looking at a turnkey in Lawrence, IN. I'm out of state and I don't really know the market. It looks like the area around Fort Harrison State Park is pretty nice (I.e, more expensive).
Are there areas to avoid? Any thoughts on Lawrence would be appreciated. PM me or reply here if I need to provide more information.
@Steve Perkins Lawrence can be great or can be the ragged edge. Very diverse range of quality in the area not unlike the whole city of Indianapolis. Right by Fort Ben is a very nice area. I can't say I'm an expert on the area but have done a few houses there. Would need more to go on to know for sure.
I live in Lawrence and own 2 rentals in the area. PM me with the address and I can give you my opinion. I just purchased a SFH, finished the rehab and the tenants move in tomorrow. There are good areas and no-so-good areas.
I live around Indianapolis, I used to live in Lawrence for a few years, near Fort Harrison area. I'm an investor and broker and have done deals in Kawrence as well. There are some decent areas and not so good areas. Shoot me a message with any info and I can try and help you out. Thanks and have a great day,
In my opinion, if you stay north of 52nd you will probably find more suitable areas.
You may want to avoid Post/42nd and Post/38th. High crime area according to a recent news article.
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I've worked in Lawrence for 12 years, and have owned a home there that was my primary, and now a rental.
As mentioned, Lawrence varies from $1m plus homes, to borderline war zones that you want to avoid.
Any questions, let me know, I'm there every day!
@Steve Perkins all good points above.
As mentioned, Indianapolis can vary greatly street by street.
I buy/sell several homes in this area and own several myself.
The condo's south of 42nd St are very rough and there are pockets of rough/very rough areas.
Overall, if the rent is over $700 and the home is in good shape you should be fine.
Please let me know if you need anymore properties in this or any other area of the Indy Metro area. I always have several available.
Thanks, guys. I did some poking around after I posted this. Shoulda done that before I posted. This is at 42nd and Arborcrest, between Franklin and N. Post. Literally, 1 mi from 42nd and Post. Seems awfully close to a really bad area, as noted in the earlier posts.
I have a few in that area and don't mind it at all.
I guess it's more up how your PM feels about the area as well.
Also, don't forget your local PM is ultimately the one that is going to be dealing with the tenants & neighborhood.
I always suggest getting input from the PM before looking to hard at an area or property.
I've had only one there in that exact area, but have had a very good experience with that area personally. It's one of my better performers with a great tenant and a great house. Four years of rent on time and no turnover makes me very happy! Not one of my favorite areas but it's not bad at all. One mile from a bad area does not mean much in Indianapolis as the transitions are much quicker than that.
@Steve Perkins Sorry I'm a little late to this thread but thought I'd chime in. There are definitely parts of Lawrence you want to avoid, which were mentioned already. I owned a property at 42nd and Arlington and I am very happy with it. It's a bit of a lower end area of Lawrence, but rent rates are pretty good in the area, and it's not really a bad area, just a little lower income. You can get great cash flow in Lawrence. You won't ever see much as far as appreciation goes in this area, but you can cash flow there all day long. Hope this helps.
Thank you for your post. I appreciate the feedback.
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