939 N Sherman Dr, Indianapolis, IN, 46201
Photos for this property are hosted on the MLS listing.
See Photos on Zillow →Condition Notes
This one presents in solid shape for its age: furnaces were replaced in 2021 and LVP flooring runs throughout all four units, so the big-ticket mechanical items are already handled. Kitchens and bathrooms are original and dated but functional — budget a modest reserve for eventual refreshes rather than an immediate rehab. A couple of exterior details (the second-floor stair railings) are worth a closer look in person, but nothing here points to a structural or major-systems problem.
Strategy Comparison
This is the strongest cash flow story in the group I'm sending you, and it's backed by real operating numbers, not just a pro forma — trailing income over the last eight months annualizes to roughly $27,500 net, an 14.5% cap rate at the asking price. Push rents to the $1,050–$1,150/unit range that comparable 1BR units are getting on turnover and that cap rate moves into the high-teens. I'm not showing MTR or STR here — small 1BR units in this specific pocket aren't a strong furnished/short-term market, so LTR is the play.
LTR — current rents
Conventional 20% down / 7.5% / 30-yr — this is a turnkey buy-and-hold, financed conventionally.
LTR — at market rent
Conventional 20% down / 7.5% / 30-yr — same financing, rents pushed to market on turnover.
Comps
Sale Comps
Direct sold comps for a 4-unit, all-1BR building are scarce, so I'm leaning on the closest active comp with an identical unit mix plus a $/sqft range for comparable-era near-eastside buildings. Both support a value above the $189,900 ask.
Rent Comps
Both data points land $100–$200/mo above the current $950/unit rents, which is where I'd expect rents to land on the next turnover or renewal.
The Numbers
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This analysis is provided for informational purposes only and does not constitute financial, legal, or investment advice. All figures are estimates based on available data and independent research at the time of preparation; they are not guaranteed and should be independently verified before making any purchase decision. Consult your own financial, legal, and tax advisors before acting on this information.