Newbie Out of State Investor Looking For Tips/References in Indy

[Fed Finjap]

Hey BiggerPockets community!

I'm looking to purchase my first rental property within the next 6 months. I'm primarily seeking a balanced investment that will provide ~$200 in monthly cash flows for a 6-10% CoC return on my down payment in an affordable market that has a chance to appreciate. Ideally, I would put 20-25% down on a $100-140k property. After doing some research, it seems like Indianapolis could have some properties within my budget that fit my criteria.

My first question is about neighborhoods. I've mostly been looking around the Fountain Heights/Garfield Park, Irvington, and Broad Ripple neighborhoods, as some folks on past BP forum posts have suggested those were promising areas. However, although I've been able to find properties that I could stretch to make work, it seems like property prices are too high and rents are too low to get something that hits my target cash on cash return. Should I continue to look in these neighborhoods in hopes of striking a good deal or is what I'm looking for unrealistic in these areas? What are some other stable, lower-crime neighborhoods that I should consider looking into for modest cash flows?

Also separate but related, if anyone has any good references for real estate agents and/or property managers that work with out of state investors often, it would be greatly appreciated!

Thanks,
Fed

[Deonte Brown]

Hi @Fed Finjap! Welcome to the investment world! I am a real estate investor and Realtor who was born and raised in Indianapolis. Fountain Heights, Farfield Park, Irvington, and Broad Ripple are great areas. However, there are not too many houses in those neighborhoods that go for the $100,000 -$140,000 price range. I know of someone who has a house for sale in Broad Ripple. They are a very motivated seller, and you may be able to grab it somewhat close to $140,000.

I'd love to connect with you to discuss this further. Let's schedule some time to speak on this further. I can share a wealth of information, title companies, and mortgage companies that can close on properties fast and at very reasonable prices!

[Fed Finjap]

Originally posted by @Deonte Brown:

Hi @Fed Finjap! Welcome to the investment world! I am a real estate investor and Realtor who was born and raised in Indianapolis. Fountain Heights, Farfield Park, Irvington, and Broad Ripple are great areas. However, there are not too many houses in those neighborhoods that go for the $100,000 -$140,000 price range. I know of someone who has a house for sale in Broad Ripple. They are a very motivated seller, and you may be able to grab it somewhat close to $140,000.

I'd love to connect with you to discuss this further. Let's schedule some time to speak on this further. I can share a wealth of information, title companies, and mortgage companies that can close on properties fast and at very reasonable prices!

Thanks @Deonte Brown! I would love to connect and discuss this further. I just sent you a direct message.