How hot is the market in Indy?

Question

As the title says, I'm curious to get input from some pros here how hot the market in Indy is. I have heard downtown Indy is the fastest growing in terms of the state, but how about the rest of the country? Of course this first property would be house hacked, so I have to consider residency as well. This can include areas around downtown Indy (i.e. Greenwood, Brownsburg, Greenfield, Carmel, Shelbyville).

I'm not too skilled in researching housing markets so that goes into this as well.

Kerlous Tadres · Answer

Hey @Derik S., from my experience, the biggest thing is knowing your numbers, rent-to-price ratio, vacancy, and what the realistic rehab or turn-over costs will be. For a house hack, make sure the layout actually works for tenants and privacy; that matters more than most people think. Start with one solid deal, learn the tenant laws, run conservative projections, and don’t overthink the research. Just compare recent rents and recent sales, and make sure the math feels repeatable.

Gloria N Gear · Answer

I have two friends that are successfully house-hacking in Indy.  One of them does rent-by-the-room - advertising on FB groups, the other has a triplex that she rents out the other two units to travelling nurses.  Just pick a neighborhood that you are comfortable with and you can market to the type of tenant that would also want to be in that area.

Jeremy Tallman · Answer

Indy is officially a buyer's market, but that doesn't mean there are great deals here for investors. You'll still pay up, but you might also get more concessions on the back-end and more negotiating power during inspection responses.

Jimmy Lieu · Answer

Hey Derik, Indy is definitely a solid and growing market, especially if you’re planning to house hack, and the downtown area has been seeing a lot of development and population growth compared to the rest of the state. The suburbs you mentioned like Greenwood, Brownsburg, Carmel, Greenfield, and Shelbyville all have strong rental demand and tend to offer a more stable feel for someone living in their first investment. Even with that said, if you’re open to exploring other Midwest markets, I’d also suggest taking a look at Columbus, Ohio. I moved here from Portland in 2020 to start investing and now own 10+ rentals, and the macroeconomics are on fire — huge population growth, tons of job growth, and major companies moving and expanding here like Intel, Amazon, Google, Microsoft, Honda, LG, and more. It’s still affordable with properties in the $120–180K range that hit the 1% rule and cash flow, and the appreciation has been really strong because of all the development. Columbus tends to be a bit more insulated and diversified compared to some Midwest markets, which makes it attractive for both house hacking and long-term investing. Happy to connect and answer any questions you have!

Jason Wray · Answer

Derik,

Indiana is a Hot Market, majority of my out of state investors in CA, NY, NV, CT and others are all buying in IN, OH, NC, TN, FL but it's hard to beat the current price factor.  You can get a bigger purchase to cash flow ratio in Indy.  Just outside Carmel and by the universities in Indianapolis there is also a ton of ARV potential.

Being able to pick up a strong cash flowing Duplex or 3 Unit is nice especially when you can get one for under $300K.  If you have any specific questions feel free to reach out check out my profile and send me an email.  Always happy to help another BP member and investor save more time and money!

Luis Garcia · Answer

I bought a property in Sheridan nearby Indy. I'd say check it out. I found a good deal on a property at $213k

Ryan Rominger · Answer

Indy’s been steady rather than “red-hot,” but demand is strong in many pockets, especially around major employers and the inner suburbs you mentioned. Areas like Greenwood, Brownsburg, and Carmel continue to see solid interest because they offer good schools and easier commutes. For a house hack, I’d focus on neighborhoods where rents are consistent and vacancy stays low.

How hot is the market in Indy?

Most Popular Reply