2728 Crescent Ave · Fort Wayne, IN 46805

$130,000

3 bd · 1.0 ba · 1,224 sqft · SingleFamily public records · 113 Days on market

Built 1928 4,792 sqft lot $106/sqft · 32% below area Est $191k · 32% under ↓ 14% since listing

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Why this score? — see what drove the C+ 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 +15.0/15.0
• DSCR +7.7/10.0
• 1% rule +5.4/10.0
• Livability +4.2/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

* * * INVESTMENT OPPORTUNITY * * * Opportunity awaits in this well-established neighborhood known for its community feel, convenient amenities, and long-term desirability. This home requires repairs and is being sold AS-IS, offering buyers the chance to customize or add value in a location where finished homes are in strong demand. The property features 3 beds/1 bath/1224 Sq ft of living space on a 0.11 acre lot, providing a solid footprint for reconfiguration or modernization. With nearby schools, parks, and daily conveniences, this location supports both owner-occupants using renovation financing and investors seeking long-term appreciation. Ideal for buyers with vision looking to restore and improve a home in a neighborhood where renovated properties perform well. Don't miss out on this gem!

Key facts

• Daily conveniences
• Convenient amenities
• Parks

Tags

• WELL-ESTABLISHED NEIGHBORHOOD
• CONVENIENT AMENITIES
• NEARBY SCHOOLS
• PARKS
• DAILY CONVENIENCES
• LONG-TERM APPRECIATION

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: $118k (9.0% 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 flat; 108 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 1,861 units permitted in Allen County in 2024 (576 in 5+ unit buildings).
• This rent runs 31% of the median local income ($52k/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 $899 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

• It's been on market 113 days — a 9% lower offer ($118k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1928 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $118,300 (9.0% below list)

Questions for the listing agent

1. It's been on market 113 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1928 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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: 1.04% ✓
• Cap rate: 8.61%
• Cash-on-cash: 8.28%
• DSCR: 1.37
• GRM: 8.0

CMA / ARV

• ARV (median comp): $190,685
• List price: $130,000
• Delta: -31.82%
• 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
2603 Crescent Ave	0.16mi	3/1.0	1,144 (-6%)	1mo	$134,900	$118	81
1326 Dodge Ave	0.20mi	3/1.0	1,352 (+10%)	0mo	$210,000	$155	73
1718 Kentucky Ave	0.71mi	3/1.5	1,234 (+1%)	2mo	$187,500	$152	62
813 Kenwood Ave	0.53mi	3/2.0	1,284 (+5%)	2mo	$195,000	$152	62
1139 Clara Ave	0.25mi	3/2.0	1,383 (+13%)	2mo	$230,200	$166	61
1003 Curdes Ave	0.44mi	3/1.0	1,086 (-11%)	1mo	$185,000	$170	60
916 Northwood Blvd	0.60mi	3/1.0	1,326 (+8%)	0mo	$160,000	$121	58
3334 River Forest Dr	0.46mi	3/1.5	1,363 (+11%)	1mo	$245,500	$180	57
1242 Somerset Ln	0.48mi	3/1.5	1,363 (+11%)	1mo	$210,000	$154	56
2316 Kensington Blvd	0.38mi	3/1.0	1,406 (+15%)	3mo	$205,000	$146	55
2403 Kenwood Ave	0.59mi	3/1.5	1,352 (+10%)	1mo	$190,000	$141	52
1845 Alabama Ave	0.54mi	3/1.0	1,372 (+12%)	3mo	$210,000	$153	52

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 · 0.75% rent growth · sell at horizon

5-year hold

• IRR: -6.1%
• Equity multiple: 0.78×
• Total profit: $-8,087
• Equity at exit: $19,383

10-year hold

• IRR: 0.7%
• Equity multiple: 1.05×
• Total profit: $1,704
• Equity at exit: $11,240

Cash invested: $36,400 (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 46805

• Rents YoY: 0.8%
• Active inventory: 108
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $1,351 high
• Mortgage (P&I): −$682
• Tax from tax record: −$80 /mo · $964/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$284
• Net cashflow: $251

Break-even live

Break-even rent $1,033

Max offer price $130,000

Occupancy floor 76%

Sensitivity live

Price	-10% $325	-5% $288	+0% $251	+5% $214	+10% $178
Rent	-10% $144	-5% $198	+0% $251	+5% $305	+10% $358
Rate	-1.0pp $317	-0.5pp $284	base $251	+0.5pp $218	+1.0pp $183

