Rental Property Investor · Southampton, NY · Member since 2019 · 24 posts · 7 votes
Hey everyone, I recently purchased my first SFH this year in Indy, the purchase turned out to be a success and I am waiting to see how this Corona Virus situation unfolds until I look for more.
My question is to people who are currently investing in Indy, what zip codes/townships are you most prevalent in? I just purchased in the 46219 Zip, I'd say it is a B class area, great little neighborhood. The only situation I am having is finding more properties in B class areas, after doing some research I decided I would try some C class areas that tend to have more inventory zip codes such as 46218 (certain areas my PM advises, 46222,46224,46205, areas such as these. ARV's of these home range from 50-55k, if anyone has any input or would like to share I'd love to hear feedback and what you are doing.
Hey everyone, I recently purchased my first SFH this year in Indy, the purchase turned out to be a success and I am waiting to see how this Corona Virus situation unfolds until I look for more.
My question is to people who are currently investing in Indy, what zip codes/townships are you most prevalent in? I just purchased in the 46219 Zip, I'd say it is a B class area, great little neighborhood. The only situation I am having is finding more properties in B class areas, after doing some research I decided I would try some C class areas that tend to have more inventory zip codes such as 46218 (certain areas my PM advises, 46222,46224,46205, areas such as these. ARV's of these home range from 50-55k, if anyone has any input or would like to share I'd love to hear feedback and what you are doing.
You can also check out the area just south of Butler. Seeing great growth.
Hey everyone, I recently purchased my first SFH this year in Indy, the purchase turned out to be a success and I am waiting to see how this Corona Virus situation unfolds until I look for more.
My question is to people who are currently investing in Indy, what zip codes/townships are you most prevalent in? I just purchased in the 46219 Zip, I'd say it is a B class area, great little neighborhood. The only situation I am having is finding more properties in B class areas, after doing some research I decided I would try some C class areas that tend to have more inventory zip codes such as 46218 (certain areas my PM advises, 46222,46224,46205, areas such as these. ARV's of these home range from 50-55k, if anyone has any input or would like to share I'd love to hear feedback and what you are doing.
Hey Tyler,
Congrats on your first deal in Indy, you'll never forget your first. I have a property right in that corner pocket where you've purchased yours (my first as well), and 5 others all within a pretty close proximity. I like that area and had luck with tenants there but I thought I was buying in a C class neighborhood when I started a couple of years ago, values have gone up for sure so that may have changed. I've thought of moving to a better area for LT rentals but I've been pretty happy with where I've been buying.
Zip codes are a good starting point but I'd probably click zoom in one more time and start to explore pockets of areas or streets to decide where to invest. I'd buy wherever there's an opportunity for value-add or a great deal. There are areas/pockets of Indy I wouldn't touch but for the most part I'm open to investing anywhere an opportunity comes up.
Rental Property Investor · Southampton, NY · Member since 2019 · 24 posts · 7 votes
6y
@Lionel Li Thanks for the advice! Congrats on the 5 homes, when did you start purchasing? I've heard Indy can be street by street, I think that even more prevalent in the C class areas from what I've read. Im assuming you're mostly doing value add as well? If so where are you sourcing your deals?
@Lionel Li Thanks for the advice! Congrats on the 5 homes, when did you start purchasing? I've heard Indy can be street by street, I think that even more prevalent in the C class areas from what I've read. Im assuming you're mostly doing value add as well? If so where are you sourcing your deals?
Thanks!
My first one was in late 2017 and I've just purchased my 6th rental along with my primary in Queens this month. I agree, the lower class you go the more street by street it is. All of my purchases were outdated & ugly under market value houses that didn't cost too much to renovate but created a ton of value when it was complete. All of the properties were also bought off the MLS with real estate agents, I've never done an off-market deal with wholesalers or anything. I just pay attention to what comes on the market in areas I'm familiar with and I act fast. The fastest showing I've made was 30 minutes from listing, the fastest offer I've made was within 10 minutes of listing, and the fastest closing I've had was 10 days from offer.
Indianapolis · Member since 2019 · 288 posts · 179 votes
6y
Congrats on your first investment this year! We have been investing in Indy for several years now and help our clients do the same - we find that we maximize our return within central Indianapolis: 46202/46203/46205 etc. Yes, these are primarily class-C - but as mentioned above, Indy is absolutely street-by-street especially as you get closer to downtown and the surrounding neighborhoods.
I'd like to be optimistic and say that we will see a buyers market this year - so absolutely still be crunching numbers and keeping your contacts close so you can be prepared to jump on what may be some great opportunities in the next year.
Hey everyone, I recently purchased my first SFH this year in Indy, the purchase turned out to be a success and I am waiting to see how this Corona Virus situation unfolds until I look for more.
My question is to people who are currently investing in Indy, what zip codes/townships are you most prevalent in? I just purchased in the 46219 Zip, I'd say it is a B class area, great little neighborhood. The only situation I am having is finding more properties in B class areas, after doing some research I decided I would try some C class areas that tend to have more inventory zip codes such as 46218 (certain areas my PM advises, 46222,46224,46205, areas such as these. ARV's of these home range from 50-55k, if anyone has any input or would like to share I'd love to hear feedback and what you are doing.
You can also check out the area just south of Butler. Seeing great growth.
Turn key provider · San Jose, CA · Member since 2010 · 4k+ posts · 3k+ votes
6y
@Tyler Wisner zip codes are generally too geographically large to be meaningful. Indianapolis can vary neighborhood to neighborhood and even street to street. You really need to drill down to the subdivision level. The 46222 and 46224 represent half of Wayne township. The neighborhood classes in that broad of area will vary a lot. You are not going to find C class properties in the $50-$55K price range. Anything in that price is going to be a much lower asset class. We've been active in Indy for 10 years. I'd be happy to help you out if I can.
Property Manager · Indianapolis, IN · Member since 2010 · 1k+ posts · 1k+ votes
6y
@Tyler Wisner
I agree with @@Mike D'Arrigo nothing getting good C class at 55k ARV. That's D. 75k-100k seems to be a good number where the area isn't too rough and rents still cash flow well.
Indianapolis, IN · Member since 2020 · 26 posts · 11 votes
6y
We just purchased our first SFH in the 46208. We did seller finance because we were still trying to find financing options and this one popped up. Irvington is a great area. Also anywhere near the children's museum (I'd have to get the radius). Also Riverside is up and coming. I remember more than 15 years ago I told my husband riverside is gonna be a money maker but we weren't in the position to by. There are some nice areas on the east side but stay away from 38th and Post Rd. to Mitthoefer. We've been noticing alot of movement and nice rentals/ flips in the Devington area. We're still working on our cash flow and trying to find and LEARN other ways of getting cash for those raising cash deals. Good luck my fellow Indy investors!!!