704 W Dewald St · Fort Wayne, IN 46802

$78,500

2 bd · 1.0 ba · 808 sqft · SingleFamily public records · 56 Days on market

Built 1930 1,800 sqft lot $97/sqft · 23% below area Est $102k · 23% under

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Why this score? — see what drove the B- 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 +26.6/30.0
• ARV discount +15.0/15.0
• DSCR +9.1/10.0
• 1% rule +7.2/10.0
• Livability +4.2/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• Appreciation +0.0/10.0

Listing remarks

Located near downtown, this property presents a great opportunity in a vibrant, growing setting. Surrounded by local dining, entertainment, and everyday conveniences, it offers easy access to all the activity the area has to offer.

Key facts

• 1,800 sq ft lot
• Built 1930
• Listed 56 days

Property features AI

Finance

• Financial info: Annual tax amount reported

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-family site-built home; One story
• Construction: Wood siding construction
• Exterior features: Level lot; Lot dimensions approximately 40 x 45

Interior

• Bedrooms: Contains bedrooms (room level details not provided)
• Bathrooms: One full bathroom (main level)
• Heating & cooling: Natural gas forced-air heating; No cooling
• Interior features: Partial, unfinished basement; Total of 5 rooms

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $78k.

Deal economics

• At list price, monthly cash flow is $155 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($960 rent vs $78k).
• Recommended offer: $76k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.5% 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: Fairfield Elementary School (math 13% / reading 15%, grade F, #874 of 994 statewide, top 89%, 460 students, 88% FRL); Kekionga Middle School (math 10% / reading 17%, grade F, #303 of 330 statewide, top 92%, 538 students, 80% FRL); South Side High School (math 12% / reading 39%, grade F, #322 of 369 statewide, top 87%, 1,423 students, 73% FRL) — zoned schools average 80% FRL vs 60% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+1.8%/yr); 64 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 22d 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 $543 of loan paydown is wiped out by about $2k 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 56 days — a 3% lower offer ($76k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $76,145 (3.0% below list)

Questions for the listing agent

1. It's been on market 56 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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: 1.22% ✓
• Cap rate: 9.52%
• Cash-on-cash: 11.51%
• DSCR: 1.51
• GRM: 6.8

CMA / ARV

• ARV (median comp): $101,684
• List price: $78,500
• Delta: -22.80%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1340 Fay Dr	0.49mi	3/2.0 (+1)	864 (+7%)	0mo	$95,000	$110	56
2046 Nelson St	0.39mi	3/1.0 (+1)	782 (-3%)	20mo	$105,000	$134	55
2072 Phenie St	0.61mi	3/1.0 (+1)	768 (-5%)	4mo	$89,900	$117	55
2054 Pauline St	0.68mi	2/1.0	750 (-7%)	3mo	$110,000	$147	54
1015 Wilt St	0.59mi	3/1.0 (+1)	826 (+2%)	17mo	$165,000	$200	50
221 E Williams St	0.64mi	3/1.0 (+1)	888 (+10%)	4mo	$38,000	$43	46
2201 Riedmiller Ave	0.52mi	2/1.0	704 (-13%)	13mo	$99,900	$142	44

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 · 1.76% rent growth · sell at horizon

5-year hold

• IRR: -4.9%
• Equity multiple: 0.82×
• Total profit: $-3,957
• Equity at exit: $11,705

10-year hold

• IRR: 3.2%
• Equity multiple: 1.22×
• Total profit: $4,769
• Equity at exit: $6,787

Cash invested: $21,980 (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 46802

• Home prices YoY: -30.0%
• Rents YoY: 1.8%
• Active inventory: 64
• Price-to-rent: 6.8×

Monthly cashflow live

• Estimated rent: $960 high
• Mortgage (P&I): −$412
• Tax from tax record: −$103 /mo · $1,241/yr
• Insurance: −$33
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$202
• Net cashflow: $155

