Riverside Neighborhood Snapshot
Riverside is a residential neighborhood on the near northwest side of Indianapolis. The neighborhood is located along the White River with a scenic parks and a running trail nearby. The neighborhood is home to many small bungalows and a few multifamily properties – mostly duplexes. It is lower to middle income level residents for the most part and more renters. It is a great spot to invest in with close proximity to 16-Tech Campus and IU Health complex.
Property Values
Property values have traditionally been lower in the Riverside neighborhood. The neighborhood recently went through a rough patch with higher poverty rates. The median home price is around $100,000 as of writing (December 2022). Expect values to rise sharply in the next 10 years. New builds at much higher price points have started popping up around Riverside.
Rents
Rent rates range from $500-1300 in the Riverside neighborhood. Expect a 2-bedroom unit to rent out for $900-1000.
Schools
Irvington is Indianapolis Public Schools which are D rated. There are many private and charter options that residents choose. Arsenal Technical High School is a popular high school within this region of Indianapolis.
Neighborhood Features
The Western boundary of Riverside is the White River, a historically significant river to Indianapolis. The cornerstone of the neighborhood is Riverside Park which features basketball courts, a golf course, running paths, and a large amphitheater. The neighborhood has numerous shady streets with esplanades. Admittedly, this neighborhood has seen better days, but residents know that better days are also to come! Fun fact, there used to be a large amusement park located in Riverside park!
Investor Strategy
Riverside is a great neighborhood to invest in. Do not expect properties to appraise very high price per square foot. Take caution when flipping and error on the lower side with your ARVs. A “high priced” home here would be around $275,000, for example. Anything over $300,000 is exceedingly rare and struggles to sell.
This is an excellent area for a buy & hold investment, though! Cash flows are very strong here. Keep in mind, many properties are in need of capital expenditures / improvements, so take caution.
Across the canal, you’ll find Northwest Riverside. The property values are even a bit lower here and many properties are still in blighted condition. This is a popular area to flip because properties can be acquired at very low prices.
I expect appreciation to be very strong here ~5-10% per year for the next 10 years. There are many developments close by: 16-Tech Campus, Amp Food Hall, Indianapolis Motor Speedway race track and Speedway developments, as well as IU Health and other medical facilities.
