Thinking of buying an investment property (Indianapolis, Anderson: sales, apartments, houses)

[MaxLMG]

Originally Posted by Toxic Toast

I would be curious to know the scale at which someone or some group of investors are remodeling these houses at that price and for what purpose. If someone is doing this on a large scale and keeping costs down then selling them at that price, I can see it being profitable. If someone is remodeling them and slumming them out, I can see that being profitable too, albeit exploitative.

The COL and property in Indy is fairly affordable and probably some private equity is just looking to put money to work. At one point in time, "investors" bought Keystone Towers as well.

[MaxLMG]

Originally Posted by Toxic Toast

The intersection of 38th and Keystone is maybe 2 miles from I-70. Target and big box retail is just a couple miles the other direction. There are a lot of reasons that neighborhood has challenges, access to interstates is not one of them.

You could make the argument that if you stay in 38th you have Butler, Indiana State FairGround and the IMA. Just up north on Keystone, Glendale which was closed and renovated is there. That area is just a blighted location, and my guess (like 99% certain) is you'll most likely have low income people living there. Any local who knows Indy, making decent money would not even think about moving there given all the other potential locations the city and suburbs offer.


I remember when I used to cycle on the Monon Trail (which I miss), as you kept heading further into downtown, the area became more blighted until you got to the immediate downtown area.


My friend bought a brand new home in Greenwood, not far from the mall off 31 for less than $100k. It's a nice area and neighborhood. No problem, I can get behind that. To drop 40k near 38th and Keystone does not make sense to me.

[Toxic Toast]

Originally Posted by MaxLMG

To drop 40k near 38th and Keystone does not make sense to me.

It doesn't make much sense to me either as an investment vehicle. But it has nothing to do with interstate access.

[Serious Conversation]

You might as well consider the property/the money disposable that is spent on that location. Buying at one of the most notorious intersections in the city is fraught with risk.

[sweetana3]

I would not be surprised at shootings from an address at that location. 38th is a notorious escape route and the business in that area is fairly minimal and does not seems to be improving. A long time ago Cub Food, a big warehouse food store, tried to make a go of it and failed.

[MaxLMG]

38th stays bad even as you head west towards Speedway. Esp around Lafayette Rd. There is this 'community center' that was made from an old Firestone LOL.

Which reminds me, I remember seeing good 'ol Lafayette Square Mall driving on the highway. I actually went in once to have lunch at Fujun Cafe. Lots of food for a good price. I always find abandoned buildings interesting.

I was told that Lafayette Square Mall was a hot place back in the day (before I was born).

[Toxic Toast]

Originally Posted by MaxLMG

38th stays bad even as you head west towards Speedway. Esp around Lafayette Rd. There is this 'community center' that was made from an old Firestone LOL.

There are some nice neighborhoods straddling 38th Street between the Fairgrounds over to just before Lafayette Square. And while I would not likely choose to live between the mall and 465 along West 38th Street, I do visit the businesses through there with no issue. It isn't as bad as advertised. The mall itself...no thanks.

The old Firestone was an art gallery by Big Car Gallery, who makes a point of entering neighborhoods many might "lol" at. It was a cool reuse of the space, but it did not work out and they left. Not sure why that is funny.

[sweetana3]

Lafayette Square was a wonderful place in the 80s. When we moved here there were two of the best clothing stores there, Ayres and Lazarus, a huge number of other stores in a wide variety. We loved to go there and walk and shop. Glendale was also a special place and closer to where we lived. It even had stores in the basement. Crime and people problems brought its demise. Now it was mostly demolished and replaced with a Target and outside entry stores.

[MaxLMG]

Originally Posted by Toxic Toast

There are some nice neighborhoods straddling 38th Street between the Fairgrounds over to just before Lafayette Square. And while I would not likely choose to live between the mall and 465 along West 38th Street, I do visit the businesses through there with no issue. It isn't as bad as advertised. The mall itself...no thanks.

The old Firestone was an art gallery by Big Car Gallery, who makes a point of entering neighborhoods many might "lol" at. It was a cool reuse of the space, but it did not work out and they left. Not sure why that is funny.

Something that is "not that bad" does not make it "good". I've went to pawn shops around 38th and Lafayette Rd. usually there is neat stuff to look at. There are some restaurants off Lafayette Rd. Someone I know once rented an apt off 38th near Speedway. $450 for a 1bed, close to 800 sq ft, kitchen, etc..........


If I were to live in Indy again I'd either live in Westfield or Noblesville. It's far and would be a commute, but I like the newer area.

Another friend of mine bought a house in Plainfield not far from Metropolis. Not a bad area either plus it's closer to the airport.

[MaxLMG]

Originally Posted by sweetana3

Lafayette Square was a wonderful place in the 80s. When we moved here there were two of the best clothing stores there, Ayres and Lazarus, a huge number of other stores in a wide variety. We loved to go there and walk and shop. Glendale was also a special place and closer to where we lived. It even had stores in the basement. Crime and people problems brought its demise. Now it was mostly demolished and replaced with a Target and outside entry stores.

I heard that the parking lot was so full it was hard to park. Crazy to even think about that now. I remember in 2008, one of the stores was Steve and Barry's before they went under. It was a popular place when I was at Purdue.


Glendale and Lafayette Square became dumps due to the new malls. Drew away the crowd. Big stores left, etc...etc....the downward spiral. Circle Center downtown, Metropolis on the west side, Clay Terrace and Keystone center north, then Castleton slightly east, Greenwood down south. Those malls are more than adequate for Indy's population.

I'm actually very shocked Washington Square Mall is still hanging in there. I'd expect it to suffer more than Lafayette Square Mall due to Lafayette Square Mall being very accessible off 65/465.


I lived off Allisonville Rd. in Core Riverbend Apartments. The place used to be a popular place for younger adults, it's just a mess when I left. Constant break ins and burglaries.

I don't think Castleton is a "bad area" shopping, visiting, etc totally fine, but I wouldn't live there. I'm not sure if that is seeping into Fishers, but I'd still go out to Noblesville myself.