All Forum Posts by: Jake Knight

Hi Karl, good question!  Haughville is not the best area, it's what we would classify as a C/D zone.  Rents will be low for sure.  Happy to discuss other zones that you could target should you move on from this property.

 We also did a blog that breaks down different areas and neighborhoods in our city.  Indianapolis is very spread out so there are a lot of areas to consider.  It really all just depends on what your investment goals area.  

This is a great idea if you have the time! $120K typically will get you in a C neighborhood here and it's important to know what you're buying. While cash flow is important, there are several other profit centers in REI.

 Hey Kieffer, I'm not sure if we're unique or not but we're investors and property managers here locally.  If you're looking to self manage your properties, I'm happy to send you a couple referrals I know locally that have a lot of experience working with new investors.  I'm happy to be a resource either way.  Good luck on your search!

I'd be very consistent on how you treat each of your tenants based on the lease.  While Kevin seems like a fair guy in relation to his post above, if that tenant were to find out you charged one occupant for the same issue and not another it could be a legal headache.  Expecting tenants to keep drains clear is very reasonable and accidents happen for sure but there's not reason for the landlord to foot the bill for this IMO.

@Charlie Curtis Irvington is one of the oldest neighborhoods in Indy and is desirable and historic.  It's got a village like feel with locally owned shops and eateries. The Southern portion of Irvington is not as well regarded and rents are lower than around Washington Street and directly North of that area to 10th Street.  You can find every type of property in everything spanning from A class to C-.  A little factoid, Irvington is the original home of Butler University and was the home (For a short period of time) to one of the nations first serial killers. Just South of Irvington is a commercial park being built along Brookville road.  I would think this will create greater stability to South Irvington and hopefully good buy and hold prospects.

I agree on getting an addendum in place that would outline the rules and expectations. IMO the pet shouldn't be an X factor on how the tenant treats the property.  You can also earn additional rent income because of the pet.  The renter will still be responsible for damages done to the property.  For liability purposes, I would not allow any aggressive breeds. At the end of the day, you have to be open to animals in the home as service animals and emotional support are exempt of pet clauses by law.  Hope this helps!

In our market, it's important to get rent comps from local experts.  This city is so inconsistent and certain areas are changing rapidly.  

Hey Rony, I'm a local PM here in Indy.  Feel free to DM if you want an opinion on the property/location.  Happy to help!

I agree @Tyler Lingle. I would also add Garfield Park to the list to keep an eye on.