Indianapolis neighborhoods for cash flow and appreciation

Indianapolis, Indiana
Out of State Investing
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Indianapolis neighborhoods for cash flow and appreciation

Alyssa Abegg-Garcia
Member since 2022 · 9 posts · 11 votes

What are good neighborhoods in Indianapolis for both cash flow and appreciation? I considering buying my first rental property there, and am an out of state investor. Targeting single family/duplex/triplex/quadplex with 3 beds and 2 baths per unit, and $300K or less. Would also love to connect with anyone who already invests there, or is in the process. 

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Lauren Perry
Realtor · Indianapolis, IN · Member since 2017 · 87 posts · 48 votes
1y

I agree with the notes above but will also caution you to make sure you're very conservative in your underwriting for the multi-family properties with more square footage. My experience with the smaller multi-family units has been that more occupants = more wear and tear on your property so the turnover costs are often higher than SFH. Sometimes it can take longer to place a *qualified* tenant into these properties as well so your vacancy can be a bit higher.

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  • Keagan Scott
    Realtor · Indianapolis, IN · Member since 2017 · 40 posts · 14 votes
    1y

    Hi Alyssa, welcome to Indy investing! There are some great neighborhoods here that balance cash flow and appreciation, like Fountain Square and Bates-Hendricks, and parts of Irvington. For properties under $300K, you can definitely find okay options in these areas. I'm a local realtor and investor, so I’d love to help you find the right property and navigate the market. Feel free to reach out if you’d like to connect or need more insights!

    1Reply
  • Kerry Noble JrPro Member
    Investor · Indianapolis, IN · Member since 2018 · 2k+ posts · 1k+ votes
    1y
    Quote from @Alyssa Abegg-Garcia:

    What are good neighborhoods in Indianapolis for both cash flow and appreciation? I considering buying my first rental property there, and am an out of state investor. Targeting single family/duplex/triplex/quadplex with 3 beds and 2 baths per unit, and $300K or less. Would also love to connect with anyone who already invests there, or is in the process. 

    Check parts of 46208.......around Butler University
    2Reply
  • Lauren Perry
    Realtor · Indianapolis, IN · Member since 2017 · 87 posts · 48 votes
    1y

    I agree with the notes above but will also caution you to make sure you're very conservative in your underwriting for the multi-family properties with more square footage. My experience with the smaller multi-family units has been that more occupants = more wear and tear on your property so the turnover costs are often higher than SFH. Sometimes it can take longer to place a *qualified* tenant into these properties as well so your vacancy can be a bit higher.

    2Reply
  • Chris MullinaxBusiness Member
    Property Manager · Kokomo, IN · Member since 2020 · 172 posts · 44 votes
    1y

    Hi Alyssa, welcome! I’m an investor with properties in both Indianapolis and Kokomo, as well as the owner of a property management company overseeing numerous units in Indianapolis for out-of-state investors. I’d be happy to connect and discuss further—feel free to send me a DM if you're interested in setting up a call.

    CRM Properties4.9519 Reviews
    WebsiteView Page
    1Reply
  • Alyssa Abegg-Garcia
    OP
    Member since 2022 · 9 posts · 11 votes
    1y
    Quote from @Kerry Noble Jr:
    Quote from @Alyssa Abegg-Garcia:

    What are good neighborhoods in Indianapolis for both cash flow and appreciation? I considering buying my first rental property there, and am an out of state investor. Targeting single family/duplex/triplex/quadplex with 3 beds and 2 baths per unit, and $300K or less. Would also love to connect with anyone who already invests there, or is in the process. 

    Check parts of 46208.......around Butler University

     Noted - will do, thanks!

    0Reply
  • Alyssa Abegg-Garcia
    OP
    Member since 2022 · 9 posts · 11 votes
    1y
    Quote from @Lauren Perry:

    I agree with the notes above but will also caution you to make sure you're very conservative in your underwriting for the multi-family properties with more square footage. My experience with the smaller multi-family units has been that more occupants = more wear and tear on your property so the turnover costs are often higher than SFH. Sometimes it can take longer to place a *qualified* tenant into these properties as well so your vacancy can be a bit higher.

    Excellent point, thank you for bringing this up. What percentage do you typically allocate to this with your properties, or when you are assessing a property? 
    0Reply
  • Pam Brown
    Real Estate Agent · Indianapolis IN · Member since 2022 · 144 posts · 65 votes
    1y

    Hey! I just stumbled upon your post.  Did you gain the info that you were looking for?  Indy is great.  And you definitely want to go with someone with experience because the neighborhoods and Zips here can change by the block! Happy Investing :-)

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  • Ryan RomingerBusiness Member
    Real Estate Broker · Indianapolis, IN · Member since 2018 · 340 posts · 144 votes
    1y

    For cash flow and appreciation, consider Irvington, Christian Park, Near Eastside, Speedway, and parts of Wayne Township. Garfield Park and Bean Creek also have value-add potential. Happy to connect or share insights!

    [email protected]317-935-0075
    Intrigue Real Estate & Property Management4.6285 Reviews
    WebsiteView Page
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  • Kenny Hall
    Property Manager · Indianapolis, IN · Member since 2020 · 122 posts · 64 votes
    1y

    @Alyssa Abegg-Garcia hi Alyssa! Hope your investment journey is starting out well! Feel free to shoot me a message as you look to confirm rental rates in Indy or need help analyzing a property. Best of luck!

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