1130 Putnam St · Fort Wayne, IN 46808

$199,900

3 bd · 1.0 ba · 1,250 sqft · SingleFamily public records

Built 1926 4,500 sqft lot Est $151k · 32% over

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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).

• Cash flow +11.8/30.0
• Rent growth +4.2/5.0
• Livability +4.2/5.0
• DSCR +3.5/10.0
• Condition / age +2.5/5.0
• 1% rule +2.3/10.0
• Schools +2.2/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

Absolutely stunning, completely remodeled inside and out! This beautifully updated 2 bedroom, 1 bath home with a bonus room and detached 1-car garage is a rare opportunity in the sought-after ‘08. From the moment you pull up, the curb appeal shines with new siding, gutters, gutter guards, and fencing that look straight out of Pinterest. Inside, nearly every inch has been thoughtfully reworked and refreshed. You’ll love the warm, modern feel created by the new paint, tile plank flooring, interior doors, updated cabinetry, countertops, appliances, and a completely remodeled bathroom. The redesigned walk-in pantry adds both charm and functionality, while the updated HVAC gives peac

Key facts

• 4,500 sq ft lot
• Garage
• Built 1926

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $200k.

Deal economics

• At list price, monthly cash flow is $-56 ($-678/yr) — negative.
• To cash-flow at today's rent, offer at most $190k (5.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $147k (26.5% below list).
• Recommended offer: $147k (26.5% below list) — sets the bar for 1% rule.
• Cap rate 6.0% vs local median 4.8% in Fort Wayne — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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: Bloomingdale Elementary School (math 12% / reading 8%, grade F, #921 of 994 statewide, top 94%, 300 students, 81% FRL); Lakeside Middle School (math 8% / reading 17%, grade F, #310 of 330 statewide, top 94%, 502 students, 78% FRL); North Side High School (math 19% / reading 51%, grade F, #266 of 369 statewide, top 73%, 1,474 students, 66% FRL).
• Market conditions: Rents rising fast (+7.0%/yr); 87 active listings in the ZIP; 23 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 52% 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).
• This rent runs 33% of the median local income ($53k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k 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

• Only 0 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $53k; list at $200k implies a 277% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1926 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $146,859 (26.5% 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. Built in 1926 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
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: 0.73% ✗
• Cap rate: 5.95%
• Cash-on-cash: -1.21%
• DSCR: 0.95
• GRM: 11.3

CMA / ARV

• ARV (on-the-fly): $151,250
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1646 Spring St	0.40mi	3/1.0	1,268 (+1%)	2mo	$199,900	$158	77
816 Hofer Ave	0.44mi	3/1.0	1,180 (-6%)	1mo	$150,000	$127	69
1706 3rd St	0.51mi	2/1.0 (-1)	1,199 (-4%)	2mo	$150,000	$125	63
930 Irene Ave	0.44mi	2/2.0 (-1)	1,202 (-4%)	2mo	$38,000	$32	63
1611 Cherokee Rd	0.28mi	3/1.0	1,420 (+14%)	2mo	$192,000	$135	62
615 2nd St	0.60mi	3/1.0	1,320 (+6%)	1mo	$122,500	$93	62
1603 Howell St	0.60mi	3/1.5	1,188 (-5%)	0mo	$129,900	$109	62
1115 W 4th St	0.27mi	3/2.0	1,426 (+14%)	1mo	$167,000	$117	59
604 W State Blvd	0.54mi	3/1.0	1,405 (+12%)	2mo	$156,000	$111	53
1318 Burgess St	0.65mi	2/1.0 (-1)	1,152 (-8%)	1mo	$57,000	$49	51
730 Lillian Ave	0.58mi	2/2.0 (-1)	1,344 (+8%)	1mo	$163,000	$121	50
725 Lillian Ave	0.56mi	2/2.0 (-1)	1,111 (-11%)	2mo	$178,000	$160	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 · 6.98% rent growth · sell at horizon

5-year hold

• IRR: -14.5%
• Equity multiple: 0.46×
• Total profit: $-29,952
• Equity at exit: $29,806

10-year hold

• IRR: -0.9%
• Equity multiple: 0.93×
• Total profit: $-3,789
• Equity at exit: $17,284

Cash invested: $55,972 (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 46808

• Rents YoY: 7.0%
• Active inventory: 87
• Price-to-rent: 11.3×

Monthly cashflow live

• Estimated rent: $1,469 high
• Mortgage (P&I): −$1,048
• Tax from tax record: −$85 /mo · $1,021/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$308
• Net cashflow: $-56

