Broad Ripple is terrible. I live a mile from it. Its a bunch of drunk Butler students and recent grads from Indiana's state schools. Its packed, loud, smoky bars and mediocre restaurants. I don't know why people want to live there. The commute to IUPUI is 20 min, 30 min at rush hour, plus 10 min to walk from parking to class. My neighborhood, around 52th and college, is quieter, with lots of close grocery stores, and plenty of parking.
Downtown is cool too. Most of the good downtown housing is on the north east and north side of it (around mass ave). Traveling east-west in Indianapolis is arduous though because you will catch absolutely every light regardless of where you are in the city.