Hey all! Currently looking at a property in Near Eastside. It's on the western side of Near Eastside, on a side street along E 10th Street. Cash flow looks great and property looks sturdy. Assuming market rents, cash flow can support a management company taking 10% of the rent, as well as pass all reserves (CapEx, Repairs, Vacancies) assuming 10% each.
I've read that Near Eastside is improving and seeing some revitalization. What is the general attitude towards Near Eastside? Would you invest in the area if the building is right and cash flow is good?
So... "Near Eastside" is actually pretty broad.. There are about a dozen different neighborhoods that are considered Near Eastside. And majority of them are off shoots of E 10th st. Mass ave and the Highway are the western borders where properties are pretty expensive. Its pretty well established all the way out to Rural where you see the new developments. And then you have the pioneers moving east from there.
Id be interested to hear about the deal. We're pretty invested in the area. We manage a lot of properties around there too.
@Ryan Mullin Ha! Well that's why you gotta ask the dumb questions! I'll DM you with some more details.
Would love to hear more feedback from other investors in this area (Near East Side, near Brookside Park).
@Jacob Gammon Have you driven the neighborhood and visited the property? That's a really important step when it comes to investing in Indianapolis. I live on the east side and don't even consider an offer until I take that step.