Lancia's Lincoln III Plan · Fort Wayne, IN 46845

$230,200

4 bd · 2.5 ba · 1,734 sqft · SingleFamily · 300 Days on market

Excellent condition $50/mo HOA · 2% of rent

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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).

• ARV discount +7.5/15.0
• Cash flow +5.4/30.0
• Rent growth +5.0/5.0
• Schools +4.9/10.0
• Condition / age +4.8/5.0
• Livability +4.2/5.0
• 1% rule +1.2/10.0
• DSCR +0.0/10.0
• 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! * Base price does not include land

Key facts

• 2 parking spots
• Listed 300 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 — $345,882.

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 $-755 ($-9k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $213k (7.3% below list).
• Recommended offer: $203k (12.0% below list) — sets the bar for market timing.
• Cap rate 3.7% vs local median 4.8% in Fort Wayne — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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+.
• 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.
• Market conditions: Rents rising fast (+10.5%/yr); 220 active listings in the ZIP; 1 comparable units currently listed for rent nearby; high-income renter base; 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 $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 300 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 300 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: 0.62% ✗
• Cap rate: 3.68%
• Cash-on-cash: -9.35%
• DSCR: 0.58
• GRM: 13.5

CMA / ARV

• ARV (median comp): $345,882
• List price: $230,200
• Delta: -33.45%
• 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
911 Glen Eagle Ln	0.20mi	3/2.5 (-1)	1,657 (-4%)	7mo	$300,000	$181	72
495 Merriweather Psge	0.16mi	4/2.5	1,938 (+12%)	1mo	$350,000	$181	72
486 Merriweather Psge	0.17mi	4/2.5	1,900 (+10%)	9mo	$352,275	$185	69
12129 Willow Cv	0.20mi	3/2.5 (-1)	1,596 (-8%)	7mo	$302,000	$189	67
11967 Falcatta Dr	0.41mi	4/2.5	1,900 (+10%)	1mo	$359,900	$189	64
12221 Seamist Pl	0.29mi	3/2.0 (-1)	1,862 (+7%)	10mo	$318,500	$171	58
335 Marcelle Dr	0.57mi	4/2.0	1,824 (+5%)	9mo	$256,000	$140	55
12016 Willowind Ct	0.43mi	3/2.0 (-1)	1,616 (-7%)	10mo	$283,500	$175	54
11903 Falcatta Dr	0.40mi	4/2.5	1,982 (+14%)	10mo	$369,077	$186	50
12415 Falcatta Dr	0.49mi	3/2.0 (-1)	1,476 (-15%)	2mo	$271,000	$184	44
1106 Brandon Way	0.74mi	3/2.0 (-1)	1,867 (+8%)	9mo	$405,000	$217	38
10917 Mill Lake Cv	0.67mi	3/2.0 (-1)	1,519 (-12%)	11mo	$285,000	$188	32

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -27.5%
• Equity multiple: 0.04×
• Total profit: $-92,766
• Equity at exit: $51,572

10-year hold

• IRR: -13.4%
• Equity multiple: 0.06×
• Total profit: $-91,079
• Equity at exit: $29,906

Cash invested: $96,847 (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 46845

• Home prices YoY: -34.6%
• Rents YoY: 10.5%
• Active inventory: 220
• Price-to-rent: 9.0×

Monthly cashflow live

• Estimated rent: $2,134 medium
• Mortgage (P&I): −$1,814
• Tax est. 1.5%: −$432 /mo · $5,188/yr
• Insurance: −$144
• HOA: −$50
• Vacancy / Maint / Mgmt: −$448
• Net cashflow: $-755

Break-even live

Break-even rent $3,089

Max offer price $236,697

Occupancy floor —

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: $86,471
• Closing costs: $10,376
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
401 Augusta Way Fort Wayne, IN	1.0–3.0	1.0–2.0	1198	$1,765	$1.47	13d	14	1.35mi

HOA detail

• Monthly dues: $50 · $600/yr

Listing history 17 events

1. 2026-06-18
   days on market $230,200 Active 300 DOM
2. 2026-06-17
   days on market $230,200 Active 299 DOM
3. 2026-06-16
   days on market $230,200 Active 298 DOM
4. 2026-06-15
   days on market $230,200 Active 297 DOM
5. 2026-06-14
   days on market $230,200 Active 295 DOM
6. 2026-06-13
   days on market $230,200 Active 294 DOM
7. 2026-06-10
   days on market $230,200 Active 292 DOM
8. 2026-06-09
   days on market $230,200 Active 291 DOM
9. 2026-06-08
   days on market $230,200 Active 290 DOM
10. 2026-06-07
    days on market $230,200 Active 289 DOM
11. 2026-06-03
    days on market $230,200 Active 285 DOM
12. 2026-06-02
    pricedays on market $230,200 Active 284 DOM
13. 2026-06-01
    days on market $225,700 Active 283 DOM
14. 2026-05-31
    days on market $225,700 Active 282 DOM
15. 2026-05-30
    days on market $225,700 Active 281 DOM
16. 2026-02-09
    price $225,700 400-char remark

    Show marketing remark (400 chars)

    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! * Base price does not include land

17. 2025-08-22
    listed $224,000 Active 400-char remark

    Show marketing remark (400 chars)

    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! * Base price does not include land

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (shaded) · 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: $25,606
• − Mortgage interest: −$19,375
• − Property taxes: −$5,188
• − Insurance: −$1,729
• − Repairs & maintenance: −$2,049
• − Management: −$2,049
• − HOA: −$600
• − Depreciation: −$10,062
• Taxable loss: −$15,445
• Est. tax savings @ 24.0%: +$3,707
• After-tax cash flow: $-5,348/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 no visible repairs or maintenance needed. It is move-in ready and has the potential to be further enhanced with some exterior and interior painting, as well as landscaping improvements.

Value-add opportunities

• Both Painting the exterior and interior walls — Painting the exterior and interior walls can enhance the curb appeal and interior aesthetics, making the home more attractive to potential buyers and renters.
• Both Landscaping and curb appeal improvements — Improving the landscaping and curb appeal can enhance the overall appearance of the home and make it more attractive to potential buyers and renters.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the exterior and interior walls — Painting the exterior and interior walls can enhance the curb appeal and interior aesthetics, making the home more attractive to potential buyers and renters. ↑
• Both Landscaping and curb appeal improvements — Improving the landscaping and curb appeal can enhance the overall appearance of the home and make it more attractive to potential buyers and renters. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

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 · 326,813 people
• City population: 326,813
• Metro: Fort Wayne, IN
• Population (ZIP): 29,583
• Household income: $112,676
• Rent vs Own: 16.0% rent · 84.0% own
• Severe rent burden: 467.0

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 (86%)
• Race & ethnicity: White 86% Asian 4% Two or more races 4% Hispanic / Latino 3% Black 3%
• Common ancestry: Italian 4% Romanian 3% Lithuanian 3%
• Foreign-born: 5% · Vietnam, Canada, China
• Languages at home: 93% English-only · Spanish 2% Chinese 1% Vietnamese 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: ▼ -112.27%
• Current HPI: 212.3516
• Rent YoY: ▲ 10.47%
• 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

+0.8% since first listed

2 events — show timeline

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