Jumping Into the Indy (Indianapolis) Real Estate Market!

[Travis Washington]

Aloha!  A little about myself (real brief), I currently live in Hawaii and have been doing extensive research in the Indy market over the last year and here in a few weeks I will be making the trip to the Indy area with my investment group, HIREI, to look at possible investments.

With that being said, I am looking for multifamily homes (duplexes), 2/1 units per side, in the 40-50K range. Also, looking for the rent to go for $500+ per unit. However, I have read that SFH may perform better in the area. Which should I focus my attention?

-How are the areas?
-What are the best areas to have a rental?
-What areas should I avoid?
-How is rental turnover?
-How bad is the winter months there?
-WHo are the solid, dependable Property Management companies in the area?
-….and who should be avoided?
-And how feasible are flips? What are typical fix-up expenses?

Like stated, I will be flying to the area in a few weeks (March 23-27) to look at properties. Please enlighten me on the above info and let me know more on reliable lenders, contractors, and property managers in the area whom I can contact. So looking forward to this expedition!

Thank you and Mahalo.

[Mike D'Arrigo]

@Travis Washington 

Welcome to BP. Indianapolis is a great cash flow market but you really have to know which are the good areas. It varies neighborhood to neighborhood. My first reaction to what you're looking for is to stay away form duplexes in the $40-$50K price range. They are going to be in high crime if not war zones. When you say you're looking for rent to be $500+ I'm presuming you mean per side. You'd be hard pressed to get $500 for a $40K duplex. You can do well with duplexes in the right areas but they can be real tricky so you have to be even more selective than you would with a SFR. It's not as easy as people might make it out to be. I know Indy well. Feel free to reach out if you'd like to talk.