46227 / University of Indianapolis Area Investors

[Josh Wong]

Hello,

I currently have an investment property in the University of Indianapolis area (east side specifically in 46227 zip code). Wanted to connect with others doing business in the area to keep up-to-date on the market, as I'm from out-of-state. How is the university doing from your eyes/research? How is real estate and the neighborhoods doing, and how are they developing?

I am naturally following the area as much as I can with local news, following the market on Zillow, etc. so happy to be learning together!

Looking forward to connecting!

[Kerry Noble Jr]

U Indy is definitely growing!! I was over there last month.....its definitely came a long way! There are some great opportunities over there....

[Jake Knight]

We have quite a few properties over there!  It's a pretty modest/blue collar area.  You'll find some crime as you would with a more affordable area but overall it offers good rents in a time where rents are at historic highs. I find a lot of rents to average around $1,300.  Floor is $900 and ceiling around $1,600. Personally, I don't have any issue investing or managing over there. Finally, even though Indianapolis University is small, it's always good to have a great institution nearby.

[Tracy Bailey]

Hello Josh,

I am Tracy Bailey, AKA The PINK Realtor, and RE investor (commercial focus) here in the Indianapolis region. Currently I am on MIBOR's Economic Community Development Council where we get to learn and help fund non-profit organizations that are improving our communities. Currently Indiana is experiencing exponential growth and we do not have enough inventory to keep up with the demand. This is true for the region. I have attached a great website you should peak at for what is already set in place. Honestly, you can not go by Zillow. 1. They are only averaging estimates and not comparing similar properties/amenities. 2. Your local realtor associations are the definitive source of information. 3. Zillow is not attending planning, commissioner, economic and development meetings in each town or county. Therefore, they are not able to know what is going to happen 2 years from now, today. The items that are now happening in the Indianapolis region began many years ago. They are only NOW being talked about as shiny and new, when in reality, the projects have been in the works for a while. 

https://www.visitindy.com/meetings/why-indy/new-developments

link to the hot talks of today. Personally, the Indianapolis and surrounding areas will remain "hot and trendy" for a while as economic development is growing in the region. Hope this helps. If you would like specified market stats and growth information... that is conversation for set aside time. 

[Josh Wong]

Quote from @Kerry Noble Jr:

U Indy is definitely growing!! I was over there last month.....its definitely came a long way! There are some great opportunities over there....

@Kerry Noble Jr that's awesome to hear! From your experience, how do you feel it's come a long way? Do you mean in terms of real estate, economic opportunity, any major changes to the job market that means ups/downs in real estate interest in the area?

[Josh Wong]

Quote from @Jake Knight:

We have quite a few properties over there!  It's a pretty modest/blue collar area.  You'll find some crime as you would with a more affordable area but overall it offers good rents in a time where rents are at historic highs. I find a lot of rents to average around $1,300.  Floor is $900 and ceiling around $1,600. Personally, I don't have any issue investing or managing over there. Finally, even though Indianapolis University is small, it's always good to have a great institution nearby.

 Hi Jake, great to meet you and thanks for the share! As for the properties you manage in the area, are most short-term or long-term rentals? And how're they cash flowing compared to other parts of the Indy area that you manage?

[Kerry Noble Jr]

Quote from @Josh Wong:

Quote from @Kerry Noble Jr:

U Indy is definitely growing!! I was over there last month.....its definitely came a long way! There are some great opportunities over there....

@Kerry Noble Jr that's awesome to hear! From your experience, how do you feel it's come a long way? Do you mean in terms of real estate, economic opportunity, any major changes to the job market that means ups/downs in real estate interest in the area?

 This area used to not be desirable at all. U of I definitely has it looking great and more desirable. The south side had/has a meth problem......and this area around FS, Raymond, Barrington, Garfield park, etc was definitely not the area to be in

[Jake Knight]

Quote from @Josh Wong:

Quote from @Jake Knight:

We have quite a few properties over there!  It's a pretty modest/blue collar area.  You'll find some crime as you would with a more affordable area but overall it offers good rents in a time where rents are at historic highs. I find a lot of rents to average around $1,300.  Floor is $900 and ceiling around $1,600. Personally, I don't have any issue investing or managing over there. Finally, even though Indianapolis University is small, it's always good to have a great institution nearby.

