240 E Butler St · Fort Wayne, IN 46803

$113,900

3 bd · 1.0 ba · 1,816 sqft · SingleFamily public records · 211 Days on market

Built 1910 7,405 sqft lot $63/sqft · 10% below area Est $127k · 10% under ↓ 20% 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 +28.5/30.0
• ARV discount +12.2/15.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• 1% rule +7.2/10.0
• Livability +4.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0

Listing remarks MLS

Check out this charming 4-Bedroom and 2-bathroom home in the heart of Downtown Fort Wayne. Ideal Investment Opportunity! This property offers plenty of room for families, roommates, or potential tenants. Complete with modern appliances — all less than 2 years old (all included in the sale. ) The large front porch adds curb appeal and the perfect spot to relax, while the fenced-in backyard space for pets and family gathering. This house is close proximity to local dining, shopping, and entertainment, it’s an opportunity you won’t want to miss!

Key facts

• Large front porch
• Fenced in backyard
• Modern appliances

Tags

• LARGE FRONT PORCH
• FENCED IN BACKYARD
• MODERN APPLIANCES
• CLOSE PROXIMITY TO SHOPPING

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $114k.

Deal economics

• At list price, monthly cash flow is $371 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $114k).
• Recommended offer: $100k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.2% 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-, 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: 52 active listings in the ZIP; 26 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 1,861 units permitted in Allen County in 2024 (576 in 5+ unit buildings).
• At $1,389/mo this rent would consume 48% of the median local household income ($34k/yr) (locally 660% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $12k of equity ($787 loan paydown + $11k appreciation (10.0% local appreciation)).
• Allen County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $32k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 211 days — a 12% lower offer ($100k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 3y ago; this cycle's ask has dropped $11k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $100,232 (12.0% below list)

Questions for the listing agent

1. It's been on market 211 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.22% ✓
• Cap rate: 10.20%
• Cash-on-cash: 13.97%
• DSCR: 1.62
• GRM: 6.8

CMA / ARV

• ARV (median comp): $127,123
• List price: $113,900
• Delta: -10.40%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
318 W Butler St	0.32mi	3/2.0	1,960 (+8%)	4mo	$46,000	$23	65
2316 Warsaw St	0.28mi	3/1.5	1,632 (-10%)	8mo	$42,000	$26	62
526 Lasselle St	0.29mi	4/2.0 (+1)	1,630 (-10%)	4mo	$205,900	$126	57
2910 S Harrison St	0.59mi	3/1.5	1,696 (-7%)	4mo	$172,500	$102	56
314 Brandriff St	0.40mi	4/2.0 (+1)	1,634 (-10%)	5mo	$181,000	$111	51
447 E Lewis St	0.66mi	3/2.5	1,888 (+4%)	8mo	$124,900	$66	50
316 W Creighton Ave	0.34mi	4/2.0 (+1)	1,558 (-14%)	4mo	$190,000	$122	48
501 E Lewis St	0.66mi	3/1.5	1,628 (-10%)	4mo	$97,000	$60	47
2335 Smith St	0.67mi	4/1.5 (+1)	1,680 (-8%)	7mo	$160,700	$96	44
612 W Dewald St	0.58mi	4/2.0 (+1)	2,046 (+13%)	1mo	$112,000	$55	42
3017 S Clinton St	0.59mi	4/2.0 (+1)	1,560 (-14%)	2mo	$180,000	$115	38
2917 John St	0.75mi	4/2.0 (+1)	1,632 (-10%)	3mo	$55,000	$34	37

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 34.6%
• Equity multiple: 3.69×
• Total profit: $85,661
• Equity at exit: $102,610

10-year hold

• IRR: 29.8%
• Equity multiple: 8.33×
• Total profit: $233,629
• Equity at exit: $221,283

Cash invested: $31,892 (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 46803

• Active inventory: 52
• Price-to-rent: 6.8×

Monthly cashflow live

• Estimated rent: $1,389 high
• Mortgage (P&I): −$597
• Tax from tax record: −$81 /mo · $971/yr
• Insurance: −$47
• HOA: −$0
• Vacancy / Maint / Mgmt: −$292
• Net cashflow: $371

Break-even live

Break-even rent $919

Max offer price $113,900

Occupancy floor 68%

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: $28,475
• Closing costs: $3,417
• Reserves months: —
• Total cash needed: —

