Fountain Square is hot right now. 

Cash flow properties might be better looked for in areas around South Circle and Platte avenue - maybe even push down to Fountain or Pueblo. 

If you were in the middle being tough then the developer would go to the city or county to take the property by eminent domain for park space with a fountain etc.

I have seen pictures and discussions where people have skirted around this issues by providing a microwave, tabletop toaster/convention oven and a tabletop induction range.

I'd recommend starting with Fountain Square, Fletcher Place, Old North Side, and Lockerbie Square. 

Neighborhoods do change over time (usually for the worse) and even in the cases where lots of momentum is created by city initiatives, it still takes 5-10 years and there are tons of competition (look at Fountain Square and Bates-Hendricks right now.)

All,For those interested in the Indianapolis market, below is an excellent article from the Indianapolis Business Journal (IBJ) on the Fountain Square neighborhood.The local experts in Indianapolis on this neighborhood are Ryan Mullin and Ashley Mullin at FS Houses. 

Fountain is worth looking at too, seems like comparable rent with a little bit lower values.

I'm looking for my first investment property, and I'm looking for a: advice on the location and b: recommendations for a realtor in the area who has experience with investments.I'm thinking Fountain because its not a huge drive from Denver, and my parents live a few miles away so I'm down that way somewhat frequently.

For example, Fountain Square or the Near Eastside will jump to 30 days on market around Halloween, despite the fact Broad Ripple or Fishers will remain ultra-competitive because of their respective higher demand / low inventory.