General appreciationIf it is in a solid area, maybe the play is appreciation and then a few years later do a 1031 exchange to another, better performing property.With multifamily, typically you can't do STR, but maybe MTR?

We have been playing it safe but really would like to start investing in Rental properties as another source of passive income and to start building for our children.  

The market in Indy is less saturated compared to Texas, making it a great option for newcomers looking to build a solid portfolio without facing the intense competition.Feel free to reach out if you’d like to chat more about strategies, market opportunities, or just exchange ideas.

I would assume little to no appreciation over next five years so I would model it and see where it plays out

Generally speaking, they will not play by your rules, take kindly to rent increases, and will be difficult.

How this should play out?

LTR is a great strategy it's just cash intensive. 

It's going to be interesting how it all plays out, that's for sure. 

What role do private money lenders and hard money loans play in creative real estate financing, and how can investors effectively utilize them?

On the other hand, a 24-year history with an 18% net IRR that includes some losses may indicate a more seasoned sponsor who has navigated multiple market cycles and learned valuable lessons along the way.Regarding internally managed operations, like property management (PM) and construction management, scale plays a crucial role.