1521 W 4th St · Fort Wayne, IN 46808

$185,000

3 bd · 1.0 ba · 912 sqft · SingleFamily public records · 11 Days on market

Built 1955 5,800 sqft lot Est $159k · 17% over

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Why this score? — see what drove the F 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 +14.5/30.0
• DSCR +4.4/10.0
• Rent growth +4.2/5.0
• Livability +4.2/5.0
• 1% rule +2.8/10.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Completely remodeled ranch with beautiful yard and large 2 car detached garage. 3 Bedrooms and one full bath. Loads of updates.

Key facts

• Newer windows
• Furnace humidifier
• New roof

Tags

• NEWER WINDOWS
• UPDATED FRONT STONEWORK
• NEW ROOF
• NEW INSULATION
• GAS TANKLESS WATER HEATER
• FURNACE HUMIDIFIER

Property features AI

Exterior

• Parking: Detached 2-car garage
• Utilities: Public water; Public sewer
• Home design: Single-family site-built home; One story
• Construction: Vinyl siding; Built as a site-built home
• Exterior features: Level lot; Lot dimensions approximately 40 x 145

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Electric range
• Bedrooms: Total of 6 rooms (includes bedrooms and living spaces)
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Natural gas heating with forced air; Central air conditioning
• Interior features: Dishwasher; Microwave; Refrigerator; Electric range
• Laundry & utility: Laundry on the main level

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $185k.

Deal economics

• At list price, monthly cash flow is $41 ($486/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $144k (22.1% below list).
• Recommended offer: $144k (22.1% below list) — sets the bar for 1% rule.
• Cap rate 6.6% vs local median 4.7% 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: Bloomingdale Elementary School (math 12% / reading 8%, grade F, #921 of 994 statewide, top 94%, 300 students, 81% FRL); Lakeside Middle School (math 8% / reading 17%, grade F, #310 of 330 statewide, top 94%, 502 students, 78% FRL); North Side High School (math 19% / reading 51%, grade F, #266 of 369 statewide, top 73%, 1,474 students, 66% FRL).
• Market conditions: Rents rising fast (+7.0%/yr); 88 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 1,861 units permitted in Allen County in 2024 (576 in 5+ unit buildings).
• This rent runs 32% of the median local income ($53k/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 $1k of loan paydown is wiped out by about $6k 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

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 5y ago 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.
• Current owner paid $105k; list at $185k implies a 76% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $144,095 (22.1% below list)

Questions for the listing agent

1. Built in 1955 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 0.78% ✗
• Cap rate: 6.56%
• Cash-on-cash: 0.94%
• DSCR: 1.04
• GRM: 10.7

CMA / ARV

• ARV (on-the-fly): $158,688
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1101 Saint Marys Ave	0.39mi	2/1.0 (-1)	908 (-0%)	1mo	$130,000	$143	75
1833 Cherokee Rd	0.44mi	3/1.0	876 (-4%)	1mo	$154,900	$177	72
1714 Spring St	0.20mi	2/1.0 (-1)	864 (-5%)	8mo	$117,000	$135	70
1427 Margaret Ave	0.40mi	2/1.0 (-1)	850 (-7%)	2mo	$148,000	$174	63
2006 Saint Marys Ave	0.51mi	2/1.0 (-1)	872 (-4%)	7mo	$73,000	$84	58
1016 Putnam St	0.43mi	2/1.0 (-1)	1,000 (+10%)	2mo	$145,000	$145	58
1840 Rosemont Dr	0.61mi	3/1.5	864 (-5%)	6mo	$165,000	$191	56
1617 Sprunger Ave	0.57mi	3/1.0	1,006 (+10%)	1mo	$142,000	$141	56
1818 3rd St	0.28mi	2/1.0 (-1)	806 (-12%)	9mo	$149,000	$185	55
1740 W State Blvd	0.63mi	3/1.0	999 (+10%)	1mo	$159,900	$160	54
1818 Rosemont Dr	0.59mi	3/1.0	816 (-10%)	4mo	$157,000	$192	51
1839 Rosemont Dr	0.59mi	2/1.0 (-1)	800 (-12%)	8mo	$159,000	$199	41

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 · 6.98% rent growth · sell at horizon

5-year hold

• IRR: -11.1%
• Equity multiple: 0.59×
• Total profit: $-21,485
• Equity at exit: $27,584

10-year hold

• IRR: 2.6%
• Equity multiple: 1.21×
• Total profit: $10,985
• Equity at exit: $15,995

Cash invested: $51,800 (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 46808

• Rents YoY: 7.0%
• Active inventory: 88
• Price-to-rent: 10.7×

Monthly cashflow live

• Estimated rent: $1,441 high
• Mortgage (P&I): −$970
• Tax from tax record: −$51 /mo · $607/yr
• Insurance: −$77
• HOA: −$0
• Vacancy / Maint / Mgmt: −$303
• Net cashflow: $41

