Rental Property Investor · Fullerton, CA · Member since 2015 · 19 posts · 12 votes
Hi BP Community,
My husband and I will be purchasing a few properties in Indianapolis in the Little Flower and Broad Ripple area this summer and would like any recommendations or advice about property management for short term and long term rentals in those areas. We have self-managed two STR's in southern California, and will now venture to Indy to continue growing our portfolio.
We have read about some different options for long distance property management and would like to ask your advice.
Realtor · Indianapolis, IN · Member since 2014 · 18 posts · 17 votes
7y
I manage a few STRs as well around Indy and you'll most likely have better luck in Broad Ripple due to younger demographics and more entertainment options.
Realtor · Indianapolis, IN · Member since 2014 · 18 posts · 17 votes
7y
I manage a few STRs as well around Indy and you'll most likely have better luck in Broad Ripple due to younger demographics and more entertainment options.
Real Estate Consultant · Whitestown, IN · Member since 2014 · 547 posts · 933 votes
7y
We manage properties all over the city and I have been watching Little Flower very closely. As there near east side (Rural and 10th St) is gentrifying and becoming more expensive, many of the problems we used to see in that area has migrated east to N Sherman Dr, which is bounded on the West end at Sherman Dr. Little Flower tends to be a pretty established area with usually smaller homes, but the area is slowly declining as crime seems to be on the rise. Because it's a fairly established area, I don't think that we will see the area ruined, but I do think that we are seeing a drop in demand as far as rentals go. Investors will still buy there, especially if they don't have a team that keeps them current with the every shifting marketplace, so the values may stay stable and even rise for the time being. My fear is that the local resident may prefer to find other areas with less concerning crime reducing the demand for rental homes. This will lower the value to investors over the next couple of years as the rent rates become stagnate.
Broad Ripple likewise has up's and down's but is much more established and constantly changing with new rotations of Butler students every year. This constant change keeps the atmosphere of Broad Ripple feeling somewhat fresh even when there are changes bearing down on the area. Broad Ripple will likely always have greater demand than most neighborhoods because of the elite neighborhoods (Meridian HIlls, Meridian-Kessler, Spring Mill, Holliday Park, etc.) in the vicinity and the constant rotation of college kids each year.
I would also recommend checking out the Indianapolis Out of State Investor Facebook Group here. https://www.facebook.com/groups/260862967817696/ There are tons of investors and Indianapolis professionals to network with there. It's like a niche version of BP dedicated to investors working in Indianapolis.
If you are looking to start an Indianapolis team, feel free to reach out and I'd be happy to point you in the right direction depending on what you are looking to do.
New York City, NY · Member since 2018 · 26 posts · 8 votes
7y
@Eloisa Gil Villafuerte. Welcome. I too invest in Indy rentals from out of state. I recommend my property manager Edwin Watson at Triple E Property Management. He's fantastic.
Rental Property Investor · Fullerton, CA · Member since 2015 · 19 posts · 12 votes
7y
Thank you for all your responses!
Could I ask what are the long term rental rates you are getting for 2/1 and 3/1 single family homes?
Also, what are the average management fees you guys are seeing in this market?
@David Moudy Regarding the short term rental, we were looking at the Airbnb type. Could you dm me with your contact info so my husband can follow up with you?
@Ross Denman You have so many insights and great advice. I have seen the plans for the Near East redevelopment plan and it looks promising. The aspect of an active scene and entertainment in Broad Ripple is definitely attractive. Could you dm with your contact info?
@Eric G. Thanks for your recommendation. We will look into TripleE. Is there anything that sets them apart from other property managers?
@Cory Robinson Thanks! We will look more into that neighborhood.
Rental Property Investor · Fullerton, CA · Member since 2015 · 19 posts · 12 votes
7y
Hi @Jeff Schechter, we try to invest in areas we would feel comfortable living in and that have working families. I believe these two areas fit the bill.
@Jaron Walling, yes, BRip is much pricier, but we would be interested in the short term rental aspect of that community as there are more activities and the proximity of the university.