1304 Union St · Fort Wayne, IN 46802

$220,000

3 bd · 1.5 ba · 1,608 sqft · SingleFamily public records · 162 Days on market

Built 1906 3,850 sqft lot $137/sqft · 19% below area Est $273k · 19% under ↓ 15% since listing

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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 +10.1/30.0
• Livability +4.2/5.0
• DSCR +2.9/10.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• 1% rule +2.1/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Rare opportunity to renovate a historic home located less than a block away from the entrance of the new Electric Works! This property could be revamped into the perfect West Central home, and there is room to add a garage! Bring your own contractors, or we can help you price the home with builders according to your tastes & finishes! Due to this home being in a Historic district, all renovation plans must be submitted & approved through the Local Historic District. Please visit: https://www. fwcommunitydevelopment.org/historic-preservation/historic-preservation-commission-staff-services

Key facts

• Electric works
• West central home
• Historic home

Tags

• HISTORIC HOME
• ELECTRIC WORKS
• WEST CENTRAL HOME
• LOCAL HISTORIC DISTRICT

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $220k.

Deal economics

• At list price, monthly cash flow is $-130 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $197k (10.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $156k (29.2% below list).
• Recommended offer: $156k (29.2% below list) — sets the bar for 1% rule.

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 (+1.8%/yr); 64 active listings in the ZIP; 35 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 43% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,861 units permitted in Allen County in 2024 (576 in 5+ unit buildings).
• This rent runs 40% of the median local income ($47k/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 162 days — a 12% lower offer ($194k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 3y ago; this cycle's ask is 15% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Watch-outs: built in 1906 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $155,707 (29.2% 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 162 days. Have you received any prior offers? Is the seller open to a 29% concession, seller financing, or rate buy-down credit?
3. Built in 1906 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 0.71% ✗
• Cap rate: 5.58%
• Cash-on-cash: -2.54%
• DSCR: 0.89
• GRM: 11.8

CMA / ARV

• ARV (median comp): $272,614
• List price: $220,000
• Delta: -19.30%
• 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
820 W Jefferson Blvd	0.16mi	2/2.5 (-1)	1,614 (+0%)	2mo	$314,900	$195	81
1120 Elm St	0.47mi	3/1.5	1,640 (+2%)	1mo	$169,500	$103	74
807 W Washington Blvd	0.21mi	4/2.0 (+1)	1,750 (+9%)	0mo	$234,645	$134	68
2049 Phenie St	0.60mi	3/1.0	1,664 (+4%)	3mo	$149,000	$90	62
314 Brandriff St	0.53mi	4/2.0 (+1)	1,634 (+2%)	6mo	$181,000	$111	61
1207 Elm St	0.47mi	4/2.0 (+1)	1,528 (-5%)	6mo	$125,000	$82	58
2431 Fox Ave	0.71mi	3/1.5	1,522 (-5%)	3mo	$104,000	$68	55
1149 W Main St	0.49mi	3/1.5	1,408 (-12%)	2mo	$75,000	$53	55
344 W Dewald St	0.66mi	3/1.5	1,500 (-7%)	5mo	$160,000	$107	54
316 W Creighton Ave	0.75mi	4/2.0 (+1)	1,558 (-3%)	4mo	$190,000	$122	50
2102 Webster St	0.68mi	4/2.0 (+1)	1,516 (-6%)	5mo	$196,000	$129	48
1225 Huestis Ave	0.72mi	3/1.5	1,825 (+14%)	0mo	$200,000	$110	43

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 · 1.76% rent growth · sell at horizon

5-year hold

• IRR: -21.8%
• Equity multiple: 0.25×
• Total profit: $-45,934
• Equity at exit: $32,803

10-year hold

• IRR: -18.6%
• Equity multiple: 0.05×
• Total profit: $-58,658
• Equity at exit: $19,022

Cash invested: $61,600 (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 46802

• Home prices YoY: -30.0%
• Rents YoY: 1.8%
• Active inventory: 64
• Price-to-rent: 11.8×

Monthly cashflow live

• Estimated rent: $1,557 high
• Mortgage (P&I): −$1,154
• Tax from tax record: −$115 /mo · $1,379/yr
• Insurance: −$92
• HOA: −$0
• Vacancy / Maint / Mgmt: −$327
• Net cashflow: $-130

Break-even live

Break-even rent $1,722

Max offer price $197,005

Occupancy floor —

Sensitivity live

Price	-10% $-6	-5% $-68	+0% $-130	+5% $-192	+10% $-255
Rent	-10% $-253	-5% $-192	+0% $-130	+5% $-69	+10% $-7
Rate	-1.0pp $-19	-0.5pp $-74	base $-130	+0.5pp $-187	+1.0pp $-245

