1601 Hillside Ave · Fort Wayne, IN 46805

$115,000

3 bd · 1.0 ba · 875 sqft · SingleFamily public records · 48 Days on market

Built 1954 5,924 sqft lot Est $144k · 20% under

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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 +23.9/30.0
• ARV discount +15.0/15.0
• DSCR +7.7/10.0
• 1% rule +5.1/10.0
• 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

Listing remarks

Value Opportunity in the '05! 3 Bed, 1 Bath, 875 Sq Ft Home in Central Location just north of Downtown Fort Wayne. Mechanical systems in good working condition. 22x16 Detached Garage. Fenced Backyard. All Appliances Remain. Interior Needs Updated. Sold As-Is. Contingent on Seller's Finding Suitable Housing. Affordable Home or Investment Property to Add to Your Portfolio - Cash or Conventional Offers Only. Schedule Your Showing Today!

Key facts

• 5,924 sq ft lot
• Garage
• Built 1954

Property features AI

Exterior

• Parking: Detached off-street garage (1 car)
• Utilities: Public water; Public sewer; Electric service
• Home design: Single-family residence (site-built); One-story
• Construction: Aluminum siding; Slab foundation; Built as site-built home
• Exterior features: Chain-link fencing; Level lot; Lot dimensions approximately 54 x 112 x 53 x 111

Interior

• Kitchen: Refrigerator; Electric range
• Bedrooms: Total rooms: 5
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Electric forced-air heating; Central air; Ceiling fan(s) for cooling
• Interior features: Ceiling fans; Window treatments
• Laundry & utility: Washer; Dryer; Main-level laundry; Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $115k.

Deal economics

• At list price, monthly cash flow is $223 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $115k).
• Recommended offer: $112k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.6% 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: Forest Park Elementary School (math 21% / reading 22%, grade F, #803 of 994 statewide, top 81%, 601 students, 75% FRL); Lakeside Middle School (math 8% / reading 17%, grade F, #310 of 330 statewide, top 94%, 502 students, 78% 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; 108 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals at typical pace (median 22d 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 $795 of loan paydown is wiped out by about $3k 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 48 days — a 3% lower offer ($112k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1954 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $111,550 (3.0% below list)

Questions for the listing agent

1. It's been on market 48 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1954 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 1.01% ✓
• Cap rate: 8.62%
• Cash-on-cash: 8.32%
• DSCR: 1.37
• GRM: 8.2

CMA / ARV

• ARV (on-the-fly): $144,375
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
705 Anderson Ave	0.21mi	2/1.0 (-1)	888 (+2%)	0mo	$170,000	$191	82
1615 Hillside Ave	0.02mi	3/1.0	1,000 (+14%)	7mo	$136,500	$137	69
1049 Shore Dr	0.28mi	2/1.0 (-1)	984 (+12%)	4mo	$110,000	$112	58
914 Forest Ave	0.28mi	2/1.0 (-1)	970 (+11%)	9mo	$130,000	$134	56
1035 Shore Dr	0.27mi	2/1.0 (-1)	797 (-9%)	14mo	$152,000	$191	56
1119 Lynn Ave	0.56mi	2/1.0 (-1)	800 (-9%)	1mo	$171,000	$214	54
1209 Dodge Ave	0.63mi	2/1.0 (-1)	864 (-1%)	12mo	$175,000	$203	54
2201 Parnell Ave	0.41mi	2/1.0 (-1)	800 (-9%)	10mo	$150,000	$188	53
613 Stadium Dr	0.69mi	2/1.0 (-1)	932 (+6%)	8mo	$150,000	$161	46
521 Stadium Dr	0.72mi	2/1.0 (-1)	937 (+7%)	6mo	$149,900	$160	45
717 Charlotte Ave	0.71mi	2/1.0 (-1)	904 (+3%)	19mo	$103,000	$114	40
553 Charlotte Ave	0.74mi	2/1.0 (-1)	960 (+10%)	11mo	$158,000	$165	35

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 · 0.75% rent growth · sell at horizon

5-year hold

• IRR: -6.0%
• Equity multiple: 0.78×
• Total profit: $-7,030
• Equity at exit: $17,147

