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

$230,200

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

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

---

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
• Schools +6.1/10.0
• Cash flow +5.8/30.0
• Rent growth +5.0/5.0
• Condition / age +4.8/5.0
• Livability +4.2/5.0
• 1% rule +1.4/10.0
• DSCR +0.2/10.0
• 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 — $347,703.

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 $-698 ($-8k/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 $222k (3.5% below list).
• 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: Oak View Elementary School (math 66% / reading 55%, grade B-, #122 of 994 statewide, top 12%, 453 students, 14% FRL); Maple Creek Middle School (math 41% / reading 60%, grade C, #43 of 330 statewide, top 14%, 957 students, 14% FRL); Carroll High School (math 59% / reading 86%, grade B+, #10 of 369 statewide, top 3%, 2,554 students, 21% FRL).
• Market conditions: Rents rising fast (+10.5%/yr); 318 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 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: 0.64% ✗
• Cap rate: 3.88%
• Cash-on-cash: -8.60%
• DSCR: 0.62
• GRM: 13.0

CMA / ARV

• ARV (median comp): $347,703
• List price: $230,200
• Delta: -33.79%
• 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
1103 Candlewood Way	0.29mi	3/2.0 (-1)	1,742 (+0%)	0mo	$270,000	$155	78
911 Glen Eagle Ln	0.20mi	3/2.5 (-1)	1,657 (-4%)	9mo	$300,000	$181	71
495 Merriweather Psge	0.16mi	4/2.5	1,938 (+12%)	3mo	$350,000	$181	71
486 Merriweather Psge	0.17mi	4/2.5	1,900 (+10%)	10mo	$352,275	$185	67
12129 Willow Cv	0.20mi	3/2.5 (-1)	1,596 (-8%)	8mo	$302,000	$189	66
11967 Falcatta Dr	0.41mi	4/2.5	1,900 (+10%)	3mo	$359,900	$189	63
267 Marcelle Dr	0.61mi	3/2.0 (-1)	1,756 (+1%)	1mo	$339,900	$194	62
335 Marcelle Dr	0.57mi	4/2.0	1,824 (+5%)	11mo	$256,000	$140	54
12016 Willowind Ct	0.43mi	3/2.0 (-1)	1,616 (-7%)	11mo	$283,500	$175	53
11903 Falcatta Dr	0.40mi	4/2.5	1,982 (+14%)	12mo	$369,077	$186	48
12415 Falcatta Dr	0.49mi	3/2.0 (-1)	1,476 (-15%)	4mo	$271,000	$184	42
1106 Brandon Way	0.74mi	3/2.0 (-1)	1,867 (+8%)	10mo	$405,000	$217	37

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: -26.0%
• Equity multiple: 0.09×
• Total profit: $-88,998
• Equity at exit: $51,844

10-year hold

• IRR: -11.5%
• Equity multiple: 0.17×
• Total profit: $-81,056
• Equity at exit: $30,063

Cash invested: $97,357 (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: 27 active · 10 under contract
• Months of supply: 8.5 mo (12%/mo absorbed)
• Median asking: $259,900 ($155/sqft)
• Median days on market: 351 d
• This list price: 15% of active listings are priced below it
• ARV vs active asking: +29.1% above current asking $/sqft

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

ZIP-level market 46845

• Home prices YoY: -34.6%
• Rents YoY: 10.5%
• Active inventory: 318
• Price-to-rent: 8.6×

Monthly cashflow live

• Estimated rent: $2,221 medium
• Mortgage (P&I): −$1,823
• Tax est. 1.5%: −$435 /mo · $5,216/yr
• Insurance: −$145
• HOA: −$50
• Vacancy / Maint / Mgmt: −$466
• Net cashflow: $-698

Break-even live

Break-even rent $3,105

Max offer price $246,695

Occupancy floor —

Sensitivity live

Price	-10% $-458	-5% $-578	+0% $-698	+5% $-818	+10% $-938
Rent	-10% $-874	-5% $-786	+0% $-698	+5% $-610	+10% $-523
Rate	-1.0pp $-523	-0.5pp $-610	base $-698	+0.5pp $-788	+1.0pp $-880

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: $86,926
• Closing costs: $10,431
• Club membership (one-time): —
• 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	63d	14	1.35mi

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.

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: $26,656
• − Mortgage interest: −$19,477
• − Property taxes: −$5,216
• − Insurance: −$1,739
• − Repairs & maintenance: −$2,132
• − Management: −$2,132
• − HOA: −$600
• − Depreciation: −$10,115
• Taxable loss: −$14,755
• Est. tax savings @ 24.0%: +$3,541
• After-tax cash flow: $-4,835/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. ↑

C Composite school gradezoned avg 61/100

Zoned Schools

Elementary Oak View Elementary School B- IN #122/994 Nat'l #7,053/41,679 Middle Maple Creek Middle School C IN #43/330 Nat'l #3,367/14,009 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): 29,583
• Household income: $112,676
• Rent vs Own: 16.0% rent · 84.0% own
• Severe rent burden: 1% of renters

---

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