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: $32,500
• Closing costs: $3,900
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1311 Ferguson Ave Fort Wayne, IN	2.0	2.0	1400	$1,700	$1.21	14d	1	0.35mi
2508 Woodward Ave Fort Wayne, IN	3.0	1.0	1300	$1,700	$1.31	14d	1	0.39mi
1911 Hazelwood Ave Fort Wayne, IN	1.0–3.0	1.0–2.5	910	$1,375	$1.51	22d	3	0.42mi
1838 Kentucky Ave Fort Wayne, IN	2.0	1.0	884	$975	$1.10	44d	1	0.62mi
2005 Bayer Ave Fort Wayne, IN	2.0	1.0	840	$895	$1.07	44d	1	0.66mi
607 Curdes Ave Fort Wayne, IN	3.0	1.5	1072	$1,450	$1.35	22d	1	0.71mi
1726 Tecumseh St Fort Wayne, IN	3.0	1.0	1280	$1,350	$1.05	14d	1	0.73mi
1516 Bayer Ave Fort Wayne, IN	4.0	2.0	1280	$1,299	$1.01	14d	1	0.86mi
1035 Ridgewood Dr Fort Wayne, IN	1.0–3.0	1.0–1.5	906	$1,450	$1.60	14d	33	0.88mi
344 Dunnwood Dr Unit 1 Fort Wayne, IN	2.0	1.0	800	$695	$0.87	44d	1	0.92mi
1206 Columbia Ave Unit 2 Fort Wayne, IN	2.0	2.0	1118	$995	$0.89	44d	1	1.06mi
608 Anderson Ave Unit 1 Fort Wayne, IN	2.0	1.0	804	$875	$1.09	22d	1	1.15mi
2020 Hobson Rd Fort Wayne, IN	2.0–4.0	1.0–2.0	1340	$1,135	$0.85	14d	7	1.16mi
2315 Terrace Rd Fort Wayne, IN	3.0	1.0	1466	$1,600	$1.09	44d	1	1.17mi
807 Edgewater Ave Fort Wayne, IN	3.0	1.0	1075	$1,450	$1.35	22d	1	1.41mi
805 Edgewater Ave Fort Wayne, IN	3.0	1.0	1075	$1,550	$1.44	14d	1	1.41mi
101 Three Rivers N Fort Wayne, IN	2.0	1.0	760	$2,102	$2.76	22d	11	1.49mi

Listing history 8 events

1. 2026-06-07
   statusdays on market $130,000 Pending 113 DOM
2. 2026-06-03
   days on market $130,000 Active 111 DOM
3. 2026-06-02
   days on market $130,000 Active 110 DOM
4. 2026-06-01
   days on market $130,000 Active 109 DOM
5. 2026-05-31
   days on market $130,000 Active 108 DOM
6. 2026-05-30
   days on market $130,000 Active 107 DOM
7. 2026-04-10
   price $150,000 811-char remark

   Show marketing remark (811 chars)

   * * * INVESTMENT OPPORTUNITY * * * Opportunity awaits in this well-established neighborhood known for its community feel, convenient amenities, and long-term desirability. This home requires repairs and is being sold AS-IS, offering buyers the chance to customize or add value in a location where finished homes are in strong demand. The property features 3 beds/1 bath/1224 Sq ft of living space on a 0.11 acre lot, providing a solid footprint for reconfiguration or modernization. With nearby schools, parks, and daily conveniences, this location supports both owner-occupants using renovation financing and investors seeking long-term appreciation. Ideal for buyers with vision looking to restore and improve a home in a neighborhood where renovated properties perform well. Don't miss out on this gem!

8. 2026-02-12
   listed $175,000 Active 811-char remark

   Show marketing remark (811 chars)

   * * * INVESTMENT OPPORTUNITY * * * Opportunity awaits in this well-established neighborhood known for its community feel, convenient amenities, and long-term desirability. This home requires repairs and is being sold AS-IS, offering buyers the chance to customize or add value in a location where finished homes are in strong demand. The property features 3 beds/1 bath/1224 Sq ft of living space on a 0.11 acre lot, providing a solid footprint for reconfiguration or modernization. With nearby schools, parks, and daily conveniences, this location supports both owner-occupants using renovation financing and investors seeking long-term appreciation. Ideal for buyers with vision looking to restore and improve a home in a neighborhood where renovated properties perform well. Don't miss out on this gem!

ⓘ 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: $964 · $80/mo
• Projected year-2 tax: $1,034 · $86/mo
• Expected delta: +$71/yr (+$6/mo · 7.3%)

ⓘ 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: $16,214
• − Mortgage interest: −$7,282
• − Property taxes: −$964
• − Insurance: −$650
• − Repairs & maintenance: −$1,297
• − Management: −$1,297
• − Depreciation: −$3,782
• Taxable income: $942
• Est. tax owed @ 24.0%: −$226
• After-tax cash flow: $2,789/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): 21,437
• Household income: $52,154
• Rent vs Own: 42.6% rent · 57.4% own
• Severe rent burden: 904.0

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 (72%)
• Race & ethnicity: White 72% Black 9% Two or more races 8% Hispanic / Latino 7% Asian 5%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Lithuanian 3% Slovak 3% Italian 2%
• Foreign-born: 6% · Philippines, Canada
• Languages at home: 91% English-only · Other Asian/Pacific 3% Spanish 3%

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: ▼ -356.64%
• Current HPI: 286.2643
• Rent YoY: ▲ 0.75%
• 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

-14.3% since first listed

2 events — show timeline

• 2026-04-10 Price Changed $150,000 IRMLS
• 2026-02-12 Listed $175,000 IRMLS

Property tax history

+5.9%/yr

Latest (2024): $964 · +7.4% YoY. Source: county tax records.