I currently live in Indianapolis and attend IUPUI. There are lots of affordable housing options here, and you should have no problem finding a place with your budget. However, the public transportation is not great. The Broadripple neighborhood is nice, there are lots of shops, restaurants and bars and it is primarily young people who live in the area. Generally people rent or share houses instead of apartments there. It is about 15 minutes from campus if you drive. I live on the NE side of the city, right next to Fort Ben State Park. I live in a brand new huge one bedroom apartment with W/D and a pool and I pay $780 a month. My rent is on the higher side for the area, so you would be able to find something cheaper than that. IUPUI has plenty of parking for students, you can buy a pass for a year for around $270. Feel free to send me a PM if you have more specific questions..