3229 Lima Rd · Fort Wayne, IN 46805

$145,000

4 bd · 1.5 ba · 1,952 sqft · SingleFamily public records · 72 Days on market

Built 1890 5,227 sqft lot Est $209k · 31% under ↓ 38% since listing

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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 +24.1/30.0
• ARV discount +15.0/15.0
• DSCR +7.8/10.0
• 1% rule +6.1/10.0
• 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

PRICE IMPROVEMENT | Exciting full renovation has been completed on this home! This spacious 4-bedroom home features a brand-new kitchen, updated bathroom, new walls, ceilings, paint, and lighting. The plumbing, electrical, HVAC, and windows were all updated in 2013. Fresh exterior paint, new front landscaping, and a well-maintained roof add to the curb appeal. The first floor offers newer vinyl replacement windows, but the home still has all the character of a home built in 1890 including well maintained hardwood floors and wood trim throughout. Located in the 05, this home is close to everything you need. Schedule your showing today!

Key facts

• New ceilings
• New walls
• New paint

Tags

• FULL RENOVATION
• BRAND-NEW KITCHEN
• UPDATED BATHROOM
• NEW WALLS
• NEW CEILINGS
• NEW PAINT

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $145k.

Deal economics

• At list price, monthly cash flow is $288 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $145k).
• Recommended offer: $136k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.7% 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: Franke Park Elementary School (math 27% / reading 27%, grade F, #737 of 994 statewide, top 76%, 405 students, 78% 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 lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% 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 37% of the median local income ($52k/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 $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

• It's been on market 72 days — a 6% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts; this cycle's ask has dropped $20k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $136,300 (6.0% below list)

Questions for the listing agent

1. It's been on market 72 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1890 — 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: 1.11% ✓
• Cap rate: 8.67%
• Cash-on-cash: 8.51%
• DSCR: 1.38
• GRM: 7.5

CMA / ARV

• ARV (on-the-fly): $208,864
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3229 Lima Rd	0.00mi	4/1.5	1,952 (0%)	1mo	$136,000	$70	99
472 Penn Ave	0.28mi	4/2.0	1,794 (-8%)	1mo	$216,000	$120	70
3702 Parkhill Ave	0.48mi	5/2.0 (+1)	1,932 (-1%)	7mo	$168,000	$87	63
3306 Eastbrook Dr	0.05mi	3/2.5 (-1)	1,706 (-13%)	12mo	$145,000	$85	58
616 Stadium Dr	0.58mi	3/2.0 (-1)	2,049 (+5%)	2mo	$220,000	$107	56
545 Charlotte Ave	0.50mi	3/2.0 (-1)	1,830 (-6%)	5mo	$195,000	$107	55
3242 Oswego Dr	0.57mi	3/2.0 (-1)	1,908 (-2%)	14mo	$110,000	$58	51
2633 N Clinton St	0.40mi	3/1.0 (-1)	1,794 (-8%)	15mo	$160,000	$89	48
3415 Parnell Ave	0.73mi	3/1.5 (-1)	1,782 (-9%)	7mo	$225,000	$126	41
2925 Parnell Ave	0.51mi	3/2.0 (-1)	1,687 (-14%)	8mo	$205,000	$122	40
1027 Curdes Ave	0.73mi	3/1.0 (-1)	2,092 (+7%)	10mo	$182,901	$87	39
2419 Terrace Rd	0.52mi	3/2.0 (-1)	1,761 (-10%)	20mo	$207,000	$118	36

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 · 0.75% rent growth · sell at horizon

5-year hold

• IRR: -5.9%
• Equity multiple: 0.79×
• Total profit: $-8,714
• Equity at exit: $21,620

10-year hold

• IRR: 0.8%
• Equity multiple: 1.05×
• Total profit: $2,102
• Equity at exit: $12,537

Cash invested: $40,600 (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 46805

