827 N Sherman Dr

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🔥 Indianapolis Triplex Deal | Cash Flow + Value-Add 🔥

Address: 827 N Sherman Dr, Indianapolis, IN 46201
Price: $99,990
ARV: $200,000+
EMD: $5,000

Property Overview

Turnkey triplex opportunity with strong upside in a growing Indianapolis rental market. This 6-bed, 3-bath property offers 2,420 sq ft and sits on a 5,401 sq ft lot. All three units are 2 bed / 1 bath, making it ideal for consistent tenant demand.

The property features a roof approximately 8 years old, separate electric meters, and a shared water meter. The garage has been converted into a third unit (fully permitted).

Unit Breakdown

• Unit A: 2/1 – ~950 sq ft (Tenant Occupied)
• Unit B: 2/1 – ~750 sq ft (Tenant Occupied)
• Unit C: 2/1 – ~720 sq ft (Vacant)

Income Potential

• Market Rents: $750 – $950/unit
• Projected Total Rent: $2,250 – $2,850/month

Property will be delivered vacant at closing, giving investors the ability to renovate and stabilize at market rents immediately.

Condition Notes

• Light to moderate value-add opportunity
• No current interior photos for Units A & B (seller reports better condition than Unit C)
• HVAC & water heater ages unknown

Key Features

• Triplex (3 units – all 2/1 layouts)
• 2,420 sq ft total living space
• 5,401 sq ft lot
• Roof ~8 years old
• Separate electric meters
• Permitted garage conversion (3rd unit)
• Driveway parking
• Vacant at close

Access

• Units A & B: Tenant occupied (appointment required)
• Unit C: Vacant (photos available)

Deal Highlights

• Strong cash flow potential post-renovation
• Delivered vacant = immediate reposition opportunity
• High-demand rental area

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Resources:

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