2904 Thompson Ave · Fort Wayne, IN 46807

$78,800

3 bd · 1.5 ba · 1,786 sqft · SingleFamily public records · 27 Days on market

Built 1910 4,792 sqft lot

---

Why this score? — see what drove the B 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +4.6/5.0
• Livability +4.2/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• Appreciation +0.0/10.0

Listing remarks

4 bedroom home in a very quiet area with mature trees, stamped concrete patio, replacement windows, new furnace and central air with over sized detached garage. All this home needs is a little tlc and it's an instant money maker. .. .. >> This is an ONLINE Real Estate Auction. All offers must be submitted ONLINE. The current highest bid amount will be available to the public. The MINIMUM starting bid is $2,500. Seller will review the Highest Offer on Wednesday, June 17 @ 3pm. There will be Two Open House dates to view the property on Sun. June 7 (1-2 pm) and Sun. June 14 (1-2 pm).

Key facts

• New furnace
• Central air
• Quiet area

Tags

• QUIET AREA
• MATURE TREES
• STAMPED CONCRETE PATIO
• REPLACEMENT WINDOWS
• NEW FURNACE
• CENTRAL AIR

Property features AI

Exterior

• Parking: Detached garage; Off-street parking; Two garage spaces
• Utilities: Public water; Public sewer
• Home design: Single-family site-built home; Two stories
• Construction: Vinyl siding; Asphalt roof; Concrete perimeter foundation; Built as a site-built home
• Exterior features: Covered porch; Deck; Patio; Level lot

Interior

• Bedrooms: Total of 6 rooms (bedroom count not specified)
• Bathrooms: One full bathroom; One half bathroom; One main-level bathroom
• Heating & cooling: Natural gas forced air heating; Central air conditioning
• Interior features: One fireplace; Crawl space/partial basement
• Laundry & utility: Washer hookup on the main level

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $79k.

Deal economics

• At list price, monthly cash flow is $378 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $79k).
• Recommended offer: $78k (1.5% below list) — sets the bar for market timing.
• Cap rate 12.0% vs local median 4.8% 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: South Wayne Elementary School (math 17% / reading 17%, grade F, #837 of 994 statewide, top 86%, 362 students, 88% FRL); Portage Middle School (math 8% / reading 18%, grade F, #304 of 330 statewide, top 94%, 436 students, 79% FRL); South Side High School (math 12% / reading 39%, grade F, #322 of 369 statewide, top 87%, 1,423 students, 73% FRL) — zoned schools average 80% FRL vs 60% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+8.2%/yr); 94 active listings in the ZIP; 20 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $545 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.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $22k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 27 days — a 2% lower offer ($78k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 4.6% of price; built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $77,618 (1.5% below list)

Questions for the listing agent

1. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.81% ✓
• Cap rate: 12.05%
• Cash-on-cash: 20.54%
• DSCR: 1.91
• GRM: 4.6

CMA / ARV

• ARV (on-the-fly): $192,888
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1225 Huestis Ave	0.33mi	3/1.5	1,825 (+2%)	0mo	$200,000	$110	80
1510 Waldron Cir	0.10mi	3/1.0	1,597 (-11%)	2mo	$179,900	$113	74
3124 Broadway	0.14mi	3/2.0	1,556 (-13%)	1mo	$159,900	$103	69
1202 W Oakdale Dr	0.42mi	3/1.5	1,650 (-8%)	3mo	$237,000	$144	65
801 Grace Ave	0.46mi	3/3.0	1,738 (-3%)	5mo	$153,000	$88	64
541 Kinnaird Ave	0.56mi	4/1.5 (+1)	1,728 (-3%)	2mo	$70,000	$41	62
1020 W Oakdale Dr	0.47mi	3/2.0	1,600 (-10%)	1mo	$192,500	$120	58
2049 Phenie St	0.59mi	3/1.0	1,664 (-7%)	3mo	$149,000	$90	56
3424 Indiana Ave	0.47mi	3/2.0	1,600 (-10%)	4mo	$172,500	$108	55
709 W Oakdale Dr	0.64mi	3/1.5	1,640 (-8%)	2mo	$260,000	$159	55
2431 Fox Ave	0.52mi	3/1.5	1,522 (-15%)	3mo	$104,000	$68	48
612 W Dewald St	0.74mi	4/2.0 (+1)	2,046 (+15%)	2mo	$112,000	$55	33

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 19.6%
• Equity multiple: 1.86×
• Total profit: $18,960
• Equity at exit: $11,749

10-year hold

• IRR: 31.7%
• Equity multiple: 4.73×
• Total profit: $82,330
• Equity at exit: $6,813

Cash invested: $22,064 (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 46807

• Rents YoY: 8.2%
• Active inventory: 94
• Price-to-rent: 4.6×

Monthly cashflow live

• Estimated rent: $1,424 high
• Mortgage (P&I): −$413
• Tax from tax record: −$301 /mo · $3,612/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$299
• Net cashflow: $378

Break-even live

Break-even rent $946

Max offer price $78,800

Occupancy floor 68%

Sensitivity live

Price	-10% $635	-5% $400	+0% $378	+5% $355	+10% $333
Rent	-10% $265	-5% $321	+0% $378	+5% $434	+10% $490
Rate	-1.0pp $417	-0.5pp $398	base $378	+0.5pp $357	+1.0pp $337

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: $19,700
• Closing costs: $2,364
• Reserves months: —
• Total cash needed: —