• Rents YoY: 0.8%
• Active inventory: 108
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $1,608 high
• Mortgage (P&I): −$760
• Tax from tax record: −$161 /mo · $1,936/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$338
• Net cashflow: $288

Break-even live

Break-even rent $1,243

Max offer price $145,000

Occupancy floor 77%

Sensitivity live

Price	-10% $370	-5% $329	+0% $288	+5% $247	+10% $206
Rent	-10% $161	-5% $224	+0% $288	+5% $351	+10% $415
Rate	-1.0pp $361	-0.5pp $325	base $288	+0.5pp $250	+1.0pp $212

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: $36,250
• Closing costs: $4,350
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2403 N Clinton St Fort Wayne, IN	3.0	2.0	1666	$1,750	$1.05	44d	1	0.59mi
2315 Terrace Rd Fort Wayne, IN	3.0	1.0	1466	$1,600	$1.09	44d	1	0.60mi
702 Archer Ave Fort Wayne, IN	3.0	1.5	1273	$1,499	$1.18	45d	1	1.09mi
1726 Tecumseh St Fort Wayne, IN	3.0	1.0	1280	$1,350	$1.05	14d	1	1.23mi
1516 Bayer Ave Fort Wayne, IN	4.0	2.0	1280	$1,299	$1.01	14d	1	1.31mi
739 W 4th St Fort Wayne, IN	4.0	2.0	1750	$1,995	$1.14	14d	1	1.42mi

Listing history 13 events

1. 2026-04-14
   status Pending
2. 2026-03-26
   price $145,000
3. 2026-03-10
   price $155,000
4. 2026-02-01
   listed $165,000 Active
5. 2025-11-18
   price $165,000
6. 2025-10-01
   price $175,000
7. 2025-08-23
   status Active
8. 2025-08-23
   historical
9. 2025-08-14
   status Active
10. 2025-08-14
    price $195,000
11. 2025-07-11
    price $205,000
12. 2025-06-27
    price $225,000
13. 2025-06-07
    listed $235,000 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: $1,936 · $161/mo
• Projected year-2 tax: $1,936 · $161/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: $19,291
• − Mortgage interest: −$8,122
• − Property taxes: −$1,936
• − Insurance: −$725
• − Repairs & maintenance: −$1,543
• − Management: −$1,543
• − Depreciation: −$4,218
• Taxable income: $1,202
• Est. tax owed @ 24.0%: −$289
• After-tax cash flow: $3,165/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): 21,437
• Household income: $52,154
• Rent vs Own: 42.6% rent · 57.4% own
• Severe rent burden: 904.0

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 (72%)
• Race & ethnicity: White 72% Black 9% Two or more races 8% Hispanic / Latino 7% Asian 5%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Lithuanian 3% Slovak 3% Italian 2%
• Foreign-born: 6% · Philippines, Canada
• Languages at home: 91% English-only · Other Asian/Pacific 3% Spanish 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: ▼ -356.64%
• Current HPI: 286.2643
• Rent YoY: ▲ 0.75%
• 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

-38.3% since first listed

13 events — show timeline

• 2026-04-14 Pending — IRMLS
• 2026-03-26 Price Changed $145,000 IRMLS
• 2026-03-10 Price Changed $155,000 IRMLS
• 2026-02-01 Listed $165,000 IRMLS
• 2025-11-18 Price Changed $165,000 IRMLS
• 2025-10-01 Price Changed $175,000 IRMLS
• 2025-08-23 Relisted — IRMLS
• 2025-08-23 Delisted — IRMLS
• 2025-08-14 Relisted — IRMLS
• 2025-08-14 Price Changed $195,000 IRMLS
• 2025-07-11 Price Changed $205,000 IRMLS
• 2025-06-27 Price Changed $225,000 IRMLS
• 2025-06-07 Listed $235,000 IRMLS

Property tax history

-1.6%/yr

Latest (2024): $1,936 · +3.8% YoY. Source: county tax records.