1505 Swinney Ave · Fort Wayne, IN 46802

$179,900

4 bd · 2.0 ba · 2,232 sqft · MultiFamily public records · 115 Days on market

Built 1910 5,250 sqft lot $81/sqft · 18% below area Est $221k · 18% under ↓ 22% since listing

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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 +25.3/30.0
• ARV discount +15.0/15.0
• DSCR +8.3/10.0
• 1% rule +7.6/10.0
• 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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

* Don’t miss out on this unique duplex offering over 2,200 square feet of living space, just minutes from downtown and the Electric Works project! * Each unit features 2 bedrooms and 1 full bath, for a total of 4 bedrooms and 2 full baths. * The property also includes a full basement, perfect for extra storage or potential expansion, PLUS a 24x24 detached garage. * Central air for both units and one of the furnaces has been recently replaced and the electrical has been separated as well. * This also has a nice fenced-in backyard and both units are currently rented. * Whether you're looking to live in one unit and rent the other, or add a solid income-producing property to your portfolio, this duplex offers flexibility and long-term potential in a prime location. * Schedule your showing today – opportunities like this don't last long!

Key facts

• Fenced in backyard
• Full basement
• Central air

Tags

• UNIQUE DUPLEX OFFERING
• FULL BASEMENT
• FENCED IN BACKYARD
• CENTRAL AIR
• PRIME LOCATION

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $180k.

Deal economics

• At list price, monthly cash flow is $409 ($5k/yr) — positive. Per door: $205/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $180k).
• Recommended offer: $164k (9.0% below list) — sets the bar for market timing.
• Cap rate 9.0% 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: Study Elementary School (math 12% / reading 12%, grade F, #893 of 994 statewide, top 91%, 292 students, 87% FRL); Kekionga Middle School (math 10% / reading 17%, grade F, #303 of 330 statewide, top 92%, 538 students, 80% FRL); Wayne High School (math 17% / reading 52%, grade F, #270 of 369 statewide, top 77%, 1,419 students, 68% FRL) — zoned schools average 78% FRL vs 60% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+1.8%/yr); 66 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals lingering (median 47d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 64% 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).
• At $2,266/mo this rent would consume 58% of the median local household income ($47k/yr) (locally 589% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k 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 115 days — a 9% lower offer ($164k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $20k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $163,709 (9.0% below list)

Questions for the listing agent

1. It's been on market 115 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.26% ✓
• Cap rate: 9.02%
• Cash-on-cash: 9.75%
• DSCR: 1.43
• GRM: 6.6

CMA / ARV

• ARV (median comp): $220,672
• List price: $179,900
• Delta: -18.48%
• 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
1231 Stophlet St	0.21mi	5/2.0 (+1)	2,124 (-5%)	16mo	$175,000	$82	64
1230 W Washington Blvd	0.41mi	4/3.0	2,390 (+7%)	3mo	$285,900	$120	62
2134 Broadway Ave	0.41mi	4/2.0	2,560 (+15%)	3mo	$110,000	$43	54
2506 Miner St	0.64mi	5/3.0 (+1)	2,105 (-6%)	12mo	$135,000	$64	41
901 W Wayne St	0.59mi	3/3.0 (-1)	2,432 (+9%)	21mo	$200,000	$82	31
515 Lavina St	0.66mi	5/5.0 (+1)	2,360 (+6%)	20mo	$500,000	$212	26
616 Mechanic St	0.66mi	5/4.0 (+1)	2,062 (-8%)	22mo	$191,000	$93	25

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: -3.1%
• Equity multiple: 0.89×
• Total profit: $-5,763
• Equity at exit: $26,824

10-year hold

• IRR: 5.1%
• Equity multiple: 1.35×
• Total profit: $17,847
• Equity at exit: $15,554

Cash invested: $50,372 (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: 66
• Price-to-rent: 13.2×

Monthly cashflow live

• Estimated rent: $2,266 high
• Mortgage (P&I): −$943
• Tax from tax record: −$363 /mo · $4,351/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$476
• Net cashflow: $409

Break-even live

Break-even rent $1,748

Max offer price $179,900

Occupancy floor 77%

Sensitivity live

Price	-10% $511	-5% $460	+0% $409	+5% $358	+10% $307
Rent	-10% $230	-5% $320	+0% $409	+5% $499	+10% $588
Rate	-1.0pp $500	-0.5pp $455	base $409	+0.5pp $363	+1.0pp $315

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,266
Total (2 units)			$2,266