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: $55,000
• Closing costs: $6,600
• Reserves months: —
• Total cash needed: —

Rent comps 35 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
877 Lavina St Fort Wayne, IN	1.0–3.0	1.0–2.0	997	$2,980	$2.99	44d	17	0.07mi
1118 Rockhill St Fort Wayne, IN	3.0	3.0	1790	$2,300	$1.28	44d	1	0.09mi
603 Lavina St Fort Wayne, IN	3.0	2.0	1872	$1,899	$1.01	44d	1	0.22mi
901 W Wayne St Unit 3 Fort Wayne, IN	2.0	2.0	1312	$1,700	$1.30	44d	1	0.22mi
1104 Stophlet St Fort Wayne, IN	3.0	1.5	1288	$1,400	$1.09	14d	1	0.30mi
835 Van Buren St Fort Wayne, IN	2.0	1.0–2.0	750	$1,995	$2.66	14d	29	0.31mi
915 Garden St Fort Wayne, IN	2.0	2.0	1275	$1,650	$1.29	14d	1	0.33mi
1250 Ewing St Fort Wayne, IN	2.0	1.0–2.0	980	$2,081	$2.12	22d	24	0.35mi
2133 Riedmiller Ave Fort Wayne, IN	3.0	1.0	1056	$1,050	$0.99	22d	1	0.64mi
217 W Masterson Ave Fort Wayne, IN	2.0	1.0	1100	$995	$0.90	22d	1	0.64mi
1342 Guthrie St Fort Wayne, IN	3.0	1.0	1200	$899	$0.75	44d	1	0.64mi
2118 Webster St Fort Wayne, IN	4.0	1.0	2200	$1,175	$0.53	44d	1	0.73mi
2431 Fox Ave Fort Wayne, IN	3.0	1.5	1522	$1,550	$1.02	14d	1	0.74mi
2430 Thompson Ave Fort Wayne, IN	2.0	1.0	1197	$975	$0.81	14d	1	0.77mi
1360 Huestis Ave Fort Wayne, IN	3.0	1.0	1056	$1,080	$1.02	14d	1	0.78mi
1353 Huestis Ave Fort Wayne, IN	4.0	1.0	1328	$1,300	$0.98	14d	1	0.79mi
907 Lincoln Ave Fort Wayne, IN	2.0	1.0	1060	$850	$0.80	14d	1	0.87mi
1626 Howell St Unit 201 Fort Wayne, IN	3.0	2.0	1200	$1,700	$1.42	22d	1	0.99mi
739 W 4th St Fort Wayne, IN	4.0	2.0	1750	$1,995	$1.14	14d	1	1.00mi
2616 S Harrison St Fort Wayne, IN	4.0	2.0	1908	$1,500	$0.79	44d	1	1.04mi
1502 3rd St Fort Wayne, IN	3.0	1.5	1344	$1,650	$1.23	14d	1	1.10mi
420 E Dewald St Fort Wayne, IN	3.0	1.5	1472	$1,300	$0.88	44d	1	1.11mi
116 E Pontiac St Fort Wayne, IN	3.0	1.5	1400	$1,175	$0.84	22d	1	1.12mi
1132 S Hanna St Unit 1 Fort Wayne, IN	4.0	1.5	1656	$1,600	$0.97	44d	1	1.16mi
724 Kinnaird Ave Fort Wayne, IN	3.0	1.5	1880	$1,450	$0.77	44d	1	1.17mi
3008 Webster St Fort Wayne, IN	3.0	1.0	1344	$1,449	$1.08	22d	1	1.19mi
1721 3rd St Fort Wayne, IN	3.0	1.0	1584	$1,195	$0.75	44d	1	1.20mi
2530 Lafayette St Fort Wayne, IN	4.0	1.0	1816	$1,500	$0.83	44d	1	1.21mi
805 Edgewater Ave Fort Wayne, IN	3.0	1.0	1075	$1,550	$1.44	14d	1	1.29mi
807 Edgewater Ave Fort Wayne, IN	3.0	1.0	1075	$1,450	$1.35	22d	1	1.29mi
451 E Pontiac St Fort Wayne, IN	3.0	1.0	1308	$1,050	$0.80	44d	1	1.33mi
702 Archer Ave Fort Wayne, IN	3.0	1.5	1273	$1,499	$1.18	45d	1	1.36mi
859 Buchanan St Fort Wayne, IN	1.0–4.0	1.0	887	$1,074	$1.21	22d	1	1.36mi
919 Madison St Fort Wayne, IN	2.0	1.0	1332	$995	$0.75	44d	1	1.37mi
1131 E Lewis St Fort Wayne, IN	4.0	2.0	1476	$1,950	$1.32	14d	1	1.47mi

