We are looking into a buy and hold cash flow property in Indy and have heard bad things about this area, 46218. I know Indy can be block by block, but can anyone point to any area within 46218 they know to be better?
Specifically, is the area to the East of Washington Park passable?
Investor · Somerville, MA · Member since 2017 · 191 posts · 204 votes
6y
Disclaimer, I am not on the ground there but I do own two SFR's in Indy. Indy is block by block but the advice that I've gotten from everyone is to avoid that entire area. For what its worth, I don't believe that the PM that I work with will really touch that area at all so I think that's important info to know... that if your out of state you might have limited PM options in that area.
One person who does deal in that area is @Harvey Levin. He's awesome and a section 8 master. If you really want to invest in that area I would without a doubt reach out to him for some insight or help!
Also when I visited Indy I drove that area a bunch. It honestly didn't look as bad as I was expecting. Parts of the east side east of Rural were WAY worst looking. But, I can see how those areas over time with improve and how progress is clearly moving in that direction.
46218, in my limited and out of state, drove-through-it-a-few-times, opinion is going to be the same basic price point in 10 years. Its just far enough out of the way... but not the suburbs... that I don't ever really see any level of appreciation. Not that you need that but a little bit or the possibility of it at all still helps!
Investor · Somerville, MA · Member since 2017 · 191 posts · 204 votes
6y
Disclaimer, I am not on the ground there but I do own two SFR's in Indy. Indy is block by block but the advice that I've gotten from everyone is to avoid that entire area. For what its worth, I don't believe that the PM that I work with will really touch that area at all so I think that's important info to know... that if your out of state you might have limited PM options in that area.
One person who does deal in that area is @Harvey Levin. He's awesome and a section 8 master. If you really want to invest in that area I would without a doubt reach out to him for some insight or help!
Also when I visited Indy I drove that area a bunch. It honestly didn't look as bad as I was expecting. Parts of the east side east of Rural were WAY worst looking. But, I can see how those areas over time with improve and how progress is clearly moving in that direction.
46218, in my limited and out of state, drove-through-it-a-few-times, opinion is going to be the same basic price point in 10 years. Its just far enough out of the way... but not the suburbs... that I don't ever really see any level of appreciation. Not that you need that but a little bit or the possibility of it at all still helps!
Rental Property Investor · Indianapolis, IN · Member since 2018 · 4k+ posts · 4k+ votes
6y
I'm a local and invest in 46219. I wouldn't touch anything in that neighborhood. You seem like a smart investor. If you have experience in D class go for it. If not avoid that area like the plague, I certainly do!
Rental Property Investor · Johnstown, CO · Member since 2015 · 119 posts · 78 votes
6y
46218 and 46219 are right next to each other... that tells you how "block-to-block" it can be. Having said that, I have some properties in 46218 and 46219. It''s not an "avoid like the plague" zip code, but it's also not a "sure, invest there and you'll have no issues". I don't see much appreciation happening either, but I invest in long-term buy and hold for cash flow, not appreciation and frankly, don't see much appreciation happening in any C-D properties without pumping in tons of money. If I get the appreciation, great, icing on the cake -but when you get into looking at buying for appreciation, you're more of a speculator at that point.
Thanks for the replies so far. I'll keep looking around.
There was a pretty good map of war zones and opportunity areas someone posted here a while back that I found, and it listed Lawrence as high opportunity (avoiding the spots on Post). Would people agree with that, if we were to steer clear of 46218.
Rental Property Investor · Johnstown, CO · Member since 2015 · 119 posts · 78 votes
6y
@Jeremy Johnson makes a great point. I neglected to mention that I have a PM in that area and some of my properties are indeed S8. I wouldn't be in that area without that resource.
Property Manager · Indianapolis, IN · Member since 2019 · 20 posts · 9 votes
6y
I have been visiting REO's around Indy for the last 10 years ( After crash was checking 150 a week, now I am only visiting a few a week ) . Indy is def a block to block in some areas. With the new things that have been popping up I would always recommend getting trusted eyes on areas or visiting them yourself. I see a lot of out-of-state investors missing a home by a block or two, and they they are left trying to secure everything at the home. ( Metal bar casing around AC units and extra security at home) Getting a good team together on the ground is always your safest bet. Best of luck!!! If you have any more questions please let me know. Have some interesting stories to share in that area over the years, LOL.
Property Manager · Indianapolis, IN · Member since 2012 · 205 posts · 157 votes
6y
@Adam Sankowski Thanks for mentioning me. I have had great success with parts of 46218 and personally own 21 doors in singles and doubles and manage another 60 in 46218. This doesn't count the 48 units apartments we took over effective today. Like lots of Indy, you have to know what and where to buy and what and where to stay away from. That is where long term experience plays a big factor. I bought my 1st 46218 in 2003 so I am not new to the area. That zip does range from C- (maybe even D to C+ so be very careful looking at ARV's .