so as technology allows many workers to work from anywhere, that many of the reasonably priced mid-western towns might find themselves benefiting.  Also, I've seen several pop up on miscellaneous "best places to retire" as well due to affordability.  

Originally posted by @Clay Sellers :
Originally posted by @Todd Murphy:

I think it is great to see investment in the Indianapolis area.  Our area is ripe for investment opportunities as more neighborhoods are turned and put on a "path of progression".  the dialogue is excellent and points to several things everyone should consider.

East of downtown is an area heavy with revitalization and good investment opportunities, as I many young professionals have chosen to call that area home now.

South of downtown is also a growing opportunity and will yield a lot revitalization.  

I look forward to hearing more about other's thoughts on Indianapolis!

@Todd Murphy

What are your thoughts about the areas below? 

 Both of these are very tough areas with very distressed houses. I had a contractor in Haughville have a gun pulled on him by a local thug at a work site. Not my favorite scenario to place tenants. United Northwest/Riverside areas have many homes that have been vacant for 5+ years and probably need torn down. Flooded basements that have been cracked in half when frozen, mold, termites, rot, etc. Almost no retail activity, so there's no refinancing. With that being said, there are some beautiful homes along Burdsdale parkway and the streets in those areas. It is close to a lot of things in Indy. IMS, hospital complexes, Indianapolis Zoo, Marion College, and more. Lots of opportunities, but whoever gets in early is going to be waiting for a few more years.

If you're interested in areas like this, check out https://www.renewindianapolis.org/  These are the city owned properties that haven't sold at auction. The city is all but giving them away. I would recommend working with multiple investors and synergizing efforts to purchase in strategic clusters. There are pockets of distressed ghost towns. There's been some investment activity, but not enough to gain traction yet. If the city and economy continues to move forward, these will become viable in the future though.

@Clay Sellers the west side is awesome... just not the near westside. Speedway is amazing, tough to find well priced deals though. Eagledale is solid for 1970's three bedroom ranches (similar to Lawrence/Warren on the east side, but lower crime.) Pike township and Wayne township do very well as well. Newer homes, decent schools, good jobs, and access to suburban amenities in Plainfield, Avon, and Brownsburg.

Keep your eyes on retail activity. As soon as a home is listed and sold at $75k+, I'd consider those areas. Until there's data for appraisals, you get stuck.

This is an amazing thread and I'll keep following it closely. Love hearing all the insight on the market I invest in, but am not surrounded by, as I live 2,000 miles away. Thanks to everyone that's contributed to this post!

-Tyler

Great post. 

I have to LOL at the pothole situation. The worse I have ever experienced. Even in Mexico where there are toll roads and free roads, Indy has em beat. I thought I was on the moon in some places. 

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One thought to add to this excellent discussion, and a remaining curiosity about Indy and the Midwest in general: Sprawl.

I come from Portland, OR. The boundary to urban growth has been a boon to infill, density, and urban housing values. Meanwhile, the midwest has allowed additional development to abandon the central city and just add subdivisions on former farmland. I don't say this as an Indy-hater. My partner and I are focused there (closing on another 9 units in a couple weeks). But I remain curious about the impacts of the sprawl habit on vibrancy of the central city and appreciation in general.

Thoughts on this from folks who've engaged in this market longer than we have?

@Jason Skelton  -- note this good thread about your hometown (and our new investment town.)

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