What are some good areas to invest in Indy?

Question

Good evening,

I will be in Indy Aug 1&2 for a business event. I am looking to also check out some areas that would be considered good to invest. I am looking for B class areas. I will be in zip code 46220 and 46240 if there is anything close please let me know. TIA.

Adam Czachor · Answer

@KiKi Wood, thank you!

Adam Czachor · Answer

@Nathan Gesner, thank you . I appreciate the feedback.

Cameron Fowler · Answer

Hey there Adam, the Broad ripple area is a really good pocket to look at like you said. personally I like the East side of Indianapolis like 46201 for flips. You can find a lot a good pockets in there. Would love to connect, PM me

Adam Czachor · Answer

@Keagan Scott, thank you. I appreciate the assistance.

Adam Czachor · Answer

@Greg Scott, thank you for taking the time to give your insight.

Keagan Scott · Answer

Hey Adam. I'm a realtor here in the Indy area. Both of these zip codes you mentioned are great options for rentals in terms of class of tenant. Here are some numbers for ya. In 46220, 2 bedrooms avg $1,600 in rent. 3 beds for for an avg of $1,985. In the last 6 months, there have been 58 sales of 2 bed homes here for an avg sale price of $300k. There have been 130 sales of 3 bed homes for an avg sale price of $375k.

For 46240 there aren't as many leases and sales but you can expect the numbers to be just slightly higher. You will also need to consider flood insurance in this area before buying property as there have been some changes there recently. Let me know if there's anything I can do to help further.

KiKi Chase · Answer

Hey Adam! I am a local realtor, and my fiancé and I run a property management company in Indy, where we manage 60+ rentals. I would be happy to talk to you about good areas to invest in Indy, and see if I can help you find what you're looking for!

Greg Scott · Answer

In general, both those zip codes are good for rentals, although there are pockets I would avoid. The Broad Ripple area is especially popular.

It looks like the East part of the area you are looking at is also in Lawrence Township. I would think hard about anything in Lawrence Township. That Township has a very liberal judge who is making it exceptionally difficult to evict. I have heard of some evictions taking as long as 6 months when the typical time to evict in Indiana is about 35 days. As an alternative solution, most of the apartments in Lawrence Township now evict through Superior Court. The filings cost more and the process is a little slower than 35 days, but much faster than 6 months and far more consistent.

Nathan Gesner · Answer

If you're going to be an absentee landlord, I would start by looking for highly skilled property managers that can handle whatever you purchase. A good PM can steer you to the areas that perform the best and are in the most demand.

If you rely on a sales agent, they may not have any idea what makes a good rental and could steer you in the wrong direction.

What are some good areas to invest in Indy?

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