Rent comps 26 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
420 E Dewald St Fort Wayne, IN	3.0	1.5	1472	$1,300	$0.88	44d	1	0.14mi
2118 Webster St Fort Wayne, IN	4.0	1.0	2200	$1,175	$0.53	44d	1	0.31mi
2530 Lafayette St Fort Wayne, IN	4.0	1.0	1816	$1,500	$0.83	44d	1	0.32mi
116 E Pontiac St Fort Wayne, IN	3.0	1.5	1400	$1,175	$0.84	21d	1	0.40mi
451 E Pontiac St Fort Wayne, IN	3.0	1.0	1308	$1,050	$0.80	44d	1	0.41mi
2616 S Harrison St Fort Wayne, IN	4.0	2.0	1908	$1,500	$0.79	44d	1	0.43mi
3008 Webster St Fort Wayne, IN	3.0	1.0	1344	$1,449	$1.08	21d	1	0.64mi
1250 Ewing St Fort Wayne, IN	2.0	1.0–2.0	980	$2,081	$2.12	21d	24	0.75mi
2431 Fox Ave Fort Wayne, IN	3.0	1.5	1522	$1,550	$1.02	14d	1	0.75mi
603 Lavina St Fort Wayne, IN	3.0	2.0	1872	$1,899	$1.01	44d	1	0.77mi
1132 S Hanna St Unit 1 Fort Wayne, IN	4.0	1.5	1656	$1,600	$0.97	44d	1	0.78mi
1024 Colerick St Fort Wayne, IN	4.0	1.0	1388	$1,065	$0.77	21d	1	0.85mi
877 Lavina St Fort Wayne, IN	1.0–3.0	1.0–2.0	997	$2,980	$2.99	44d	17	0.90mi
1131 E Lewis St Fort Wayne, IN	4.0	2.0	1476	$1,950	$1.32	14d	1	0.90mi
919 Madison St Fort Wayne, IN	2.0	1.0	1332	$995	$0.75	44d	1	0.91mi
3510 S Harrison St Fort Wayne, IN	3.0	1.0	1248	$975	$0.78	14d	1	0.92mi
2627 Holton Ave Fort Wayne, IN	3.0	2.0	1936	$1,500	$0.77	14d	1	0.92mi
1104 Stophlet St Fort Wayne, IN	3.0	1.5	1288	$1,400	$1.09	14d	1	0.95mi
724 Kinnaird Ave Fort Wayne, IN	3.0	1.5	1880	$1,450	$0.77	44d	1	0.97mi
1118 Rockhill St Fort Wayne, IN	3.0	3.0	1790	$2,300	$1.28	44d	1	1.06mi
901 W Wayne St Unit 3 Fort Wayne, IN	2.0	2.0	1312	$1,700	$1.30	44d	1	1.10mi
1501 E Lewis St Fort Wayne, IN	4.0	1.0	2000	$1,450	$0.72	44d	1	1.10mi
1353 Huestis Ave Fort Wayne, IN	4.0	1.0	1328	$1,300	$0.98	14d	1	1.14mi
915 Garden St Fort Wayne, IN	2.0	2.0	1275	$1,650	$1.29	14d	1	1.29mi
4133 Lafayette St Fort Wayne, IN	4.0	2.0	1640	$1,400	$0.85	21d	1	1.31mi
4201 S Wayne Ave Fort Wayne, IN	3.0	1.5	1252	$1,400	$1.12	21d	1	1.49mi

Listing history 9 events

1. 2026-02-24
   price $113,900 566-char remark

   Show marketing remark (566 chars)

   Check out this charming 4-Bedroom and 2-bathroom home in the heart of Downtown Fort Wayne. Ideal Investment Opportunity! This property offers plenty of room for families, roommates, or potential tenants. Complete with modern appliances — all less than 2 years old (all included in the sale. ) The large front porch adds curb appeal and the perfect spot to relax, while the fenced-in backyard space for pets and family gathering. This house is close proximity to local dining, shopping, and entertainment, it’s an opportunity you won’t want to miss!

2. 2025-10-24
   listed $124,900 Active 566-char remark

   Show marketing remark (566 chars)

   Check out this charming 4-Bedroom and 2-bathroom home in the heart of Downtown Fort Wayne. Ideal Investment Opportunity! This property offers plenty of room for families, roommates, or potential tenants. Complete with modern appliances — all less than 2 years old (all included in the sale. ) The large front porch adds curb appeal and the perfect spot to relax, while the fenced-in backyard space for pets and family gathering. This house is close proximity to local dining, shopping, and entertainment, it’s an opportunity you won’t want to miss!

3. 2025-07-16
   listed $142,000 Active
4. 2025-06-04
   price $142,000
5. 2025-05-19
   price $152,000
6. 2025-05-08
   listed $155,000 Active
7. 2023-10-31
   soldstatus $140,000 Closed
8. 2023-10-07
   status Pending
9. 2023-09-26
   listed $142,900 Active

ⓘ 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: $971 · $81/mo
• Projected year-2 tax: $971 · $81/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: $16,663
• − Mortgage interest: −$6,380
• − Property taxes: −$971
• − Insurance: −$570
• − Repairs & maintenance: −$1,333
• − Management: −$1,333
• − Depreciation: −$3,313
• Taxable income: $2,762
• Est. tax owed @ 24.0%: −$663
• After-tax cash flow: $3,792/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): 10,994
• Household income: $34,381
• Rent vs Own: 56.4% rent · 43.6% own
• Severe rent burden: 660.0

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 0.69)
• Race & ethnicity: Black 42% White 27% Hispanic / Latino 24% Two or more races 10% Native American 2% Asian 1%
• Hispanic origin (detail): Mexican 17% Puerto Rican 1%
• Common ancestry: Lithuanian 1% Iranian 1% Serbian 1%
• Foreign-born: 11% · Canada, Philippines
• Languages at home: 81% English-only · Spanish 16% Other Asian/Pacific 1% French/Haitian/Cajun 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: ▲ 107.58%
• Current HPI: 404.7976
• Rent YoY: —
• 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

-20.3% since first listed

9 events — show timeline

• 2026-02-24 Price Changed $113,900 IRMLS
• 2025-10-24 Listed $124,900 IRMLS
• 2025-07-16 Listed $142,000 IRMLS
• 2025-06-04 Price Changed $142,000 IRMLS
• 2025-05-19 Price Changed $152,000 IRMLS
• 2025-05-08 Listed $155,000 IRMLS
• 2023-10-31 Sold (MLS) $140,000 IRMLS
• 2023-10-07 Pending — IRMLS
• 2023-09-26 Listed $142,900 IRMLS

Property tax history

+8.8%/yr

Latest (2024): $971 · +161.9% YoY. Source: county tax records.