4601 Bowser Ave · Fort Wayne, IN 46806

$99,000

3 bd · 1.0 ba · 925 sqft · SingleFamily public records · 48 Days on market

Built 1952 7,444 sqft lot $107/sqft · 13% above area Est $87k · 13% over ↓ 58% 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 +23.5/30.0
• DSCR +7.6/10.0
• 1% rule +6.0/10.0
• Livability +4.2/5.0
• Rent growth +3.7/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• ARV discount +1.6/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

This property is a great investment opportunity and is currently rented at $500/ month and has property Management in place. This can be purchased as an individual property or as part of a portfolio. Offers can be contingent on final walk through inspection. Sold as is.

Key facts

• 7,444 sq ft lot
• Built 1952
• Listed 48 days

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: Residential Income property; Other subtype; Single-story
• Construction: Slab foundation
• Exterior features: Patio; Level lot

Interior

• Kitchen: Range; Refrigerator
• Flooring: Carpet
• Bathrooms: 1 full bathroom; 3 main-level bathrooms
• Heating & cooling: Forced air heating; Natural gas
• Interior features: Range; Refrigerator; Carpet flooring
• Laundry & utility: Washer hookup

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $99k.

Deal economics

• At list price, monthly cash flow is $185 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $99k).
• Recommended offer: $96k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.5% 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: Levan R Scott Academy (math 8% / reading 2%, grade F, #970 of 994 statewide, top 99%, 357 students, 87% FRL); Miami Middle School (math 9% / reading 17%, grade F, #304 of 330 statewide, top 94%, 497 students, 80% FRL); South Side High School (math 12% / reading 39%, grade F, #322 of 369 statewide, top 87%, 1,423 students, 73% FRL) — zoned schools average 80% FRL vs 60% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+4.9%/yr); 129 active listings in the ZIP; 23 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $684 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 $28k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 48 days — a 3% lower offer ($96k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 7y ago; this cycle's ask has dropped $11k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $38k; list at $99k implies a 164% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1952 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $96,030 (3.0% below list)

Questions for the listing agent

1. It's been on market 48 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 1952 — 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 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: 1.10% ✓
• Cap rate: 8.54%
• Cash-on-cash: 8.02%
• DSCR: 1.36
• GRM: 7.6

CMA / ARV

• ARV (median comp): $87,457
• List price: $99,000
• Delta: 13.20%
• Verdict: OVERPRICED
• Comps: 11 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4602 Reed St	0.10mi	3/1.0	972 (+5%)	3mo	$110,000	$113	84
4605 Spatz Ave	0.24mi	3/1.0	878 (-5%)	3mo	$71,500	$81	78
4425 Holton Ave	0.12mi	2/1.0 (-1)	996 (+8%)	5mo	$55,000	$55	73
3921 Bowser Ave	0.48mi	2/1.5 (-1)	918 (-1%)	2mo	$79,000	$86	68
4915 Gaywood Dr	0.34mi	3/1.0	1,025 (+11%)	2mo	$140,000	$137	65
4017 Weisser Park Ave	0.57mi	3/2.0	960 (+4%)	1mo	$129,000	$134	63
4102 Warsaw St	0.71mi	2/1.0 (-1)	924 (-0%)	2mo	$52,000	$56	60
4642 Warsaw St	0.59mi	3/1.0	1,000 (+8%)	2mo	$142,000	$142	57
3629 Robinwood Dr	0.64mi	2/1.0 (-1)	880 (-5%)	0mo	$130,000	$148	57
826 Baxter St	0.50mi	2/1.0 (-1)	836 (-10%)	1mo	$82,900	$99	55
3618 Robinwood Dr	0.66mi	2/1.0 (-1)	982 (+6%)	6mo	$120,000	$122	49
3920 Smith St	0.52mi	2/1.0 (-1)	804 (-13%)	4mo	$56,000	$70	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: -1.9%
• Equity multiple: 0.93×
• Total profit: $-2,077
• Equity at exit: $14,761

10-year hold

• IRR: 9.7%
• Equity multiple: 1.82×
• Total profit: $22,609
• Equity at exit: $8,560

Cash invested: $27,720 (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: 7.6×

Monthly cashflow live

• Estimated rent: $1,086 high
• Mortgage (P&I): −$519
• Tax from tax record: −$112 /mo · $1,349/yr
• Insurance: −$41
• HOA: −$0
• Vacancy / Maint / Mgmt: −$228
• Net cashflow: $185

Break-even live

Break-even rent $852

Max offer price $99,000

Occupancy floor 78%

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: $24,750
• Closing costs: $2,970
• Reserves months: —
• Total cash needed: —

