Lancia's Lincoln III Plan · Fort Wayne, IN 46818

$230,200

4 bd · 2.5 ba · 1,734 sqft · SingleFamily · 351 Days on market

Excellent condition $45/mo HOA · 2% of rent

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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 +7.5/15.0
• Cash flow +7.1/30.0
• Schools +6.2/10.0
• Condition / age +4.8/5.0
• Rent growth +4.4/5.0
• Livability +4.2/5.0
• 1% rule +2.1/10.0
• DSCR +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

THIS IS A SAMPLE PLAN - THIS IS NOT A HOME FOR SALE. Lancia's Lincoln III showcases a U-shaped Kitchen open to the Nook with a corner pantry. Large separate Great Room. Separate Laundry Room off Garage. 4 Bedrooms upstairs with the option of transforming the downstairs Office or Bonus Room into a 5th Bedroom with an upgrade of a closet or suite with a full bath!

Key facts

• 2 parking spots
• Listed 351 days

🏗️ New construction. The $230,200 list price is a builder figure, so every metric below is computed on the value from comparable previous sales — $338,496.

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath single-family listed at $230k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $-481 ($-6k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $230k).
• Recommended offer: $203k (12.0% below list) — sets the bar for market timing.

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+.
• Northwest Allen County Schools (rural): math 51% / reading 58% proficiency, ranked #25 of 301 in IN (top 8%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 11% free/reduced lunch — higher-income household profile.
• Zoned schools: Arcola School (math 72% / reading 62%, grade B+, #55 of 994 statewide, top 6%, 216 students, 33% FRL); Carroll Middle School (math 39% / reading 55%, grade D+, #65 of 330 statewide, top 21%, 994 students, 29% FRL); Carroll High School (math 59% / reading 86%, grade B+, #10 of 369 statewide, top 3%, 2,554 students, 21% FRL) — zoned schools average 28% FRL vs 11% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+7.6%/yr); 395 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 63d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 1,861 units permitted in Allen County in 2024 (576 in 5+ unit buildings).
• This rent runs 36% 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 $10k 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 351 days — a 12% lower offer ($203k) is reasonable based on typical stale-listing flexibility.

Recommended offer $202,576 (12.0% 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 351 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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: 4.59%
• Cash-on-cash: -6.09%
• DSCR: 0.73
• GRM: 11.7

CMA / ARV

• ARV (median comp): $338,496
• List price: $230,200
• Delta: -31.99%
• 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
4476 Katfur Ct	0.35mi	4/2.0	1,771 (+2%)	2mo	$329,245	$186	77
5030 Whittlebury Dr	0.31mi	3/2.0 (-1)	1,764 (+2%)	1mo	$373,000	$211	75
5215 Elk Run Pl	0.41mi	3/2.5 (-1)	1,712 (-1%)	1mo	$419,900	$245	73
4966 Whittlebury Dr	0.34mi	3/2.0 (-1)	1,633 (-6%)	2mo	$358,630	$220	66
12004 Swather Ct	0.45mi	3/2.0 (-1)	1,682 (-3%)	1mo	$349,900	$208	66
12289 Harleys Run	0.23mi	4/2.0	1,501 (-13%)	0mo	$289,930	$193	65
5445 Rio Azul Cv	0.35mi	3/2.0 (-1)	1,854 (+7%)	0mo	$440,000	$237	65
5249 Elk Run Pl	0.42mi	3/2.0 (-1)	1,653 (-5%)	1mo	$396,000	$240	65
5041 Whittlebury Dr	0.28mi	3/2.0 (-1)	1,578 (-9%)	1mo	$337,700	$214	64
12275 Harleys Run	0.24mi	3/2.0 (-1)	1,498 (-14%)	0mo	$288,175	$192	59
5463 Rio Azul Cv	0.37mi	3/2.0 (-1)	1,953 (+13%)	1mo	$457,400	$234	54
12720 Watts Dr	0.36mi	3/2.0 (-1)	1,498 (-14%)	2mo	$299,900	$200	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: -21.6%
• Equity multiple: 0.22×
• Total profit: $-73,646
• Equity at exit: $50,471

10-year hold

• IRR: -6.9%
• Equity multiple: 0.47×
• Total profit: $-50,132
• Equity at exit: $29,267

Cash invested: $94,779 (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 →

Buyer's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 58 active · 38 under contract
• Months of supply: 7.9 mo (13%/mo absorbed)
• Median asking: $349,450 ($200/sqft)
• Median days on market: 344 d
• This list price: 7% of active listings are priced below it
• ARV vs active asking: -2.3% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 46818

• Rents YoY: 7.6%
• Active inventory: 395
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $2,409 medium
• Mortgage (P&I): −$1,775
• Tax est. 1.5%: −$423 /mo · $5,077/yr
• Insurance: −$141
• HOA: −$45
• Vacancy / Maint / Mgmt: −$506
• Net cashflow: $-481

Break-even live

Break-even rent $3,018

Max offer price $268,900

Occupancy floor —

Sensitivity live

Price	-10% $-247	-5% $-364	+0% $-481	+5% $-598	+10% $-715
Rent	-10% $-671	-5% $-576	+0% $-481	+5% $-386	+10% $-291
Rate	-1.0pp $-310	-0.5pp $-395	base $-481	+0.5pp $-569	+1.0pp $-658

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: $84,624
• Closing costs: $10,155
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5045 Portney Pl Fort Wayne, IN	4.0	2.5	2226	$2,300	$1.03	93d	1	0.12mi
4722 Whittlebury Dr Fort Wayne, IN	4.0	2.0	1650	$1,999	$1.21	63d	1	0.30mi
3115 Carroll Rd Fort Wayne, IN	3.0	2.0	1244	$2,300	$1.85	63d	1	1.39mi

