Broad Ripple and SoBro Snapshot
Broad Ripple is a commercial center that can best be described as the “Midtown” trendy area. The area south of Broad Ripple is called “SoBro” short for South Broad Ripple. It is also a relatively trendy place to live. This area has higher rents and price points than surrounding areas, because it is desirable. Most residents are younger, although there are many families around too. There is a lot to do here: restaurants, running paths, White River activities, parks, bars, etc.
Property Values
Median Sales Price in Broad Ripple is is $330,000 according to Redfin.com. SoBro would have a lower median sales price in comparison. I don’t have the data but I would think around $250,000.
Rents
The rents here span from around 1000-3500 / mo. Expect a 2 bedroom space to rent for around $1600.
Schools
Irvington is Indianapolis Public Schools which are D rated. There are many private and charter options that higher income residents choose. Bishop Chatard is a popular Catholic high school in the area.
Neighborhood Features
Broad Ripple is bumping! The main drag is a very “College-y” type areas with popular bars and restaurants. The Monon Trail runs north to south to Downtown. It’s loved by all: bikers, runners, or even folks walking out to dine. The College Ave corridor running down SoBro has many higher end spots and premium pubs. It’s a very nature-like area with the White River nearby. People enjoy visiting Marrot Park for the trails. The Vogue Theater is a popular concert venue in downtown Broad Ripple.
Investor Strategy
South Broad Ripple still has some discounted properties ready to be flipped for a nice premium.
House Hacking is becoming ultra common in one of the many duplexes in the area. Expect to rent a 3/1 side of a duplex out for anywhere from $1500-1900.
In terms of buy & hold investments: it’s great once you have one! They’ll attract better tenants who want to stay longer term. However, with the median price above $300k for a SFR, it can be challenging to make the numbers pencil out.
