However, like any market, success depends on selecting the right neighborhoods and building a solid team on the ground.In Indianapolis, areas like Broad Ripple, Fountain Square, and Irvington have seen strong appreciation and rental demand, but they can be more competitive.

@Cole HarrisKeep in mind that square footage has a lot to do with pricing as much as bedroom count and/or revenue. 

As Marshall said we will need to know breakdown between residential and commercial, exact business types, and square footage + income breakdown for residential and commercial units.

Are there any potential red flags I should be aware of?

I just paid my attorney 15k today in just fees for 4 entitlement contract red lines and we arnt even under contract yet!  

Reposition the property to a higher and better use. 4 years ago we purchased a 10,000 square foot building used as a music school.

Depending on how upscale your finishes really were, you could have that built in this market for 300 to 325 per square foot fairly easily right now.

I hope you were able to catch some reds and sea trout in the bay.  

@Aaron Zimmerman my old Chicago buy box (Albany Park, Rogers Park, Irving Park, Lincoln Square, Ravenswood Manor) has moved pretty far away from my preferred fundamentals.

Don't see any major red flags here, so long as you are comfortable in the low income space.