Rent comps 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1353 Huestis Ave Fort Wayne, IN	4.0	1.0	1328	$1,300	$0.98	14d	1	0.30mi
724 Kinnaird Ave Fort Wayne, IN	3.0	1.5	1880	$1,450	$0.77	44d	1	0.48mi
2431 Fox Ave Fort Wayne, IN	3.0	1.5	1522	$1,550	$1.02	14d	1	0.54mi
1104 Stophlet St Fort Wayne, IN	3.0	1.5	1288	$1,400	$1.09	14d	1	0.78mi
3008 Webster St Fort Wayne, IN	3.0	1.0	1344	$1,449	$1.08	21d	1	0.87mi
2616 S Harrison St Fort Wayne, IN	4.0	2.0	1908	$1,500	$0.79	44d	1	0.94mi
4201 S Wayne Ave Fort Wayne, IN	3.0	1.5	1252	$1,400	$1.12	21d	1	0.98mi
3510 S Harrison St Fort Wayne, IN	3.0	1.0	1248	$975	$0.78	14d	1	1.00mi
2118 Webster St Fort Wayne, IN	4.0	1.0	2200	$1,175	$0.53	44d	1	1.00mi
116 E Pontiac St Fort Wayne, IN	3.0	1.5	1400	$1,175	$0.84	21d	1	1.05mi
877 Lavina St Fort Wayne, IN	1.0–3.0	1.0–2.0	997	$2,980	$2.99	44d	17	1.08mi
1118 Rockhill St Fort Wayne, IN	3.0	3.0	1790	$2,300	$1.28	44d	1	1.09mi
603 Lavina St Fort Wayne, IN	3.0	2.0	1872	$1,899	$1.01	44d	1	1.14mi
915 Garden St Fort Wayne, IN	2.0	2.0	1275	$1,650	$1.29	14d	1	1.17mi
2530 Lafayette St Fort Wayne, IN	4.0	1.0	1816	$1,500	$0.83	44d	1	1.26mi
1250 Ewing St Fort Wayne, IN	2.0	1.0–2.0	980	$2,081	$2.12	21d	24	1.29mi
901 W Wayne St Unit 3 Fort Wayne, IN	2.0	2.0	1312	$1,700	$1.30	44d	1	1.30mi
451 E Pontiac St Fort Wayne, IN	3.0	1.0	1308	$1,050	$0.80	44d	1	1.36mi
420 E Dewald St Fort Wayne, IN	3.0	1.5	1472	$1,300	$0.88	44d	1	1.37mi
4133 Lafayette St Fort Wayne, IN	4.0	2.0	1640	$1,400	$0.85	21d	1	1.50mi

Listing history 17 events

1. 2026-06-18
   days on market $78,800 Active 27 DOM
2. 2026-06-17
   days on market $78,800 Active 26 DOM
3. 2026-06-16
   days on market $78,800 Active 25 DOM
4. 2026-06-15
   days on market $78,800 Active 24 DOM
5. 2026-06-14
   days on market $78,800 Active 22 DOM
6. 2026-06-10
   days on market $78,800 Active 19 DOM
7. 2026-06-09
   days on market $78,800 Active 18 DOM
8. 2026-06-08
   days on market $78,800 Active 17 DOM
9. 2026-06-07
   days on market $78,800 Active 16 DOM
10. 2026-06-03
    days on market $78,800 Active 12 DOM
11. 2026-06-02
    days on market $78,800 Active 11 DOM
12. 2026-06-01
    days on market $78,800 Active 10 DOM
13. 2026-05-31
    days on market $78,800 Active 9 DOM
14. 2026-05-30
    days on market $78,800 Active 8 DOM
15. 2026-05-22
    listed $78,800 Active
16. 2019-07-10
    soldstatus $70,000
17. 2019-06-26
    soldstatus $70,000

ⓘ 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: $3,612 · $301/mo
• Projected year-2 tax: $3,612 · $301/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 6/10 Major FEMA zone X (shaded) · 74% 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: $17,086
• − Mortgage interest: −$4,414
• − Property taxes: −$3,612
• − Insurance: −$394
• − Repairs & maintenance: −$1,367
• − Management: −$1,367
• − Depreciation: −$2,292
• Taxable income: $3,640
• Est. tax owed @ 24.0%: −$874
• After-tax cash flow: $3,659/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): 16,317
• Household income: $58,685
• Rent vs Own: 39.7% rent · 60.3% own
• Severe rent burden: 680.0

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: Diverse neighborhood (Simpson 0.66)
• Race & ethnicity: White 54% Two or more races 19% Hispanic / Latino 16% Black 14% Asian 4%
• Hispanic origin (detail): Mexican 15%
• Common ancestry: Slovak 3% Lithuanian 3% Romanian 2%
• Foreign-born: 9% · Canada, Philippines, Jamaica
• Languages at home: 82% English-only · Spanish 13% Other Asian/Pacific 4% German/W. Germanic 1%

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: ▼ -318.66%
• Current HPI: 272.6238
• Rent YoY: ▲ 8.24%
• 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

+12.6% since first listed

3 events — show timeline

• 2026-05-22 Listed $78,800 IRMLS
• 2019-07-10 Sold (Public Records) $70,000 Public Records
• 2019-06-26 Sold (Public Records) $70,000 Public Records

Property tax history

+32.5%/yr

Latest (2024): $3,612 · +18.3% YoY. Source: county tax records.