@Brad Semenoff No prob! Sorry, totally missed you were already looking at that map. I didn't realize it was Sterlings - someone else had sent me that link. He did a great job, I use it myself!
In regards to the area you're looking at, personally, I'm not a huge fan of the 38th and Mitthoefer area, although I know you can get some decent returns. It's too close to 38th and Post for my liking (very bad area). The eastside can be a fine place to invest, but I'd recommend being above 42nd St. I just helped one of my investor clients purchase a SFR at Mitthoefer and 52nd a few weeks ago. He paid $59k and rent is $700.
In regards to your Franklin Twp and Southport question, I think the southside is a great area for investment. Mainly SFR rentals. Franklin specifically because it has really good schools. Overall though, there is a TON of development happening all over on the S side (mainly focused between 37 and 74 fwys). In fact, I have an investor client closing on a nice condo (well, one of those duplex style homes that have a shared wall) next Friday right near Southeastern & Fisher Rd. Paying $110k and rent should be right around $1000. This is his second southside purchase - the other was also a condo right off Thompson Rd and East St. Very similar numbers on that one.
@Shawn York is correct that the areas get nicer as you go north. That's across the whole city too. The proverbial train tracks is 38th St. Once you get above about 52nd from E to W through the city, it gets nice. Of course you'll have a few so-so pockets, but overall it's hard to go wrong on the N side of Indy. Pretty much all A and B areas. Once you get N of 96th St into Carmel, Fishers, Zionsville, etc, then it's basically all A areas. But, unfortunately from an investment perspective, they don't cash flow well. Many not at all. Of course there are rare exceptions (I own a great 4 unit in Carmel), but generally speaking I'd stick to the "middle" part of the city or southern side.