Forest Manor area of Indianapolis Good?

6 Replies

I'm in socal and would like to start investing in Indianapolis. Does anyone guide me if the Forest Manor area of Indianapolis IN is good area to buy in? I'm not interested in a major fixer - buying in the 53K range.

Any guidance would be appreciated.

Thanks!

Is ok at best. If you are in a $53k range, this is certainly a doable area. Crime has dropped in the area and there is some investment activity. Most of the homes are rentals, so there's very little retail activity here. This means that if you plan to sell in the future, it will probably not be worth much more than you purchased it for. The two-bedroom homes rent for $650-700 and the three-bedroom homes rent for $700-750. The tenant demographic is very blue collar, paycheck to paycheck. With the age of the homes, you are likely going to have frequent maintenance and expensive re-conditionings between tenants (remove trash, deep clean, paint, carpet, etc.) If you are looking to finance out, make sure that you have a property that will appraise at or higher than $50k as that is a typical minimum for a loan. 

Originally posted by @Ross Denman :

Is ok at best. If you are in a $53k range, this is certainly a doable area. Crime has dropped in the area and there is some investment activity. Most of the homes are rentals, so there's very little retail activity here. This means that if you plan to sell in the future, it will probably not be worth much more than you purchased it for. The two-bedroom homes rent for $650-700 and the three-bedroom homes rent for $700-750. The tenant demographic is very blue collar, paycheck to paycheck. With the age of the homes, you are likely going to have frequent maintenance and expensive re-conditionings between tenants (remove trash, deep clean, paint, carpet, etc.) If you are looking to finance out, make sure that you have a property that will appraise at or higher than $50k as that is a typical minimum for a loan. 

 Thanks for the feedback. very helpful. It's an older home. 4 bed 1 1/2 ba with newer roof, furnace and waterproof of basement. 

Originally posted by @Ross Denman :

Is ok at best. If you are in a $53k range, this is certainly a doable area. Crime has dropped in the area and there is some investment activity. Most of the homes are rentals, so there's very little retail activity here. This means that if you plan to sell in the future, it will probably not be worth much more than you purchased it for. The two-bedroom homes rent for $650-700 and the three-bedroom homes rent for $700-750. The tenant demographic is very blue collar, paycheck to paycheck. With the age of the homes, you are likely going to have frequent maintenance and expensive re-conditionings between tenants (remove trash, deep clean, paint, carpet, etc.) If you are looking to finance out, make sure that you have a property that will appraise at or higher than $50k as that is a typical minimum for a loan. 

 Thank you for the advice much appreciated.

Originally posted by @Larry Fried :

@Jami Vincent Do you plan to make a trip to Indy before you start buying property there?  I'd highly advise.  That price range point is going to put you in some challenging areas, particularly for an out of state investor.

I wasn't planning on it. I think that's why I'm hesitating so much. I like the price point of the homes - and they appear to cash flow well. My plan is to buy and hold - but if I ever have to sell - I wan't to be able to do so without a loss.

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