3508 Chestnut St · Fort Wayne, IN 46803

$113,900

2 bd · 1.0 ba · 632 sqft · SingleFamily public records · 56 Days on market

Built 1935 0.39 ac lot $180/sqft · 55% above area ↓ 12% since listing

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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 +13.5/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Livability +4.2/5.0
• DSCR +4.1/10.0
• 1% rule +3.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0

Listing remarks MLS

This 2-bed, 1-bath Fort Wayne bungalow offers a strong value-add opportunity on a deep 0.39-acre lot. With 632 sq ft, an unfinished basement, and a simple layout, the home is well-suited for a full renovation or rental-ready refresh. The property sits in an area with steady investor activity and rising values, with nearby renovated homes trading significantly higher. Being sold as-is, this is a great chance for buyers looking to build equity through updates and customization.

Key facts

• 0.39 acre lot
• Built 1935
• Listed 56 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $114k.

Deal economics

• At list price, monthly cash flow is $3 ($39/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 $98k (14.2% below list).
• Recommended offer: $98k (14.2% below list) — sets the bar for 1% rule.
• Cap rate 6.3% 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-, 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: 51 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 60% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 1,861 units permitted in Allen County in 2024 (576 in 5+ unit buildings).
• This rent runs 34% of the median local income ($34k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $12k of equity ($787 loan paydown + $11k appreciation (10.0% local appreciation)).
• Allen County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $32k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 56 days — a 3% lower offer ($110k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1935 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $97,682 (14.2% below list)

Questions for the listing agent

1. It's been on market 56 days. Have you received any prior offers? Is the seller open to a 14% concession, seller financing, or rate buy-down credit?
2. Built in 1935 — 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. 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?
6. 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.
7. 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.
8. 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: 0.86% ✗
• Cap rate: 6.33%
• Cash-on-cash: 0.12%
• DSCR: 1.01
• GRM: 9.7

CMA / ARV

• ARV (median comp): $73,546
• List price: $113,900
• Delta: 54.87%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3227 Rodgers Ave	0.27mi	2/1.0	672 (+6%)	2mo	$110,000	$164	75
1715 Fleetwood Ave	0.07mi	2/1.0	678 (+7%)	22mo	$51,000	$75	67
3116 Pittsburg St	0.37mi	2/1.0	648 (+2%)	16mo	$49,000	$76	65
3205 Schele Ave	0.25mi	2/1.0	672 (+6%)	18mo	$95,000	$141	63
2409 Redwood Ave	0.44mi	2/1.0	680 (+8%)	5mo	$92,500	$136	62
3419 E Pontiac St	0.54mi	2/1.0	649 (+3%)	10mo	$116,000	$179	62
3420 Mccormick Ave	0.32mi	2/1.0	700 (+11%)	8mo	$128,000	$183	60
2910 Chestnut St	0.36mi	2/1.0	720 (+14%)	7mo	$82,400	$114	54
1220 Fairview Ave	0.56mi	2/1.0	720 (+14%)	1mo	$81,000	$113	50
1418 Kitch St	0.33mi	2/1.0	720 (+14%)	14mo	$95,000	$132	50
3031 Pennsylvania St	0.36mi	2/1.0	720 (+14%)	16mo	$124,900	$173	47
2720 Pennsylvania St	0.52mi	2/1.0	720 (+14%)	7mo	$120,000	$167	47

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

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 24.4%
• Equity multiple: 2.95×
• Total profit: $62,245
• Equity at exit: $102,610

10-year hold

• IRR: 21.6%
• Equity multiple: 6.74×
• Total profit: $183,144
• Equity at exit: $221,283

Cash invested: $31,892 (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 46803

• Active inventory: 51
• Price-to-rent: 9.7×

Monthly cashflow live

• Estimated rent: $977 high
• Mortgage (P&I): −$597
• Tax from tax record: −$124 /mo · $1,484/yr
• Insurance: −$47
• HOA: −$0
• Vacancy / Maint / Mgmt: −$205
• Net cashflow: $3

Break-even live

Break-even rent $973

Max offer price $113,900

Occupancy floor 95%

Sensitivity live

Price	-10% $68	-5% $36	+0% $3	+5% $-29	+10% $-61
Rent	-10% $-74	-5% $-35	+0% $3	+5% $42	+10% $80
Rate	-1.0pp $61	-0.5pp $32	base $3	+0.5pp $-26	+1.0pp $-56

