624 Elmer Ave · Fort Wayne, IN 46808

$70,000

3 bd · 1.0 ba · 1,025 sqft · SingleFamily public records · 10 Days on market

Built 1960 10,498 sqft lot ↓ 36% 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 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

Listing remarks MLS

3 Bedroom , 1 Bath with attached garage on nice lot with fenced in back yard. Close to shopping, Downtown and Zoo. New energy efficient furnace installed about 5 years ago. Home comes with all appliances included (Washer, Dryer, Refrigerator, Stove), but not warranted. House has been a rental for the last 6 years. Current tenant has been there 5.5 years. You can keep as an investment property or make it your own home.

Key facts

• 0.24 acre lot
• Garage
• Built 1960

Property features AI

Exterior

• Parking: Attached garage (1 car); Off-street parking
• Utilities: Public water; Public sewer
• Home design: Single-family site-built home; One-story
• Construction: Wood siding construction
• Exterior features: Patio; Fire pit; Level lot; Lot dimensions approximately 70 x 150

Interior

• Kitchen: Gas water heater; Water heater
• Bedrooms: Total of 5 rooms (includes bedrooms and living spaces)
• Bathrooms: One full bathroom on the main level
• Heating & cooling: Natural gas heating with forced air; Central air conditioning
• Interior features: Eat-in kitchen; Crawl space basement
• Laundry & utility: Main-level laundry area with gas dryer hookup

🏷️ Possibly a rental listed for sale. The $70,000 price doesn't fit this home's estimated sale value (~$152,725) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $70k.

Deal economics

• At list price, monthly cash flow is $459 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $70k).
• Cap rate 14.2% 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: Franke Park Elementary School (math 27% / reading 27%, grade F, #737 of 994 statewide, top 76%, 405 students, 78% 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 (+7.0%/yr); 87 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 47% 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $484 of loan paydown is wiped out by about $2k 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 $20k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 5y 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.

Recommended offer $70,000

Questions for the listing agent

1. Built in 1960 — 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: 1.72% ✓
• Cap rate: 14.16%
• Cash-on-cash: 28.11%
• DSCR: 2.25
• GRM: 4.9

CMA / ARV

• ARV (on-the-fly): $152,725
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
707 Mildred Ave	0.05mi	3/1.0	1,025 (0%)	10mo	$165,000	$161	89
655 Irene Ave	0.25mi	2/1.0 (-1)	984 (-4%)	7mo	$147,000	$149	71
402 Clayton Ave	0.35mi	2/1.0 (-1)	1,008 (-2%)	7mo	$160,000	$159	70
722 Russell Ave	0.11mi	3/1.0	888 (-13%)	7mo	$147,000	$166	67
2662 Sherman Blvd	0.18mi	2/1.0 (-1)	930 (-9%)	6mo	$121,000	$130	67
725 Lillian Ave	0.19mi	2/2.0 (-1)	1,111 (+8%)	2mo	$178,000	$160	66
2214 Sherman Blvd	0.44mi	3/1.0	1,144 (+12%)	3mo	$167,500	$146	58
1016 Putnam St	0.72mi	2/1.0 (-1)	1,000 (-2%)	2mo	$145,000	$145	56
2502 Sherman Blvd	0.30mi	2/2.0 (-1)	920 (-10%)	6mo	$142,000	$154	55
657 Florence Ave	0.45mi	2/1.0 (-1)	960 (-6%)	10mo	$136,000	$142	55
1918 Short St	0.59mi	2/1.0 (-1)	974 (-5%)	8mo	$139,900	$144	52
2006 Saint Marys Ave	0.59mi	2/1.0 (-1)	872 (-15%)	7mo	$73,000	$84	36

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: 26.8%
• Equity multiple: 2.17×
• Total profit: $22,932
• Equity at exit: $10,437

10-year hold

• IRR: 36.7%
• Equity multiple: 5.08×
• Total profit: $80,025
• Equity at exit: $6,052

Cash invested: $19,600 (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: 4.9×

Monthly cashflow live

• Estimated rent: $1,202 high
• Mortgage (P&I): −$367
• Tax from tax record: −$94 /mo · $1,134/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$253
• Net cashflow: $459

