$225,000

540 Colony Dr Salem, IN 47167

Estimated payment $1,304/month

Total Views 264
3 Beds
1 Bath
1,118 Sq Ft
$201 Price per Sq Ft

Highlights

  • Open Floorplan
  • Fenced Yard
  • Shed
  • Deck
  • Eat-In Kitchen
  • 1-Story Property

About This Home

This 3-bedroom, 1-bathroom house sits on 1,118 square feet of solid potential. This home is ready for someone with vision who appreciates a good foundation and the freedom to make it their own. The bones are strong here - structurally sound with some thoughtful updates already in place. You'll find new windows throughout and flooring in select areas, while the rest awaits your personal touch and style choices. The oversized living room gives you plenty of space to spread out, and those mature trees in the yard provide natural beauty and shade. Now, let's talk about that backyard - it's something special. The newly installed privacy fence creates your own private retreat. But the real showstopper is the finished shed that's been expertly crafted by local Amish. This isn't your typical storage shed. It features interior lighting, insulation, custom shelving, air conditioning, and its own separate 200-amp electrical service. It's practically a workshop, office, or hobby space waiting to happen. Close to restaurants, schools, and shopping, making daily life convenient without sacrificing the peaceful neighborhood feel. This property offers renovation potential for those who love projects, plus immediate outdoor enjoyment with that fantastic backyard setup. Whether you're a first-time buyer ready to build equity through improvements or someone looking for a solid home with unique features, this Salem property delivers both comfort and possibility.

Listing Agent

Robin Bays

Schuler Bauer Real Estate Services ERA Powered License #RB14024586 Listed on: 08/31/2025

Schuler Bauer Real Estate Services ERA Powered

Home Details

Home Type

  • Single Family

Est. Annual Taxes

  • $961

Year Built

  • Built in 1990

Lot Details

  • 10,454 Sq Ft Lot
  • Fenced Yard

Parking

  • 1 Car Garage
  • Carport
  • Driveway
  • Off-Street Parking

Home Design

  • Block Foundation
  • Frame Construction
  • Vinyl Siding

Interior Spaces

  • 1,118 Sq Ft Home
  • 1-Story Property
  • Open Floorplan
  • Ceiling Fan
  • Crawl Space

Kitchen

  • Eat-In Kitchen
  • Dishwasher

Bedrooms and Bathrooms

  • 3 Bedrooms
  • 1 Full Bathroom

Outdoor Features

  • Deck
  • Shed

Utilities

  • Window Unit Cooling System
  • Baseboard Heating
  • Electric Water Heater

Listing and Financial Details

  • Assessor Parcel Number 0220081908

Home Details

Home Type

Single Family

Est. Annual Taxes

$961

Year Built

Built in 1990

Lot Details

0

Parking

1

Listing Details

  • Improvements: 83600
  • Additional Parking: Off Street
  • Annual Tax: 961
  • Appointment: Mandatory
  • Construction: Existing, Frame On-Site
  • Foundation: Concrete Block
  • Land Assessment: 12500
  • Legal Description: LOT 63 ROLLING WAY I
  • Out Buildings: Shed
  • Parcel Number: 0220081908
  • Property Sub Type: Residential
  • Property Type: Residential/Farm
  • Subdivision Yn: Yes
  • Total: 96100
  • Total Deduction Amnt: 76720
  • Total Finished Square Footage: 1118
  • Type: 1 Story
  • Year Built: 1990
  • Special Features: None

Interior Features

  • Water Heater: Electric
  • Basement Type: Crawl Space
  • Above Grade Finished Sq Ft: 1118.00
  • Appliances: Dishwasher
  • Full Bathrooms: 1
  • Total Bathrooms: 1.00
  • Total Bedrooms: 3
  • Interior Amenities: Ceiling Fan(s), Eat-In Kitchen, Open Floor Plan
  • Lot Sq Ft: 10454.40
  • Room Count: 8
  • Sewer Type: Sewer
  • Total Sq Ft: 1118
  • Total Rooms: 7

Exterior Features

  • Exterior Features: Deck, Fenced Yard, Solid Surface Drive, Vinyl Siding

Garage/Parking

  • Garage Type: Carport
  • Garage Spaces: 1
  • Garage Yn: Yes

Utilities

  • Cooling Type: Window A/C Unit(s)
  • Fuel Type: Electric
  • Heat Type: Baseboard
  • Water Type: Public Onsite

Schools

  • School District: Salem Comm.

Lot Info

  • Acres: 0.2400
  • Zoning: Residential

Map

Range of Values:

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Home Values in the Area

Source: Public Records

Average Home Value in this Area





Source: Public Records

Tax History

Year Tax Paid Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. Land Improvement
2024 $961 $96,100 $12,500 $83,600
2023 $981 $97,300 $12,500 $84,800
2022 $925 $92,900 $12,500 $80,400
2021 $797 $80,100 $12,500 $67,600
2020 $164 $68,800 $12,500 $56,300
2019 $184 $65,300 $12,500 $52,800
2018 $179 $64,700 $12,500 $52,200
2017 $146 $64,500 $12,500 $52,000
2016 $122 $64,000 $12,500 $51,500
2014 $125 $65,900 $12,500 $53,400
2013 $16 $63,800 $12,500 $51,300
Source: Public Records

Property History

Date Event Price Change Sq Ft Price
08/31/2025 08/31/25 For Sale $225,000 +80.0% $201 / Sq Ft
12/06/2021 12/06/21 Sold $125,000 +4.3% $112 / Sq Ft
11/12/2021 11/12/21 Pending -- -- --
11/10/2021 11/10/21 For Sale $119,900 -- $107 / Sq Ft
Source: Southern Indiana REALTORS® Association

Purchase History

Date Type Sale Price Title Company
Quit Claim Deed -- Js Title And Escrow
Quit Claim Deed -- Js Title And Escrow
Quit Claim Deed -- First American Title
Warranty Deed -- None Available
Warranty Deed $95,000 Salem Title Corp
Interfamily Deed Transfer $32,000 Salem Title Corp
Source: Public Records

Mortgage History

Date Status Loan Amount Loan Type
Previous Owner $194,467 New Conventional
Previous Owner $188,006 VA
Previous Owner $127,875 VA
Previous Owner $99,797 New Conventional
Previous Owner $33,600 Future Advance Clause Open End Mortgage
Source: Public Records

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Source: Southern Indiana REALTORS® Association

MLS Number: 2025010753

Southern Indiana REALTORS® Association

APN: 88-24-08-444-005.000-022