3311 Reed St · Fort Wayne, IN 46806

$89,500

3 bd · 1.0 ba · 1,380 sqft · SingleFamily public records · 2 Days on market

Built 1945 5,330 sqft lot Est $138k · 35% under

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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
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.6/10.0
• Livability +4.2/5.0
• Rent growth +3.7/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

* * * Accepted offer * * * This totally updated Cape Cod, is cute as a button. The seller completed many renovations such as, replaced the windows, updated the kitchen, remodeled the bathroom, painted the interior and the exterior and has replaced the flooring. The beautiful fireplace in the living room creates a warm feel on these cold winter evenings and offers a wonderful centerpiece to your living space. The room flows directly into the dining room. There are two nicely sized bedrooms on the main floor and a huge master upstairs. Don't miss your chance on this charming home, in a market where this surely will not last long. Masks are a requirement at every showing.

Key facts

• Cape cod
• Roof
• Water heater

Tags

• CAPE COD
• SIDING
• WINDOWS
• FURNACE
• WATER HEATER
• ROOF

Property features AI

Finance

• Other: No additional financial amenities provided
• Financial info: No investment or income/expense details provided
• HOA & community: No HOA information provided

Exterior

• Parking: No parking details provided
• Security: No security details provided
• Utilities: Public water; Public sewer
• Home design: Single-family, site-built home; One story
• Construction: Vinyl siding; No year built provided
• Exterior features: Level lot; Lot dimensions approximately 41 x 130

Interior

• Kitchen: No appliance details provided
• Bedrooms: Total rooms: 5 (includes bedrooms and living spaces)
• Flooring: No flooring details provided
• Bathrooms: One full bathroom (main level)
• Heating & cooling: Natural gas forced-air heating; Window unit cooling
• Interior features: Fireplace in the family room; Full basement
• Laundry & utility: Laundry located in the basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $90k.

Deal economics

• At list price, monthly cash flow is $408 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $90k).
• Cap rate 11.8% 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-, 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: Northcrest Elementary School (math 17% / reading 17%, grade F, #837 of 994 statewide, top 86%, 493 students, 71% FRL); Northwood Middle School (math 14% / reading 22%, grade F, #279 of 330 statewide, top 86%, 587 students, 70% 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 (+4.9%/yr); 129 active listings in the ZIP; 25 comparable units currently listed for rent nearby; rentals at typical pace (median 23d 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 ($48k/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 $619 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.
• At projected returns (-3.0% appreciation + 4.9% rent growth), your $25k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 8y 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.
• Current owner paid $67k; 34% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1945 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $89,500

Questions for the listing agent

1. Built in 1945 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.36% ✓
• Cap rate: 11.76%
• Cash-on-cash: 19.54%
• DSCR: 1.87
• GRM: 6.1

CMA / ARV

• ARV (on-the-fly): $138,000
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3311 Reed St	0.00mi	3/1.0	1,380 (0%)	0mo	$81,000	$59	100
3034 Lillie St	0.17mi	3/1.0	1,350 (-2%)	1mo	$90,000	$67	88
1024 Eckart St	0.34mi	3/1.5	1,421 (+3%)	2mo	$81,000	$57	75
3105 Central Dr	0.33mi	3/1.0	1,288 (-7%)	1mo	$65,000	$50	73
3015 Holton Ave	0.18mi	3/1.0	1,185 (-14%)	1mo	$80,000	$68	67
933 E Rudisill Blvd	0.46mi	3/1.5	1,440 (+4%)	3mo	$205,000	$142	67
3110 Central Dr	0.31mi	3/1.0	1,224 (-11%)	1mo	$123,000	$100	66
3026 Abbott St	0.50mi	3/1.5	1,476 (+7%)	1mo	$165,000	$112	62
1013 Mckinnie Ave	0.65mi	3/1.5	1,425 (+3%)	2mo	$150,000	$105	61
3602 Hanna St	0.60mi	3/1.5	1,268 (-8%)	2mo	$120,000	$95	55
2416 Drexel Ave	0.59mi	3/1.5	1,531 (+11%)	2mo	$161,750	$106	50
4014 Hanna St	0.70mi	3/2.0	1,248 (-10%)	1mo	$188,500	$151	46

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 · 4.93% rent growth · sell at horizon

5-year hold

• IRR: 13.6%
• Equity multiple: 1.55×
• Total profit: $13,879
• Equity at exit: $13,345

10-year hold

• IRR: 23.7%
• Equity multiple: 3.23×
• Total profit: $55,768
• Equity at exit: $7,738

Cash invested: $25,060 (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 46806

• Home prices YoY: -33.6%
• Rents YoY: 4.9%
• Active inventory: 129
• Price-to-rent: 6.1×

Monthly cashflow live

• Estimated rent: $1,219 high
• Mortgage (P&I): −$469
• Tax from tax record: −$48 /mo · $581/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$256
• Net cashflow: $408

Break-even live

Break-even rent $703

Max offer price $89,500

Occupancy floor 62%

Sensitivity live

Price	-10% $459	-5% $433	+0% $408	+5% $383	+10% $357
Rent	-10% $312	-5% $360	+0% $408	+5% $456	+10% $504
Rate	-1.0pp $453	-0.5pp $431	base $408	+0.5pp $385	+1.0pp $361

