629 5th St · Fort Wayne, IN 46808

$159,900

4 bd · 2.0 ba · 1,622 sqft · MultiFamily public records · 49 Days on market

Built 1935 3,900 sqft lot $99/sqft · 7% above area Est $149k · 7% over ↓ 3% since listing

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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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +8.6/10.0
• ARV discount +4.2/15.0
• 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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

This well-maintained duplex offers two spacious 2-bedroom, 1-bathroom units in a convenient location. Whether you're looking for an income-producing investment or a home with built-in rental income to offset your mortgage, this property delivers solid value and easy management. Unit Layout & Features: - * * Downstairs Unit (2BD/1BA): * * Bright and functional living space with two bedrooms, a full bathroom, kitchen, and living area. Ready for immediate occupancy or your personal use. Washer/Dryer setup for this unit in unit - * * Upstairs Unit (2BD/1BA): * * . Currently rented with tenant paying $965 per month + electric * * . Key Property Highlights: - * * Separate Electric

Key facts

• 3,900 sq ft lot
• 2 garage spots
• Built 1935

Property features AI

Exterior

• Parking: Detached 2-car garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Site-built home; 2-story
• Construction: Aluminum siding
• Exterior features: Level lot; Lot dimensions approximately 30 x 130

Interior

• Bedrooms: 8 total rooms (bedrooms included)
• Bathrooms: 2 full bathrooms; 1 bathroom on the main level
• Heating & cooling: Window unit(s) for cooling
• Interior features: Full basement
• Laundry & utility: Main-level laundry

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $160k.

Deal economics

• At list price, monthly cash flow is $647 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $160k).
• Recommended offer: $155k (3.0% below list) — sets the bar for market timing.
• Cap rate 11.2% 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); 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 rising fast (+7.0%/yr); 87 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% 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).
• At $2,172/mo this rent would consume 49% of the median local household income ($53k/yr) (locally 625% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k 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 $45k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 49 days — a 3% lower offer ($155k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y 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.

Risks & watch-outs

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

Recommended offer $155,103 (3.0% below list)

Questions for the listing agent

1. It's been on market 49 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 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. 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 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: 1.36% ✓
• Cap rate: 11.15%
• Cash-on-cash: 17.35%
• DSCR: 1.77
• GRM: 6.1

CMA / ARV

• ARV (median comp): $148,824
• List price: $159,900
• Delta: 7.44%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
712 Putnam St	0.26mi	3/2.0 (-1)	1,630 (+0%)	7mo	$120,000	$74	76
928 Putnam St	0.35mi	4/2.0	1,640 (+1%)	14mo	$165,000	$101	70
1419 Saint Marys Ave	0.37mi	4/2.5	1,612 (-1%)	21mo	$135,000	$84	62
1331 Spy Run Ave	0.72mi	4/4.0	1,608 (-1%)	6mo	$235,000	$146	52
833 Florence Ave	0.50mi	3/2.0 (-1)	1,734 (+7%)	15mo	$173,000	$100	48
1723 Andrew St	0.25mi	3/1.5 (-1)	1,408 (-13%)	15mo	$179,900	$128	47
1006 W 4th St	0.30mi	4/3.0	1,440 (-11%)	23mo	$153,100	$106	45

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: 13.1%
• Equity multiple: 1.54×
• Total profit: $24,382
• Equity at exit: $23,842

10-year hold

• IRR: 24.8%
• Equity multiple: 3.56×
• Total profit: $114,667
• Equity at exit: $13,825

Cash invested: $44,772 (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: 12.3×

Monthly cashflow live

• Estimated rent: $2,172 high
• Mortgage (P&I): −$839
• Tax from tax record: −$163 /mo · $1,959/yr
• Insurance: −$67
• HOA: −$0
• Vacancy / Maint / Mgmt: −$456
• Net cashflow: $647

Break-even live

Break-even rent $1,352

Max offer price $159,900

Occupancy floor 65%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,172
Total (2 units)			$2,172