10-year hold

• IRR: 0.9%
• Equity multiple: 1.06×
• Total profit: $1,909
• Equity at exit: $9,943

Cash invested: $32,200 (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: 108
• Price-to-rent: 8.2×

Monthly cashflow live

• Estimated rent: $1,165 high
• Mortgage (P&I): −$603
• Tax from tax record: −$46 /mo · $550/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$245
• Net cashflow: $223

Break-even live

Break-even rent $882

Max offer price $115,000

Occupancy floor 76%

Sensitivity live

Price	-10% $288	-5% $256	+0% $223	+5% $191	+10% $158
Rent	-10% $131	-5% $177	+0% $223	+5% $269	+10% $315
Rate	-1.0pp $281	-0.5pp $253	base $223	+0.5pp $194	+1.0pp $163

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: $28,750
• Closing costs: $3,450
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2005 Bayer Ave Fort Wayne, IN	2.0	1.0	840	$895	$1.07	44d	1	0.27mi
1838 Kentucky Ave Fort Wayne, IN	2.0	1.0	884	$975	$1.10	44d	1	0.28mi
608 Anderson Ave Unit 1 Fort Wayne, IN	2.0	1.0	804	$875	$1.09	21d	1	0.30mi
1005 Columbia Ave Unit 1005-1 Fort Wayne, IN	2.0	1.0	680	$950	$1.40	14d	1	0.37mi
1206 Columbia Ave Unit 2 Fort Wayne, IN	2.0	2.0	1118	$995	$0.89	44d	1	0.38mi
424 Nussbaum Ave Fort Wayne, IN	2.0	1.0	650	$1,200	$1.85	21d	1	0.45mi
807 Edgewater Ave Fort Wayne, IN	3.0	1.0	1075	$1,450	$1.35	21d	1	0.54mi
805 Edgewater Ave Fort Wayne, IN	3.0	1.0	1075	$1,550	$1.44	14d	1	0.55mi
101 Three Rivers N Fort Wayne, IN	2.0	1.0	760	$2,102	$2.76	21d	11	0.60mi
607 Curdes Ave Fort Wayne, IN	3.0	1.5	1072	$1,450	$1.35	21d	1	0.82mi
344 Dunnwood Dr Unit 1 Fort Wayne, IN	2.0	1.0	800	$695	$0.87	44d	1	0.99mi
112 W Washington Blvd Fort Wayne, IN	1.0–2.0	1.0–2.0	768	$1,500	$1.95	21d	2	1.04mi
706 3rd St Unit 1 Fort Wayne, IN	2.0	1.0	930	$995	$1.07	44d	1	1.22mi
1911 Hazelwood Ave Fort Wayne, IN	1.0–3.0	1.0–2.5	910	$1,375	$1.51	21d	3	1.31mi
1250 Ewing St Fort Wayne, IN	2.0	1.0–2.0	980	$2,081	$2.12	21d	24	1.39mi
1437 Oakland St Fort Wayne, IN	3.0	1.0	1000	$1,250	$1.25	44d	1	1.41mi
835 Van Buren St Fort Wayne, IN	2.0	1.0–2.0	750	$1,995	$2.66	14d	29	1.43mi

Listing history 2 events

1. 2026-04-10
   historical Active Under Contract
2. 2026-04-09
   listed $115,000 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: $550 · $46/mo
• Projected year-2 tax: $764 · $64/mo
• Expected delta: +$214/yr (+$18/mo · 38.9%)

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

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X · 10% 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: $13,977
• − Mortgage interest: −$6,442
• − Property taxes: −$550
• − Insurance: −$575
• − Repairs & maintenance: −$1,118
• − Management: −$1,118
• − Depreciation: −$3,345
• Taxable income: $829
• Est. tax owed @ 24.0%: −$199
• After-tax cash flow: $2,482/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

2 events — show timeline

• 2026-04-10 Contingent — IRMLS
• 2026-04-09 Listed $115,000 IRMLS

Property tax history

+4.7%/yr

Latest (2024): $550 · +27.7% YoY. Source: county tax records.