Like most larger cities, Indianapolis is very diverse.
We have very old neighborhoods and we have newer neighborhoods. Some areas in Indianapolis offer better cash flow than others, some offer better appreciation potential, and some neighborhoods are more speculative in nature.
In general, Indianapolis is a great city and so is the rental market. Finding the perfect investment property can sometimes be tricky and, because it’s so big, you’ll need to do your research to find a property that aligns with your investment goals.
There are definitely some key factors that you should consider when you're searching for an investment home in Indianapolis.
3. Safety and Crime Rates
The following cities and townships are areas of Central Indiana that T&H realty Services has experience purchasing and managing properties in.
Choose any of the links below to jump to a certain location to read more about it!
Washington Township is one of the 9 Marion County Townships in Indianapolis.
Washington Township has a population of 111,643, a median income of $59,440, grade A schools, and average rents of $1,395/month. This is one of the many areas that T&H manages homes in and it's also our home base. Our office is located in the south Broad Ripple or "SoBro" neighborhood.
To find properties within this Township, you'll want to search in the following zip codes:
Some notable areas within Washington Township are Broad Ripple, Meridian-Kessler, Butler-Tarkington, Castleton, Glendale, and Millersville.
Another one of the 9 Marion County Townships, Pike is located in the northwestern portion.
Zip codes include:
The population sits at 82,247 with a median income level of $52,917. The average home sale price is $147,000 and the average rent rate is $1,285.
The school system has been ranked a B+ overall.
Pike Township is home to Eagle Creek Park, the largest park in Indianapolis and one of the largest municipal parks in the country!
The third Marion County Township on our list, is Warren Township.
The median income here is $42,199 with a population of 104,572.
The median home value is $104,600 compared to the national average of $184,700 and average rents are $811 compared to the national average of $949.
Warren Township properties are located in the following zip codes:
Some notable neighborhoods are Cherry Lake, Warren Park, and Arlington Woods.
Home to the University of Indianapolis, Perry Township is another one of the 9 Marion County Townships.
The population of 114,519 has a median household income of $49,693.
Zip codes in this township include:
Notable neighborhoods include Edgewood, University Heights, and Southdale.
According to MLS data, of the 1,579 homes that were sold in the last year, the median sales price was $154,000 and of the 208 homes leased, the median rental amount was $1,195.
With a population of 56,462, Franklin Township, not to be confused with Franklin, Indiana, is quite a bit smaller than the other Townships we've covered so far. However, the local economy is thriving with an unemployment rate of 3.5% and projected job growth of 37.5%.
The median household income is $71,706 with median home values of $180,000 and average rents of $1,295.
Zip codes in Franklin Township include:
With a population of 143,711, Wayne Township has a median age of 32.8 with a large portion of those individuals being under the age of 20.
The median household income is $38,864, median home values are around $98,000, and average rents are $800/month.
Zip codes in this Township include:
Located smack dab in the “center” of Indianapolis, lies Center Township.
As of 2016, there were 147,110 people residing here. The median household income is just $27,718 as reported by Best Places.
According to Niche, The median home value is $74,600 and the median market rent is $825.
For its small size and rural feel, Decatur has a pretty big claim to fame. It’s the site of the Indianapolis
As of 2017, the population consisted of 34,297 people with 86.2% of the population being Caucasian.
On a scale of 1 to 100 with 1 being low crime and 100 being high crime, Decatur was ranked a 17.1 for violent crime and a 51.1 for property crime.
The national average for violent crime is 22.7 and 35.4 for property crime.
Organized in 1822, Lawrence Township has grown to a population of 125,145 as of 2017 according to the Census Bureau.
59% of people in Lawrence Township own their homes versus 41% who rent.
Located in Madison County, Indiana, Anderson is a suburb of Indianapolis first developed in 1827.
The city has a very interesting history with its early roots in Industrialization.
As of 2017, the population is reported to be at 55,076 and the median household income is $34,693. The median home value is $70,500 while average monthly rent is $724 according to Niche.
When you think of where to invest in Indianapolis, Anderson is likely not at the top of your list.
Although it has suffered some major economic struggles, you can get some real bang for your buck with the extremely low home values.
This Johnson County city was first inhabited by the Delaware Indians, and later followed by European Americans in 1823.
According to City-Data, the population of Greenwood is 57,375 and the median household income was $56,116 as of 2016.
World Population Review estimates the average rental amount to be $903/month and the median home value to be $143,100.
The city is a mixture of blue and white collar workers, with a majority of the jobs being in the sales/administrative category.
The median age is 35.3 and the median household income is $85,433.
Caucasians make up 84.01% of the population.
Average rental amount is $1,055 and the median home value is $185,200 according to World Population Review.
According to Niche, it's ranked as one of the best places to live in the entire state.
Zip codes include:
With a great school system and relatively low crime rates, it's a great place to invest!
Noblesville is home to the Ruoff Home Mortgage Center, a notable outdoor music venue that hosts numerous events through the warmer months.
As of 2017, the population was 61,882 with 86.5% being Caucasian, 4.54% Hispanic, and 3.93% African-American.
The median age is 33.5 with a median household income of $74,681 which increased 6.27% from 2016 to 2017 according to Data Usa.
The median home value in Noblesville is $183,700 compared to the national average of $184,700 and the homeownership rate is 69.9%.
Based on MLS data from the last quarter, the median rent is $1,534 compared
Zip codes include:
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