420 W Pontiac St · Fort Wayne, IN 46807

$85,000

2 bd · 2.0 ba · 1,716 sqft · MultiFamily public records · 2 Days on market

Built 1900 8,880 sqft lot Est $136k · 37% under ↓ 39% 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 +30.0/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.6/10.0
• Rent growth +4.6/5.0
• Livability +4.2/5.0
• 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: 1 unit. estimate disagrees with records

Listing remarks

One and a half story home in the desirable '07, situated on nearly a quarter acre lot. Offering 2 bedrooms, 2 full baths, spacious living areas, and an open kitchen, this property provides plenty of room to make it your own. Conveniently located near parks, local dining, and downtown Fort Wayne entertainment, this home presents a great opportunity in a prime location! Sold as-is. Seller is seeking a short sale.

Key facts

• Quarter acre lot
• Near parks
• Local dining

Tags

• QUARTER ACRE LOT
• NEAR PARKS
• LOCAL DINING

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-family residence; Site-built home; One story
• Construction: Brick construction
• Exterior features: Level lot

Interior

• Kitchen: Gas range; Gas oven; Refrigerator
• Bedrooms: Total rooms: 5
• Bathrooms: 2 full bathrooms; 1 main-level bathroom
• Heating & cooling: Natural gas heating with forced air; No cooling
• Interior features: Refrigerator; Gas oven; Gas range; Unfinished basement
• Laundry & utility: Laundry on the main level

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath multifamily listed at $85k.

Deal economics

• At list price, monthly cash flow is $396 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $85k).
• Cap rate 11.9% 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); Shawnee Middle School (math 11% / reading 22%, grade F, #287 of 330 statewide, top 88%, 675 students, 65% 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 75% FRL vs 60% district-wide (15 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+8.2%/yr); 94 active listings in the ZIP; 29 comparable units currently listed for rent nearby; rentals at typical pace (median 21d 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 $588 of loan paydown is wiped out by about $3k 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.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $24k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $85,000

Questions for the listing agent

1. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.46% ✓
• Cap rate: 11.88%
• Cash-on-cash: 19.94%
• DSCR: 1.89
• GRM: 5.7

CMA / ARV

• ARV (on-the-fly): $135,564
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
814 Grace Ave	0.30mi	2/2.0	1,550 (-10%)	11mo	$143,000	$92	61
1213 Taylor St	0.73mi	3/2.0 (+1)	1,680 (-2%)	3mo	$150,000	$89	55
1001 Lincoln Ave	0.41mi	3/3.0 (+1)	1,848 (+8%)	6mo	$175,000	$95	54
2832 Broadway	0.52mi	2/2.0	1,584 (-8%)	12mo	$125,000	$79	53
731 Cottage Ave	0.34mi	3/2.0 (+1)	1,830 (+7%)	19mo	$140,000	$77	53
2512 S Wayne Ave	0.23mi	3/2.0 (+1)	1,550 (-10%)	20mo	$120,000	$77	52
924 Dayton Ave	0.67mi	2/2.0	1,508 (-12%)	6mo	$100,000	$66	43

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: 17.6%
• Equity multiple: 1.76×
• Total profit: $18,014
• Equity at exit: $12,674

10-year hold

• IRR: 29.4%
• Equity multiple: 4.28×
• Total profit: $78,138
• Equity at exit: $7,349

Cash invested: $23,800 (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 46807

• Rents YoY: 8.2%
• Active inventory: 94
• Price-to-rent: 5.7×

Monthly cashflow live

• Estimated rent: $1,245 high
• Mortgage (P&I): −$446
• Tax from tax record: −$107 /mo · $1,279/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$261
• Net cashflow: $396

Break-even live

Break-even rent $744

Max offer price $85,000

Occupancy floor 63%

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: $21,250
• Closing costs: $2,550
• Reserves months: —
• Total cash needed: —

