Near Eastside Neighborhood Report
The Near Eastside is a very dynamic region within Indianapolis. You have some historically impoverished areas, really close to some very “hot” and “trendy” areas flush with new restaurants and bars. This is an excellent place to find an affordable renovated property, as the neighborhood continues to “turn” and become more developed. The Near Eastside is a larger zone comprised specifically of the Arsenal Heights, Englewood, Tuxedo Park, Brookside, Windsor Park, and Bosart Brown Neighborhoods
Property Values
Property values have tended to climb quicker here as compared to other neighborhoods, because it is coming out of a much lower point. The Near Eastside used to be totally blighted, after the suburbanization of Indianapolis. Now, values are rising sharply as it becomes an attractive place to live. The median as of November 2022 is just above $150,000. It is one of the most affordable areas within Indianapolis.
Rents
The rents are very dynamic here. They span from $650 units to $2800 units. A typical 2-bedroom unit will rent for about $1100.
Schools
Irvington is Indianapolis Public Schools which are D rated. There are many private and charter options that higher income residents choose. Arsenic Technical High School is a popular high school within this region of Indianapolis.
Neighborhood Features
On the north you have the winding, Brookside creek and charming Brookside neighborhood. On the south, you have the busy Washington Street corridor, which has a lot of investment potential waiting to happen. The neighborhood is set up like a grid and has a strong urban feel. There are a variety of eateries, pubs, and shops in the areas closer to downtown and along Michigan and 10th St.
Investor Strategy
The Near Eastside is flush with opportunity. Because there are now many higher comps, flipping is a great idea here. Generally, you can price it higher the closer you are to downtown.
Acquiring a buy and hold investment is also a strong move here. You will likely cash flow well since the rent-to-price ratio is favorable. A normal unit would cash flow about $100-300 per month here after all expenses, depending on interest rates.
A major benefit to investing in this neighborhood is the appreciation potential. The values have been rising here quicker than any other zone in Indianapolis. With continued commercial expansion this will only get better.
