Where to Invest in Indianapolis: Wayne Township

Jul 28, 2019 10:00:00 AM

We’re more than halfway through the 9 Marion County Townships!

Located in the west central portion of the county, Wayne Township is next up in our series. 

Living in Wayne Township offers residents a suburban feel and most rent their homes. 

It's also home to the world renowned Indianapolis Motor Speedway which packs over 600,000 people in every year for the Indy 500!

With a growing population of 143,711, Wayne is one of the more racially diverse townships with 55.4% of the population being Caucasian, 22.8% being African-American, and 16.7% identifying as Hispanic according to Statistical Atlas

The median age is 32.8 but the majority of people who live here are under the age of 20, with the next largest percentage being individuals in their 20s. A very young crowd overall!

Niche reports median home values of $94,000 compared to the national average of $184,000 and median rents at $800 compared to the national average of $949. 

The median household income is $38,864, which is one of the lowest that we have discussed thus far.

Wayne Township Profile Report

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Wayne Township Zip Codes

  • 46214
  • 46221
  • 46222
  • 46224
  • 46231
  • 46234
  • 46241
  • 46254

Wayne Township Neighborhoods

  • Speedway
  • Chapel Hill-Ben Davis
  • Eagle Creek
  • Eagledale
  • Garden City
  • Key Meadows
  • Lafayette Square
  • Marian-Cold Springs
  • Mars Hill
  • Maywood

Examples of Homes T&H Manages in Wayne Township

This 2 bed/3 bath condo is located right off US Hwy 136 in Wayne Township. After our Client purchased the property a few weeks ago for $97,900, we leased it in 15 days for $1,000/month, exceeding the 1% rule. 

 Hunters

 

Our next example is a little 2 bed/2 bath home that we currently have leased at $935/month. The same tenants have occupied the property since 2016 and rent has steadily increased year over year starting at $850 when we took over management. 

speedway

Wayne Township Schools

According to Niche, Wayne Township schools are overall graded a B, with a C+ for academics. 

There are approximately 15,471 students in the system with a student-teacher ratio of 15-1. 

It’s ranked #5 out of 293 schools for most diverse, while it comes in pretty low on the list at #133 out of 291 for best schools in the state. 

According to a 2016 report by the Wayne Township school district, 77.7% of students receive free or reduced lunches. 

Wayne Township Crime Rates

According to Best Places, on a scale of 1 (low crime) to 100 (high crime), Wayne Township is ranked a 44.4 for violent crime and a 78.1 for property crime. 

Conclusion

As you can probably deduce, Wayne Township has some factors that make it a higher risk investment area. I would definitely label it a C on the investment grading scale. 

With generally lower incomes, a subpar school system, and high property crime rates, you’ll want to be extra careful purchasing homes here. 

However, with that being said, greater risk can bring greater reward. As you saw from the ratio of home values to rents, you have a much higher chance of finding cash flowing properties in Wayne than other areas of Indianapolis. 

Since renting is more common than home ownership, you also may get lucky with long-term tenants and rising market rent rates as in the example above.