Wholesaler · Albany, OR · Member since 2016 · 32 posts · 12 votes
Hey everyone!
I'm seeking for a bit of help here. I'm looking into buying my first out of state rental property, likely in Indianapolis. My market research seems to show that the west side seems a bit nice than the east side of the city. I'm strictly going off of home prices and crime statistics. Could someone more familiar with the area let me know what areas to focus on and which ones to avoid?
Real Estate Investor · Miami, FL · Member since 2013 · 474 posts · 214 votes
9y
Interesting discussion. I'm a newbie investor when it comes to Indy and have only visited once since beginning to invest there....but I have been going full in on the Near Eastside (Emerson Heights and Fountain Square...very different by the way) It seems there are a lot of good areas to invest in, which is what I would expect in a market that is growing as fast as Indy's is. Just on the Near Eastside I explored about a dozen different neighborhoods...some really rough and some pretty well gentrified. It really is block-to-block as they say (which incidentally seems to be the case in most cities I've invested in) Also on the near eastside I like Irvington, Arsenal Heights, Woodruff Place, Windsor Park, portions of St Clair Place and Little Flower. I also like Englewood long term, although it's super rough right now.
And that's just the one quadrant, inside the loop. North of downtown offers a ton of cool neighborhoods much further along in gentrification it seems, so from a rental standpoint there are only a few areas that would produce cash-flow without being too sketchy. I think close to Butler was one such area. My favorite neighborhood was Herron-Morton but those prices are well over any good rental yield.
I did not get to check out too much else on my visit to Indy but you get the idea. And when you go outside the loop there's a whole lot more...some great deals in every direction though I've seen many in particular in Greenwood, Lawrence and Fishers. I'll give one last shout out to Bates-Hendricks. Directly south of downtown and I bet it transforms the most out of any hood over the next 5 years. Unfortunately can't seem to find anything for the right price on a good block down there.
Ok, those are just my opinions. Next trip I'll try to see more of the Westside and suburbs outside the loop.
Rental Property Investor · Paramus NJ · Member since 2016 · 76 posts · 27 votes
9y
@Account Closed I do some rehabbing in the Northern New Jersey area but recently started investing in Indy. My brothers live there and I go often which makes it a little easier since I get to know the neighborhoods driving around. I recently bought a four plex in Fountain Square to hold, and last friday closed on SFH to flip in Franklin Township. Don't have much experience to share yet but feel free to reach out.
Investor · Seattle, WA · Member since 2011 · 253 posts · 112 votes
9y
@Account Closed
Sorry for the delayed response - just saw your question about why I stay out of the dark green. The dark green areas on that Trulia heat map contain areas of town that only investors with a lot of knowledge about running properties in D areas should buy in. In Indy many of those areas have vacant houses next to properties you might be considering. I wouldn't live beside a boarded up house, and the people I want to rent to don't want to either. There are some good streets in dark green areas too, but as a starting point, its safer to stay out of them.
Batavia, IL · Member since 2016 · 21 posts · 14 votes
9y
Marion county covers over 400 square miles, so it's difficult to generalize for an area that large. I'd suggest narrowing down to areas of interest within the county and looking at more specific data for those neighborhoods.
Investor · Erie, CO · Member since 2015 · 28 posts · 3 votes
9y
We @JOSEPH RECCHIA are currently looking in Indy today, wanted to find a wholesaler. Also, in that area do you close with Title company or with Lawyer?
Investor · Erie, CO · Member since 2015 · 28 posts · 3 votes
9y
@Account Closed I understand that, we are looking for a reference from a customer or direct contact with a wholesaler on here that wants to communicate and meet up tomorrow.
Residential Real Estate Broker · Indianapolis, IN · Member since 2009 · 477 posts · 304 votes
9y
@Tim Toney You do NOT need a lawyer to close on a house in Indiana. Everything can be done through a title company.. I prefer to use Paramount Title, but some investors also like Hocker and Associates.. I have NOT had good luck with Chicago Title, and First American. Numerous times those two have missed clouds on titles. I don't work with them anymore. Meridian title is ok, but I constantly find errors on their HUD-1's so I just don't use them anymore..
Tokyo, Tōkyō-to · Member since 2016 · 12 posts · 6 votes
9y
Hey everyone - jumping in here -
I'm also looking at a potential duplex opportunity in Indianapolis, specifically in the Mapleton / Fall Creek area. Based on the crime maps, it seems to in a rougher area with relatively high vacancy rates (15-20%), though I have also seen people say that its not as bad as people say it is.
Any thoughts on this area from the experts here - is this a war zone or is this a relatively stable area?
(@Account Closed - hope you don't mind me piggybacking on this thread!)
Union City, CA · Member since 2017 · 43 posts · 9 votes
9y
Glad I found this thread. I am looking into a duplex in North Tuxedo St., between 9th and 10th. From the Trulia map it looks like in the middle of a war zone. The numbers look great though. Any comment regarding this area is greatly appreciated. Thanks
Rental Property Investor · Indianapolis, IN · Member since 2016 · 26 posts · 10 votes
9y
Hi all, lots of duplexes south of 10th St. in that area, and yes, it can be a little rough. If you get up closer to Brookside Park, it's better. I'd recommend staying above 12th St., those are B-/C+ neighborhoods.
@Account Closed I have been Reading you threads. Any updates? how is your progress with identifying the right areas to buy, and what townships you end up buying
I’m not sure why I’m just now seeing this notification. Sorry for the delay. Yes, I’ve bought in Lawrence Township and the Devington neighborhood so far. Pretty much C-class all the way.