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: $44,975
• Closing costs: $5,397
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1118 Rockhill St Fort Wayne, IN	3.0	3.0	1790	$2,300	$1.28	46d	1	0.37mi
877 Lavina St Fort Wayne, IN	1.0–3.0	1.0–2.0	997	$2,980	$2.99	46d	17	0.47mi
603 Lavina St Fort Wayne, IN	3.0	2.0	1872	$1,899	$1.01	46d	1	0.61mi
2431 Fox Ave Fort Wayne, IN	3.0	1.5	1522	$1,550	$1.02	16d	1	0.72mi
2118 Webster St Fort Wayne, IN	4.0	1.0	2200	$1,175	$0.53	46d	1	0.94mi
724 Kinnaird Ave Fort Wayne, IN	3.0	1.5	1880	$1,450	$0.77	46d	1	1.08mi
2616 S Harrison St Fort Wayne, IN	4.0	2.0	1908	$1,500	$0.79	46d	1	1.16mi
1721 3rd St Fort Wayne, IN	3.0	1.0	1584	$1,195	$0.75	46d	1	1.21mi
739 W 4th St Fort Wayne, IN	4.0	2.0	1750	$1,995	$1.14	16d	1	1.25mi
116 E Pontiac St Fort Wayne, IN	3.0	1.5	1400	$1,175	$0.84	23d	1	1.27mi
420 E Dewald St Fort Wayne, IN	3.0	1.5	1472	$1,300	$0.88	46d	1	1.37mi
3221 Webster St Fort Wayne, IN	5.0	2.0	1885	$1,575	$0.84	16d	1	1.38mi
2530 Lafayette St Fort Wayne, IN	4.0	1.0	1816	$1,500	$0.83	46d	1	1.41mi
3221 S Harrison St Fort Wayne, IN	5.0	2.0	2062	$1,650	$0.80	23d	1	1.42mi

Listing history 20 events

1. 2026-06-23
   days on market $179,900 Active 115 DOM
2. 2026-06-22
   days on market $179,900 Active 114 DOM
3. 2026-06-18
   days on market $179,900 Active 111 DOM
4. 2026-06-17
   days on market $179,900 Active 110 DOM
5. 2026-06-16
   days on market $179,900 Active 109 DOM
6. 2026-06-15
   days on market $179,900 Active 108 DOM
7. 2026-06-14
   days on market $179,900 Active 106 DOM
8. 2026-06-10
   days on market $179,900 Active 103 DOM
9. 2026-06-09
   days on market $179,900 Active 102 DOM
10. 2026-06-08
    days on market $179,900 Active 101 DOM
11. 2026-06-07
    days on market $179,900 Active 100 DOM
12. 2026-06-03
    days on market $179,900 Active 96 DOM
13. 2026-06-02
    days on market $179,900 Active 95 DOM
14. 2026-06-01
    days on market $179,900 Active 94 DOM
15. 2026-05-31
    days on market $179,900 Active 93 DOM
16. 2026-05-30
    days on market $179,900 Active 92 DOM
17. 2026-03-23
    price $179,900 858-char remark

    Show marketing remark (858 chars)

    * Don’t miss out on this unique duplex offering over 2,200 square feet of living space, just minutes from downtown and the Electric Works project! * Each unit features 2 bedrooms and 1 full bath, for a total of 4 bedrooms and 2 full baths. * The property also includes a full basement, perfect for extra storage or potential expansion, PLUS a 24x24 detached garage. * Central air for both units and one of the furnaces has been recently replaced and the electrical has been separated as well. * This also has a nice fenced-in backyard and both units are currently rented. * Whether you're looking to live in one unit and rent the other, or add a solid income-producing property to your portfolio, this duplex offers flexibility and long-term potential in a prime location. * Schedule your showing today – opportunities like this don't last long!

18. 2026-03-18
    price $189,900 858-char remark

    Show marketing remark (858 chars)

    * Don’t miss out on this unique duplex offering over 2,200 square feet of living space, just minutes from downtown and the Electric Works project! * Each unit features 2 bedrooms and 1 full bath, for a total of 4 bedrooms and 2 full baths. * The property also includes a full basement, perfect for extra storage or potential expansion, PLUS a 24x24 detached garage. * Central air for both units and one of the furnaces has been recently replaced and the electrical has been separated as well. * This also has a nice fenced-in backyard and both units are currently rented. * Whether you're looking to live in one unit and rent the other, or add a solid income-producing property to your portfolio, this duplex offers flexibility and long-term potential in a prime location. * Schedule your showing today – opportunities like this don't last long!

19. 2026-02-27
    listed $199,900 Active 858-char remark

    Show marketing remark (858 chars)

    * Don’t miss out on this unique duplex offering over 2,200 square feet of living space, just minutes from downtown and the Electric Works project! * Each unit features 2 bedrooms and 1 full bath, for a total of 4 bedrooms and 2 full baths. * The property also includes a full basement, perfect for extra storage or potential expansion, PLUS a 24x24 detached garage. * Central air for both units and one of the furnaces has been recently replaced and the electrical has been separated as well. * This also has a nice fenced-in backyard and both units are currently rented. * Whether you're looking to live in one unit and rent the other, or add a solid income-producing property to your portfolio, this duplex offers flexibility and long-term potential in a prime location. * Schedule your showing today – opportunities like this don't last long!

20. 2025-08-20
    listed $229,900 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: $4,351 · $363/mo
• Projected year-2 tax: $4,351 · $363/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: $27,192
• − Mortgage interest: −$10,077
• − Property taxes: −$4,351
• − Insurance: −$900
• − Repairs & maintenance: −$2,175
• − Management: −$2,175
• − Depreciation: −$5,233
• Taxable income: $2,280
• Est. tax owed @ 24.0%: −$547
• After-tax cash flow: $4,363/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

-21.7% since first listed

4 events — show timeline

• 2026-03-23 Price Changed $179,900 IRMLS
• 2026-03-18 Price Changed $189,900 IRMLS
• 2026-02-27 Listed $199,900 IRMLS
• 2025-08-20 Listed $229,900 IRMLS

Property tax history

+12.9%/yr

Latest (2024): $4,351 · +42.0% YoY. Source: county tax records.