Best Indianapolis, IN Neighborhoods for Value-Add Investing?

[Kyle McKinney]

Hello Fellow BP'ers!

We're looking to expand our market footprint beyond Texas and into Indianapolis, IN as it has consistently passed our market criteria tests.

What's your thoughts on the best neighborhoods for value-add, Class B assets in the 4 - 100 unit range?

I've heard Franklin and Washington West are great. What about Warren and Lawrence?

Additionally, what good property management companies do you recommend we reach out to?

Thanks in advance for your contribution to this forum post.

[Spencer Gray]

Hey @Kyle McKinney it's always nice to see when out of state investors are as bullish on Indy as us locals!

Indianapolis varies block by block, it's hard to break it down by neighborhood X good neighborhood Y bad. You mentioned Franklin and Washington - are you referring to townships? It's even harder to qualify the townships, they all have +'s and -'s and all have opportunity for good value add deals. They all have blocks to avoid and blocks that are awesome little sleeper neighborhoods. Literally one side of the street can have $1,000,000 homes and the other has $45k fixer uppers that no one wants. 

Center Township will have the most small commercial and non SFH rentals, but probably the weakest school district.

Washington Township is known as the better school district in Indianapolis not including the suburbs, but even then it's hard to paint with such a broad brush. Mostly SFHs though, not as many multis. 

There are plenty of agents, brokers, PMs, wholesalers, bird dogs, etc that can provide boots on the ground which I think is necessary. 

Sorry for such broad advice and not a lot of specifics but hope it helps get you started.