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: $22,375
• Closing costs: $2,685
• Reserves months: —
• Total cash needed: —

Rent comps 25 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3410 S Anthony Blvd Fort Wayne, IN	3.0	1.0	900	$1,200	$1.33	45d	1	0.17mi
3009 Holton Ave Fort Wayne, IN	3.0	1.0	1212	$1,400	$1.16	15d	1	0.17mi
1023 Hamilton Ave Fort Wayne, IN	3.0	1.0	1152	$1,075	$0.93	15d	1	0.36mi
1024 Colerick St Fort Wayne, IN	4.0	1.0	1388	$1,065	$0.77	22d	1	0.37mi
4014 Oliver St Fort Wayne, IN	3.0	1.0	936	$1,050	$1.12	15d	1	0.49mi
2903 Queen St Fort Wayne, IN	3.0	2.0	1460	$1,200	$0.82	45d	1	0.64mi
2720 Queen St Fort Wayne, IN	3.0	2.0	1316	$1,395	$1.06	15d	1	0.66mi
4405 S Park Dr Fort Wayne, IN	2.0	1.0	1440	$1,175	$0.82	15d	1	0.80mi
4325 Werling Dr Fort Wayne, IN	1.0–3.0	1.0–2.0	923	$1,164	$1.26	45d	1	0.81mi
451 E Pontiac St Fort Wayne, IN	3.0	1.0	1308	$1,050	$0.80	45d	1	0.84mi
3801 Lafayette St Fort Wayne, IN	2.0	1.0	1116	$995	$0.89	15d	1	0.85mi
4705 S Anthony Blvd Fort Wayne, IN	3.0	1.0	1110	$1,050	$0.95	15d	1	0.93mi
4133 Lafayette St Fort Wayne, IN	4.0	2.0	1640	$1,400	$0.85	22d	1	0.96mi
2530 Lafayette St Fort Wayne, IN	4.0	1.0	1816	$1,500	$0.83	45d	1	0.97mi
859 Buchanan St Fort Wayne, IN	1.0–4.0	1.0	887	$1,074	$1.21	22d	1	1.02mi
420 E Dewald St Fort Wayne, IN	3.0	1.5	1472	$1,300	$0.88	45d	1	1.07mi
116 E Pontiac St Fort Wayne, IN	3.0	1.5	1400	$1,175	$0.84	22d	1	1.12mi
3510 S Harrison St Fort Wayne, IN	3.0	1.0	1248	$975	$0.78	15d	1	1.16mi
227 W Darrow Ave Fort Wayne, IN	3.0	1.0	995	$1,000	$1.01	45d	1	1.20mi
2806 New Haven Ave Fort Wayne, IN	3.0	1.0	1410	$1,125	$0.80	22d	1	1.21mi
3008 Webster St Fort Wayne, IN	3.0	1.0	1344	$1,449	$1.08	22d	1	1.23mi
2730 Chestnut St Fort Wayne, IN	3.0	1.5	1312	$950	$0.72	22d	1	1.26mi
309 W Leith St Unit 2 Fort Wayne, IN	2.0	1.0	900	$1,000	$1.11	45d	1	1.28mi
3702 Trace Cir Fort Wayne, IN	2.0–4.0	2.0	1571	$1,903	$1.21	45d	6	1.43mi
1131 E Lewis St Fort Wayne, IN	4.0	2.0	1476	$1,950	$1.32	15d	1	1.44mi

Listing history 3 events

1. 2026-06-10
   days on market $89,500 Active 2 DOM
2. 2026-06-09
   remarks 264-char remark
3. 2026-06-09
   listed $89,500 Active 1 DOM

ⓘ 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: $581 · $48/mo
• Projected year-2 tax: $671 · $56/mo
• Expected delta: +$90/yr (+$8/mo · 15.5%)

ⓘ 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: $14,629
• − Mortgage interest: −$5,013
• − Property taxes: −$581
• − Insurance: −$448
• − Repairs & maintenance: −$1,170
• − Management: −$1,170
• − Depreciation: −$2,604
• Taxable income: $3,643
• Est. tax owed @ 24.0%: −$874
• After-tax cash flow: $4,022/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): 26,425
• Household income: $47,895
• Rent vs Own: 48.1% rent · 51.9% own
• Severe rent burden: 1184.0

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: Highly diverse neighborhood (Simpson 0.74)
• Race & ethnicity: Black 37% Hispanic / Latino 26% White 21% Asian 12% Two or more races 11% Native American 2%
• Hispanic origin (detail): Mexican 18% Puerto Rican 1%
• Common ancestry: Italian 1% Romanian 1% Lithuanian 1%
• Foreign-born: 19% · Canada, Philippines, South Korea
• Languages at home: 71% English-only · Spanish 19% Other Asian/Pacific 9%

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: ▼ -148.00%
• Current HPI: 291.8198
• Rent YoY: ▲ 4.93%
• 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

+347.5% since first listed

5 events — show timeline

• 2026-06-08 Listed $89,500 IRMLS
• 2021-04-02 Sold (MLS) $67,000 IRMLS
• 2021-02-12 Listed $69,900 IRMLS
• 2018-05-30 Sold (MLS) $16,000 IRMLS
• 2018-03-09 Listed $20,000 IRMLS

Property tax history

+13.1%/yr

Latest (2024): $581 · +29.5% YoY. Source: county tax records.