5505 S Wayne Ave Unit C · Fort Wayne, IN 46807

$109,000

2 bd · 1.0 ba · 1,286 sqft · Condo public records · 61 Days on market

Built 1965 $85/sqft · 16% below area Est $130k · 16% under $325/mo HOA · 29% of rent

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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).

• ARV discount +14.7/15.0
• Cash flow +7.2/30.0
• 1% rule +5.1/10.0
• Rent growth +4.6/5.0
• Livability +4.2/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• DSCR +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Located minutes from shopping, restaurants and parks, this hidden gem is perfect for the low maintenance, fun lifestyle. When you walk in to the grand shared foyer and up to your unit, you'll notice plenty of large windows providing an abundance of natural daylight. The kitchen has plenty of cabinets and counter space - perfect for meals at home or making food for friends. A dining area and living room are perfect for watching tv or enjoying time with loved ones. Enjoy the morning with a cup of coffee or cool summer nights with a drink on the spacious balcony overlooking the common area. Fresh paint, crown molding and updated flooring are just some of the updates to this home. Outside, you have your own covered parking spot and not one, but two storage sheds! Guests are welcome and there is guest parking!

Key facts

• Large windows
• Spacious balcony
• Living room

Tags

• LARGE WINDOWS
• KITCHEN CABINETS
• COUNTER SPACE
• DINING AREA
• LIVING ROOM
• SPACIOUS BALCONY

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $109k.

Deal economics

• At list price, monthly cash flow is $-150 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $83k (24.3% below list).
• Meets the 1% rule at list price ($1k rent vs $109k).
• Recommended offer: $83k (24.3% below list) — sets the bar for cash-flow.

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-, schools D+, 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.
• Market conditions: Rents rising fast (+8.2%/yr); 94 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 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 $754 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 61 days — a 6% lower offer ($102k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 6y ago; this cycle's ask has dropped $10k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $72k; list at $109k implies a 51% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 29% of rent.

Recommended offer $82,539 (24.3% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 61 days. Have you received any prior offers? Is the seller open to a 24% concession, seller financing, or rate buy-down credit?
3. Built in 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 1.01% ✓
• Cap rate: 4.64%
• Cash-on-cash: -5.89%
• DSCR: 0.74
• GRM: 8.2

CMA / ARV

• ARV (median comp): $129,909
• List price: $109,000
• Delta: -16.09%
• Verdict: UNDERPRICED
• Comps: 17 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -18.7%
• Equity multiple: 0.31×
• Total profit: $-21,189
• Equity at exit: $16,252

10-year hold

• IRR: -1.3%
• Equity multiple: 0.89×
• Total profit: $-3,451
• Equity at exit: $9,424

Cash invested: $30,520 (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: 8.2×

Monthly cashflow live

• Estimated rent: $1,104 high
• Mortgage (P&I): −$572
• Tax from tax record: −$80 /mo · $956/yr
• Insurance: −$45
• HOA: −$325
• Vacancy / Maint / Mgmt: −$232
• Net cashflow: $-150

Break-even live

Break-even rent $1,293

Max offer price $82,539

Occupancy floor —

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: $27,250
• Closing costs: $3,270
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
700 Candlelite Ct Fort Wayne, IN	2.0–3.0	1.0–2.5	1388	$999	$0.72	13d	4	0.22mi
522 Pinegrove Ln Fort Wayne, IN	2.0–3.0	1.0–1.5	1248	$969	$0.78	13d	8	0.31mi
5009 Hoagland Ave Fort Wayne, IN	2.0	1.0	1000	$1,300	$1.30	43d	1	0.35mi
6440 Fairfield Ave Fort Wayne, IN	1.0–2.0	1.0–1.5	928	$1,344	$1.45	13d	10	0.53mi
6033 S Calhoun St Fort Wayne, IN	3.0	1.0	1042	$1,220	$1.17	21d	1	0.54mi
1003 Pointe Center Cv Unit 1003 Fort Wayne, IN	2.0	1.5	1200	$1,275	$1.06	44d	1	0.63mi
4201 S Wayne Ave Fort Wayne, IN	3.0	1.5	1252	$1,400	$1.12	21d	1	0.92mi
1730 Scotsdale Dr Fort Wayne, IN	3.0	1.0	1192	$1,125	$0.94	13d	1	0.95mi
220 E Hoover Dr Fort Wayne, IN	2.0–3.0	1.5	1150	$1,029	$0.89	13d	5	1.09mi
4405 S Park Dr Fort Wayne, IN	2.0	1.0	1440	$1,175	$0.82	13d	1	1.35mi
3801 Lafayette St Fort Wayne, IN	2.0	1.0	1116	$995	$0.89	13d	1	1.39mi
3510 S Harrison St Fort Wayne, IN	3.0	1.0	1248	$975	$0.78	13d	1	1.42mi
227 W Darrow Ave Fort Wayne, IN	3.0	1.0	995	$1,000	$1.01	43d	1	1.42mi

HOA detail condo

• Monthly dues: $325 · $3,900/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 20 events