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: $28,475
• Closing costs: $3,417
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3127 Pennsylvania St Fort Wayne, IN	2.0	1.0	696	$1,000	$1.44	14d	1	0.31mi
2117 Eckart St Fort Wayne, IN	1.0	1.0	468	$975	$2.08	22d	1	1.25mi
3845 Hessen Cassel Rd Unit Renovated Fort Wayne, IN	1.0	1.0	500	$789	$1.58	45d	1	1.36mi
3845 Hessen Cassel Rd Fort Wayne, IN	1.0	1.0	500	$889	$1.78	45d	1	1.39mi
1520 E Berry St Unit 210 Fort Wayne, IN	1.0	1.0	550	$950	$1.73	45d	1	1.49mi

Listing history 5 events

1. 2026-05-30
   status $113,900 Pending 56 DOM
2. 2026-04-30
   price $113,900 480-char remark

   Show marketing remark (480 chars)

   This 2-bed, 1-bath Fort Wayne bungalow offers a strong value-add opportunity on a deep 0.39-acre lot. With 632 sq ft, an unfinished basement, and a simple layout, the home is well-suited for a full renovation or rental-ready refresh. The property sits in an area with steady investor activity and rising values, with nearby renovated homes trading significantly higher. Being sold as-is, this is a great chance for buyers looking to build equity through updates and customization.

3. 2026-04-22
   price $121,400 480-char remark

   Show marketing remark (480 chars)

   This 2-bed, 1-bath Fort Wayne bungalow offers a strong value-add opportunity on a deep 0.39-acre lot. With 632 sq ft, an unfinished basement, and a simple layout, the home is well-suited for a full renovation or rental-ready refresh. The property sits in an area with steady investor activity and rising values, with nearby renovated homes trading significantly higher. Being sold as-is, this is a great chance for buyers looking to build equity through updates and customization.

4. 2026-04-14
   price $122,400 480-char remark

   Show marketing remark (480 chars)

   This 2-bed, 1-bath Fort Wayne bungalow offers a strong value-add opportunity on a deep 0.39-acre lot. With 632 sq ft, an unfinished basement, and a simple layout, the home is well-suited for a full renovation or rental-ready refresh. The property sits in an area with steady investor activity and rising values, with nearby renovated homes trading significantly higher. Being sold as-is, this is a great chance for buyers looking to build equity through updates and customization.

5. 2026-04-03
   listed $129,900 Active 480-char remark

   Show marketing remark (480 chars)

   This 2-bed, 1-bath Fort Wayne bungalow offers a strong value-add opportunity on a deep 0.39-acre lot. With 632 sq ft, an unfinished basement, and a simple layout, the home is well-suited for a full renovation or rental-ready refresh. The property sits in an area with steady investor activity and rising values, with nearby renovated homes trading significantly higher. Being sold as-is, this is a great chance for buyers looking to build equity through updates and customization.

ⓘ 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: $1,484 · $124/mo
• Projected year-2 tax: $1,484 · $124/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: $11,722
• − Mortgage interest: −$6,380
• − Property taxes: −$1,484
• − Insurance: −$570
• − Repairs & maintenance: −$938
• − Management: −$938
• − Depreciation: −$3,313
• Taxable loss: −$1,901
• Est. tax savings @ 24.0%: +$456
• After-tax cash flow: $495/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): 10,994
• Household income: $34,381
• Rent vs Own: 56.4% rent · 43.6% own
• Severe rent burden: 660.0

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 0.69)
• Race & ethnicity: Black 42% White 27% Hispanic / Latino 24% Two or more races 10% Native American 2% Asian 1%
• Hispanic origin (detail): Mexican 17% Puerto Rican 1%
• Common ancestry: Lithuanian 1% Iranian 1% Serbian 1%
• Foreign-born: 11% · Canada, Philippines
• Languages at home: 81% English-only · Spanish 16% Other Asian/Pacific 1% French/Haitian/Cajun 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: ▲ 107.58%
• Current HPI: 404.7976
• Rent YoY: —
• 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

-12.3% since first listed

4 events — show timeline

• 2026-04-30 Price Changed $113,900 IRMLS
• 2026-04-22 Price Changed $121,400 IRMLS
• 2026-04-14 Price Changed $122,400 IRMLS
• 2026-04-03 Listed $129,900 IRMLS

Property tax history

+28.6%/yr

Latest (2024): $1,484 · +18.0% YoY. Source: county tax records.