Listing history 50 events

1. 2026-08-08
   days on market $230,200 Active 351 DOM
2. 2026-08-07
   days on market $230,200 Active 350 DOM
3. 2026-08-06
   days on market $230,200 Active 349 DOM
4. 2026-08-05
   days on market $230,200 Active 348 DOM
5. 2026-08-04
   days on market $230,200 Active 347 DOM
6. 2026-08-03
   days on market $230,200 Active 346 DOM
7. 2026-07-31
   days on market $230,200 Active 343 DOM
8. 2026-07-30
   days on market $230,200 Active 342 DOM
9. 2026-07-29
   days on market $230,200 Active 341 DOM
10. 2026-07-27
    days on market $230,200 Active 339 DOM
11. 2026-07-25
    days on market $230,200 Active 337 DOM
12. 2026-07-23
    days on market $230,200 Active 335 DOM
13. 2026-07-22
    days on market $230,200 Active 334 DOM
14. 2026-07-21
    days on market $230,200 Active 333 DOM
15. 2026-07-18
    days on market $230,200 Active 330 DOM
16. 2026-07-16
    days on market $230,200 Active 328 DOM
17. 2026-07-16
    days on market $230,200 Active 327 DOM
18. 2026-07-14
    days on market $230,200 Active 326 DOM
19. 2026-07-13
    days on market $230,200 Active 325 DOM
20. 2026-07-12
    days on market $230,200 Active 324 DOM
21. 2026-07-11
    days on market $230,200 Active 323 DOM
22. 2026-07-10
    days on market $230,200 Active 322 DOM
23. 2026-07-09
    days on market $230,200 Active 321 DOM
24. 2026-07-08
    days on market $230,200 Active 320 DOM
25. 2026-07-07
    days on market $230,200 Active 319 DOM
26. 2026-07-06
    days on market $230,200 Active 318 DOM
27. 2026-07-05
    days on market $230,200 Active 317 DOM
28. 2026-07-04
    days on market $230,200 Active 316 DOM
29. 2026-07-03
    days on market $230,200 Active 315 DOM
30. 2026-07-02
    days on market $230,200 Active 314 DOM
31. 2026-07-01
    days on market $230,200 Active 313 DOM
32. 2026-06-30
    days on market $230,200 Active 312 DOM
33. 2026-06-29
    days on market $230,200 Active 311 DOM
34. 2026-06-28
    days on market $230,200 Active 310 DOM
35. 2026-06-28
    days on market $230,200 Active 309 DOM
36. 2026-06-27
    days on market $230,200 Active 308 DOM
37. 2026-06-25
    days on market $230,200 Active 306 DOM
38. 2026-06-23
    days on market $230,200 Active 304 DOM
39. 2026-06-21
    days on market $230,200 Active 303 DOM
40. 2026-06-18
    days on market $230,200 Active 300 DOM
41. 2026-06-17
    days on market $230,200 Active 299 DOM
42. 2026-06-16
    days on market $230,200 Active 298 DOM
43. 2026-06-15
    days on market $230,200 Active 297 DOM
44. 2026-06-14
    days on market $230,200 Active 295 DOM
45. 2026-06-13
    days on market $230,200 Active 294 DOM
46. 2026-06-10
    days on market $230,200 Active 292 DOM
47. 2026-06-09
    days on market $230,200 Active 291 DOM
48. 2026-06-08
    days on market $230,200 Active 290 DOM
49. 2026-06-07
    days on market $230,200 Active 289 DOM
50. 2026-06-03
    days on market $230,200 Active 285 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $28,911
• − Mortgage interest: −$18,961
• − Property taxes: −$5,077
• − Insurance: −$1,692
• − Repairs & maintenance: −$2,313
• − Management: −$2,313
• − HOA: −$540
• − Depreciation: −$9,847
• Taxable loss: −$11,833
• Est. tax savings @ 24.0%: +$2,840
• After-tax cash flow: $-2,932/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.

Condition & rehab AI · 13 photos

Excellent 95/100 None rehab

This home is in excellent condition with modern finishes and a well-maintained exterior. It offers a great opportunity for a potential buyer or tenant looking for a move-in ready property with the potential for further value enhancement.

Value-add opportunities

• Both Painting the exterior and interior walls — Fresh paint can enhance curb appeal and interior aesthetics. ↑
• Both Landscaping improvements — Well-maintained landscaping can increase curb appeal and property value. ↑
• Both Adding smart home features — Smart home features can increase property value and attract tech-savvy buyers/tenants. ↑
• Both Upgrading the kitchen appliances — Modern appliances can enhance the kitchen's functionality and appeal to potential buyers/tenants. ↑
• Both Adding a smart thermostat — A smart thermostat can improve energy efficiency and attract tech-savvy buyers/tenants. ↑

C Composite school gradezoned avg 62/100

Zoned Schools

Elementary Arcola School B+ IN #55/994 Nat'l #4,366/41,679 Middle Carroll Middle School D+ IN #65/330 Nat'l #4,159/14,009 High Carroll High School B+ IN #10/369 Nat'l #1,843/17,239

Schools (NCES district)

• District: Northwest Allen County Schools
• NCES district ID: 1808250
• Math proficiency: 51% ▼ -6.00%
• Reading proficiency: 58% ▼ -5.00%
• Median HH income: $78,952
• Composite: 49.26/100
• National rank: #2027
• State rank: #25 of 301 in IN

A Composite livability gradescore 84/100

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

• County: Allen County · 394,020 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: 10% of renters

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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%

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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%

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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

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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

+0.8% since first listed

2 events — show timeline

• 2026-02-09 Price Changed $225,700 Zillow
• 2025-08-22 Listed $224,000 Zillow