1. 2026-06-18
   price $109,000 Active 61 DOM
2. 2026-06-18
   days on market $119,000 Active 61 DOM
3. 2026-06-17
   days on market $119,000 Active 60 DOM
4. 2026-06-16
   days on market $119,000 Active 59 DOM
5. 2026-06-15
   days on market $119,000 Active 58 DOM
6. 2026-06-14
   days on market $119,000 Active 56 DOM
7. 2026-06-10
   days on market $119,000 Active 53 DOM
8. 2026-06-09
   days on market $119,000 Active 52 DOM
9. 2026-06-08
   days on market $119,000 Active 51 DOM
10. 2026-06-07
    days on market $119,000 Active 50 DOM
11. 2026-06-03
    days on market $119,000 Active 46 DOM
12. 2026-06-02
    days on market $119,000 Active 45 DOM
13. 2026-06-01
    days on market $119,000 Active 44 DOM
14. 2026-05-31
    days on market $119,000 Active 43 DOM
15. 2026-05-30
    days on market $119,000 Active 42 DOM
16. 2026-05-07
    status Active 816-char remark

    Show marketing remark (816 chars)

    Located minutes from shopping, restaurants and parks, this hidden gem is perfect for the low maintenance, fun lifestyle. When you walk in to the grand shared foyer and up to your unit, you'll notice plenty of large windows providing an abundance of natural daylight. The kitchen has plenty of cabinets and counter space - perfect for meals at home or making food for friends. A dining area and living room are perfect for watching tv or enjoying time with loved ones. Enjoy the morning with a cup of coffee or cool summer nights with a drink on the spacious balcony overlooking the common area. Fresh paint, crown molding and updated flooring are just some of the updates to this home. Outside, you have your own covered parking spot and not one, but two storage sheds! Guests are welcome and there is guest parking!

17. 2026-04-05
    status Pending 816-char remark

    Show marketing remark (816 chars)

    Located minutes from shopping, restaurants and parks, this hidden gem is perfect for the low maintenance, fun lifestyle. When you walk in to the grand shared foyer and up to your unit, you'll notice plenty of large windows providing an abundance of natural daylight. The kitchen has plenty of cabinets and counter space - perfect for meals at home or making food for friends. A dining area and living room are perfect for watching tv or enjoying time with loved ones. Enjoy the morning with a cup of coffee or cool summer nights with a drink on the spacious balcony overlooking the common area. Fresh paint, crown molding and updated flooring are just some of the updates to this home. Outside, you have your own covered parking spot and not one, but two storage sheds! Guests are welcome and there is guest parking!

18. 2026-03-17
    listed $119,000 Active 816-char remark

    Show marketing remark (816 chars)

    Located minutes from shopping, restaurants and parks, this hidden gem is perfect for the low maintenance, fun lifestyle. When you walk in to the grand shared foyer and up to your unit, you'll notice plenty of large windows providing an abundance of natural daylight. The kitchen has plenty of cabinets and counter space - perfect for meals at home or making food for friends. A dining area and living room are perfect for watching tv or enjoying time with loved ones. Enjoy the morning with a cup of coffee or cool summer nights with a drink on the spacious balcony overlooking the common area. Fresh paint, crown molding and updated flooring are just some of the updates to this home. Outside, you have your own covered parking spot and not one, but two storage sheds! Guests are welcome and there is guest parking!

19. 2021-02-05
    soldstatus $72,000 324-char remark

    Show marketing remark (324 chars)

    NEW PAINT AND CARPET THROUGHOUT, JUST FINISHED DECEMBER 2nd/ Monthly Dues Include Gas, Water, Sewer, Trash, Pool, Snow Removal and Landscaping Maintenance/ All Appliances Remain/ Covered Balcony Faces East and Overlooks the Common Area, NO Hot Afternoon Sun/ The Kitchen Island has Soft Close Drawers, Wheels and is Moveable

20. 2020-12-09
    listed $79,900 324-char remark

    Show marketing remark (324 chars)

    NEW PAINT AND CARPET THROUGHOUT, JUST FINISHED DECEMBER 2nd/ Monthly Dues Include Gas, Water, Sewer, Trash, Pool, Snow Removal and Landscaping Maintenance/ All Appliances Remain/ Covered Balcony Faces East and Overlooks the Common Area, NO Hot Afternoon Sun/ The Kitchen Island has Soft Close Drawers, Wheels and is Moveable

ⓘ 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: $956 · $80/mo
• Projected year-2 tax: $956 · $80/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: $13,244
• − Mortgage interest: −$6,106
• − Property taxes: −$956
• − Insurance: −$545
• − Repairs & maintenance: −$1,060
• − Management: −$1,060
• − HOA: −$3,900
• − Depreciation: −$3,171
• Taxable loss: −$3,553
• Est. tax savings @ 24.0%: +$853
• After-tax cash flow: $-945/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

+48.9% since first listed

5 events — show timeline

• 2026-05-07 Relisted — IRMLS
• 2026-04-05 Pending — IRMLS
• 2026-03-17 Listed $119,000 IRMLS
• 2021-02-05 Sold (MLS) $72,000 IRMLS
• 2020-12-09 Listed $79,900 IRMLS

Property tax history

+41.1%/yr

Latest (2024): $956 · +84.3% YoY. Source: county tax records.