Rent comps 29 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2431 Fox Ave Fort Wayne, IN	3.0	1.5	1522	$1,550	$1.02	13d	1	0.26mi
3008 Webster St Fort Wayne, IN	3.0	1.0	1344	$1,449	$1.08	21d	1	0.30mi
907 Lincoln Ave Fort Wayne, IN	2.0	1.0	1060	$850	$0.80	13d	1	0.33mi
116 E Pontiac St Fort Wayne, IN	3.0	1.5	1400	$1,175	$0.84	21d	1	0.36mi
724 Kinnaird Ave Fort Wayne, IN	3.0	1.5	1880	$1,450	$0.77	43d	1	0.40mi
217 W Masterson Ave Fort Wayne, IN	2.0	1.0	1100	$995	$0.90	21d	1	0.54mi
3510 S Harrison St Fort Wayne, IN	3.0	1.0	1248	$975	$0.78	13d	1	0.61mi
1360 Huestis Ave Fort Wayne, IN	3.0	1.0	1056	$1,080	$1.02	13d	1	0.66mi
420 E Dewald St Fort Wayne, IN	3.0	1.5	1472	$1,300	$0.88	43d	1	0.67mi
1342 Guthrie St Fort Wayne, IN	3.0	1.0	1200	$899	$0.75	43d	1	0.67mi
451 E Pontiac St Fort Wayne, IN	3.0	1.0	1308	$1,050	$0.80	43d	1	0.67mi
2430 Thompson Ave Fort Wayne, IN	2.0	1.0	1197	$975	$0.81	13d	1	0.68mi
1104 Stophlet St Fort Wayne, IN	3.0	1.5	1288	$1,400	$1.09	13d	1	0.72mi
2133 Riedmiller Ave Fort Wayne, IN	3.0	1.0	1056	$1,050	$0.99	21d	1	0.76mi
603 Lavina St Fort Wayne, IN	3.0	2.0	1872	$1,899	$1.01	43d	1	0.82mi
877 Lavina St Fort Wayne, IN	1.0–3.0	1.0–2.0	997	$2,187	$2.19	43d	17	0.86mi
1250 Ewing St Fort Wayne, IN	2.0	1.0–2.0	980	$2,081	$2.12	21d	24	0.91mi
3801 Lafayette St Fort Wayne, IN	2.0	1.0	1116	$995	$0.89	13d	1	0.94mi
1118 Rockhill St Fort Wayne, IN	3.0	3.0	1790	$2,300	$1.28	43d	1	0.97mi
4201 S Wayne Ave Fort Wayne, IN	3.0	1.5	1252	$1,400	$1.12	21d	1	1.03mi
859 Buchanan St Fort Wayne, IN	1.0–4.0	1.0	887	$900	$1.01	21d	1	1.08mi
901 W Wayne St Unit 3 Fort Wayne, IN	2.0	2.0	1312	$1,700	$1.30	43d	1	1.11mi
835 Van Buren St Fort Wayne, IN	2.0	1.0–2.0	750	$1,995	$2.66	13d	29	1.17mi
915 Garden St Fort Wayne, IN	2.0	2.0	1275	$1,650	$1.29	13d	1	1.17mi
1023 Hamilton Ave Fort Wayne, IN	3.0	1.0	1152	$1,075	$0.93	13d	1	1.26mi
2627 Holton Ave Fort Wayne, IN	3.0	2.0	1936	$1,500	$0.77	13d	1	1.33mi
3009 Holton Ave Fort Wayne, IN	3.0	1.0	1212	$1,400	$1.16	13d	1	1.36mi
708 E Jefferson Blvd Unit B Fort Wayne, IN	1.0	1.0	1672	$825	$0.49	43d	1	1.39mi
919 Madison St Fort Wayne, IN	2.0	1.0	1332	$995	$0.75	43d	1	1.48mi

Listing history 3 events

1. 2026-06-18
   days on market $85,000 Active 2 DOM
2. 2026-06-16
   remarks 414-char remark
3. 2026-06-16
   listed $85,000 Active 1 DOM

ⓘ 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: $1,279 · $107/mo
• Projected year-2 tax: $1,279 · $107/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: $14,936
• − Mortgage interest: −$4,761
• − Property taxes: −$1,279
• − Insurance: −$425
• − Repairs & maintenance: −$1,195
• − Management: −$1,195
• − Depreciation: −$2,473
• Taxable income: $3,608
• Est. tax owed @ 24.0%: −$866
• After-tax cash flow: $3,880/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): 16,317
• Household income: $58,685
• Rent vs Own: 39.7% rent · 60.3% own
• Severe rent burden: 680.0

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: Diverse neighborhood (Simpson 0.66)
• Race & ethnicity: White 54% Two or more races 19% Hispanic / Latino 16% Black 14% Asian 4%
• Hispanic origin (detail): Mexican 15%
• Common ancestry: Slovak 3% Lithuanian 3% Romanian 2%
• Foreign-born: 9% · Canada, Philippines, Jamaica
• Languages at home: 82% English-only · Spanish 13% Other Asian/Pacific 4% German/W. Germanic 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: ▼ -318.66%
• Current HPI: 272.6238
• Rent YoY: ▲ 8.24%
• 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

-39.2% since first listed

6 events — show timeline

• 2026-06-16 Listed $85,000 IRMLS
• 2025-06-18 Contingent — IRMLS
• 2025-06-07 Price Changed $85,000 IRMLS
• 2025-06-05 Price Changed $99,000 IRMLS
• 2025-05-19 Price Changed $119,900 IRMLS
• 2025-05-02 Listed $139,900 IRMLS

Property tax history

+8.4%/yr

Latest (2024): $1,279 · +126.9% YoY. Source: county tax records.