 Hi Jake, great to meet you and thanks for the share! As for the properties you manage in the area, are most short-term or long-term rentals? And how're they cash flowing compared to other parts of the Indy area that you manage?

 Hey Josh, thanks for your response.  We only do long-term property management so I don't have a great view into the short-term rental market.  That being said, I would think that given its location, it would be better suited for long-term management.  It's not what I would call a trendy area like Bates-Hendricks/Fountain Square.  I tend to see more short-term rentals in the trendy downtown areas. The two areas that I think would be best suited for short-term in 46227 are the North end of the zip code near Garfield Park and Homecroft. Hope this helps, please let me know if you have any other questions!

[Paul Alphonsus]

Quote from @Tracy Bailey:

Hello Josh,

I am Tracy Bailey, AKA The PINK Realtor, and RE investor (commercial focus) here in the Indianapolis region. Currently I am on MIBOR's Economic Community Development Council where we get to learn and help fund non-profit organizations that are improving our communities. Currently Indiana is experiencing exponential growth and we do not have enough inventory to keep up with the demand. This is true for the region. I have attached a great website you should peak at for what is already set in place. Honestly, you can not go by Zillow. 1. They are only averaging estimates and not comparing similar properties/amenities. 2. Your local realtor associations are the definitive source of information. 3. Zillow is not attending planning, commissioner, economic and development meetings in each town or county. Therefore, they are not able to know what is going to happen 2 years from now, today. The items that are now happening in the Indianapolis region began many years ago. They are only NOW being talked about as shiny and new, when in reality, the projects have been in the works for a while. 

https://www.visitindy.com/meetings/why-indy/new-developments

link to the hot talks of today. Personally, the Indianapolis and surrounding areas will remain "hot and trendy" for a while as economic development is growing in the region. Hope this helps. If you would like specified market stats and growth information... that is conversation for set aside time. 

Thanks for sharing the link.
I am interested in investing in Indy and having doing lots of research. My interest in Build-to-Rent, so I am mostly looking for lots that are in mid density area in and around Marion County. But I will be happy to to do other areas if the deal is right.
I am eager to connect and work with a realtor, if you know of anyone or you are open to take new clients, I will be happy to connect.

[Josh Wong]

Quote from @Tracy Bailey:

Hello Josh,

I am Tracy Bailey, AKA The PINK Realtor, and RE investor (commercial focus) here in the Indianapolis region. Currently I am on MIBOR's Economic Community Development Council where we get to learn and help fund non-profit organizations that are improving our communities. Currently Indiana is experiencing exponential growth and we do not have enough inventory to keep up with the demand. This is true for the region. I have attached a great website you should peak at for what is already set in place. Honestly, you can not go by Zillow. 1. They are only averaging estimates and not comparing similar properties/amenities. 2. Your local realtor associations are the definitive source of information. 3. Zillow is not attending planning, commissioner, economic and development meetings in each town or county. Therefore, they are not able to know what is going to happen 2 years from now, today. The items that are now happening in the Indianapolis region began many years ago. They are only NOW being talked about as shiny and new, when in reality, the projects have been in the works for a while. 

https://www.visitindy.com/meetings/why-indy/new-developments

link to the hot talks of today. Personally, the Indianapolis and surrounding areas will remain "hot and trendy" for a while as economic development is growing in the region. Hope this helps. If you would like specified market stats and growth information... that is conversation for set aside time. 

 Hi Tracey,

Thanks for the engagement, and for the link. Makes total sense that what you see on Zillow is well behind the actually things happening at the Council; that's the kind of intel I'm certainly looking to understand better.

Any major topics occurring when it comes to development in the U of Indianapolis area? Also, when it comes to the development occurring in the Indy area, how fast are things moving from ideation to development? Is the city quickly moving as the boom occurs, or you sense any slowness to adapt as the city changes?

I also didn't see the "hot talks" section, unless you just meant that the New Developments tab is where a lot of the popular developments are being shared.