Listing history 22 events

1. 2026-06-18
   days on market $220,000 Active 162 DOM
2. 2026-06-17
   days on market $220,000 Active 161 DOM
3. 2026-06-16
   days on market $220,000 Active 160 DOM
4. 2026-06-15
   days on market $220,000 Active 159 DOM
5. 2026-06-14
   days on market $220,000 Active 157 DOM
6. 2026-06-10
   days on market $220,000 Active 154 DOM
7. 2026-06-09
   days on market $220,000 Active 153 DOM
8. 2026-06-08
   days on market $220,000 Active 152 DOM
9. 2026-06-07
   days on market $220,000 Active 151 DOM
10. 2026-06-03
    days on market $220,000 Active 147 DOM
11. 2026-06-02
    days on market $220,000 Active 146 DOM
12. 2026-06-01
    days on market $220,000 Active 145 DOM
13. 2026-05-31
    days on market $220,000 Active 144 DOM
14. 2026-05-30
    days on market $220,000 Active 143 DOM
15. 2026-01-07
    listed $220,000 Active 606-char remark

    Show marketing remark (606 chars)

    Rare opportunity to renovate a historic home located less than a block away from the entrance of the new Electric Works! This property could be revamped into the perfect West Central home, and there is room to add a garage! Bring your own contractors, or we can help you price the home with builders according to your tastes & finishes! Due to this home being in a Historic district, all renovation plans must be submitted & approved through the Local Historic District. Please visit: https://www. fwcommunitydevelopment.org/historic-preservation/historic-preservation-commission-staff-services

16. 2026-01-07
    listed $190,900 Active

    Show marketing remark (606 chars)

    Rare opportunity to renovate a historic home located less than a block away from the entrance of the new Electric Works! This property could be revamped into the perfect West Central home, and there is room to add a garage! Bring your own contractors, or we can help you price the home with builders according to your tastes & finishes! Due to this home being in a Historic district, all renovation plans must be submitted & approved through the Local Historic District. Please visit: https://www. fwcommunitydevelopment.org/historic-preservation/historic-preservation-commission-staff-services

17. 2025-03-31
    listed $220,000 Active
18. 2024-05-09
    listed $199,000 Active
19. 2024-02-17
    price $190,900
20. 2024-02-01
    price $195,900
21. 2023-06-13
    price $199,900
22. 2023-03-01
    listed $225,000 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: $1,379 · $115/mo
• Projected year-2 tax: $1,624 · $135/mo
• Expected delta: +$246/yr (+$20/mo · 17.8%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $18,685
• − Mortgage interest: −$12,323
• − Property taxes: −$1,379
• − Insurance: −$1,100
• − Repairs & maintenance: −$1,495
• − Management: −$1,495
• − Depreciation: −$6,400
• Taxable loss: −$5,507
• Est. tax savings @ 24.0%: +$1,322
• After-tax cash flow: $-240/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): 11,177
• Household income: $46,854
• Rent vs Own: 65.0% rent · 35.0% own
• Severe rent burden: 589.0

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: Majority White (64%)
• Race & ethnicity: White 64% Black 16% Hispanic / Latino 14% Two or more races 10% Asian 2%
• Hispanic origin (detail): Mexican 11%
• Common ancestry: Lithuanian 4% Romanian 3% Iranian 2%
• Foreign-born: 6% · Canada, Philippines
• Languages at home: 88% English-only · Spanish 10% 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: ▼ -104.51%
• Current HPI: 243.5691
• Rent YoY: ▲ 1.76%
• 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

-15.2% since first listed

8 events — show timeline

• 2026-01-07 Listed $190,900 IRMLS
• 2026-01-07 Listed $220,000 IRMLS
• 2025-03-31 Listed $220,000 IRMLS
• 2024-05-09 Listed $199,000 IRMLS
• 2024-02-17 Price Changed $190,900 IRMLS
• 2024-02-01 Price Changed $195,900 IRMLS
• 2023-06-13 Price Changed $199,900 IRMLS
• 2023-03-01 Listed $225,000 IRMLS

Property tax history

-0.3%/yr

Latest (2024): $1,379 · -0.3% YoY. Source: county tax records.