Best Places to Invest in Indianapolis

Looking for the best places to invest in Indianapolis?

A standout among the many cities in the midwest, Indianapolis is perhaps best known for its connection to motor sports (ever heard of the Indy 500?), city infrastructure, and culture.

Indianapolis is the capital of Indiana and the largest city in the state. It’s also growing at a steady rate year-over-year, and rental rates have been on the rise as well. Combine this with the fact that the city still maintains the more accessible average home price that the midwest is known for and you get an ideal place for investors looking to buy.

However, it’s an expansive city with many different areas to choose from, some that investors may not even be aware of. In this article, we’ll list some of the best places to invest in Indianapolis and what type of properties, neighborhoods, and price ranges you can expect there.


Where is it located?

First up on our list, just 16 miles north of downtown Indianapolis, is the suburb known as Carmel. The White River makes up the eastern border of Carmel, which means that residents of this city have access to plenty of outdoor space, parks, and waterfront fun. The entire town is also dotted with dozens of small ponds that also provide a good dose of outdoorsy charm.

Though Carmel is a bit outside of the city, it still retains close access to I-465, which encompassess all of Indaianapolis and gives the surrounding suburbs easy access to the city. This means that it’s a great option for families and young professionals, who might still need to commute into Indy but don’t want to give up all the benefits of life in Carmel.

What types of properties are available?

Carmel is one of the most affluent suburbs in Indianapolis. This means properties come at a bit of a premium when compared to the rest of the city. You’ll find many A+-class, single-family homes here, mostly on generous lot sizes.

There are some smaller homes here too, though. These typically come priced closer to what is average for Indianapolis. You can expect to find a number of smaller, new-build townhouses as well as a handful of older homes.

What other benefits are there?

Given the affluence of the neighborhood, it’s no surprise that the schools in Carmel are the highest ranking in the area, and in all of Indiana. This is a huge draw for families who want the best of the best for their children, and are willing to pay a premium to get it.

This, combined with ample shops, dining, and nightlife, makes Carmel one of the top choices for residents of Indianapolis. In other words? Potential high returns for any investors looking into the area.

Beech Grove

Where is it located?

Moving south, you’ll find the city-within-a-city known as Beech Grove. Even though Beech Grove is surrounded by Indianapolis on all sides, it retains its own city regulations and, surprisingly, its own unique feel.

Residents of Beech Grove are only 13 minutes away from downtown Indianapolis and enjoy direct access to I-65 and I-465. These motorways connect them to the city and all the surrounding areas. In other words, great for commuting!

Beech Grove is also surprisingly walkable for a midwestern city. Locals here tend to use their cars less, creating a slow-paced, small-town feel.

What types of properties are available?

The homes in Beech Grove are primarily older, single-family homes that range from B- to C-class. Due to this, the prices in Beech Grove are at or below what is typical for the city. This means it’s a largely accessible place for investors looking to get their foot in the door in Indy.

Many of the homes are also more historic and match Beech Grove’s signature small-town vibe. So, this is also a great place for investors looking to take on a renovation project or lovingly restore a historic home.

What other benefits are there?

For residents, the greatest perk of living in Beech Grove is the unique, cozy vibe. The area offers a charming, walkable, small-town feel that many midwesterners love, while still maintaining an easy commute to the heart of the city.

Beech Grove is a great place for families and individuals looking to put an emphasis on community, and those who are looking to keep their circle small and walkable.

Downtown/Miles Square

Best Places to Invest in Indianapolis

Where is it located?

As the name would suggest, the next area up on our list is the bustling city center of Indy. Known for its plethora of shops, dining, and entertainment options, it is also home to two of the most famous landmarks in the city: the Indianapolis Canal Walk and White River State Park.

Residents of Downtown live in a walkable, exciting area with easy access to the best the city has to offer. It’s also home to a number of major universities, such as Indiana University, as well as the Medical and Nursing campuses.

What types of properties are available?

Given that it’s a downtown district, there is an abundance of properties to choose from, and they all come at a different price point.

Single-family homes, condos, and apartments are all available here, and they tend to fall into the B-class category. Some properties are new-build apartment buildings while others are older, historic homes, so there’s plenty of diversity for investors looking into the downtown area.

Given the range of property types and price points, there’s a little bit of everything for investors to choose from. And since downtown is an in-demand area, there will always be someone seeking out your property.

What other benefits are there?

The greatest benefit for residents is the close proximity to everything: the Canal Walk, White River State Park, shops, dining, you name it! For residents of downtown Indy, everything is at their fingertips.

For investors, the one of biggest draws is the abundance of university campuses located in downtown Indianapolis. This means there is a constant flow of students, faculty, and staff that are all in need of housing in the area.

Even more ideal for investors looking to become landlords, many of the campuses boast graduate programs. This means there are also plenty of young professionals in need of long-term rentals to see them through their time at school, keeping your potential pool of tenants near-unlimited.

Wynnedale-Spring Hill

Where is it located?

Approximately 13 minutes northwest of downtown via I-65 lies the neighborhood known as Wynnedale-Spring Hill or, as we’ll call it, Wynnedale.

With the White River running straight through the center of this neighborhood, there is no shortage of parks and greenspaces for residents to choose from. Additionally, it is the closest neighborhood on our list to the famous Indianapolis Motor Speedway, which means an abundance of economic influx throughout the area.

What types of properties are available?

Mostly comprised of A- to B-class, single-family homes, the properties available in Wynnedale range in price from just around average for the city, to right above it.

Combine this with the abundance of historic homes available in the area and you get an ideal place to see great returns on properties. That’s especially true if you’re willing to take on a charming historic home that needs a little TLC.

Since Wynnedale is a bit further from the city center, the properties generally have larger lot sizes, making it an ideal place for families looking to get a little more space.

What other benefits are there?

Wynnedale is known for having great schools that draw families in from the city.

In addition, the abundance of parks, greenspaces, and riverfront land make Wynnedale the perfect suburban nature haven. Residents here are typically looking to commune with nature while still maintaining close access to all of the modern conveniences of the city.

Geist Reservoir

Where is it located?

While a few different communities encompass the Geist Reservoir, the entire area is one to keep on your list. This charming community of lake-side homes is just 30 minutes outside of the heart of Indianapolis and residents here enjoy all the peace and serenity that comes with waterfront living.

What types of properties are available?

Mostly A-class, single-family homes are available in the Geist Reservoir area. Since this is a highly sought-after community, many of the homes are new builds or have been recently updated.

Even though the homes are upscale and the location is in-demand, though, there is still a wide price range for properties available here. While some are far above what is typical for Indianapolis, others fall right around average for the area. So, if you’re truly interested in the Geist Reservoir area, you may just need to shop around a bit.

What other benefits are there?

For investors, this area is unique in that there are so many opportunities for different types of property investments. Its close proximity to the city means there is still a long-term rental market. The variety in homes means that, if you’re looking to renovate for a profit, there’s opportunity here. And, since it’s a lake-side community, there are plenty of second homes and vacation rentals available, for investors who are interested in short-term rentals as well.

All said, the reservoir might offer up some of the most diverse investment opportunities in all of Indianapolis.

Final Thoughts: Best Places to Invest in Indianapolis

Among the best places to invest in Indy, investors can expect to find mid-level, B-class properties, all the way up to those in the A++-class, which provides both more affordable options and higher income opportunities.

Each area, at its own distance from downtown, also has its very own subculture. Investors can expect to find affluent neighborhoods, culturally rich and historical scenes, and suburban nature havens alike.

Long story short: They each have their own unique pros and cons. To get the best feel for where you’d like to invest, it always helps to talk to an expert who has boots-on-the-ground knowledge and knows each neighborhood like the back of their hand.

Our Indianapolis team is always happy to help and answer any questions you might have.

If you’d like to learn more about the Indianapolis market as a whole, including population insight, renal market trends, and more, download our Indianapolis Market Deep Dive.

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