2937 Westbrook Dr Unit A-412 · Fort Wayne, IN 46805

$64,900

1 bd · 1.0 ba · 535 sqft · Condo public records · 76 Days on market

Built 1965 $121/sqft · at area comps Est $63k · at est. $250/mo HOA · 25% of rent

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Why this score? — see what drove the C- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +19.9/30.0
• 1% rule +10.0/10.0
• DSCR +6.3/10.0
• ARV discount +6.2/15.0
• Livability +4.2/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• Appreciation +0.0/10.0

Key facts

• $250 HOA
• Built 1965
• Listed 76 days

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $65k.

Deal economics

• At list price, monthly cash flow is $78 ($935/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $65k).
• Recommended offer: $61k (6.0% below list) — sets the bar for market timing.
• Cap rate 7.7% vs local median 4.7% in Fort Wayne — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 84/100 on livability (#6 in IN, #676 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: crime C-, employment D+.
• Fort Wayne Community Schools (urban): math 22% / reading 29% proficiency, ranked #263 of 301 in IN (top 87%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 60% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Franke Park Elementary School (math 27% / reading 27%, grade F, #737 of 994 statewide, top 76%, 405 students, 78% FRL); Northwood Middle School (math 14% / reading 22%, grade F, #279 of 330 statewide, top 86%, 587 students, 70% FRL); North Side High School (math 19% / reading 51%, grade F, #266 of 369 statewide, top 73%, 1,474 students, 66% FRL).
• Market conditions: Rents flat; 113 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); 1,861 units permitted in Allen County in 2024 (576 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $449 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Allen County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 76 days — a 6% lower offer ($61k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 25% of rent.

Recommended offer $61,006 (6.0% below list)

Questions for the listing agent

1. It's been on market 76 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
8. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
9. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.56% ✓
• Cap rate: 7.73%
• Cash-on-cash: 5.15%
• DSCR: 1.23
• GRM: 5.3

CMA / ARV

• ARV (median comp): $63,122
• List price: $64,900
• Delta: 2.82%
• Verdict: FAIR
• Comps: 19 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.75% rent growth · sell at horizon

5-year hold

• IRR: -12.0%
• Equity multiple: 0.58×
• Total profit: $-7,613
• Equity at exit: $9,677

10-year hold

• IRR: -8.6%
• Equity multiple: 0.54×
• Total profit: $-8,295
• Equity at exit: $5,611

Cash invested: $18,172 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 90 Strongly Landlord-Friendly
• State Indiana: 90 Strongly Landlord-Friendly · R+11
• County: — inherits STATE
• City: — inherits STATE

10-day pay-or-quit; landlord-favorable; preempted.

Methodology + full state rankings →

ZIP-level market 46805

• Rents YoY: 0.8%
• Active inventory: 113
• Price-to-rent: 5.3×

Monthly cashflow live

• Estimated rent: $1,014 high
• Mortgage (P&I): −$340
• Tax from tax record: −$106 /mo · $1,269/yr
• Insurance: −$27
• HOA: −$250
• Vacancy / Maint / Mgmt: −$213
• Net cashflow: $78

Break-even live

Break-even rent $915

Max offer price $64,900

Occupancy floor 87%

Sensitivity live

Price	-10% $115	-5% $96	+0% $78	+5% $60	+10% $41
Rent	-10% $-2	-5% $38	+0% $78	+5% $118	+10% $158
Rate	-1.0pp $111	-0.5pp $94	base $78	+0.5pp $61	+1.0pp $44

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $16,225
• Closing costs: $1,947
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
424 Nussbaum Ave Fort Wayne, IN	2.0	1.0	650	$1,200	$1.85	23d	1	0.81mi
1905 Hillside Ave Apt 1 Fort Wayne, IN	1.0	1.0	680	$825	$1.21	46d	1	0.99mi
1035 Ridgewood Dr Fort Wayne, IN	1.0–3.0	1.0–1.5	906	$755	$0.83	16d	33	1.18mi
101 Three Rivers N Fort Wayne, IN	2.0	1.0	760	$1,750	$2.30	23d	11	1.37mi
116 W Columbia St Fort Wayne, IN	1.0	1.0	689	$1,305	$1.89	16d	3	1.43mi
937 Columbia Ave Unit 937-4 Fort Wayne, IN	1.0	1.0	630	$850	$1.35	16d	1	1.50mi
1005 Columbia Ave Unit 1005-1 Fort Wayne, IN	2.0	1.0	680	$950	$1.40	16d	1	1.50mi

