I'm currently finishing my first development project in Cobble Hill Brooklyn, and would be glad to pass along more info. that might be of help to you. 

I work with several retail developers in Houston, Texas. 

My recommendation when people ask about getting into this, my knee jerk response is, "go work for a large MF or commercial developer".

Do you see any opportunity for growth/development? 

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.

But once you subdivide the lot and develop or sell the new back units, those are likely treated as separate properties for tax purposes—and they won’t qualify for the same exclusion.

There are markets where developers built product relying on the mentality "build and they will come" with no coherent thesis behind why and those are markets where there will truly be long term pain. 

I've been able to explore it using this website:https://981.jp/Because it is so weird, I feel like I can exchange a lot of value with other people who have developed some insights into that specific niche market.I want to find more out about the specifics of the process, if it's possible to get financing for it, what are the possible pitfalls etc.Does anyone have any insight to this?

You should develop a policy for whom you will reject and follow fair housing laws.

Staying updated on market trends and tenant preferences in the region will empower you to make well-informed decisions.Every experience, whether favorable or challenging, plays a role in your development as a property owner.