601 High St · Fort Wayne, IN 46808

$160,000

3 bd · 1.0 ba · 1,392 sqft · SingleFamily public records · 31 Days on market

Built 1900 5,663 sqft lot Est $152k · 5% over

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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 +15.7/30.0
• ARV discount +5.0/15.0
• DSCR +4.8/10.0
• Rent growth +4.2/5.0
• Livability +4.2/5.0
• 1% rule +4.0/10.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• Appreciation +0.0/10.0

Listing remarks

Back on the market at no fault to the seller! This fully renovated property offers a true turnkey investment opportunity. Currently tenant-occupied, it’s being sold as a plug-and-play rental, meaning immediate cash flow from day one without the hassle of renovations or vacancy. The home has been completely redone, providing modern finishes, updated systems, and low-maintenance ownership for years to come. Whether you're looking to start your rental portfolio or expand an existing one, this property delivers a seamless addition with built-in income. Opportunities like this - updated, occupied, and ready to perform don’t come around often.

Key facts

• Immediate cash flow
• Updated systems
• Built in income

Tags

• TURNKEY INVESTMENT OPPORTUNITY
• IMMEDIATE CASH FLOW
• MODERN FINISHES
• UPDATED SYSTEMS
• LOW MAINTENANCE OWNERSHIP
• BUILT IN INCOME

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $160k.

Deal economics

• At list price, monthly cash flow is $71 ($854/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 $145k (9.7% below list).
• Recommended offer: $145k (9.7% below list) — sets the bar for 1% rule.
• Cap rate 6.8% 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: Washington Elementary School (math 27% / reading 17%, grade F, #790 of 994 statewide, top 81%, 238 students, 74% 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); 88 active listings in the ZIP; 37 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 46% 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 $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.

Negotiation context

• It's been on market 31 days — a 3% lower offer ($155k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $144,520 (9.7% below list)

Questions for the listing agent

1. It's been on market 31 days. Have you received any prior offers? Is the seller open to a 10% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — 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: 0.90% ✗
• Cap rate: 6.83%
• Cash-on-cash: 1.91%
• DSCR: 1.08
• GRM: 9.2

CMA / ARV

• ARV (on-the-fly): $151,728
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
615 2nd St	0.06mi	3/1.0	1,320 (-5%)	1mo	$122,500	$93	88
538 W 4th St	0.20mi	3/1.0	1,466 (+5%)	5mo	$56,500	$39	78
1628 N Wells St	0.34mi	3/1.5	1,408 (+1%)	4mo	$112,000	$80	77
1115 W 4th St	0.47mi	3/2.0	1,426 (+2%)	1mo	$167,000	$117	69
1149 W Main St	0.61mi	3/1.5	1,408 (+1%)	2mo	$75,000	$53	66
702 Archer Ave	0.56mi	3/1.5	1,273 (-8%)	3mo	$163,000	$128	55
2015 Hensch St	0.63mi	3/2.5	1,472 (+6%)	5mo	$189,900	$129	51
1316 Sinclair St	0.57mi	3/1.0	1,208 (-13%)	3mo	$135,000	$112	49
1424 Spring St	0.71mi	3/1.5	1,546 (+11%)	7mo	$195,000	$126	41
1603 Howell St	0.73mi	3/1.5	1,188 (-15%)	0mo	$129,900	$109	39
1207 Elm St	0.69mi	4/2.0 (+1)	1,528 (+10%)	6mo	$125,000	$82	38
331 Nussbaum Ave	0.74mi	3/1.0	1,190 (-14%)	8mo	$100,000	$84	35

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: -9.0%
• Equity multiple: 0.66×
• Total profit: $-15,374
• Equity at exit: $23,857

10-year hold

• IRR: 5.0%
• Equity multiple: 1.43×
• Total profit: $19,263
• Equity at exit: $13,834

Cash invested: $44,800 (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: 88
• Price-to-rent: 9.2×

Monthly cashflow live

• Estimated rent: $1,445 high
• Mortgage (P&I): −$839
• Tax from tax record: −$165 /mo · $1,978/yr
• Insurance: −$67
• HOA: −$0
• Vacancy / Maint / Mgmt: −$303
• Net cashflow: $71

Break-even live

Break-even rent $1,355

Max offer price $160,000

Occupancy floor 90%

Sensitivity live

Price	-10% $162	-5% $116	+0% $71	+5% $26	+10% $-19
Rent	-10% $-43	-5% $14	+0% $71	+5% $128	+10% $185
Rate	-1.0pp $152	-0.5pp $112	base $71	+0.5pp $30	+1.0pp $-12

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: $40,000
• Closing costs: $4,800
• Reserves months: —
• Total cash needed: —

