1823 Lima Valley Dr · Fort Wayne, IN 46818

$240,000

3 bd · 2.0 ba · 1,454 sqft · SingleFamily public records · 27 Days on market

Built 1980 8,276 sqft lot $165/sqft · 25% above area Est $232k · at est.

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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 +11.1/30.0
• ARV discount +6.0/15.0
• Rent growth +4.4/5.0
• Livability +4.2/5.0
• 1% rule +3.7/10.0
• DSCR +3.2/10.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome Home! this 3-bedroom, 2 full bath Home located in a desirable Northwest Fort Wayne neighborhood! Close to I69 , shopping , Banking and trails . This home features numerous recent updates, including new windows, roof, siding, gutters, soffits, and fresh paint giving you peace of mind and modern curb appeal. Inside, you'll find a comfortable layout perfect for everyday Living! you will appreciate the living room , family room and one bedroom on the main level and two on the upper level perfect for spreading out. All appliances stay, making this home truly move-in ready. Step outside to enjoy a fully fenced backyard, ideal for pets, play, or entertaining, plus a convenient storage shed for all your outdoor needs. Don’t miss this fantastic opportunity!

Key facts

• Recent updates
• New siding
• New gutters

Tags

• RECENT UPDATES
• NEW WINDOWS
• NEW ROOF
• NEW SIDING
• NEW GUTTERS
• NEW SOFFITS

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $240k.

Deal economics

• At list price, monthly cash flow is $-97 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $223k (7.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $209k (13.1% below list).
• Recommended offer: $209k (13.1% below list) — sets the bar for 1% rule.
• Cap rate 5.8% vs local median 4.8% in Fort Wayne — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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-, schools D+, 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.
• Market conditions: Rents rising fast (+7.6%/yr); 327 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 1,861 units permitted in Allen County in 2024 (576 in 5+ unit buildings).
• This rent runs 31% of the median local income ($81k/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 $2k of loan paydown is wiped out by about $7k 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 27 days — a 2% lower offer ($236k) is reasonable based on typical stale-listing flexibility.

Recommended offer $208,575 (13.1% 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. 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. 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?
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: 0.87% ✗
• Cap rate: 5.81%
• Cash-on-cash: -1.73%
• DSCR: 0.92
• GRM: 9.6

CMA / ARV

• ARV (median comp): $232,200
• List price: $240,000
• Delta: 3.36%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1226 Foxmoor Run	0.44mi	3/2.0	1,459 (+0%)	1mo	$264,900	$182	78
2202 Lima Valley Dr	0.21mi	3/2.0	1,372 (-6%)	6mo	$239,900	$175	76
2221 Klug Dr	0.33mi	3/2.0	1,408 (-3%)	7mo	$195,000	$138	73
2119 Klug Dr	0.29mi	3/2.0	1,528 (+5%)	6mo	$221,900	$145	73
1234 Foxmoor Run	0.40mi	3/2.0	1,419 (-2%)	6mo	$254,900	$180	72
2230 Foxboro Drive Dr	0.27mi	3/2.0	1,586 (+9%)	4mo	$248,000	$156	69
2013 Foxboro Dr	0.11mi	3/2.5	1,667 (+15%)	2mo	$247,500	$148	67
2112 W Wallen Rd	0.47mi	3/1.0	1,540 (+6%)	2mo	$148,900	$97	62
2224 Wayside Dr	0.40mi	3/1.5	1,296 (-11%)	2mo	$230,000	$177	60
1428 Ashley Ave	0.40mi	3/1.0	1,309 (-10%)	6mo	$168,164	$128	56
1205 Mayfield Rd	0.49mi	3/1.0	1,302 (-10%)	1mo	$204,900	$157	55
1132 Fox Orchard Run	0.60mi	3/2.0	1,329 (-9%)	6mo	$250,000	$188	52

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 · 7.64% rent growth · sell at horizon

5-year hold

• IRR: -13.8%
• Equity multiple: 0.48×
• Total profit: $-34,792
• Equity at exit: $35,785

10-year hold

• IRR: 1.4%
• Equity multiple: 1.12×
• Total profit: $8,130
• Equity at exit: $20,751

