Back on Market due to no fault of the Seller. -- Rehabbed, income-producing duplex offers a great opportunity in a rapidly developing area of Indianapolis. This move-in ready property features two spacious 3 bed, 1 bath units with open concept floor plans and basements on each side, including washer/dryer connections for added tenant convenience. One unit is currently rented at $1,200/month, making this an ideal opportunity for investors looking for immediate income and a property that meets the highly sought-after "1% rule." Major capital improvements have already been completed, including new roof, gutters, and siding in 2021, new sewer line and plumbing in both units, updated HVAC systems with central AC replaced in 2020 and 2022, plus new interior paint and flooring throughout. Unit 603 was fully renovated in 2021. Located near an IndyGo bus stop and offering quick access to downtown Indianapolis and major highways, this duplex combines location, updates, and rental appeal into one strong investment opportunity.
Pending
$220,000
601 N Sherman Dr, Indianapolis, IN 46201
6beds
2baths
--sqft
Multi Family, Duplex
Built in 1930
-- sqft lot
$-- Zestimate®
$--/sqft
$-- HOA
What's special
Basements on each sideOpen concept floor plansNew roof
- 68 days |
- 283 |
- 44 |
Zillow last checked:
Listing updated:
Listed by:
Drew Tomasik 317-201-2073,
@properties
Source: MIBOR as distributed by MLS GRID,MLS#: 22099336
Facts & features
Interior
Bedrooms & bathrooms
- Bedrooms: 6
- Bathrooms: 2
Heating
- Forced Air
Cooling
- Central Air
Appliances
- Laundry: Connections All
Features
- Basement: Daylight,Unfinished
Property
Parking
- Total spaces: 4
- Parking features: Alley Access
- Garage spaces: 4
- Details: Unit Parking(Unpaved)
Features
- Levels: Two
- Stories: 2
Lot
- Size: 5,662 Square Feet
- Features: Access, Busline, Sidewalks
Details
- Parcel number: 491004130007000101
- Special conditions: Sales Disclosure On File
Construction
Type & style
- Home type: MultiFamily
- Architectural style: Traditional
- Property subtype: Multi Family, Duplex
Materials
- Vinyl Siding
Condition
- Updated/Remodeled
- New construction: No
- Year built: 1930
Community & HOA
Community
- Security: Smoke Detector(s)
- Subdivision: Lowes E Mich St
Location
- Region: Indianapolis
Financial & listing details
- Tax assessed value: $210,600
- Annual tax amount: $4,442
- Date on market: 5/14/2026
- Cumulative days on market: 32 days
- Tenant pays: Electricity, Gas
Estimated market value
Not available
Estimated sales range
Not available
Not available
Price history
| Date | Event | Price |
|---|---|---|
| 7/1/2026 | Pending sale | $220,000 |
Source:  MIBOR as distributed by MLS GRID #22099336 Report a problem | ||
| 6/23/2026 | Listed for sale | $220,000 |
Source: MIBOR as distributed by MLS GRID #22099336 Report a problem | ||
| 5/18/2026 | Pending sale | $220,000 |
Source: MIBOR as distributed by MLS GRID #22099336 Report a problem | ||
| 5/14/2026 | Listed for sale | $220,000+292.9% |
Source: MIBOR as distributed by MLS GRID #22099336 Report a problem | ||
| 3/31/2026 | Listing removed | $1,200 |
Source: Zillow Rentals Report a problem | ||
| 2/25/2026 | Listed for rent | $1,200+11.6% |
Source: Zillow Rentals Report a problem | ||
| 8/5/2025 | Listing removed | $1,075 |
Source: Zillow Rentals Report a problem | ||
| 6/23/2025 | Price change | $1,075-6.1% |
Source: Zillow Rentals Report a problem | ||
