@Chad McIver This is a block off of Cherokee in South city.

Do you know of any zip codes, blocks, or streets that seem promising currently but are on the lower end for purchase price?

Also, I don't know the formation of your driveway and garages, but I have maximized my parking by actually blocking to garages with three cars parked perpendicularly and then renting the garages for storage.

It is a family friend and they are looking to sell, it needs a major rehab on the entire property but my wife likes the location(about a block from our pastor’s house) and in the school district she teaches in.

I’d put the stuff out on the curb, block his number, and re-rent the garage. 

I am working on three properties right now that are in the 1940-60’s era and they pose their own challenges: electrical heat, cinder block foundations, etc.

Indy can vary block to block and people will often tell you one are is up and coming because it happens to be a few blocks from an area that truly is up and coming.

Roll some cars up into your front yard, put them on blocks and take the wheels off.

You will need to be very careful though as the areas vary, not only by blocks but actually street by street.What your looking to spend and your safety level will dictate more of what areas to look into.   

There is a pending listing (14 days on market) a few blocks away that is, in my opinion, more updated than yours that was listed at $130k.