Cash invested: $67,200 (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 46818

• Rents YoY: 7.6%
• Active inventory: 327
• Price-to-rent: 9.6×

Monthly cashflow live

• Estimated rent: $2,086 high
• Mortgage (P&I): −$1,259
• Tax from tax record: −$386 /mo · $4,634/yr
• Insurance: −$100
• HOA: −$0
• Vacancy / Maint / Mgmt: −$438
• Net cashflow: $-97

Break-even live

Break-even rent $2,209

Max offer price $222,861

Occupancy floor 100%

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: $60,000
• Closing costs: $7,200
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2316 Lima Ln Fort Wayne, IN	3.0	1.5	1160	$2,150	$1.85	13d	1	0.38mi
823 Woodland Springs Pl Fort Wayne, IN	3.0	2.0	1371	$1,875	$1.37	43d	1	0.83mi
3782 Thunderhawk Pass Fort Wayne, IN	3.0	2.0	1464	$2,095	$1.43	13d	5	1.23mi
2320 W Washington Center Rd Fort Wayne, IN	3.0	2.0	1088	$1,324	$1.22	13d	1	1.35mi
10230 Avalon Way Fort Wayne, IN	1.0–3.0	1.0–2.0	956	$1,625	$1.70	13d	23	1.43mi

Listing history 2 events

1. 2026-05-16
   status Pending 774-char remark

   Show marketing remark (774 chars)

   Welcome Home! this 3-bedroom, 2 full bath Home located in a desirable Northwest Fort Wayne neighborhood! Close to I69 , shopping , Banking and trails . This home features numerous recent updates, including new windows, roof, siding, gutters, soffits, and fresh paint giving you peace of mind and modern curb appeal. Inside, you'll find a comfortable layout perfect for everyday Living! you will appreciate the living room , family room and one bedroom on the main level and two on the upper level perfect for spreading out. All appliances stay, making this home truly move-in ready. Step outside to enjoy a fully fenced backyard, ideal for pets, play, or entertaining, plus a convenient storage shed for all your outdoor needs. Don’t miss this fantastic opportunity!

2. 2026-04-19
   listed $240,000 Active 774-char remark

   Show marketing remark (774 chars)

   Welcome Home! this 3-bedroom, 2 full bath Home located in a desirable Northwest Fort Wayne neighborhood! Close to I69 , shopping , Banking and trails . This home features numerous recent updates, including new windows, roof, siding, gutters, soffits, and fresh paint giving you peace of mind and modern curb appeal. Inside, you'll find a comfortable layout perfect for everyday Living! you will appreciate the living room , family room and one bedroom on the main level and two on the upper level perfect for spreading out. All appliances stay, making this home truly move-in ready. Step outside to enjoy a fully fenced backyard, ideal for pets, play, or entertaining, plus a convenient storage shed for all your outdoor needs. Don’t miss this fantastic opportunity!

ⓘ 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: $4,634 · $386/mo
• Projected year-2 tax: $4,634 · $386/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 ≥101°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,029
• − Mortgage interest: −$13,444
• − Property taxes: −$4,634
• − Insurance: −$1,200
• − Repairs & maintenance: −$2,002
• − Management: −$2,002
• − Depreciation: −$6,982
• Taxable loss: −$5,235
• Est. tax savings @ 24.0%: +$1,256
• After-tax cash flow: $92/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): 21,954
• Household income: $81,066
• Rent vs Own: 15.6% rent · 84.4% own
• Severe rent burden: 101.0

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 (79%)
• Race & ethnicity: White 79% Two or more races 8% Hispanic / Latino 7% Black 4% Asian 3%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Italian 4% Slovak 3% Romanian 2%
• Foreign-born: 8% · Canada, Vietnam, Philippines
• Languages at home: 90% English-only · Spanish 4% Other Asian/Pacific 1% Vietnamese 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: ▼ -217.71%
• Current HPI: 228.1539
• Rent YoY: ▲ 7.64%
• 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

• 2026-05-16 Pending — IRMLS
• 2026-04-19 Listed $240,000 IRMLS

Property tax history

+14.6%/yr

Latest (2024): $4,634 · +16.2% YoY. Source: county tax records.