Break-even live

Break-even rent $764

Max offer price $78,500

Occupancy floor 79%

Sensitivity live

Price	-10% $200	-5% $178	+0% $155	+5% $133	+10% $111
Rent	-10% $79	-5% $117	+0% $155	+5% $193	+10% $231
Rate	-1.0pp $195	-0.5pp $175	base $155	+0.5pp $135	+1.0pp $114

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: $19,625
• Closing costs: $2,355
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2411 Fox Ave Unit 2411-A Fort Wayne, IN	1.0	1.0	620	$799	$1.29	21d	1	0.14mi
2136 Miner St #2 Fort Wayne, IN	2.0	1.0	850	$1,200	$1.41	44d	1	0.16mi
810 Huestis Ave Apt 1 Fort Wayne, IN	2.0	1.0	749	$925	$1.23	21d	1	0.18mi
2301 Fairfield Ave Unit 406 Fort Wayne, IN	1.0	1.0	552	$750	$1.36	44d	1	0.19mi
824 Huestis Ave Apt C Fort Wayne, IN	2.0	1.0	744	$825	$1.11	21d	1	0.19mi
2222 Hoagland Ave Unit E3 Fort Wayne, IN	1.0	1.0	625	$675	$1.08	21d	1	0.26mi
2445 Fairfield Ave Fort Wayne, IN	2.0	1.5	950	$1,150	$1.21	14d	3	0.28mi
340 W Dewald St Apt 2 Fort Wayne, IN	1.0	1.0	600	$825	$1.38	14d	1	0.29mi
1829 Broadway Unit 1831 Fort Wayne, IN	1.0	1.0	600	$950	$1.58	44d	1	0.32mi
907 Lincoln Ave Fort Wayne, IN	2.0	1.0	1060	$850	$0.80	14d	1	0.34mi
1235 Huestis Ave Unit A Fort Wayne, IN	2.0	1.0	1040	$950	$0.91	44d	1	0.36mi
1235 Huestis Ave Unit B Fort Wayne, IN	1.0	1.0	850	$850	$1.00	21d	1	0.36mi
309 W Williams St Unit 1 Fort Wayne, IN	2.0	1.0	900	$900	$1.00	21d	1	0.38mi
1315 Huestis Ave Unit 2 Fort Wayne, IN	1.0	1.0	650	$800	$1.23	21d	1	0.41mi
227 W Williams St Unit 3 Fort Wayne, IN	1.0	1.0	590	$650	$1.10	44d	1	0.42mi
1320 Fay Dr Fort Wayne, IN	2.0	1.0	792	$800	$1.01	14d	1	0.43mi
1322 Fay Dr Fort Wayne, IN	2.0	1.0	792	$950	$1.20	21d	1	0.44mi
217 W Masterson Ave Fort Wayne, IN	2.0	1.0	1100	$995	$0.90	21d	1	0.46mi
1360 Huestis Ave Fort Wayne, IN	3.0	1.0	1056	$1,080	$1.02	14d	1	0.47mi
2133 Riedmiller Ave Fort Wayne, IN	3.0	1.0	1056	$1,050	$0.99	21d	1	0.49mi
1332 Swinney Ave Fort Wayne, IN	2.0	1.0	1035	$1,300	$1.26	44d	1	0.53mi
877 Lavina St Fort Wayne, IN	1.0–3.0	1.0–2.0	997	$2,187	$2.19	44d	17	0.54mi
309 W Leith St Unit 2 Fort Wayne, IN	2.0	1.0	900	$1,000	$1.11	44d	1	0.54mi
1421 Swinney Ave Unit 2 Fort Wayne, IN	1.0	1.0	950	$850	$0.89	44d	1	0.56mi
3019 Broadway Unit 2 Fort Wayne, IN	1.0	1.0	750	$925	$1.23	44d	1	0.62mi
1250 Ewing St Fort Wayne, IN	2.0	1.0–2.0	980	$2,081	$2.12	21d	24	0.66mi
2919 S Harrison St Unit 2921 Fort Wayne, IN	2.0	1.0	538	$825	$1.53	21d	1	0.69mi
3112 Thompson Ave Fort Wayne, IN	1.0	1.0	802	$795	$0.99	21d	1	0.71mi
3201 Dinnen Ave Fort Wayne, IN	2.0	1.0	986	$999	$1.01	14d	1	0.74mi
3113 S Harrison St Unit 2 Fort Wayne, IN	2.0	1.0	600	$850	$1.42	14d	1	0.76mi
1829 Hale Ave Unit 1/2 Fort Wayne, IN	1.0	1.0	576	$600	$1.04	44d	1	0.83mi
1829 Hale Ave Fort Wayne, IN	1.0	1.0	576	$600	$1.04	21d	1	0.83mi
927 Nuttman Ave Fort Wayne, IN	2.0	1.0	650	$850	$1.31	44d	1	0.83mi
835 Van Buren St Fort Wayne, IN	2.0	1.0–2.0	750	$1,995	$2.66	14d	29	0.86mi
1207 Nuttman Ave Fort Wayne, IN	2.0	1.0	650	$850	$1.31	44d	1	0.91mi
227 W Darrow Ave Fort Wayne, IN	3.0	1.0	995	$1,000	$1.01	44d	1	0.92mi
3718 S Wayne Ave Fort Wayne, IN	1.0	1.0	568	$795	$1.40	44d	1	0.96mi
112 W Washington Blvd Fort Wayne, IN	1.0–2.0	1.0–2.0	768	$1,500	$1.95	21d	2	0.98mi
442 E Wildwood Ave Fort Wayne, IN	2.0	1.0	864	$875	$1.01	21d	1	1.03mi
418 W Rudisill Blvd Unit 2 Fort Wayne, IN	2.0	1.0	768	$975	$1.27	21d	1	1.05mi

