In this week we are talkin’:
Indy Doubling Down on it’s Greenways
Other noteworthy developments in Indy (some restaurants you have to try!)
60 Second Market Update
Properties of the Week
Events coming up
Editors Note (aka me)- The new name for this publication is The Indy Update. If you want to see past issues of the previously name Indy Investor Update you can check them out here. We are speaking to Indy homeowners, investors, and those on the beat of all things happening here. This name is geared to that. Feel free to share this with a friend if you’d like! Gonna be pushing it out on bi-weekly cadence.
The Big Story — Indy Greenway Mega-Expansion?
Proposed Trail Expansion / Development from Greenways for All
I’m stoked to see this vision cast in Indy as a lover of running and walkability in general. I live very close to the Monon and probably use it daily!
The Indy Dept of Public Works proposed a plan to add 260 miles to the greenways of Indy, called Greenways for All.
The goal is that eventually All residents should be able to walk
to a greenway from their home. This plan would allow 80% of Marion County residents to be located within 1 mile of a greenway.Greenways have proven a major boon to other major metros like Atlanta, Charlotte, Minneapolis — Atlanta’s BeltLine turned about $1B in public money into $14.2B in private investment (Betline.org)
Indy has already been investing heavily in trails. Case in point — The Cultural Trail: a 2015 IU Public Policy Institute study found property values within 500 feet of the trail rose 148% from 2008 to 2014, adding more than $1 billion. The Virginia Avenue stretch to Fountain Square rose 295% (WFYI).
The plan is open for public comment. You can email [email protected] with comments / opinions.
Quick Hits — Other Noteworthy things happening in Indy
Wine country in Zionsville. The new owner of Hopwood Cellars, now Honeysuckle Winery, wants to build a three-phase winery and event venue on about 16 acres in Zionsville. It’s one more reason Boone County keeps getting more attractive for buyers who want space without being far from the city.
https://www.ibj.com/articles/new-hopwood-owner-proposes-three-phase-winery-event-venue-in-zionsvilleBrunch is coming to the old Root & Bone. Bocado Brunch & Te’Kila, the Mexican brunch spot that’s been packing them in up in Noblesville, is opening a location in the former Root & Bone space at 46th and College. Good news for SoBro and Meridian-Kessler homeowners who like walking to brunch.
https://www.ibj.com/articles/bocado-brunch-tekila-to-open-in-former-root-bone-spaceThe White River could transform downtown Indy. Decades of plans have yet to make it happen.
Gigantic $250M new mixed-use development potentially coming in Westfield on the Monon
The Market 60 Seconds
Rates just had their first good week since August.
The 30-year fixed fell to 7.32%, down from 7.40% according to FreddieMac
How we got here:
Spring: rates were in the low 6s. They were about 6.2% in March.
Late September: 7.03%
Early October: 7.28%
Mid-October: 7.40%
This week: 7.32%
This time last year the 30-year rate was about 6.2%. On a typical Central Indiana home ($320,000 with 10% down), that difference adds about $216 a month to the payment.
Why rates are high: Mortgage rates follow the 10-year Treasury, which has been sitting around 5% on inflation worries. Until inflation cools and the 10-year comes down, don’t expect a big drop.
What it means for you:
Buyers: You’re facing less competition, and inventory in Central Indiana is up 16% from last year. Ask for seller credits to buy down your rate. Lowering your rate can save you more than a lower price.
Sellers: Buyers are rate-sensitive right now. Price it right from day one, or offer a rate buy-down as an incentive.
Homeowners with a low rate: Your rate is no doubt a huge benefit for you currently. It will be difficult to match when it comes down to making a monthly payment work but there are strategies to help if you’re considering a move.
My outlook is to cautiously expect some changes after Midterms, which I believe could help the market or hurt depending on how things go. I see relatively elevated rates for the coming months, though.
Want to see what today’s rates mean for your budget? Hit reply.
