2914 Holton Ave

Fort Wayne, IN 46806

$48,400B

3 bd · 1.0 ba · 924 sqft · Built 1925 · SingleFamily · Active · 13 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,067/mo
• Mortgage (P&I): −$254
• Tax + insurance: −$154
• HOA: −$0
• Vac / Maint / Mgmt: −$224
• Net cashflow: $435/mo
• Annual: $5,226/yr
• Cap rate: 17.09%
• Cash-on-cash: 38.56%
• DSCR: 2.72
• 1% rule: 2.21%
• Cash to close: $13,552

Investor read

• This is a 3-bed/1.0-bath single-family listed at $48k.
• At list price, monthly cash flow is $435 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $48k).
• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $335 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• 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: Lincoln Elementary School (math 29% / reading 26%, grade F, #733 of 994 statewide, top 74%, 616 students, 71% FRL); Shawnee Middle School (math 11% / reading 22%, grade F, #287 of 330 statewide, top 88%, 675 students, 65% FRL); Northrop High School (math 25% / reading 62%, grade F, #191 of 369 statewide, top 52%, 2,136 students, 54% FRL) — zoned schools at 63% FRL track the district average.
• Watch-outs: property tax is 3.3% of price; built in 1925 — expect roof / HVAC / electrical / plumbing capex.
• 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).
• 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 $14k cash investment doubles in ~3 years — after that, you're playing with house money.
• Cap rate 17.1% 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.

Questions for listing agent

• Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.
• 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.