906 Buckingham Dr · Fort Wayne, IN 46825

$150,000

3 bd · 1.5 ba · 1,238 sqft · SingleFamily public records · 2 Days on market

Built 1962 10,735 sqft lot Est $199k · 25% under $2/mo HOA

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Why this score? — see what drove the C+ 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 +21.6/30.0
• ARV discount +15.0/15.0
• DSCR +6.9/10.0
• 1% rule +5.1/10.0
• Livability +4.2/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• Appreciation +0.0/10.0

Listing remarks

This tri-level home presents a fantastic opportunity for some sweat equity and customization. The cozy family room features a wood-burning fireplace, creating a warm and inviting space for gatherings. Adjacent to the family room, the dining area and kitchen offer ample potential for modern updates. Upstairs, you'll find three bedrooms, with indications that hardwood flooring lies beneath the carpet in all rooms. A full bathroom serves the upper level, providing convenience for daily routines. The lower level includes a second living space and a laundry room, perfect for additional relaxation or functional needs. The existing half bath can be easily converted into a second full bathroom, add

Key facts

• Private backyard
• Storage shed
• Updated furnace

Tags

• WOOD BURNING FIREPLACE
• SPACIOUS PATIO
• PRIVATE BACKYARD
• STORAGE SHED
• QUARTER ACRE CORNER LOT
• UPDATED FURNACE

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $150k.

Deal economics

• At list price, monthly cash flow is $227 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Cap rate 8.1% 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.

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: Northcrest Elementary School (math 17% / reading 17%, grade F, #837 of 994 statewide, top 86%, 493 students, 71% FRL); Northwood Middle School (math 14% / reading 22%, grade F, #279 of 330 statewide, top 86%, 587 students, 70% 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 flat; 108 active listings in the ZIP; 6 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k 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 2 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $150,000

Questions for the listing agent

1. Built in 1962 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 1.01% ✓
• Cap rate: 8.11%
• Cash-on-cash: 6.48%
• DSCR: 1.29
• GRM: 8.2

CMA / ARV

• ARV (on-the-fly): $199,318
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
701 N Camden Dr	0.33mi	3/1.0	1,295 (+5%)	5mo	$189,900	$147	71
6708 Raintree Rd	0.58mi	3/1.0	1,197 (-3%)	2mo	$206,000	$172	64
1130 Larch Ln	0.28mi	3/1.0	1,356 (+10%)	6mo	$186,400	$137	64
6319 High Point Run	0.31mi	3/2.0	1,094 (-12%)	1mo	$212,000	$194	63
815 Larch Ln	0.20mi	3/1.5	1,056 (-15%)	4mo	$182,900	$173	63
5235 Northcrest Dr	0.47mi	3/1.5	1,160 (-6%)	9mo	$175,000	$151	60
816 Warwick Ave	0.68mi	3/1.5	1,189 (-4%)	8mo	$183,000	$154	55
6608 Baytree Dr	0.65mi	3/1.5	1,305 (+5%)	7mo	$199,150	$153	55
1403 Sycamore Dr	0.65mi	3/1.5	1,305 (+5%)	9mo	$216,000	$166	53
5418 N Stony Run Ln	0.35mi	3/1.0	1,073 (-13%)	10mo	$173,000	$161	52
6523 Meadow Wood Pl	0.38mi	3/1.5	1,052 (-15%)	7mo	$199,900	$190	52
6509 Redbud Dr	0.57mi	4/1.0 (+1)	1,305 (+5%)	9mo	$199,000	$152	50

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 · 0.81% rent growth · sell at horizon

5-year hold

• IRR: -8.7%
• Equity multiple: 0.69×
• Total profit: $-13,163
• Equity at exit: $22,365

10-year hold

• IRR: -2.3%
• Equity multiple: 0.86×
• Total profit: $-5,805
• Equity at exit: $12,969

Cash invested: $42,000 (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 46825

• Rents YoY: 0.8%
• Active inventory: 108
• Price-to-rent: 8.2×

Monthly cashflow live

• Estimated rent: $1,519 high
• Mortgage (P&I): −$787
• Tax from tax record: −$122 /mo · $1,470/yr
• Insurance: −$62
• HOA: −$2
• Vacancy / Maint / Mgmt: −$319
• Net cashflow: $227

Break-even live

Break-even rent $1,232

Max offer price $150,000

Occupancy floor 80%

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4917 Northcrest Dr Apt C Fort Wayne, IN	2.0	1.0	800	$925	$1.16	21d	1	0.76mi
4917 Northcrest Dr Apt B Fort Wayne, IN	2.0	1.0	800	$975	$1.22	43d	1	0.76mi
5710 River Run Trl Fort Wayne, IN	1.0–3.0	1.0–2.0	937	$1,670	$1.78	13d	37	0.89mi
2306 Deerwood Dr Fort Wayne, IN	3.0	1.5	1456	$1,595	$1.10	21d	1	1.22mi
2727 Canterbury Blvd Fort Wayne, IN	1.0–3.0	1.0–2.5	1204	$2,000	$1.66	13d	394	1.43mi
1035 Ridgewood Dr Fort Wayne, IN	1.0–3.0	1.0–1.5	906	$1,450	$1.60	13d	33	1.48mi

HOA detail

• Monthly dues: $2 · $24/yr

Listing history 2 events

1. 2026-04-23
   status Pending
2. 2026-04-21
   listed $150,000 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: $1,470 · $122/mo
• Projected year-2 tax: $1,470 · $122/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: $18,232
• − Mortgage interest: −$8,402
• − Property taxes: −$1,470
• − Insurance: −$750
• − Repairs & maintenance: −$1,459
• − Management: −$1,459
• − HOA: −$24
• − Depreciation: −$4,364
• Taxable income: $305
• Est. tax owed @ 24.0%: −$73
• After-tax cash flow: $2,647/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): 29,296
• Household income: $70,544
• Rent vs Own: 40.5% rent · 59.5% own
• Severe rent burden: 752.0

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% Black 10% Asian 10% Hispanic / Latino 6% Two or more races 6%
• Hispanic origin (detail): Mexican 3% Puerto Rican 2%
• Common ancestry: Italian 4% Lithuanian 3% Romanian 3%
• Foreign-born: 12% · Philippines, Canada, Vietnam
• Languages at home: 85% English-only · Spanish 4% Other Asian/Pacific 3% Vietnamese 3%

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: ▼ -187.64%
• Current HPI: 238.2276
• Rent YoY: ▲ 0.81%
• 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

• 2026-04-23 Pending — IRMLS
• 2026-04-21 Listed $150,000 IRMLS

Property tax history

+28.6%/yr

Latest (2024): $1,470 · +1395.0% YoY. Source: county tax records.