Rent comps 37 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
706 3rd St Unit 1 Fort Wayne, IN	2.0	1.0	930	$995	$1.07	45d	1	0.21mi
739 W 4th St Fort Wayne, IN	4.0	2.0	1750	$1,995	$1.14	15d	1	0.28mi
1437 Oakland St Fort Wayne, IN	3.0	1.0	1000	$1,250	$1.25	45d	1	0.41mi
835 Van Buren St Fort Wayne, IN	2.0	1.0–2.0	750	$1,995	$2.66	15d	29	0.53mi
702 Archer Ave Fort Wayne, IN	3.0	1.5	1273	$1,499	$1.18	46d	1	0.56mi
901 W Wayne St Unit 3 Fort Wayne, IN	2.0	2.0	1312	$1,700	$1.30	45d	1	0.63mi
101 Three Rivers N Fort Wayne, IN	2.0	1.0	760	$2,102	$2.76	23d	11	0.67mi
112 W Washington Blvd Fort Wayne, IN	1.0–2.0	1.0–2.0	768	$1,500	$1.95	23d	2	0.68mi
1502 3rd St Fort Wayne, IN	3.0	1.5	1344	$1,650	$1.23	15d	1	0.68mi
1250 Ewing St Fort Wayne, IN	2.0	1.0–2.0	980	$2,081	$2.12	23d	24	0.77mi
1626 Howell St Unit 201 Fort Wayne, IN	3.0	2.0	1200	$1,700	$1.42	23d	1	0.78mi
915 Garden St Fort Wayne, IN	2.0	2.0	1275	$1,650	$1.29	15d	1	0.83mi
1118 Rockhill St Fort Wayne, IN	3.0	3.0	1790	$2,300	$1.28	45d	1	0.83mi
603 Lavina St Fort Wayne, IN	3.0	2.0	1872	$1,899	$1.01	45d	1	0.85mi
877 Lavina St Fort Wayne, IN	1.0–3.0	1.0–2.0	997	$2,980	$2.99	45d	17	0.86mi
1721 3rd St Fort Wayne, IN	3.0	1.0	1584	$1,195	$0.75	45d	1	0.91mi
2315 Terrace Rd Fort Wayne, IN	3.0	1.0	1466	$1,600	$1.09	45d	1	0.93mi
2403 N Clinton St Fort Wayne, IN	3.0	2.0	1666	$1,750	$1.05	45d	1	0.97mi
805 Edgewater Ave Fort Wayne, IN	3.0	1.0	1075	$1,550	$1.44	15d	1	0.99mi
807 Edgewater Ave Fort Wayne, IN	3.0	1.0	1075	$1,450	$1.35	23d	1	0.99mi
1332 Swinney Ave Fort Wayne, IN	2.0	1.0	1035	$1,300	$1.26	45d	1	1.12mi
2718 Sherman Blvd Fort Wayne, IN	2.0	1.0	900	$925	$1.03	23d	1	1.13mi
1915 Ellen Ave Fort Wayne, IN	2.0	1.0	1100	$950	$0.86	15d	1	1.14mi
1132 S Hanna St Unit 1 Fort Wayne, IN	4.0	1.5	1656	$1,600	$0.97	45d	1	1.14mi
1104 Stophlet St Fort Wayne, IN	3.0	1.5	1288	$1,400	$1.09	15d	1	1.14mi
1516 Bayer Ave Fort Wayne, IN	4.0	2.0	1280	$1,299	$1.01	15d	1	1.17mi
217 W Masterson Ave Fort Wayne, IN	2.0	1.0	1100	$995	$0.90	23d	1	1.22mi
1726 Tecumseh St Fort Wayne, IN	3.0	1.0	1280	$1,350	$1.05	15d	1	1.25mi
309 W Williams St Unit 1 Fort Wayne, IN	2.0	1.0	900	$900	$1.00	23d	1	1.28mi
1704 Sprunger Ave Fort Wayne, IN	3.0	1.0	1141	$1,400	$1.23	45d	1	1.29mi
1206 Columbia Ave Unit 2 Fort Wayne, IN	2.0	2.0	1118	$995	$0.89	45d	1	1.30mi
919 Madison St Fort Wayne, IN	2.0	1.0	1332	$995	$0.75	45d	1	1.31mi
1838 Kentucky Ave Fort Wayne, IN	2.0	1.0	884	$975	$1.10	45d	1	1.34mi
607 Curdes Ave Fort Wayne, IN	3.0	1.5	1072	$1,450	$1.35	23d	1	1.39mi
2133 Riedmiller Ave Fort Wayne, IN	3.0	1.0	1056	$1,050	$0.99	23d	1	1.45mi
1131 E Lewis St Fort Wayne, IN	4.0	2.0	1476	$1,950	$1.32	15d	1	1.47mi
1342 Guthrie St Fort Wayne, IN	3.0	1.0	1200	$899	$0.75	45d	1	1.48mi

Listing history 17 events

1. 2026-06-22
   days on market $160,000 Active 31 DOM
2. 2026-06-18
   days on market $160,000 Active 28 DOM
3. 2026-06-17
   days on market $160,000 Active 27 DOM
4. 2026-06-16
   days on market $160,000 Active 26 DOM
5. 2026-06-15
   days on market $160,000 Active 25 DOM
6. 2026-06-14
   days on market $160,000 Active 23 DOM
7. 2026-06-10
   days on market $160,000 Active 20 DOM
8. 2026-06-09
   days on market $160,000 Active 19 DOM
9. 2026-06-08
   days on market $160,000 Active 18 DOM
10. 2026-06-07
    days on market $160,000 Active 17 DOM
11. 2026-06-03
    days on market $160,000 Active 13 DOM
12. 2026-06-02
    days on market $160,000 Active 12 DOM
13. 2026-06-01
    days on market $160,000 Active 11 DOM
14. 2026-05-31
    days on market $160,000 Active 10 DOM
15. 2026-05-30
    days on market $160,000 Active 9 DOM
16. 2026-04-27
    status Pending
17. 2026-04-20
    listed $160,000 Active

ⓘ 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: $1,978 · $165/mo
• Projected year-2 tax: $1,978 · $165/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 · 23% 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: $17,342
• − Mortgage interest: −$8,962
• − Property taxes: −$1,978
• − Insurance: −$800
• − Repairs & maintenance: −$1,387
• − Management: −$1,387
• − Depreciation: −$4,655
• Taxable loss: −$1,827
• Est. tax savings @ 24.0%: +$438
• After-tax cash flow: $1,293/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

2 events — show timeline

• 2026-04-27 Pending — IRMLS
• 2026-04-20 Listed $160,000 IRMLS

Property tax history

+25.4%/yr

Latest (2024): $1,978 · +0.3% YoY. Source: county tax records.