Rental investment property Indianapolis

[Sanjana Lal]

Hi everyone, 

I'm an out of state investor looking for rental property opportunities in Indianapolis. My budget is up to 150k and currently looking for places in or around Fountain Square, Bean Creek, Garfield Park and Bates Hendricks. 

Looking for guidance on whether this is the right neighborhood for this price point, what are the expected rents and if there are other areas that I could look into. 

This would be my first investment property so I'm not looking for anything too adventurous. Currently looking for SFR with a minimum of 3bed.

Thanks in advance!

[Aseel Yerunkar]

@Sanjana Lal Welcome to Indy Investing. Could you clarify your criteria a bit? "not looking for anything too adventurous" could mean a couple different things. If it means what I'm assuming it does -- some of those neighborhoods might be out of your risk tolerance. Fountain Square and Bates Hendricks are higher class areas but properties there are also at a price point where they don't make sense as long term rentals if you're looking for cashflow.

Bean Creek, Garfield Park, and even South Fountain Square are a bit rougher. I'd say more around the C class range. Those areas have great rental potential if you're okay with that risk tolerance and have a PM who knows how to handle that tenant class. If you're looking for B-A class rentals you might want to look outside the loop.

Rent ranges widely in all of those neighborhoods. Your best bet is to ask a PM for accurate rent estimates. Rentometer is also a good tool for general estimates.

Feel free to message me with any questions and good on you for jumping in.