Listing history 15 events

1. 2026-06-18
   days on market $78,500 Active 56 DOM
2. 2026-06-17
   days on market $78,500 Active 55 DOM
3. 2026-06-16
   days on market $78,500 Active 54 DOM
4. 2026-06-15
   days on market $78,500 Active 53 DOM
5. 2026-06-14
   days on market $78,500 Active 51 DOM
6. 2026-06-10
   days on market $78,500 Active 48 DOM
7. 2026-06-09
   days on market $78,500 Active 47 DOM
8. 2026-06-08
   days on market $78,500 Active 46 DOM
9. 2026-06-07
   days on market $78,500 Active 45 DOM
10. 2026-06-03
    days on market $78,500 Active 41 DOM
11. 2026-06-02
    days on market $78,500 Active 40 DOM
12. 2026-06-01
    days on market $78,500 Active 39 DOM
13. 2026-05-31
    days on market $78,500 Active 38 DOM
14. 2026-05-30
    days on market $78,500 Active 37 DOM
15. 2026-04-23
    listed $78,500 Active 231-char remark

ⓘ 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: $1,241 · $103/mo
• Projected year-2 tax: $1,241 · $103/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 7/10 Severe FEMA zone X (unshaded) · 78% 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: $11,525
• − Mortgage interest: −$4,397
• − Property taxes: −$1,241
• − Insurance: −$1,059
• − Repairs & maintenance: −$922
• − Management: −$922
• − Depreciation: −$2,284
• Taxable income: $700
• Est. tax owed @ 24.0%: −$168
• After-tax cash flow: $1,696/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): 11,177
• Household income: $46,854
• Rent vs Own: 65.0% rent · 35.0% own
• Severe rent burden: 589.0

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: Majority White (64%)
• Race & ethnicity: White 64% Black 16% Hispanic / Latino 14% Two or more races 10% Asian 2%
• Hispanic origin (detail): Mexican 11%
• Common ancestry: Lithuanian 4% Romanian 3% Iranian 2%
• Foreign-born: 6% · Canada, Philippines
• Languages at home: 88% English-only · Spanish 10% Other Asian/Pacific 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: ▼ -104.51%
• Current HPI: 243.5691
• Rent YoY: ▲ 1.76%
• 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

1 event — show timeline

• 2026-04-23 Listed $78,500 IRMLS

Property tax history

+6.9%/yr

Latest (2024): $1,241 · +47.2% YoY. Source: county tax records.