1603 Howell St · Fort Wayne, IN 46808

$129,900

3 bd · 1.0 ba · 1,188 sqft · SingleFamily public records · 52 Days on market

Built 1920 4,792 sqft lot $109/sqft · 16% below area Est $155k · 16% under ↓ 10% since listing

---

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 +23.9/30.0
• ARV discount +14.8/15.0
• DSCR +7.7/10.0
• 1% rule +6.2/10.0
• Rent growth +4.2/5.0
• Livability +4.2/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Come take a look at this well maintained home near downtown Fort Wayne. Featuring 3 bedrooms, 1.5 bathrooms, laundry on the main! Home has been recently painted and has new carpet! Fenced in back yard with 18x12 shed. Schedule your showing today!

Key facts

• 18x12 shed
• Fenced in back yard
• 4,792 sq ft lot

Tags

• FENCED IN BACK YARD
• 18X12 SHED

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $130k.

Deal economics

• At list price, monthly cash flow is $251 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $130k).
• Recommended offer: $126k (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-, 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 (+7.0%/yr); 87 active listings in the ZIP; 23 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 48% 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).
• This rent runs 33% of the median local income ($53k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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.
• At projected returns (-3.0% appreciation + 7.0% rent growth), your $36k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 52 days — a 3% lower offer ($126k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $126,003 (3.0% below list)

Questions for the listing agent

1. It's been on market 52 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 1920 — 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: 1.12% ✓
• Cap rate: 8.61%
• Cash-on-cash: 8.28%
• DSCR: 1.37
• GRM: 7.4

CMA / ARV

• ARV (median comp): $154,979
• List price: $129,900
• Delta: -16.18%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1603 Howell St	0.00mi	3/1.5	1,188 (0%)	0mo	$129,900	$109	98
1316 Sinclair St	0.22mi	3/1.0	1,208 (+2%)	3mo	$135,000	$112	84
1706 3rd St	0.25mi	2/1.0 (-1)	1,199 (+1%)	2mo	$150,000	$125	80
1318 Burgess St	0.19mi	2/1.0 (-1)	1,152 (-3%)	1mo	$57,000	$49	80
1214 Spring St	0.42mi	3/1.0	1,164 (-2%)	5mo	$154,500	$133	73
1646 Spring St	0.36mi	3/1.0	1,268 (+7%)	2mo	$199,900	$158	70
2322 Montclair Ave	0.55mi	3/2.0	1,170 (-2%)	6mo	$72,000	$62	62
1901 Emma Ave	0.60mi	3/1.5	1,252 (+5%)	3mo	$174,900	$140	59
1701 Fairhill Rd	0.50mi	3/1.5	1,320 (+11%)	4mo	$139,000	$105	53
1905 W Main St	0.46mi	4/1.5 (+1)	1,320 (+11%)	3mo	$128,250	$97	51
1653 N Highlands Blvd	0.50mi	3/1.5	1,360 (+14%)	3mo	$230,000	$169	48
615 2nd St	0.71mi	3/1.0	1,320 (+11%)	1mo	$122,500	$93	47

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: 0.7%
• Equity multiple: 1.03×
• Total profit: $1,005
• Equity at exit: $19,369

10-year hold

• IRR: 14.0%
• Equity multiple: 2.33×
• Total profit: $48,510
• 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: 7.4×

Monthly cashflow live

• Estimated rent: $1,454 high
• Mortgage (P&I): −$681
• Tax est. 1.5%: −$162 /mo · $1,948/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$305
• Net cashflow: $251