Break-even live

Break-even rent $621

Max offer price $70,000

Occupancy floor 57%

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: $17,500
• Closing costs: $2,100
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2718 Sherman Blvd Fort Wayne, IN	2.0	1.0	900	$925	$1.03	21d	1	0.13mi
702 Archer Ave Fort Wayne, IN	3.0	1.5	1273	$1,499	$1.18	44d	1	0.57mi
2315 Terrace Rd Fort Wayne, IN	3.0	1.0	1466	$1,600	$1.09	43d	1	0.59mi
344 Dunnwood Dr Unit 1 Fort Wayne, IN	2.0	1.0	800	$695	$0.87	43d	1	0.77mi
1437 Oakland St Fort Wayne, IN	3.0	1.0	1000	$1,250	$1.25	43d	1	0.94mi
607 Curdes Ave Fort Wayne, IN	3.0	1.5	1072	$1,450	$1.35	21d	1	0.96mi
706 3rd St Unit 1 Fort Wayne, IN	2.0	1.0	930	$995	$1.07	43d	1	0.97mi
1502 3rd St Fort Wayne, IN	3.0	1.5	1344	$1,650	$1.23	13d	1	1.09mi
1915 Ellen Ave Fort Wayne, IN	2.0	1.0	1100	$950	$0.86	13d	1	1.18mi
2102 W Point Dr Fort Wayne, IN	1.0–2.0	1.0	685	$1,116	$1.63	13d	44	1.26mi
608 Anderson Ave Unit 1 Fort Wayne, IN	2.0	1.0	804	$875	$1.09	21d	1	1.27mi
3314 Foxcroft Dr Fort Wayne, IN	3.0	2.0	1200	$1,795	$1.50	43d	1	1.30mi
1704 Sprunger Ave Fort Wayne, IN	3.0	1.0	1141	$1,400	$1.23	43d	1	1.31mi
2005 Bayer Ave Fort Wayne, IN	2.0	1.0	840	$895	$1.07	43d	1	1.31mi
1626 Howell St Unit 201 Fort Wayne, IN	3.0	2.0	1200	$1,700	$1.42	21d	1	1.32mi
1726 Tecumseh St Fort Wayne, IN	3.0	1.0	1280	$1,350	$1.05	13d	1	1.46mi
101 Three Rivers N Fort Wayne, IN	2.0	1.0	760	$2,102	$2.76	21d	11	1.47mi
1838 Kentucky Ave Fort Wayne, IN	2.0	1.0	884	$975	$1.10	43d	1	1.48mi
1516 Bayer Ave Fort Wayne, IN	4.0	2.0	1280	$1,299	$1.01	13d	1	1.49mi

Listing history 9 events

1. 2026-06-10
   status $70,000 Pending 10 DOM
2. 2026-06-09
   days on market $70,000 Active 10 DOM
3. 2026-06-08
   days on market $70,000 Active 9 DOM
4. 2026-06-07
   days on market $70,000 Active 8 DOM
5. 2026-06-03
   days on market $70,000 Active 4 DOM
6. 2026-06-02
   days on market $70,000 Active 3 DOM
7. 2026-06-01
   days on market $70,000 Active 2 DOM
8. 2026-05-31
   remarks 599-char remark
9. 2026-05-31
   listed $70,000 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: $1,134 · $94/mo
• Projected year-2 tax: $1,134 · $94/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 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: $14,429
• − Mortgage interest: −$3,921
• − Property taxes: −$1,134
• − Insurance: −$350
• − Repairs & maintenance: −$1,154
• − Management: −$1,154
• − Depreciation: −$2,036
• Taxable income: $4,679
• Est. tax owed @ 24.0%: −$1,123
• After-tax cash flow: $4,387/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

-36.3% since first listed

3 events — show timeline

• 2026-05-30 Listed $70,000 IRMLS
• 2021-12-22 Sold (MLS) $108,000 IRMLS
• 2021-10-27 Listed $109,900 IRMLS

Property tax history

+11.7%/yr

Latest (2024): $1,134 · +41.3% YoY. Source: county tax records.