All Forum Posts by: Matthew Schroeder

Interesting article & video about the influx into downtown Indianapolis.  Most people/investors assume that the migration to downtown centers is dominated by millennials, but this article and video cites statistics showing that downtown Indianapolis is attracting its fair share of affluent "empty nesters" with the price of both single-family homes and condos at +/- $300,000.

Empty Nesters Flock to Downtown Indianapolis (CBS)

Interesting article on St Clair Place in Indianapolis.  A recent sale for $190k & a new listing at $260k!

St Clair Place (Indianapolis Business Journal)

This was a good thread regarding Indianapolis Property Managers from about a year ago - anyone have updated views or opinions?  Over time, views and opinions often change.  Personally, I utilize 3 different management companies in Indianapolis because each company has varying strengths & weaknesses and different management companies are appropriate in different situations (location, amount of renovations required, etc).

@Justin Joseph  How did your experience turn out with Discover?  Did they live up to your expectations?

@Robert Autorino  How has your experience been?

@Account Closed Have you continued to be satisfied with Ciege?

Anyone else have recommendations?

Best,

Matthew

It all depends on the exact location.  46201 is a very big zip code, and you have to be very careful.  You may think that you have provided a lot of detail, but what you don't realize is that the exact location is probably the most important detail.

This could be a (decent) deal, or, it could be an absolute disaster.  The property could be worth $40k, or, it could be worth up to $60k-80k.  No way to know based on the information provided.  If it is worth $40k and you buy it, you lose $20k on Day 1 of purchasing, irrespective of whether the seller provides financing or not.

Much hunch is it is closer to the latter than the former, but there is absolutely no way to know.

The property you are talking about is Honey Creek Apartments, 3510 N. High School Rd in Indianapolis, right?

Numbers or no numbers, are you familiar with the area/neighborhood and/or have you driven by the property yet to see whether it is even worthy of any consideration whatsoever?  I would suggest that is your first/next step.

First step, take a look on the map.  West Washington Street is a MAJOR East-West thoroughfare and stretches many miles on the West side of Indianapolis.  Importantly, it goes through some very tough/rough parts of the city.

Septic.

Rural part of the city/state.

No furnace & water heater & who knows what else?

Financing in question?

$60k?

I don't think the question is "why wouldn't you do this?", but instead, "why would you do this?".

An ounce of prevention is worth a pound of cure.

Do your due diligence up front and it will save you a lot of grief and $$$ later.