Irvington Indianapolis - could 2bed/1bath work as a rental?

Question

Hello, fellow investors who are familial with Irvington area. Do you think updated 2/1 house with under 1000sqft in that area, is a good idea for rental property (as it could attract young professionals of the area)? All other conditions seem to be ok and this is the only concern so far. Or shall I focus more on at least 3/1 as a rule for everywhere no matter what?

Thank you for your advice in advance.

Ric Ernst · Answer

@John Lee personally I prefer to stick with 3/1s as they command a little more rent and theoretically attract larger families that may stay a bit longer. However, it just so happens that I picked up 3 Irvington 2/1s in the last 6 months and have no regrets so far. And, as a bonus, property values seem to be on the rise in Irvington and some adjacent areas. Just make sure you run your numbers and don't overpay.

Angela Smith · Answer

This is the only one that pays like that.  She pays using a trust fund that she has from an insurance payout following injuries sustained in a childhood car accident.

Why do you consider this a red flag?

Jaron Walling · Answer

@Angela Smith That's a unique situation and I'm glad it's working for you! It's a red flag because it's not normal.

I'd have fears about the tenant miss using my property, breaking the lease, or saying "I paid for 12 months so you can't evict me".

Jaron Walling · Answer

@Angela Smith How many of your tenants pay for a year up front? That's a red flag in my mind but I don't have experience as a landlord yet.

Ric Ernst · Answer

I want to add that, although Irvington has a bit of a hip factor, that doesn't necessarily mean it is flooded with young professionals. This area like most areas inside the belt are very much working class. While a restored historic house on the circle is going to attract a high-end tenant, a few blocks out will be more working class.

Shawn York · Answer

That's more of a personal preference I think. Personally, I think 2/1 is fine, so is 3/1. I try to stay away from 1/1 but am ok with everything else.

Bryan Richardson · Answer

@John Lee

I have a few 2/1 here In indy. They are alittle harder to fill. Just figure in that itll take a extra week or so to find a tenant.

Irvington Indianapolis - could 2bed/1bath work as a rental?

Most Popular Reply