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: $39,975
• Closing costs: $4,797
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
739 W 4th St Fort Wayne, IN	4.0	2.0	1750	$1,995	$1.14	13d	1	0.17mi
702 Archer Ave Fort Wayne, IN	3.0	1.5	1273	$1,499	$1.18	44d	1	0.34mi
1502 3rd St Fort Wayne, IN	3.0	1.5	1344	$1,650	$1.23	13d	1	0.62mi
1626 Howell St Unit 201 Fort Wayne, IN	3.0	2.0	1200	$1,700	$1.42	21d	1	0.77mi
2315 Terrace Rd Fort Wayne, IN	3.0	1.0	1466	$1,600	$1.09	43d	1	0.77mi
2403 N Clinton St Fort Wayne, IN	3.0	2.0	1666	$1,750	$1.05	43d	1	0.82mi
1721 3rd St Fort Wayne, IN	3.0	1.0	1584	$1,195	$0.75	43d	1	0.85mi
1118 Rockhill St Fort Wayne, IN	3.0	3.0	1790	$2,300	$1.28	43d	1	1.02mi
877 Lavina St Fort Wayne, IN	1.0–3.0	1.0–2.0	997	$2,980	$2.99	43d	17	1.06mi
603 Lavina St Fort Wayne, IN	3.0	2.0	1872	$1,899	$1.01	43d	1	1.06mi
805 Edgewater Ave Fort Wayne, IN	3.0	1.0	1075	$1,550	$1.44	13d	1	1.10mi
807 Edgewater Ave Fort Wayne, IN	3.0	1.0	1075	$1,450	$1.35	21d	1	1.10mi
1516 Bayer Ave Fort Wayne, IN	4.0	2.0	1280	$1,299	$1.01	13d	1	1.18mi
1704 Sprunger Ave Fort Wayne, IN	3.0	1.0	1141	$1,400	$1.23	43d	1	1.19mi
1726 Tecumseh St Fort Wayne, IN	3.0	1.0	1280	$1,350	$1.05	13d	1	1.24mi
607 Curdes Ave Fort Wayne, IN	3.0	1.5	1072	$1,450	$1.35	21d	1	1.26mi
1132 S Hanna St Unit 1 Fort Wayne, IN	4.0	1.5	1656	$1,600	$0.97	43d	1	1.30mi
1104 Stophlet St Fort Wayne, IN	3.0	1.5	1288	$1,400	$1.09	13d	1	1.33mi

Listing history 20 events

1. 2026-06-18
   days on market $159,900 Active 49 DOM
2. 2026-06-17
   days on market $159,900 Active 48 DOM
3. 2026-06-16
   days on market $159,900 Active 47 DOM
4. 2026-06-15
   days on market $159,900 Active 46 DOM
5. 2026-06-14
   days on market $159,900 Active 44 DOM
6. 2026-06-10
   days on market $159,900 Active 41 DOM
7. 2026-06-09
   days on market $159,900 Active 40 DOM
8. 2026-06-08
   days on market $159,900 Active 39 DOM
9. 2026-06-07
   days on market $159,900 Active 38 DOM
10. 2026-06-03
    days on market $159,900 Active 34 DOM
11. 2026-06-02
    days on market $159,900 Active 33 DOM
12. 2026-06-01
    days on market $159,900 Active 32 DOM
13. 2026-05-31
    days on market $159,900 Active 31 DOM
14. 2026-05-30
    days on market $159,900 Active 30 DOM
15. 2026-05-15
    price $159,900 1488-char remark
16. 2026-04-30
    listed $164,900 Active 1488-char remark
17. 2026-03-08
    historical $965
18. 2026-02-13
    listed $965
19. 2024-04-07
    historical $850
20. 2024-03-13
    listed $850

ⓘ 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: $1,959 · $163/mo
• Projected year-2 tax: $1,959 · $163/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 4/10 Moderate FEMA zone X · 22% 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: $26,064
• − Mortgage interest: −$8,957
• − Property taxes: −$1,959
• − Insurance: −$800
• − Repairs & maintenance: −$2,085
• − Management: −$2,085
• − Depreciation: −$4,652
• Taxable income: $5,526
• Est. tax owed @ 24.0%: −$1,326
• After-tax cash flow: $6,443/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

-3.0% since first listed

6 events — show timeline

• 2026-05-15 Price Changed $159,900 IRMLS
• 2026-04-30 Listed $164,900 IRMLS
• 2026-03-08 Rental Removed $965 RENTEC
• 2026-02-13 Listed for Rent $965 RENTEC
• 2024-04-07 Rental Removed $850 RENTEC
• 2024-03-13 Listed for Rent $850 RENTEC

Property tax history

+4.4%/yr

Latest (2024): $1,959 · -3.1% YoY. Source: county tax records.