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Updated about 4 years ago, 10/30/2020
been researching Bloomington Indiana
One of the markets I am looking to invest in is Bloomington Indiana.
Here is what I found through my research. Since I'm trying to avoid college student tenants I should look into parts of Bloomington that are above 17, south of Hillside, and west of College.
On the Eastside, they are building a hospital, so you'll attract a lot of tenants that are in the medical field.
The south side has a lot of homeless people. Moreover, when investing you should avoid 11th St & Orris, and West Illinois St.
Would you agree?
Hi Jason, I’m a local investor in Bloomington and I’d agree with your assessment of where to avoid buying if you don’t want a student rental. I do disagree with the statement that the south side has a lot of homeless people. Specifically, there is about a .5 mile radius around the homeless shelter on south walnut st that I tend to avoid because there are a lot of homeless people. However, that is also within the “student rental” area so it sounds like you won’t be looking there anyway. Anything south of hillside is going to be stable, not a lot of homeless people there. I have a fourplex and a triplex both south of hillside and doing well with non-student tenants. I also have several student rentals as well closer to campus and downtown so I’m familiar with both strategies. And you’re right about the hospital going in on the east side. That is set to open in 2021 and construction has been moving right along on it. There will be more demand for housing on the east side once that opens.
By the way, I have a cash flowing triplex for sale if you're interested, send me a message. Income is 3200/month with NOI at 25k (7 cap) (with property management) and 29k (7.8 cap)(self managed). Asking $370k
@jason ma
@Jason Malabute - I’m an investor from Indiana and I’d recommend looking at Madison county...the greater Indy growth is pushing up I-69 (northeast side) and a lot of job growth moving into that area.. I have a duplex for sale near Anderson University that cash flows well (listed for $125K)...if you’re interested, let me know and I can send you information
Originally posted by @Todd Atkinson:
@jason ma
@Jason Malabute - I’m an investor from Indiana and I’d recommend looking at Madison county...the greater Indy growth is pushing up I-69 (northeast side) and a lot of job growth moving into that area.. I have a duplex for sale near Anderson University that cash flows well (listed for $125K)...if you’re interested, let me know and I can send you information
sorry only looking for 8-20 units.
what pm do you use in Bloomington?
Originally posted by @Kelly Votolato:
Hi Jason, I’m a local investor in Bloomington and I’d agree with your assessment of where to avoid buying if you don’t want a student rental. I do disagree with the statement that the south side has a lot of homeless people. Specifically, there is about a .5 mile radius around the homeless shelter on south walnut st that I tend to avoid because there are a lot of homeless people. However, that is also within the “student rental” area so it sounds like you won’t be looking there anyway. Anything south of hillside is going to be stable, not a lot of homeless people there. I have a fourplex and a triplex both south of hillside and doing well with non-student tenants. I also have several student rentals as well closer to campus and downtown so I’m familiar with both strategies. And you’re right about the hospital going in on the east side. That is set to open in 2021 and construction has been moving right along on it. There will be more demand for housing on the east side once that opens.
By the way, I have a cash flowing triplex for sale if you're interested, send me a message. Income is 3200/month with NOI at 25k (7 cap) (with property management) and 29k (7.8 cap)(self managed). Asking $370k
thank you for that tip, but I'm actually only looking for 8-20 units
What PM do you use in bloomington?
Hi Jason, I recommend Olympus Properties or Sarge Rentals for dull service property management in Bloomington.
Originally posted by @Kelly Votolato:
Hi Jason, I recommend Olympus Properties or Sarge Rentals for dull service property management in Bloomington.
I'm actually talking to Paul of Sarge property management in 15 mins. Have you used them? If yes what has been your experience?
Paul is a good guy. He takes care of a lot of our clients and does a great job.
@Jason Malabute I see your from California. Always nice to chime in with a Cali guy. Similar to you, I have been exploring the Bloomington area. I was told Monroe County may be an opportunity for investors.
I’d also suggest looking at Indy suburbs and outlying areas...taxes are low, home prices are modest and landlord friendly laws
Originally posted by @Todd Atkinson:
I’d also suggest looking at Indy suburbs and outlying areas...taxes are low, home prices are modest and landlord friendly laws
like Greenwood, Franklin, and Avon?
Avon is good area but inventory very low...I invest in Madison County which is where the future growth is
@Todd Atkinson Do you have any insight into Hamilton County in terms of growth and jobs?
Hamilton County has been booming the last decade and will continue to see more growth...Fishers has consistently been ranked among the Top 50 cities in the US....the challenge is inventory and ROI..this continues to be a sellers market and it's tough to find "deals"...I don't have data in front in front of me but the county website is a good start..if you're looking at metro Indy and the "doughnut" counties, then I'd suggest Boone, Hancock and Madison - the exponential growth is in those counties....frankly, Hamilton's hyper growth time has now surpassed...hope this helps