HOA detail condo

• Monthly dues: $250 · $3,000/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 13 events

1. 2026-06-15
   status $64,900 Pending 76 DOM
2. 2026-06-15
   days on market $64,900 Active 76 DOM
3. 2026-06-14
   days on market $64,900 Active 74 DOM
4. 2026-06-10
   days on market $64,900 Active 71 DOM
5. 2026-06-09
   days on market $64,900 Active 70 DOM
6. 2026-06-08
   days on market $64,900 Active 69 DOM
7. 2026-06-07
   days on market $64,900 Active 68 DOM
8. 2026-06-03
   days on market $64,900 Active 64 DOM
9. 2026-06-02
   days on market $64,900 Active 63 DOM
10. 2026-06-01
    days on market $64,900 Active 62 DOM
11. 2026-05-31
    days on market $64,900 Active 61 DOM
12. 2026-05-30
    days on market $64,900 Active 60 DOM
13. 2026-03-31
    listed $64,900 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast IN · Partial reset (capped growth)

• Current annual tax: $1,269 · $106/mo
• Projected year-2 tax: $1,269 · $106/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥100°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,168
• − Mortgage interest: −$3,635
• − Property taxes: −$1,269
• − Insurance: −$324
• − Repairs & maintenance: −$973
• − Management: −$973
• − HOA: −$3,000
• − Depreciation: −$1,888
• Taxable income: $105
• Est. tax owed @ 24.0%: −$25
• After-tax cash flow: $910/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Fort Wayne Community Schools
• NCES district ID: 1803630
• Math proficiency: 22% ▼ -11.00%
• Reading proficiency: 29% ▼ -7.00%
• Median HH income: $41,951
• Composite: 21.68/100
• National rank: #8275
• State rank: #263 of 301 in IN

Livability — Fort Wayne

• Score: 84/100
• State rank: #6
• US rank: #676

Category grades

Amenities A+ Commute A+ Cost of living A+ Crime C- Employment D+ Housing A+ Health & safety A+ User ratings B-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Fort Wayne, IN
• County: Allen County · 326,813 people
• City population: 326,813
• Metro: Fort Wayne, IN
• Population (ZIP): 21,437
• Household income: $52,154
• Rent vs Own: 42.6% rent · 57.4% own
• Severe rent burden: 904.0

Population outlook (Allen County) Hauer SSP2

• Today (2025): 394,020 people
• By 2030: 405,128 · +2.8%
• By 2040: 423,476 · +7.5%
• By 2050: 435,137 · +10.4%
• By 2075: 450,293 · +14.3%
• By 2100: 424,101 · +7.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (72%)
• Race & ethnicity: White 72% Black 9% Two or more races 8% Hispanic / Latino 7% Asian 5%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Lithuanian 3% Slovak 3% Italian 2%
• Foreign-born: 6% · Philippines, Canada
• Languages at home: 91% English-only · Other Asian/Pacific 3% Spanish 3%

Political lean MEDSL · Allen

• 2024 margin: R (+12.5) · D 42.9% · R 55.4% · Other 1.7%
• 2008→2024 swing: -8.1pp toward R · 2008: -4.3pp · 2024: -12.5pp
• All cycles: 2024: R+12.5 2020: R+11.2 2016: R+19.6 2012: R+16.8 2008: R+4.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -356.64%
• Current HPI: 286.2643
• Rent YoY: ▲ 0.75%
• Metro: Fort Wayne, IN
• State GDP YoY: ▲ 2.90%
• F500 in state: 18

Industry mix (Fortune 500 HQ in IN)

Industry	F500 HQs	Revenue
▸Industrial Machinery	2	$37B
▸Healthcare	1	$177B
▸Pharmaceuticals	1	$45B
▸Metals / Steel	1	$18B
▸Agriculture	1	$17B
▸Packaging	1	$12B

Price history

1 event — show timeline

• 2026-03-31 Listed $64,900 IRMLS

Property tax history

+18.0%/yr

Latest (2024): $1,269 · +7.6% YoY. Source: county tax records.