Break-even live

Break-even rent $1,136

Max offer price $129,900

Occupancy floor 78%

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 23 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1626 Howell St Unit 201 Fort Wayne, IN	3.0	2.0	1200	$1,700	$1.42	21d	1	0.04mi
1502 3rd St Fort Wayne, IN	3.0	1.5	1344	$1,650	$1.23	14d	1	0.22mi
1437 Oakland St Fort Wayne, IN	3.0	1.0	1000	$1,250	$1.25	44d	1	0.45mi
1915 Ellen Ave Fort Wayne, IN	2.0	1.0	1100	$950	$0.86	14d	1	0.55mi
706 3rd St Unit 1 Fort Wayne, IN	2.0	1.0	930	$995	$1.07	44d	1	0.61mi
1704 Sprunger Ave Fort Wayne, IN	3.0	1.0	1141	$1,400	$1.23	44d	1	0.66mi
915 Garden St Fort Wayne, IN	2.0	2.0	1275	$1,650	$1.29	14d	1	0.68mi
901 W Wayne St Unit 3 Fort Wayne, IN	2.0	2.0	1312	$1,700	$1.30	44d	1	0.78mi
835 Van Buren St Fort Wayne, IN	2.0	1.0–2.0	750	$1,995	$2.66	14d	29	0.79mi
702 Archer Ave Fort Wayne, IN	3.0	1.5	1273	$1,499	$1.18	44d	1	0.83mi
877 Lavina St Fort Wayne, IN	1.0–3.0	1.0–2.0	997	$2,980	$2.99	44d	17	1.01mi
1332 Swinney Ave Fort Wayne, IN	2.0	1.0	1035	$1,300	$1.26	44d	1	1.02mi
1250 Ewing St Fort Wayne, IN	2.0	1.0–2.0	980	$2,081	$2.12	21d	24	1.14mi
1104 Stophlet St Fort Wayne, IN	3.0	1.5	1288	$1,400	$1.09	14d	1	1.14mi
2718 Sherman Blvd Fort Wayne, IN	2.0	1.0	900	$925	$1.03	21d	1	1.24mi
112 W Washington Blvd Fort Wayne, IN	1.0–2.0	1.0–2.0	768	$1,500	$1.95	21d	2	1.26mi
2133 Riedmiller Ave Fort Wayne, IN	3.0	1.0	1056	$1,050	$0.99	21d	1	1.32mi
2136 Miner St #2 Fort Wayne, IN	2.0	1.0	850	$1,200	$1.41	44d	1	1.38mi
1342 Guthrie St Fort Wayne, IN	3.0	1.0	1200	$899	$0.75	44d	1	1.39mi
101 Three Rivers N Fort Wayne, IN	2.0	1.0	760	$2,102	$2.76	21d	11	1.39mi
2215 Ontario St Fort Wayne, IN	3.0	1.0	850	$975	$1.15	44d	1	1.42mi
2315 Terrace Rd Fort Wayne, IN	3.0	1.0	1466	$1,600	$1.09	44d	1	1.44mi
2430 Thompson Ave Fort Wayne, IN	2.0	1.0	1197	$975	$0.81	14d	1	1.49mi

Listing history 6 events

1. 2026-05-16
   status Pending 246-char remark

   Show marketing remark (246 chars)

   Come take a look at this well maintained home near downtown Fort Wayne. Featuring 3 bedrooms, 1.5 bathrooms, laundry on the main! Home has been recently painted and has new carpet! Fenced in back yard with 18x12 shed. Schedule your showing today!

2. 2026-05-11
   price $129,900 246-char remark

   Show marketing remark (246 chars)

   Come take a look at this well maintained home near downtown Fort Wayne. Featuring 3 bedrooms, 1.5 bathrooms, laundry on the main! Home has been recently painted and has new carpet! Fenced in back yard with 18x12 shed. Schedule your showing today!

3. 2026-04-29
   price $134,900 246-char remark

   Show marketing remark (246 chars)

   Come take a look at this well maintained home near downtown Fort Wayne. Featuring 3 bedrooms, 1.5 bathrooms, laundry on the main! Home has been recently painted and has new carpet! Fenced in back yard with 18x12 shed. Schedule your showing today!

4. 2026-04-21
   price $137,900 246-char remark

   Show marketing remark (246 chars)

   Come take a look at this well maintained home near downtown Fort Wayne. Featuring 3 bedrooms, 1.5 bathrooms, laundry on the main! Home has been recently painted and has new carpet! Fenced in back yard with 18x12 shed. Schedule your showing today!

5. 2026-04-02
   price $139,900 246-char remark

   Show marketing remark (246 chars)

   Come take a look at this well maintained home near downtown Fort Wayne. Featuring 3 bedrooms, 1.5 bathrooms, laundry on the main! Home has been recently painted and has new carpet! Fenced in back yard with 18x12 shed. Schedule your showing today!

6. 2026-03-24
   listed $144,900 Active 246-char remark

   Show marketing remark (246 chars)

   Come take a look at this well maintained home near downtown Fort Wayne. Featuring 3 bedrooms, 1.5 bathrooms, laundry on the main! Home has been recently painted and has new carpet! Fenced in back yard with 18x12 shed. Schedule your showing today!

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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: $17,447
• − Mortgage interest: −$7,276
• − Property taxes: −$1,948
• − Insurance: −$650
• − Repairs & maintenance: −$1,396
• − Management: −$1,396
• − Depreciation: −$3,779
• Taxable income: $1,002
• Est. tax owed @ 24.0%: −$240
• After-tax cash flow: $2,770/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

-10.4% since first listed

6 events — show timeline

• 2026-05-16 Pending — IRMLS
• 2026-05-11 Price Changed $129,900 IRMLS
• 2026-04-29 Price Changed $134,900 IRMLS
• 2026-04-21 Price Changed $137,900 IRMLS
• 2026-04-02 Price Changed $139,900 IRMLS
• 2026-03-24 Listed $144,900 IRMLS