1141 Lexington Ave · Fort Wayne, IN 46807

$135,000

3 bd · 1.5 ba · 1,803 sqft · SingleFamily public records · 35 Days on market

Built 1937 0.35 ac lot Est $243k · 45% under

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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).

• ARV discount +15.0/15.0
• Cash flow +9.9/30.0
• 1% rule +5.0/10.0
• Rent growth +4.6/5.0
• Livability +4.2/5.0
• DSCR +2.8/10.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

PUBLIC AUCTION - WEDNESDAY, APRIL 8TH, 2026 at 6:00 PM EASTERN | Open Houses: Monday, March 23rd & April 6th, 5:00 - 6:30 PM Eastern | The price stated on this property is a guideline value | This property may sell for more or less than the guideline value, depending on the outcome of the auction bidding. | $5,000 down day of the auction. | 30 days to close | To see all terms, please visit our website. | Opportunity knocks for investors, flippers, and renovation enthusiasts! This 2-story home located at 1141 Lexington Ave in Fort Wayne offers tremendous potential for those ready to bring new life to a classic property. Situated on a spacious . 35+/- acre lot in Wayne Township near historic Southwood Park, this home features 3 bedroom, multiple living areas, and a full basement, providing plenty of space to reimagine and renovate. With the right vision and updates, this property could be transformed into a charming residence or profitable investment. One of the standout features is the newer HVAC system installed in 2024, including a Lennox natural gas forced-air furnace with central air conditioning-providing an excellent starting point for your renovation project. Inside, you’ll find a traditional layout with multiple living spaces including a living room with fireplace, family room with built-in shelving, dining room with wood flooring, and a den that could function as a potential fourth bedroom or office. The full basement offers additional functional space including a main recreational area, laundry area with utility sink, mechanical room, and storage area. Upstairs features three bedrooms. Outside the property includes a detached 2-car garage and a large yard, offering additional potential for landscaping, outdoor living space, or future improvements. This is your chance to transform a diamond in the rough into something special.

Key facts

• Large yard
• Full basement
• Newer hvac system

Tags

• NEWER HVAC SYSTEM
• MULTIPLE LIVING AREAS
• FULL BASEMENT
• DETACHED 2-CAR GARAGE
• LARGE YARD

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $135k.

Deal economics

• At list price, monthly cash flow is $-84 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $120k (11.0% below list).
• Meets the 1% rule at list price ($1k rent vs $135k).
• Recommended offer: $120k (11.0% below list) — sets the bar for cash-flow.

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: Harrison Hill Elementary School (math 21% / reading 18%, grade F, #814 of 994 statewide, top 83%, 618 students, 76% FRL); South Side High School (math 12% / reading 39%, grade F, #322 of 369 statewide, top 87%, 1,423 students, 73% FRL).
• Market conditions: Rents rising fast (+8.2%/yr); 94 active listings in the ZIP; 13 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 $933 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 35 days — a 3% lower offer ($131k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Risks & watch-outs

• Watch-outs: property tax is 3.4% of price; built in 1937 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $120,145 (11.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 35 days. Have you received any prior offers? Is the seller open to a 11% concession, seller financing, or rate buy-down credit?
3. Built in 1937 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 1.00% ✓
• Cap rate: 5.55%
• Cash-on-cash: -2.67%
• DSCR: 0.88
• GRM: 8.3

CMA / ARV

• ARV (on-the-fly): $243,405
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4615 Beaver Ave	0.33mi	3/1.5	1,794 (-0%)	3mo	$255,000	$142	81
4233 Arlington Ave	0.42mi	3/1.5	1,696 (-6%)	2mo	$220,000	$130	69
1205 Sheridan Ct	0.11mi	3/1.5	2,072 (+15%)	1mo	$280,000	$135	69
4720 Beaver Ave	0.42mi	3/1.5	1,668 (-8%)	1mo	$260,000	$156	67
1202 W Oakdale Dr	0.42mi	3/1.5	1,650 (-8%)	3mo	$237,000	$144	64
4827 Arlington Ave	0.64mi	2/1.5 (-1)	1,794 (-0%)	3mo	$190,000	$106	62
709 W Oakdale Dr	0.50mi	3/1.5	1,640 (-9%)	2mo	$260,000	$159	60
1020 W Oakdale Dr	0.43mi	3/2.0	1,600 (-11%)	1mo	$192,500	$120	58
525 W Pettit Ave	0.65mi	3/1.5	1,712 (-5%)	3mo	$202,000	$118	58
306 W Sherwood Ter	0.74mi	3/2.5	1,757 (-3%)	1mo	$180,000	$102	56
4825 Indiana Ave	0.53mi	4/2.5 (+1)	2,036 (+13%)	1mo	$310,000	$152	44
3124 Broadway	0.71mi	3/2.0	1,556 (-14%)	1mo	$159,900	$103	42

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -13.9%
• Equity multiple: 0.47×
• Total profit: $-19,939
• Equity at exit: $20,129

10-year hold

• IRR: 2.6%
• Equity multiple: 1.23×
• Total profit: $8,857
• Equity at exit: $11,672

Cash invested: $37,800 (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 46807

