Multi-family outside of Indianapolis

[Jalen De Leon]

Hello! I am a OOS investor residing in CA. I currently have one SFR rental property in Indianapolis and looking to expand into multi-family, mainly for the purpose of more cash flow. I was looking at MLS, Zillow, and Redfin and saw that a lot of the multi-family properties in Metro Indianapolis are old and are in pretty rough areas in Indianapolis. I was wondering if there is an alternate destination such as the out-ish skirts of Indianapolis? I dont want anything too far from Indianapolis but at the same time not too close to the rough areas of it. If anyone has any recommendations on what surrounding cities I should look into I'd greatly appreciate it!

Thank you!  

[Jackson Ebersole]

Hi Jalen,

If you're considering expanding your rental property portfolio in the Indianapolis area while steering clear of rough neighborhoods, here are a few options you might want to explore:

Carmel: Just north of Indianapolis, Carmel is known for its affluent community and excellent schools. The area has seen significant growth, making it a popular choice for rental properties.

Fishers: Located northeast of the city, Fishers boasts a strong economy and a growing population. With a mix of residential and commercial developments, it’s an attractive option for multi-family investments.

Zionsville: This charming town northwest of Indianapolis features a lovely downtown area and is recognized for its strong sense of community and top-notch schools, making it a desirable place for renters.

Avon: Situated to the west of Indianapolis, Avon is rapidly growing and offers a variety of residential options. The community amenities and good schools make it appealing for families.

Brownsburg: Located northwest of Indianapolis, Brownsburg has been experiencing growth and offers a suburban feel with access to parks, which is great for families looking for rental properties.

Plainfield: This town to the southwest has a mix of residential and commercial developments. Known for its community events and good schools, it’s a solid choice for rental investments.

Greenwood: Just south of Indianapolis, Greenwood provides a more affordable housing market compared to some northern suburbs. It has a growing population and a variety of amenities, making it a viable option for multi-family properties.

Fishers and Avon are likely to provide the best balance of rental income potential and property values, which can lead to a higher DSCR. Greenwood and Brownsburg are also worth considering for their affordability and growth potential.

Let me know if you find this helpful!

Best,
Jackson