Condos in Indianapolis worth while?

[Andrew White]

Hi all,

I own a few SFH and a duplex in the Indy area. They are great rentals and are cash flowing nicely. Recently I have come across a few condos in a D area.. the seller is quite motivated as he needs to sell them to put the capital into his trucking business. It appears I can get good deals on them - paying around $23k with tenants in place that pay $550 per month. These condos were built in the 60s and don't have an HOA - they have an exterior entrance similar to a townhome. They'd need a bit of a rehab on resale - but that's something I'd worry about down the road or when these tenants leave.

I'm hoping to get insight by any other condo investor in Indy. I understand the value may stagnate or deteriorate (considering the area for these are sub par), is that worth the cash flow? In a way this appears to be the slum lord game, is that worth it? 

Any experience in this field would be appreciated. Thanks! :)