Properties of the Week
1340 N Park Ave | Old Northside — $1,599,900 — 5 units with 4 currently rented. Fully occupied this property brings in $13,110 / month or $157,320 / year running around a 5.3% cap. Each unit is fully renovated and would make great short-term rental. Coming to Market Soon. Listed by Roots Realty Co.
The Hilker House | 214 E. St. Joseph St. | Saint Joseph historic district — $899,900 — An 1880 Italianate estate in downtown. 5 beds about 5,760 sqft with a pool and hottub. Features a hidden bookcase door, and a basement with a speakeasy and wine cellar. The house is also a stop on a historic walking tour. Listed by Redfin.
220 S Washington St. | Danville Square — $600,000 — 6 beds, 3 baths, 6428 sqft. I love this home and cannot believe it hasn’t sold! Timeless Italianate & Victorian architecture all within walking distance to Danville town square establishments. Listed by @properties.
817-819 N Dearborn St. | Near Eastside — $190,000 — Occupied duplex generating $2,125/month in scheduled rent. Both tenants are month-to-month, and the property exceeds the 1% rent-to-price benchmark at asking. Listed by Roots Realty Co.
Other noteworthy deals — Reach out for more details.
2958 N College Ave (30th & College) — College Flats — Mixed use with 10 multifamily units plus retail space below. Appraised value $3.3M. Projected rents $220k / year. Pricing $2-2.5M. Off-market.
2132 N Ritter Ave — 78 Units — Priced $7M range. This is a near fully occupied work-force housing multifamily deal. Units range from market rents to some subsidized housing. It is located near Community East Hospital. It is currently running at 6-7 cap with that pricing. Off-market.
2008/2012 E Washington St. — 16 Units (or 8 bought separately) — $1,799,000 — Bringing in $15,910 a month with another $2,890 sitting on the table once you fill the two vacant units. Two side-by-side 8-unit buildings at 2008 and 2012 E Washington, sold together as one package. Every unit is a one-bed, one-bath layout, fully renovated under current ownership. On-market.
1906 Charles St — $129,900 — 2 bed | 1.5 bath near Old Southside/Bates-Hendricks. Vacant and easy to show. Previously rented for $1,275/month—an option for an affordable homebuyer or rental investor. On-market.
2943 Hillside Ave — $136,000 — 4 bed | 1.5 bath near Monon Yard. Potential rental play with estimated rents of $1,300–$1,500/month depending on updates. On-market.
1849 E Minnesota St — $139,900 — Fully vacant duplex—an opportunity for a house hacker to move into one side and rent the other, or an investor to place tenants in both units. On-market.
1119 & 1123 S Randolph St — $189,900 each — Both are 3 bed | 2 bath and sold fully furnished near Fountain Square. Options for buyers wanting a furnished home or investors exploring furnished rentals. On-market.
940 N Chester Ave — $209,900 — Remodeled 3 bed | 2 full bath with an updated kitchen, stainless appliances, fenced backyard, and detached one-car garage. Move-in-ready option. On-market.
OFF MARKET: 1902 N Euclid Ave — Recently vacated 2 bed | 1 bath with hardwood floors, a screened sunroom, fenced backyard, and detached two-car garage on a corner lot. Reach out for pricing and details!
If you have any interest, reply to this email. If you have a deal you want featured or listed please email [email protected] with the details.
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Podcasts of the Week
In this episode we talk about the 9-unit deal we raised capital to buy in Meridian Kessler. We talk strategy, the numbers, and the full story here. Also on Spotify.
I loved this episode of Brandon Turner’s Better Life Podcast, with Indy’s very own Chad Schieler. Chad has become a mentor of mine and the habits he discusses here are impactful.
Reply with a podcast you have loved and I’ll give it a listen! Always looking for recs!
Roots Events Coming Up
December Masterclass with special guest Nate Spangle! All things Indy. How he built a massive media company and why Nate is doubling down on the Hoosier state. Join us for this one!
November Coffee & Connect with featured guest Courtney Miller! Courtney was a high-producing realtor turned recruiter, turned @properties Head of Growth. Join us for this one!
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