Indiana Investors thoughts?

Question

With all the hype of Indianapolis the last 10 years has anyone shifted focus on other areas near Indy? My thoughts are south of Indy more towards Martinsville and the surrounding areas. With the new highway from Bloomington to Martinsville and now Martinsville to Greenwood there has been a lot of money poured into Martinsville the last 5 years. Other areas of interest are Greencastle for Depauw University and Terre Haute for ISU however I know those areas are more so street by street much like Indy. Just would like to get any other suggestions or thoughts on where you all are focusing since no one seems to talk about the other towns when they think of Indiana. Would love to connect with some more investors around!

Alora Glaze · Answer

I've heard good things about Brownsburg (north-west) as well as Anderson (south-east) - with other suburbs outside of the 465 loop picking up traction, venturing outside of Indy is absolutely something to consider. When I'm researching an area, I always pull comps and confirm the increase in activity and sales. Is the influx a blip or is in long-term and sustainable?
This summer has been an interesting one with the pricing increasing - I'll be even more interested how things play out next Spring.

Best of luck to you!!

Account Closed · Answer

@Cristin Rakestraw Thank you Cristin! I am not looking that far north right now maybe in the future but anyone else who might be reading this I have heard some great deals are up there!

Account Closed · Answer

@Justin Polston yes sir! So much competition in Indy. The minute a property hits there’s multiple offers same day. I do like Franklin as well as Shelbyville! I’ll be sure to check out your posts.

Account Closed · Answer

Also Bloomington’s homeless is increasing year over year and is constantly spreading more and more south. There are also a few government owned complexes that take them in and pour money into them every couple of years to maintain good looks however looks can be deceiving. I have talked to plenty of “middle aged” individuals who have moved or are considering moving because it’s “not what it used to be” even just 5-10 years ago. They shipped buses filled with people there because of the project going on.. Maybe once the highways are finished to Indy more people will consider moving closer there. Right now it’s just the university and medical companies as far as opportunity unless you want to include crane.

Account Closed · Answer

@Todd Branson I’m from Owen County so very familiar with Greencastle ha. You are right about the off campus housing situation. Definitely all about the money. However Depauw is a pretty expensive school and just like IU there are plenty of parents who pay for there off campus housing or they just get private loans for that additional cost. Like you’ve probably read Marion is a different beast as it is street by street. Also I’m not an expert around the U of Indy area but have been by it quite a few times and it is very run down. A lot of students I’ve known that attended are scared to even walk at night around there even. Of course I’m sure there are areas that are nice around there though. Somewhere..

Also the loss of auto jobs have came the rise of warehouse/logistics jobs around here.  Companies are finally raising there wages and a lot of companies around are paying 25 hr or similar and providing unlimited OT. Definitely brings more opportunity to some of those areas.

Account Closed · Answer

@Alora Glaze For sure, good advice on not just believing what you hear out there and actually doing the in depth research. I was all ready to buy and then things went crazy and made me hesitate to see how things play out. Anderson is pretty popular I’m seeing and hearing as well! Avon/Brownsburg I feel is gaining popularity too.

Jonah Hartsburg · Answer

@Todd Branson

Correct about Marion! It’s suffered since the 60s/70s from the manufacturing exit. It’s very much a cash-flow market with the two primary tenant bases being community members and Indiana Wesleyan students. There are limitations on who the college will allow to live off campus, but there are sub-groups of students the college is friendly towards on their housing applications. Plus, we find there are some recent grads that stay around for their early transitory years post-graduation.

In regards to areas, it is very street by street as you mentioned, especially when targeting student tenants. But like you said, prices are incredibly low compared to the top Indiana MSAs.

Scott Swanson · Answer

One thing to keep in mind about College towns and renting. Typically, the students leave once school is over. So you might be getting high rents, but you're risking getting no rent when school is out.

Account Closed · Answer

@Joel Fischer I’m not too familiar with Thorntown market as it’s pretty far north from where I live however it is central to Lafayette, Lebanon, Frankfort and Crawfordsville which all have an abundance of job opportunities. Saying that it would be more of a rural place for people to buy/rent if there commuting to work around those parts. I’d say it would be decent for the right deal! It’s always about the deal right? As far as Muncie, it is always in conversations around Indy as it’s home to ball state and you can also scoop up some pretty cheap properties there.

Account Closed · Answer

@Scott Swanson @Jonah Hartsburg @Tyler Lingle

All good points and things to think about! Keep in mind everyone’s different and ones strengths may be another’s weakness. If you self manage and aren’t good at leasing/marketing and don’t want to constantly be leasing it out every year and going through the hassle maybe stay away from college towns. I personally leased homes in Bloomington for a couple of years after high school and properties went very quickly no matter the price, condition, area, etc. College kids do not care and just want a place to party lol. An 1800 dollar house in Bloomington can be very outdated, in need of repairs, not the greatest location but it will go once school closes in and there aren’t any other options. One thing to think about..

Indiana Investors thoughts?

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