• Rents YoY: 8.2%
• Active inventory: 94
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $1,351 high
• Mortgage (P&I): −$708
• Tax from tax record: −$387 /mo · $4,643/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$284
• Net cashflow: $-84

Break-even live

Break-even rent $1,457

Max offer price $120,145

Occupancy floor —

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: $33,750
• Closing costs: $4,050
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4201 S Wayne Ave Fort Wayne, IN	3.0	1.5	1252	$1,400	$1.12	21d	1	0.33mi
724 Kinnaird Ave Fort Wayne, IN	3.0	1.5	1880	$1,450	$0.77	43d	1	0.75mi
3510 S Harrison St Fort Wayne, IN	3.0	1.0	1248	$975	$0.78	13d	1	0.87mi
3008 Webster St Fort Wayne, IN	3.0	1.0	1344	$1,449	$1.08	21d	1	1.04mi
4133 Lafayette St Fort Wayne, IN	4.0	2.0	1640	$1,400	$0.85	21d	1	1.09mi
1353 Huestis Ave Fort Wayne, IN	4.0	1.0	1328	$1,300	$0.98	13d	1	1.13mi
2431 Fox Ave Fort Wayne, IN	3.0	1.5	1522	$1,550	$1.02	13d	1	1.16mi
700 Candlelite Ct Fort Wayne, IN	2.0–3.0	1.0–2.5	1388	$1,399	$1.01	13d	4	1.20mi
2616 S Harrison St Fort Wayne, IN	4.0	2.0	1908	$1,500	$0.79	43d	1	1.24mi
522 Pinegrove Ln Fort Wayne, IN	2.0–3.0	1.0–1.5	1248	$1,259	$1.01	13d	8	1.29mi
116 E Pontiac St Fort Wayne, IN	3.0	1.5	1400	$1,175	$0.84	21d	1	1.30mi
2530 Lafayette St Fort Wayne, IN	4.0	1.0	1816	$1,500	$0.83	43d	1	1.48mi
4405 S Park Dr Fort Wayne, IN	2.0	1.0	1440	$1,175	$0.82	13d	1	1.49mi

Listing history 4 events

1. 2026-04-09
   status Pending 1878-char remark

   Show marketing remark (1878 chars)

   PUBLIC AUCTION - WEDNESDAY, APRIL 8TH, 2026 at 6:00 PM EASTERN | Open Houses: Monday, March 23rd & April 6th, 5:00 - 6:30 PM Eastern | The price stated on this property is a guideline value | This property may sell for more or less than the guideline value, depending on the outcome of the auction bidding. | $5,000 down day of the auction. | 30 days to close | To see all terms, please visit our website. | Opportunity knocks for investors, flippers, and renovation enthusiasts! This 2-story home located at 1141 Lexington Ave in Fort Wayne offers tremendous potential for those ready to bring new life to a classic property. Situated on a spacious . 35+/- acre lot in Wayne Township near historic Southwood Park, this home features 3 bedroom, multiple living areas, and a full basement, providing plenty of space to reimagine and renovate. With the right vision and updates, this property could be transformed into a charming residence or profitable investment. One of the standout features is the newer HVAC system installed in 2024, including a Lennox natural gas forced-air furnace with central air conditioning-providing an excellent starting point for your renovation project. Inside, you’ll find a traditional layout with multiple living spaces including a living room with fireplace, family room with built-in shelving, dining room with wood flooring, and a den that could function as a potential fourth bedroom or office. The full basement offers additional functional space including a main recreational area, laundry area with utility sink, mechanical room, and storage area. Upstairs features three bedrooms. Outside the property includes a detached 2-car garage and a large yard, offering additional potential for landscaping, outdoor living space, or future improvements. This is your chance to transform a diamond in the rough into something special.

2. 2026-04-09
   status Pending

   Show marketing remark (1878 chars)

   PUBLIC AUCTION - WEDNESDAY, APRIL 8TH, 2026 at 6:00 PM EASTERN | Open Houses: Monday, March 23rd & April 6th, 5:00 - 6:30 PM Eastern | The price stated on this property is a guideline value | This property may sell for more or less than the guideline value, depending on the outcome of the auction bidding. | $5,000 down day of the auction. | 30 days to close | To see all terms, please visit our website. | Opportunity knocks for investors, flippers, and renovation enthusiasts! This 2-story home located at 1141 Lexington Ave in Fort Wayne offers tremendous potential for those ready to bring new life to a classic property. Situated on a spacious . 35+/- acre lot in Wayne Township near historic Southwood Park, this home features 3 bedroom, multiple living areas, and a full basement, providing plenty of space to reimagine and renovate. With the right vision and updates, this property could be transformed into a charming residence or profitable investment. One of the standout features is the newer HVAC system installed in 2024, including a Lennox natural gas forced-air furnace with central air conditioning-providing an excellent starting point for your renovation project. Inside, you’ll find a traditional layout with multiple living spaces including a living room with fireplace, family room with built-in shelving, dining room with wood flooring, and a den that could function as a potential fourth bedroom or office. The full basement offers additional functional space including a main recreational area, laundry area with utility sink, mechanical room, and storage area. Upstairs features three bedrooms. Outside the property includes a detached 2-car garage and a large yard, offering additional potential for landscaping, outdoor living space, or future improvements. This is your chance to transform a diamond in the rough into something special.

