I am new to Indianapolis market - is 46235 zip code a B or C market? Also does it have appealing cash flow ( approx 1 % or higher) . Any recommendation which zip code to look for? I am looking for 3Bed/1 Bath or 3Bed/2 Bath SFR proerty with a buy and hold type investment. ? Please do share your thoughts.
There are both B and C properties, as well as D. Not much In the way of A however.
You need to be more specific about the areas you are looking at as there is significant variability within a zip code.
Overall, this area is outside of I-465, is in a township school district which is better than Indianapolis Public Schools, but has increasing crime, especially drug use.
I own a few properties in the East suburbs (Lawrence/Warren). Those are C-C+ homes. Rents in the 800 range. Bit more east there are some B neighborhoods with rents over $1K. So depends where your exact address is.
@Harsh Mehta I wouldn't consider a zip code a market. 46235 is a fairly large geographic area and varies a lot. You can find some B+/A- homes north of 52nd St and B's east of N. German Church. Most of the area between 30th St on the south, 46th St on the north, Post on the west and German Church on the east will be C class. It can vary street to street and you really need to know the area or have someone that does.
I would agree with much of the above statements. Neighborhoods are very different throughout Indianapolis. Inside 465, outside 465 and each neighborhood has pros and cons.
46235 is a very broad area. If you can give specific streets by block, you are likely to get the detail you are looking for. Ensure you do your homework on the specific neighborhood you are buying in.
I firmly believe you can't change a neighborhood on your own, but you can be a part of the larger gentrification in many neighborhoods throughout our great city!
I would avoid the east side of Indy as an out-of-state. The types you're looking for to meet those criteria are going to be on the west side of Indy, outside the I-465 loop. 46254 comes to mind. I recently (3 weeks ago actually) purchased a 3bed/2bath immaculate one-owner near Eagle Creek park for less than $100k. Rents on the same street are averaging $1,100/mo, and the tenants are taking great care of the properties.
I have a friend that purchased on the west side last year and is now in similar position. I think she will sell due to the level of remodel that was done and no interest in becoming a landlord. Eagle Creek has some good properties.
@Harsh Mehta Defining things by a zip code in Indy will not be beneficial for your research. Things can change here street by street. As mentioned by some others here, there are both B's and C's in that area. We are managing hundreds of doors here...if you want more insights, you can PM me.
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing