There are both advantages and disadvantages to living in a  historic district. One of the main advantages is that you have some protection against decay and flight, and property values tend to enjoy some protection against decline or see some advantage in appreciation. See this report posted at the Indianapolis Historic Preservation Commission for more detailed information on a study of the impact of historic preservation. With the benefits of preservation, however, there is also a price: Rules.

The rules placed on property owners in a historic district can be an issue of some debate, with some homeowners resenting the imposition of the will of the community on decisions regarding their own property, or the addition of fees on top the expense of improvement or maintenence projects to subsidize the review process. In experience, however, there is still a great deal of freedom to make improvements and customizations, as long as the appropriate review processes are followed to avoid inappropriate modifications to a property that would change the character of the neighborhood. Exceptions to, or reductions of the fees can sometimes be negotiated. For Woodruff, the Historic Preservation Plan is the guidance  document on what is and is not permissible, and which activities need to have committee review. Of course, the most recent information about guidance, fees, etc., can be obtained from the Indianapolis Historic Preservation Commission website, or the specific section of the IHPC site dedicated to Woodruff Place. For convenience, a searchable PDF copy of the Woodruff Place Historic Plan is attached below.