Rent comps 23 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4522 Spatz Ave Fort Wayne, IN	2.0	1.0	840	$950	$1.13	43d	1	0.26mi
4129 Bowser Ave Fort Wayne, IN	3.0	1.5	850	$1,250	$1.47	21d	1	0.29mi
4705 S Anthony Blvd Fort Wayne, IN	3.0	1.0	1110	$1,050	$0.95	13d	1	0.33mi
4014 Oliver St Fort Wayne, IN	3.0	1.0	936	$1,050	$1.12	13d	1	0.41mi
3932 Winter St Fort Wayne, IN	2.0	1.0	750	$875	$1.17	43d	1	0.45mi
4121 Monroe St Fort Wayne, IN	2.0	1.0	725	$1,100	$1.52	13d	1	0.59mi
4325 Werling Dr Fort Wayne, IN	1.0–3.0	1.0–2.0	923	$1,164	$1.26	43d	1	0.61mi
4655 Avondale Dr Fort Wayne, IN	2.0	1.0	768	$875	$1.14	43d	1	0.62mi
4331 Lafayette St Fort Wayne, IN	2.0	1.0	810	$925	$1.14	13d	1	0.70mi
4126 Lafayette St Fort Wayne, IN	2.0	1.0	775	$1,275	$1.65	43d	1	0.77mi
3410 S Anthony Blvd Fort Wayne, IN	3.0	1.0	900	$1,200	$1.33	43d	1	0.81mi
3801 Lafayette St Fort Wayne, IN	2.0	1.0	1116	$995	$0.89	13d	1	0.88mi
4018 S Clinton St Fort Wayne, IN	3.0	1.0	860	$1,000	$1.16	21d	1	0.89mi
1004 Fayette Dr Fort Wayne, IN	1.0–2.0	1.0	679	$1,199	$1.76	13d	18	1.11mi
442 E Wildwood Ave Fort Wayne, IN	2.0	1.0	864	$875	$1.01	21d	1	1.17mi
5009 Hoagland Ave Fort Wayne, IN	2.0	1.0	1000	$1,300	$1.30	43d	1	1.23mi
2754 E Paulding Rd Fort Wayne, IN	1.0–3.0	1.0–2.5	997	$1,089	$1.09	13d	14	1.24mi
227 W Darrow Ave Fort Wayne, IN	3.0	1.0	995	$1,000	$1.01	43d	1	1.30mi
6033 S Calhoun St Fort Wayne, IN	3.0	1.0	1042	$1,220	$1.17	21d	1	1.32mi
418 W Rudisill Blvd Unit 2 Fort Wayne, IN	2.0	1.0	768	$975	$1.27	21d	1	1.36mi
3113 S Harrison St Unit 2 Fort Wayne, IN	2.0	1.0	600	$850	$1.42	13d	1	1.39mi
308 Pursley Dr Fort Wayne, IN	3.0	1.0	850	$1,100	$1.29	43d	1	1.43mi
2919 S Harrison St Unit 2921 Fort Wayne, IN	2.0	1.0	538	$825	$1.53	21d	1	1.46mi

Listing history 26 events

1. 2026-06-18
   days on market $99,000 Active 48 DOM
2. 2026-06-17
   days on market $99,000 Active 47 DOM
3. 2026-06-16
   days on market $99,000 Active 46 DOM
4. 2026-06-15
   days on market $99,000 Active 45 DOM
5. 2026-06-14
   pricedays on market $99,000 Active 43 DOM
6. 2026-06-10
   days on market $110,000 Active 40 DOM
7. 2026-06-09
   days on market $110,000 Active 39 DOM
8. 2026-06-08
   days on market $110,000 Active 38 DOM
9. 2026-06-07
   days on market $110,000 Active 37 DOM
10. 2026-06-03
    days on market $110,000 Active 33 DOM
11. 2026-06-02
    days on market $110,000 Active 32 DOM
12. 2026-06-01
    days on market $110,000 Active 31 DOM
13. 2026-05-31
    days on market $110,000 Active 30 DOM
14. 2026-05-30
    days on market $110,000 Active 29 DOM
15. 2026-05-01
    listed $110,000 Active 111-char remark
16. 2024-12-14
    historical $1,025
17. 2024-11-27
    price $1,025
18. 2024-11-01
    price $1,195
19. 2024-10-31
    listed $1,025
20. 2023-12-31
    historical $950
21. 2023-12-13
    listed $950
22. 2020-08-25
    soldstatus $37,500

    Show marketing remark (270 chars)

    This property is a great investment opportunity and is currently rented at $500/ month and has property Management in place. This can be purchased as an individual property or as part of a portfolio. Offers can be contingent on final walk through inspection. Sold as is.

23. 2020-05-04
    listed $42,000

    Show marketing remark (270 chars)

    This property is a great investment opportunity and is currently rented at $500/ month and has property Management in place. This can be purchased as an individual property or as part of a portfolio. Offers can be contingent on final walk through inspection. Sold as is.

24. 2020-04-21
    listed $42,000
25. 2019-07-03
    listed $499,000
26. 2007-08-16
    soldstatus $233,000

ⓘ 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: $1,349 · $112/mo
• Projected year-2 tax: $1,349 · $112/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 · 16 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: $13,036
• − Mortgage interest: −$5,546
• − Property taxes: −$1,349
• − Insurance: −$495
• − Repairs & maintenance: −$1,043
• − Management: −$1,043
• − Depreciation: −$2,880
• Taxable income: $681
• Est. tax owed @ 24.0%: −$163
• After-tax cash flow: $2,061/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

-57.5% since first listed

13 events — show timeline

• 2026-06-11 Price Changed $99,000 IRMLS
• 2026-05-01 Listed $110,000 IRMLS
• 2024-12-14 Rental Removed $1,025 APPFOLIO
• 2024-11-27 Price Changed $1,025 APPFOLIO
• 2024-11-01 Price Changed $1,195 APPFOLIO
• 2024-10-31 Listed for Rent $1,025 APPFOLIO
• 2023-12-31 Rental Removed $950 APPFOLIO
• 2023-12-13 Listed for Rent $950 APPFOLIO
• 2020-08-25 Sold (MLS) $37,500 IRMLS
• 2020-05-04 Listed $42,000 IRMLS
• 2020-04-21 Listed $42,000 IRMLS
• 2019-07-03 Listed $499,000 IRMLS
• 2007-08-16 Sold (Public Records) $233,000 Public Records

Property tax history

+12.8%/yr

Latest (2024): $1,349 · -0.5% YoY. Source: county tax records.