Houses<100k? (Speedway, Washington, Brook: real estate, neighborhoods, to buy)

[projectmaximus]

Any gentrifying neighborhoods where you can get a home under 100k? If you were going to invest 100k in real estate in Indy where would you look?

TIA!

[Toxic Toast]

The Great Places initiative is supposed to be the city's attempt at helping to spur growth in disadvantaged neighborhoods.

$84 million committed to three Indy neighborhoods through Great Places 2020 initiative
Meet Indy's next Fountain Square

I don't have a crystal ball, so who knows if this works out in the long run. The city is definitely working to make it happen, and giving these areas whatever tools are needed to succeed. I do live in one of the "great places," so I do have a little more insight into what is going on in Englewood as opposed to the others. I bought my house for well under $100K a few years ago, and some houses are now selling for $20K more than I paid. I do feel there is positive momentum in Englewood, but there is certainly a long way to go before becoming anything resembling what Fountain Square has become.

Though, to answer your question aside from the "great places", I think Bates-Hendricks, St Clair Place, Springdale, and Windsor Park are all safe bets if you can find something under $100K. If you are feeling adventurous, Brookside or one of the Great Places.

[projectmaximus]

Wow what a great concept!! And thanks for sharing. I hope that shows positive signs in the short term...independent of my real estate interest I am actually thinking I'd like to visit to watch how this plan develops and see if we can bring something like this to Jax.

Anyway, back to my topic. River West is the one that stood out to me, because of the rails-to-trails potential and being close to IUPUI. I also like their crowd funding project for a multi-generational art park. Is that railroad track conversion just a pie-in-the-sky dream of the writer or has there been actual discussion about it? Also what is the real story about potential new mass transit in the area? Is it just the BRT that is realistically on the table?

Looks to me like River West and Englewood are fairly close to downtown. Do they offer good connectivity to downtown? Also seems like Englewood is in much closer proximity to some of the other good areas mentioned (Mass Ave, Irvington, Fountain Square) am I looking at the map correctly?

And how would you describe the other places you mentioned: Bates-Hendricks, St Clair Place, Springdale, and Windsor Park.

Thanks!

[sweetana3]

Windsor Park is probably beyond that price point now. Saw $400,000 houses so the lots with or without houses may be more. so much happening at Cottage Home, across 10th, and at the industrial park it is amazing.

Saw a great remodeled house with an asking price of $300,000 in Bates-Hendricks on the multiple listing service.

[Toxic Toast]

Originally Posted by sweetana3

Windsor Park is probably beyond that price point now. Saw $400,000 houses so the lots with or without houses may be more. so much happening at Cottage Home, across 10th, and at the industrial park it is amazing.

Saw a great remodeled house with an asking price of $300,000 in Bates-Hendricks on the multiple listing service.

There are several houses in BH under $100K, though they are not as nice as what $100K used to buy in that area. Same with WP on a smaller scale.

[Toxic Toast]

Originally Posted by projectmaximus

Wow what a great concept!! And thanks for sharing. I hope that shows positive signs in the short term...independent of my real estate interest I am actually thinking I'd like to visit to watch how this plan develops and see if we can bring something like this to Jax.

Anyway, back to my topic. River West is the one that stood out to me, because of the rails-to-trails potential and being close to IUPUI. I also like their crowd funding project for a multi-generational art park. Is that railroad track conversion just a pie-in-the-sky dream of the writer or has there been actual discussion about it? Also what is the real story about potential new mass transit in the area? Is it just the BRT that is realistically on the table?

Looks to me like River West and Englewood are fairly close to downtown. Do they offer good connectivity to downtown? Also seems like Englewood is in much closer proximity to some of the other good areas mentioned (Mass Ave, Irvington, Fountain Square) am I looking at the map correctly?

And how would you describe the other places you mentioned: Bates-Hendricks, St Clair Place, Springdale, and Windsor Park.

Thanks!

The B&O Trail mentioned in the River West plan is a real trail on the city's radar, I think under construction with some sections completed in Speedway and west to Hendricks County. Going between Speedway and downtown is a part of the city's plan, but I don't really know how close they are. The only mass transit being discussed in Indy is BRT, the BRT in River West would run on Washington Street well south of the core of the neighborhood.

River West is closest to downtown, though IUPUI has felt like a barrier between that area and downtown. IUPUI seems to be opening itself up of late, which could help with making the River West area feel more connected.

Englewood is just about dead center between downtown, Irvington, and Fountain Square. There is a lot of positive momentum happening on the near eastside away from Englewood, so I do feel hope for Englewood right now. The giant abandoned PR Mallory factory is about to be rehabbed and converted into a Polytechnic high school by Purdue University. Before Great Places, the Englewood CDC saw that factory as a linchpin in their neighborhood redevelopment plans. It is nice to start seeing tangible success.

Bates-Hendricks is like Fountain Square without the cultural trail and business district. Windsor Park is redeveloping fast at this point. The Industrial Corridor there is now being redeveloped. Right now, it is pretty quiet residential for the most part. The commercial development is catching up on East 10th and that Brookside Industrial corridor. St Clair Place and Springdale and similar to Windsor Park, but catching up to Windsor Park. St Clair Place has seen its residential redevelopment sparked by city investment in housing as part of the Super Bowl legacy project. St Clair Place is a tight knit community, as are a lot of the areas on the near eastside.

[Toxic Toast]

I forgot to mention, Bosart-Brown is another place you can still find $100K houses in an area that feels like it is on the upswing. The biggest thing working in Bosart-Brown's favor right now is that it is still a cheap alternative to neighboring Irvington and Emerson Heights.

Another area to watch, though I don't know if I would buy property there, is Spades Park (Spades Park is the neighborhood north of Spades Park). With all of the development happening south of Spades Park, could be an area that sees people buy property. I've seen a couple of nice houses in that area.

[projectmaximus]

Awesome. Thanks for the tips! If things work out I may come to town sometime early next year to check things out. I'd rather wait til the winter season passes but I'm also afraid to miss the boat on some opportunities.

[projectmaximus]

Ah yes, good point. Thanks!