If it is somehow near a downtown or redevelopment area however, it could be a really fun hangout. 

My wife and I live, work, invest and play in downtown Indy.  

Thanks @Gordon Cuffe , but thats far for me as i work downtown area.Thanks for that tip @Marian Smith .

It is also located near downtown so its close to everything.

It's good for me in a way as I'm able to sell some properties I've just bought for literally double, but that also means now I have tons of cash sitting on the sidelines looking for deals that are no longer there.I just bought a property downtown Houston. 

With the influx of people and jobs, they are building a lot of condominiums in the downtown areas. 

I've had friends-of-friends that flip in Beloit and have only seen a good return (by their own definitions) when purchasing foreclosures away from the downtown area, and using only trusted contractors (not necessarily choosing the cheapest bids).

I can take a look at it if you want.As far as R-1, not everything close to downtown is zone R-1 one, but it's definitely something to pay close attention to when you are looking right off the strip in Pigeon Forge or Gatlinburg.

There are two "circumferential highways - Route 128 (aka I-95) that's about 12-ish miles from downtown and I-495, about 15 miles further out than that.Within 128, prices are very high and the closer you get to Boston the higher prices go. 

We like north of downtown all the way to UOP area.