Break-even live

Break-even rent $1,390

Max offer price $185,000

Occupancy floor 92%

Sensitivity live

Price	-10% $145	-5% $93	+0% $41	+5% $-12	+10% $-64
Rent	-10% $-73	-5% $-16	+0% $41	+5% $97	+10% $154
Rate	-1.0pp $134	-0.5pp $88	base $41	+0.5pp $-7	+1.0pp $-56

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: $46,250
• Closing costs: $5,550
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1437 Oakland St Fort Wayne, IN	3.0	1.0	1000	$1,250	$1.25	45d	1	0.37mi
1915 Ellen Ave Fort Wayne, IN	2.0	1.0	1100	$950	$0.86	15d	1	0.38mi
706 3rd St Unit 1 Fort Wayne, IN	2.0	1.0	930	$995	$1.07	45d	1	0.58mi
835 Van Buren St Fort Wayne, IN	2.0	1.0–2.0	750	$1,995	$2.66	15d	29	0.98mi
2718 Sherman Blvd Fort Wayne, IN	2.0	1.0	900	$925	$1.03	23d	1	0.99mi
877 Lavina St Fort Wayne, IN	1.0–3.0	1.0–2.0	997	$2,980	$2.99	45d	17	1.24mi
1332 Swinney Ave Fort Wayne, IN	2.0	1.0	1035	$1,300	$1.26	45d	1	1.29mi
1250 Ewing St Fort Wayne, IN	2.0	1.0–2.0	980	$2,081	$2.12	23d	24	1.32mi
424 Nussbaum Ave Fort Wayne, IN	2.0	1.0	650	$1,200	$1.85	23d	1	1.37mi
112 W Washington Blvd Fort Wayne, IN	1.0–2.0	1.0–2.0	768	$1,500	$1.95	23d	2	1.38mi
101 Three Rivers N Fort Wayne, IN	2.0	1.0	760	$2,102	$2.76	23d	11	1.43mi
608 Anderson Ave Unit 1 Fort Wayne, IN	2.0	1.0	804	$875	$1.09	23d	1	1.50mi

Listing history 8 events

1. 2026-06-03
   status $185,000 Pending 11 DOM
2. 2026-06-02
   pricedays on market $185,000 Active 11 DOM
3. 2026-06-01
   days on market $190,000 Active 10 DOM
4. 2026-05-31
   days on market $190,000 Active 9 DOM
5. 2026-05-30
   days on market $190,000 Active 8 DOM
6. 2026-05-22
   listed $190,000 Active
7. 2021-09-17
   soldstatus $105,000 127-char remark

   Show marketing remark (127 chars)

   Completely remodeled ranch with beautiful yard and large 2 car detached garage. 3 Bedrooms and one full bath. Loads of updates.

8. 2021-08-24
   listed $105,000 127-char remark

   Show marketing remark (127 chars)

   Completely remodeled ranch with beautiful yard and large 2 car detached garage. 3 Bedrooms and one full bath. Loads of updates.

ⓘ 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: $607 · $51/mo
• Projected year-2 tax: $1,090 · $91/mo
• Expected delta: +$483/yr (+$40/mo · 79.5%)

ⓘ 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: $17,291
• − Mortgage interest: −$10,363
• − Property taxes: −$607
• − Insurance: −$925
• − Repairs & maintenance: −$1,383
• − Management: −$1,383
• − Depreciation: −$5,382
• Taxable loss: −$2,752
• Est. tax savings @ 24.0%: +$660
• After-tax cash flow: $1,147/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): 19,684
• Household income: $53,359
• Rent vs Own: 39.4% rent · 60.6% own
• Severe rent burden: 625.0

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 (71%)
• Race & ethnicity: White 71% Hispanic / Latino 13% Two or more races 9% Black 9% Asian 2%
• Hispanic origin (detail): Mexican 10% Puerto Rican 2%
• Common ancestry: Romanian 3% Lithuanian 2% Slovak 2%
• Foreign-born: 7% · Canada, Philippines, South Korea
• Languages at home: 86% English-only · Spanish 10% Korean 2% Other Asian/Pacific 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: ▼ -288.51%
• Current HPI: 239.6115
• Rent YoY: ▲ 6.98%
• 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

+81.0% since first listed

3 events — show timeline

• 2026-05-22 Listed $190,000 IRMLS
• 2021-09-17 Sold (MLS) $105,000 IRMLS
• 2021-08-24 Listed $105,000 IRMLS

Property tax history

+11.8%/yr

Latest (2024): $607 · +29.1% YoY. Source: county tax records.