| 6/6/2025 | Price change | $1,145-4.2% |
Source: Zillow Rentals Report a problem | ||
| 3/14/2025 | Listed for rent | $1,195+32.8% |
Source: Zillow Rentals Report a problem | ||
| 2/20/2024 | Listing removed | -- |
Source: Zillow Rentals Report a problem | ||
| 1/21/2024 | Price change | $900-7.7% |
Source: Zillow Rentals Report a problem | ||
| 8/30/2023 | Listed for rent | $975+8.3% |
Source: Zillow Rentals Report a problem | ||
| 10/9/2022 | Listing removed | -- |
Source: Zillow Rental Network Premium Report a problem | ||
| 8/30/2022 | Listed for rent | $900 |
Source: Zillow Rental Network Premium Report a problem | ||
| 1/1/2020 | Listing removed | $56,000 |
Source: No Limit Real Estate, LLC #21641607 Report a problem | ||
| 1/1/2020 | Listed for sale | $56,000+16.7% |
Source: No Limit Real Estate, LLC #21641607 Report a problem | ||
| 12/30/2019 | Sold | $48,000-14.3% |
Source: MIBOR as distributed by MLS GRID #21641607 Report a problem | ||
| 12/12/2019 | Pending sale | $56,000 |
Source: No Limit Real Estate, LLC #21641607 Report a problem | ||
| 12/3/2019 | Price change | $56,000-10.4% |
Source: No Limit Real Estate, LLC #21641607 Report a problem | ||
| 11/13/2019 | Pending sale | $62,500 |
Source: No Limit Real Estate, LLC #21641607 Report a problem | ||
| 10/11/2019 | Price change | $62,500-10.1% |
Source: No Limit Real Estate, LLC #21641607 Report a problem | ||
| 9/4/2019 | Price change | $69,500-0.7% |
Source: No Limit Real Estate, LLC #21641607 Report a problem | ||
| 8/5/2019 | Listed for sale | $70,000 |
Source: No Limit Real Estate, LLC #21641607 Report a problem | ||
| 5/27/2019 | Pending sale | $70,000 |
Source: No Limit Real Estate, LLC #21641607 Report a problem | ||
| 5/18/2019 | Listed for sale | $70,000+5.3% |
Source: No Limit Real Estate, LLC #21641607 Report a problem | ||
| 9/18/2014 | Sold | $66,500+251.9% |
Source: Agent Provided Report a problem | ||
| 6/4/2007 | Sold | $18,900 |
Source: MIBOR as distributed by MLS GRID #2710563 Report a problem | ||
Public tax history
| Year | Property taxes | Tax assessment |
|---|---|---|
| 2025 | $4,442 +4.6% | $210,600 +12.5% |
| 2024 | $4,246 +4.7% | $187,200 +4.6% |
| 2023 | $4,055 +143.1% | $179,000 +3.9% |
| 2022 | $1,668 +3.4% | $172,200 +136.9% |
| 2021 | $1,614 +4.7% | $72,700 +3.7% |
| 2020 | $1,542 +1.6% | $70,100 +7.4% |
| 2019 | $1,518 +17% | $65,300 +2.5% |
| 2018 | $1,298 -2.3% | $63,700 +9.6% |
| 2017 | $1,329 +6.8% | $58,100 |
| 2016 | $1,244 +58.6% | $58,100 +60.1% |
| 2014 | $785 -21.2% | $36,300 -15.2% |
| 2013 | $997 | $42,800 -3.2% |
| 2012 | $997 | $44,200 -9.4% |
| 2011 | -- | $48,800 |
| 2010 | $1,019 -2.4% | $48,800 |
| 2009 | $1,044 | $48,800 +12.4% |
| 2007 | -- | $43,400 +506.1% |
| 2001 | -- | $7,160 |
| 2000 | -- | $7,160 |
Find assessor info on the county website
Monthly payment
Est. payment
Payment breakdown
Explore the cost of this home by adjusting the details. Changes won't be saved.Climate risks
Neighborhood: Near Eastside
Nearby schools
GreatSchools rating
- 3/10Ralph Waldo Emerson School 58Grades: PK-5Distance: 0.5 mi
- 5/10Arlington Community Middle SchoolGrades: 6-8Distance: 2.8 mi
- 1/10Arsenal Technical High SchoolGrades: 9-12Distance: 1.8 mi
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A local agent can set up tours, give advice and negotiate with sellers.
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