3. 2026-03-05
   listed $135,000 Active 1878-char remark

   Show marketing remark (1878 chars)

   PUBLIC AUCTION - WEDNESDAY, APRIL 8TH, 2026 at 6:00 PM EASTERN | Open Houses: Monday, March 23rd & April 6th, 5:00 - 6:30 PM Eastern | The price stated on this property is a guideline value | This property may sell for more or less than the guideline value, depending on the outcome of the auction bidding. | $5,000 down day of the auction. | 30 days to close | To see all terms, please visit our website. | Opportunity knocks for investors, flippers, and renovation enthusiasts! This 2-story home located at 1141 Lexington Ave in Fort Wayne offers tremendous potential for those ready to bring new life to a classic property. Situated on a spacious . 35+/- acre lot in Wayne Township near historic Southwood Park, this home features 3 bedroom, multiple living areas, and a full basement, providing plenty of space to reimagine and renovate. With the right vision and updates, this property could be transformed into a charming residence or profitable investment. One of the standout features is the newer HVAC system installed in 2024, including a Lennox natural gas forced-air furnace with central air conditioning-providing an excellent starting point for your renovation project. Inside, you’ll find a traditional layout with multiple living spaces including a living room with fireplace, family room with built-in shelving, dining room with wood flooring, and a den that could function as a potential fourth bedroom or office. The full basement offers additional functional space including a main recreational area, laundry area with utility sink, mechanical room, and storage area. Upstairs features three bedrooms. Outside the property includes a detached 2-car garage and a large yard, offering additional potential for landscaping, outdoor living space, or future improvements. This is your chance to transform a diamond in the rough into something special.

4. 2026-03-05
   listed $135,000 Active

   Show marketing remark (1878 chars)

   PUBLIC AUCTION - WEDNESDAY, APRIL 8TH, 2026 at 6:00 PM EASTERN | Open Houses: Monday, March 23rd & April 6th, 5:00 - 6:30 PM Eastern | The price stated on this property is a guideline value | This property may sell for more or less than the guideline value, depending on the outcome of the auction bidding. | $5,000 down day of the auction. | 30 days to close | To see all terms, please visit our website. | Opportunity knocks for investors, flippers, and renovation enthusiasts! This 2-story home located at 1141 Lexington Ave in Fort Wayne offers tremendous potential for those ready to bring new life to a classic property. Situated on a spacious . 35+/- acre lot in Wayne Township near historic Southwood Park, this home features 3 bedroom, multiple living areas, and a full basement, providing plenty of space to reimagine and renovate. With the right vision and updates, this property could be transformed into a charming residence or profitable investment. One of the standout features is the newer HVAC system installed in 2024, including a Lennox natural gas forced-air furnace with central air conditioning-providing an excellent starting point for your renovation project. Inside, you’ll find a traditional layout with multiple living spaces including a living room with fireplace, family room with built-in shelving, dining room with wood flooring, and a den that could function as a potential fourth bedroom or office. The full basement offers additional functional space including a main recreational area, laundry area with utility sink, mechanical room, and storage area. Upstairs features three bedrooms. Outside the property includes a detached 2-car garage and a large yard, offering additional potential for landscaping, outdoor living space, or future improvements. This is your chance to transform a diamond in the rough into something special.

ⓘ 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: $4,643 · $387/mo
• Projected year-2 tax: $4,643 · $387/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 2/10 Low 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 · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,208
• − Mortgage interest: −$7,562
• − Property taxes: −$4,643
• − Insurance: −$675
• − Repairs & maintenance: −$1,297
• − Management: −$1,297
• − Depreciation: −$3,927
• Taxable loss: −$3,193
• Est. tax savings @ 24.0%: +$766
• After-tax cash flow: $-243/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): 16,317
• Household income: $58,685
• Rent vs Own: 39.7% rent · 60.3% own
• Severe rent burden: 680.0

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: Diverse neighborhood (Simpson 0.66)
• Race & ethnicity: White 54% Two or more races 19% Hispanic / Latino 16% Black 14% Asian 4%
• Hispanic origin (detail): Mexican 15%
• Common ancestry: Slovak 3% Lithuanian 3% Romanian 2%
• Foreign-born: 9% · Canada, Philippines, Jamaica
• Languages at home: 82% English-only · Spanish 13% Other Asian/Pacific 4% German/W. Germanic 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: ▼ -318.66%
• Current HPI: 272.6238
• Rent YoY: ▲ 8.24%
• 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

+0.0% since first listed

4 events — show timeline

• 2026-04-09 Pending — IRMLS
• 2026-04-09 Pending — MIBOR as Distributed by MLS Grid
• 2026-03-05 Listed $135,000 MIBOR as Distributed by MLS Grid
• 2026-03-05 Listed $135,000 IRMLS

Property tax history

+11.5%/yr

Latest (2024): $4,643 · +5.2% YoY. Source: county tax records.