I am an out of state investor currently researching the Indy market with the goal of buying, renovating and renting out single family or small multi-family units in the area. My goal is to build a portfolio of 5-10 properties over the next few years to add to my existing portfolio.
Investing goals: Single family residences (SFRs) or small multi family units (under 5 units that qualify for conventional financing). My planned approach is to build a team on the ground (realtor, PM, contractor, lender), buy properties with cash in the range of $50-100k that need work. Budget may be a bit higher for multi family units if a double digit CoC return can be obtained. Properties in C+ to B neighborhoods.
After work has been done on the properties, I plan refinancing them at a favorable ARV to get most of my capital out (not looking to do a perfect BRRR but looking to get a reasonable high CoCROI).
Areas of interest: Open to areas outside Marion county lines, but within commuting distance to Indy. Open to most areas outside the 465 loop. Inside the loop, open to Bates-Hendricks, FS square and other upcoming areas once I have a better understanding of the region. Preference for school districts 5 or higher, and areas near medium to large hospitals. Leaning on staying away from areas immediately east of downtown Indy, but open to areas a bit farther out. Parts of Warren park, Irvington Historic district may be okay.
Feel free to reach out just to network, but looking for help on the following items/questions:
- Any obvious holes in my search criteria? Any recommendations for other areas?
- Tips on finding off market deals through either wholesalers or unconventional methods outside of MLS, zillow etc?
- Any referrals for PMs, realtors, contractors that have investor experience?
- If you are an investor, what numbers do you assume (as % of rent, or dollar amount) for fixed costs (insurance, PM fees) and variable costs (vacancy, repairs, capex, utilities)?
Thanks!
