(Indianapolis) Most Important Factors In A Rental Property

[Brandon Low]

Hey all,

I'm from San Francisco and am new to the Indianapolis investment scene. In my search for rental properties, I found myself wondering what factors are the most important in a rental property. More specifically, what characteristics do tenants find most desirable about a rental property that will yield higher rents and lower vacancies?

Here are some factors that I think are important, but not sure how they would rank in comparison to each other:

-location

-crime rate

-# of bedrooms/# of bathrooms (are more bedrooms always more desirable?)

-square footage

-what else?

I am wondering more about the generic characteristics of rental properties (i.e. location or square footage) as opposed to the individual features of a specific property (i.e. new kitchen, hardwood floors, etc). 

I thought this would be a good topic for discussion and would love to see what all the local experts think. 

[Rusty Scott]

Originally posted by @Brandon Low:

@Shawn Holsapple- what price range do you consider mid-level renters? $1000-$1200/month? Also, can you PM me some good property managers you work with?

@Mike D'Arrigo- Living in san francisco where space is a luxury, the concept of square footage not mattering seems strange to me. In any case, I'm glad that is one less factor to think about in the Indianapolis market.

Do suburbs (outside the i-465 loop) take longer to rent out? I'd imagine the tenants would stay longer, but at the same time, would take longer to fill a vacancy simply because the population is not as dense. 

Regarding rental demand in suburbs....it's very strong. For one thing, the inventory of homes to rent in the suburbs is quite a bit lower. Much more owner occupied than the inner city....this is a very general statement, and there are exceptions both ways.