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.
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 in the Table of Contents to jump to a certain location to read more about it!
The Marion County Sheriff Sale is simply a foreclosure auction. It’s not. 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: 46205, 46208, 46220, 46228, 46240, 46250, 46260, 46268
Some notable areas within Washington Township are Broad Ripple, Meridian-Kessler, Butler-Tarkington, Castleton, Glendale, and Millersville have a tax sale. Marion County has those too, but it’s a completely different sale with its own rules.
Basically, the Sheriff Sale is the final step in a lien-holder’s foreclosure process. As part of the foreclosure requirement, the lien-holder, generally a bank, puts the property for sale using the Civil Sheriff’s Department.
Another one of the 9 Marion County Townships, Pike is located in the northwestern portion.
Zip codes include: 46077, 46228, 46254, 46274, 46278, 46211, 46234, 46268, 46275, 46298
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: 46203, 46218, 46219, 46226, 46229, 46235, 46239
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: 46107, 46217, 46221, 46227, 46237, 46247, 46295
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: 46107, 46203, 46237, 46239, 46259
Located in the west central portion, Wayne Township’s claim to fame is the Indianapolis Motor Speedway which hosts the Indy 500 and Brickyard every year.
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: 46214, 46221, 46222, 46224, 46231, 46234, 46241, 46254
Located smack dab in the “center” of Indianapolis, lies Center Township.
Center Township includes Downtown and part of Beech Grove and is the most populated Township in Marion County, with 3,511 people per square mile according to Town Charts.
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.
Center Township Zip Codes: 46107, 46201, 46202, 46203, 46204, 46205, 46208, 46218, 46219, 46221, 46222, 46225
The smallest in both geographic size and population, Decatur Township is located in the southwest corner of the county.
For its small size and rural feel, Decatur has a pretty big claim to fame. It’s the site of the Indianapolis International Airport.
As of 2017, the population consisted of 34,297 people with 86.2% of the population being Caucasian.
Zip Codes: 46113, 46183, 46217, 46221, 46231, 46241
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.
Median home values are reported to be $151,400 compared to the national average of $184,700 and median rent value is reported to be $822 compared to the national average of $949.
59% of people in Lawrence Township own their homes versus 41% who rent.
Zip Codes: 46216, 46220, 46226, 46235, 46236, 46249, 46250, 46256
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.
Zip Codes: 46011, 46012, 46013, 46016, 46017, 46064
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.
Greenwood, Indiana is the most populated city in the southern region of the Indianapolis Metropolitan area.
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.
With a current estimated population of 18,343, Avon is the 47th largest city in Indiana.
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
Zip codes include: 46123, 46168, 46234
With a great school system and relatively low crime rates, it’s a great place to invest!
Noblesville is a city just north of Indianapolis in Hamilton County and interestingly enough, it was the home to the area’s first log cabin dwelling in 1802.
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. noblesville outline
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: 46038, 46060, 46061, 46062
Carmel, Indiana is a northern suburb of Indianapolis located in Hamilton County with an estimated population of 98,332.
And, before we go any further, Carmel rhymes with Marvel. Natives get pretty touchy about incorrect pronunciations.
Carmel has some pretty big claims to fame, being named one of the best places to live in the United States for multiple years, by multiple publications.
It’s known in some circles as the “Beverly Hills of the Midwest.”
According to Data USA, the median household income is $109,201 with median home values of $320,400 and average rent amounts of $1150.
Niche reports 78% of residents won their homes compared to 22% who rent.
Niche also ranks it the #1 place to live in Indiana, the #1 place to raise a family in Indiana, and #1 school district in Indiana.
Based on MLS data from the last quarter, the median rent is $1,534 compared
Zip codes include: 46038, 46060, 46061, 46062
Located in the southeastern portion of Hendricks County, Plainfield, Indiana sits, home to around 34,386 people.
The local economy runs off of warehouse type industries with Plainfield supplying approximately 50% of ALL warehouse jobs in Central Indiana.
With it’s close proximity to the Indianapolis International Airport, the hotel industry is also very popular.
The median age is 37.7 years old with a median household income of $62,121.
The majority of residents (69%) own their homes as opposed to renting.
The median property value is $155,100 and the median rental amount is $990.
Plainfield, Indiana Zip Codes: 46168, 46197, 46231
Fishers is a suburb just northeast of Indianapolis in Hamilton County.
In 2017, Fishers was named Money Magazines #1 place to live in the United States.
As of 2017, the population was estimated to be around 91,832.
According to City Data, the median household income as of 2017 was $113,560 with a median age of 35.3 and females making up a slight majority (52.1%) of the
According to MLS data, the median home value for the last year was $276,313 and the median rent rate was $1,565.
Fishers, Indiana Zip Codes: 46037, 46038, 46040, 46055, 46060, 46250, 46256
Northwest of Indianapolis in Hendricks County lies Brownsburg. This suburb was first settled by James B. Brown in 1842 and was also home to the Delaware Indians.
Brownsburg is the 38th largest town in the state with an estimated population of 26,397 and it has been ranked in the top 40 best small towns in America according to CNN’s Money Magazine.
The median household income is $68,986 with a majority of jobs being in the office Brownsburg Outline administration, and sales related fields. There are also a sales related fields. There are also a relatively high number of specialized workers in Healthcare and Architecture and engineering according to Data USA.
MLS data reports show that the average home sale price for the last year was $253,934 and the average rental amount was $1,534.
Brownsburg, Indiana Zip Codes: 46112, 46167, 46234
Located within the Indianapolis Metropolitan area near the University of Indianapolis, is Beech Grove.
This city was incorporated in 1906, and was founded as a company town for a railroad repair facility.
As of 2017, the population is estimated to be 14,795.
According to MLS data, of the 232 homes that were sold in the last year, the median sale price was $125,000.
Of the 29 homes leased in the last year, the median rental amount was $985.
54% of residents own their homes compared to 46% who rent.
According to Census.gov, the median household income was $40,741 as of 2018.
Beech Grove, Indiana Zip Codes: 46107, 46203, 46237
Just Northwest of Indianapolis lies the quaint, little suburb of Zionsville.
This affluent community has been around since 1852 and was named for a pioneer by the name of William Zion.
Zionsville is probably best known for its historic, downtown area which is lined with Zionsville Outlinecobblestone streets and cute, little shops and restaurants.
As of 2017, the population was reported to be approximately 26,710.
The median household income is $134,743 according to City Data.
MLS data shows that the average sales price of a home this past year was $476,654 and the average rental amount was $1,826.
Zionsville, Indiana Zip Codes: 46077