1229 Wefel St · Fort Wayne, IN 46808

$129,900

2 bd · 1.0 ba · 948 sqft · SingleFamily public records · 1 Days on market

Built 1900 6,000 sqft lot Est $136k · at est.

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Why this score? — see what drove the D 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 +14.2/30.0
• ARV discount +9.4/15.0
• DSCR +4.3/10.0
• Rent growth +4.2/5.0
• Livability +4.2/5.0
• 1% rule +3.7/10.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Come check out this 2 bedroom investment property! The property is in need of some TLC. All trash, debris, and personal property will be removed before closing. Selling As-Is, Cash Only.

Key facts

• New gas range
• Open-concept kitchen
• New vanity sink

Tags

• OPEN-CONCEPT KITCHEN
• NEW COUNTERTOPS
• NEW GAS RANGE
• FULLY RENOVATED BATHROOM
• NEW VANITY SINK
• NEW LIGHT FIXTURES

Property features AI

Finance

• Other: Lot dimensions approximately 40 x 150 (0.14 acre)
• HOA & community: No association amenities

Exterior

• Parking: Off-street parking
• Security: Smoke detector(s)
• Utilities: Public water; Public sewer; Cable available; Electric water heater
• Home design: Single-family site-built home; One story; Subdivision: Sweetzer(s)
• Construction: Vinyl siding; Shingle roof; Built on a traditional foundation (basement present)
• Exterior features: Patio; Porch; Storm door(s); Chain link full fenced yard; Level lot

Interior

• Kitchen: Refrigerator; Gas range
• Bedrooms: Total of 5 rooms (bedroom count not specified)
• Flooring: Hardwood; Carpet
• Bathrooms: One full bathroom (located on the main level)
• Heating & cooling: No central cooling indicated
• Interior features: Eat-in kitchen; Natural woodwork; Laminate countertops; Full unfinished basement; Smoke detector(s)
• Laundry & utility: Gas dryer hookup on the main level; Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $130k.

Deal economics

• At list price, monthly cash flow is $20 ($243/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $114k (12.6% below list).
• Recommended offer: $114k (12.6% below list) — sets the bar for 1% rule.
• Cap rate 6.5% 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: Bloomingdale Elementary School (math 12% / reading 8%, grade F, #921 of 994 statewide, top 94%, 300 students, 81% 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 rising fast (+7.0%/yr); 87 active listings in the ZIP; 32 comparable units currently listed for rent nearby; rentals at typical pace (median 21d 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 $898 of loan paydown is wiped out by about $4k 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

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 4y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $50k; list at $130k implies a 160% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $113,516 (12.6% below list)

Questions for the listing agent

1. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.87% ✗
• Cap rate: 6.48%
• Cash-on-cash: 0.67%
• DSCR: 1.03
• GRM: 9.5

CMA / ARV

• ARV (on-the-fly): $135,564
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1101 Saint Marys Ave	0.25mi	2/1.0	908 (-4%)	1mo	$130,000	$143	80
1016 Putnam St	0.43mi	2/1.0	1,000 (+6%)	2mo	$145,000	$145	70
1918 Short St	0.54mi	2/1.0	974 (+3%)	8mo	$139,900	$144	63
657 Florence Ave	0.63mi	2/1.0	960 (+1%)	10mo	$136,000	$142	60
638 W 4th St	0.18mi	2/1.0	816 (-14%)	10mo	$130,000	$159	60
1006 Archer Ave	0.49mi	3/1.0 (+1)	988 (+4%)	12mo	$139,900	$142	55
2006 Saint Marys Ave	0.57mi	2/1.0	872 (-8%)	7mo	$73,000	$84	54
630 W 4th St	0.19mi	3/1.0 (+1)	1,087 (+15%)	10mo	$120,000	$110	54
1132 Burgess St	0.35mi	2/1.0	1,072 (+13%)	13mo	$142,900	$133	51
1427 Margaret Ave	0.70mi	2/1.0	850 (-10%)	2mo	$148,000	$174	48
1714 Spring St	0.70mi	2/1.0	864 (-9%)	8mo	$117,000	$135	46
1501 Runnion Ave	0.74mi	2/1.0	864 (-9%)	10mo	$167,900	$194	43

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 · 6.98% rent growth · sell at horizon

5-year hold

• IRR: -11.0%
• Equity multiple: 0.59×
• Total profit: $-15,027
• Equity at exit: $19,369

10-year hold

• IRR: 3.1%
• Equity multiple: 1.27×
• Total profit: $9,654
• Equity at exit: $11,231

Cash invested: $36,372 (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 46808

• Rents YoY: 7.0%
• Active inventory: 87
• Price-to-rent: 9.5×

Monthly cashflow live

• Estimated rent: $1,135 high
• Mortgage (P&I): −$681
• Tax from tax record: −$141 /mo · $1,694/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$238
• Net cashflow: $20

Break-even live

Break-even rent $1,110

Max offer price $129,900

Occupancy floor 93%

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: $32,475
• Closing costs: $3,897
• Reserves months: —
• Total cash needed: —

Rent comps 32 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
706 3rd St Unit 1 Fort Wayne, IN	2.0	1.0	930	$995	$1.07	43d	1	0.08mi
1437 Oakland St Fort Wayne, IN	3.0	1.0	1000	$1,250	$1.25	43d	1	0.19mi
835 Van Buren St Fort Wayne, IN	2.0	1.0–2.0	750	$1,995	$2.66	13d	29	0.61mi
116 W Columbia St Fort Wayne, IN	1.0	1.0	689	$1,305	$1.89	13d	3	0.66mi
2131 N Wells St Apt 1 Fort Wayne, IN	1.0	1.0	800	$800	$1.00	13d	1	0.68mi
112 W Washington Blvd Fort Wayne, IN	1.0–2.0	1.0–2.0	768	$1,500	$1.95	21d	2	0.88mi
101 Three Rivers N Fort Wayne, IN	2.0	1.0	760	$2,102	$2.76	21d	11	0.89mi
1250 Ewing St Fort Wayne, IN	2.0	1.0–2.0	980	$2,081	$2.12	21d	24	0.91mi
1915 Ellen Ave Fort Wayne, IN	2.0	1.0	1100	$950	$0.86	13d	1	0.92mi
424 Nussbaum Ave Fort Wayne, IN	2.0	1.0	650	$1,200	$1.85	21d	1	0.92mi
877 Lavina St Fort Wayne, IN	1.0–3.0	1.0–2.0	997	$2,187	$2.19	43d	17	0.93mi
608 Anderson Ave Unit 1 Fort Wayne, IN	2.0	1.0	804	$875	$1.09	21d	1	0.99mi
2718 Sherman Blvd Fort Wayne, IN	2.0	1.0	900	$925	$1.03	21d	1	1.03mi
425 E Wayne St Fort Wayne, IN	1.0	1.0	578	$795	$1.38	21d	1	1.06mi
1332 Swinney Ave Fort Wayne, IN	2.0	1.0	1035	$1,300	$1.26	43d	1	1.13mi
1421 Swinney Ave Unit 2 Fort Wayne, IN	1.0	1.0	950	$850	$0.89	43d	1	1.17mi
1829 Broadway Unit 1831 Fort Wayne, IN	1.0	1.0	600	$950	$1.58	43d	1	1.17mi
805 Edgewater Ave Fort Wayne, IN	3.0	1.0	1075	$1,550	$1.44	13d	1	1.20mi
807 Edgewater Ave Fort Wayne, IN	3.0	1.0	1075	$1,450	$1.35	21d	1	1.21mi
840 Columbia Ave Unit A Fort Wayne, IN	1.0	1.0	650	$650	$1.00	13d	1	1.25mi
1905 Hillside Ave Apt 1 Fort Wayne, IN	1.0	1.0	680	$825	$1.21	43d	1	1.32mi
937 Columbia Ave Unit 937-4 Fort Wayne, IN	1.0	1.0	630	$850	$1.35	13d	1	1.32mi
1005 Columbia Ave Unit 1005-1 Fort Wayne, IN	2.0	1.0	680	$950	$1.40	13d	1	1.34mi
217 W Masterson Ave Fort Wayne, IN	2.0	1.0	1100	$995	$0.90	21d	1	1.36mi
2005 Bayer Ave Fort Wayne, IN	2.0	1.0	840	$895	$1.07	43d	1	1.39mi
2136 Miner St #2 Fort Wayne, IN	2.0	1.0	850	$1,200	$1.41	43d	1	1.39mi
309 W Williams St Unit 1 Fort Wayne, IN	2.0	1.0	900	$900	$1.00	21d	1	1.42mi
344 Dunnwood Dr Unit 1 Fort Wayne, IN	2.0	1.0	800	$695	$0.87	43d	1	1.42mi
227 W Williams St Unit 3 Fort Wayne, IN	1.0	1.0	590	$650	$1.10	43d	1	1.44mi
2133 Riedmiller Ave Fort Wayne, IN	3.0	1.0	1056	$1,050	$0.99	21d	1	1.46mi
607 Curdes Ave Fort Wayne, IN	3.0	1.5	1072	$1,450	$1.35	21d	1	1.47mi
1115 Edgewater Ave Unit 1115-2 Fort Wayne, IN	1.0	1.0	550	$825	$1.50	13d	1	1.48mi

Listing history 2 events

1. 2026-06-19
   remarks 699-char remark
2. 2026-06-19
   listed $129,900 Active 1 DOM

ⓘ 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: $1,694 · $141/mo
• Projected year-2 tax: $1,694 · $141/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 · 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: $13,622
• − Mortgage interest: −$7,276
• − Property taxes: −$1,694
• − Insurance: −$650
• − Repairs & maintenance: −$1,090
• − Management: −$1,090
• − Depreciation: −$3,779
• Taxable loss: −$1,956
• Est. tax savings @ 24.0%: +$470
• After-tax cash flow: $713/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): 19,684
• Household income: $53,359
• Rent vs Own: 39.4% rent · 60.6% own
• Severe rent burden: 625.0

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 (71%)
• Race & ethnicity: White 71% Hispanic / Latino 13% Two or more races 9% Black 9% Asian 2%
• Hispanic origin (detail): Mexican 10% Puerto Rican 2%
• Common ancestry: Romanian 3% Lithuanian 2% Slovak 2%
• Foreign-born: 7% · Canada, Philippines, South Korea
• Languages at home: 86% English-only · Spanish 10% Korean 2% Other Asian/Pacific 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: ▼ -288.51%
• Current HPI: 239.6115
• Rent YoY: ▲ 6.98%
• 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

+136.6% since first listed

3 events — show timeline

• 2026-06-18 Listed $129,900 IRMLS
• 2022-02-17 Sold (MLS) $50,000 IRMLS
• 2022-01-31 Listed $54,900 IRMLS

Property tax history

+0.8%/yr

Latest (2024): $1,694 · +21.1% YoY. Source: county tax records.