Break-even live

Break-even rent $1,540

Max offer price $189,924

Occupancy floor 99%

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: $49,975
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Rent comps 23 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
702 Archer Ave Fort Wayne, IN	3.0	1.5	1273	$1,499	$1.18	44d	1	0.31mi
1437 Oakland St Fort Wayne, IN	3.0	1.0	1000	$1,250	$1.25	44d	1	0.31mi
739 W 4th St Fort Wayne, IN	4.0	2.0	1750	$1,995	$1.14	14d	1	0.40mi
1502 3rd St Fort Wayne, IN	3.0	1.5	1344	$1,650	$1.23	14d	1	0.40mi
706 3rd St Unit 1 Fort Wayne, IN	2.0	1.0	930	$995	$1.07	44d	1	0.47mi
1721 3rd St Fort Wayne, IN	3.0	1.0	1584	$1,195	$0.75	44d	1	0.57mi
1915 Ellen Ave Fort Wayne, IN	2.0	1.0	1100	$950	$0.86	14d	1	0.62mi
1626 Howell St Unit 201 Fort Wayne, IN	3.0	2.0	1200	$1,700	$1.42	21d	1	0.62mi
2718 Sherman Blvd Fort Wayne, IN	2.0	1.0	900	$925	$1.03	21d	1	0.64mi
1704 Sprunger Ave Fort Wayne, IN	3.0	1.0	1141	$1,400	$1.23	44d	1	0.78mi
2315 Terrace Rd Fort Wayne, IN	3.0	1.0	1466	$1,600	$1.09	44d	1	0.92mi
2403 N Clinton St Fort Wayne, IN	3.0	2.0	1666	$1,750	$1.05	44d	1	0.99mi
835 Van Buren St Fort Wayne, IN	2.0	1.0–2.0	750	$1,995	$2.66	14d	29	1.08mi
901 W Wayne St Unit 3 Fort Wayne, IN	2.0	2.0	1312	$1,700	$1.30	44d	1	1.13mi
915 Garden St Fort Wayne, IN	2.0	2.0	1275	$1,650	$1.29	14d	1	1.17mi
101 Three Rivers N Fort Wayne, IN	2.0	1.0	760	$2,102	$2.76	21d	11	1.28mi
1118 Rockhill St Fort Wayne, IN	3.0	3.0	1790	$2,300	$1.28	44d	1	1.30mi
3314 Foxcroft Dr Fort Wayne, IN	3.0	2.0	1200	$1,795	$1.50	44d	1	1.35mi
112 W Washington Blvd Fort Wayne, IN	1.0–2.0	1.0–2.0	768	$1,500	$1.95	21d	2	1.35mi
877 Lavina St Fort Wayne, IN	1.0–3.0	1.0–2.0	997	$2,980	$2.99	44d	17	1.39mi
1250 Ewing St Fort Wayne, IN	2.0	1.0–2.0	980	$2,081	$2.12	21d	24	1.40mi
607 Curdes Ave Fort Wayne, IN	3.0	1.5	1072	$1,450	$1.35	21d	1	1.43mi
603 Lavina St Fort Wayne, IN	3.0	2.0	1872	$1,899	$1.01	44d	1	1.44mi

Listing history 3 events

1. 2026-05-07
   listed $199,900
2. 2026-05-07
   historical
3. 2016-06-02
   soldstatus $53,070

ⓘ 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: $1,021 · $85/mo
• Projected year-2 tax: $1,360 · $113/mo
• Expected delta: +$339/yr (+$28/mo · 33.2%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 20% 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: $17,623
• − Mortgage interest: −$11,198
• − Property taxes: −$1,021
• − Insurance: −$1,000
• − Repairs & maintenance: −$1,410
• − Management: −$1,410
• − Depreciation: −$5,815
• Taxable loss: −$4,230
• Est. tax savings @ 24.0%: +$1,015
• After-tax cash flow: $337/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): 19,684
• Household income: $53,359
• Rent vs Own: 39.4% rent · 60.6% own
• Severe rent burden: 625.0

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 (71%)
• Race & ethnicity: White 71% Hispanic / Latino 13% Two or more races 9% Black 9% Asian 2%
• Hispanic origin (detail): Mexican 10% Puerto Rican 2%
• Common ancestry: Romanian 3% Lithuanian 2% Slovak 2%
• Foreign-born: 7% · Canada, Philippines, South Korea
• Languages at home: 86% English-only · Spanish 10% Korean 2% 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: ▼ -288.51%
• Current HPI: 239.6115
• Rent YoY: ▲ 6.98%
• 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

+276.7% since first listed

3 events — show timeline

• 2026-05-07 Delisted — IRMLS
• 2026-05-07 Listed $199,900 IRMLS
• 2016-06-02 Sold (Public Records) $53,070 Public Records

Property tax history

-5.0%/yr

Latest (2024): $1,021 · +2.6% YoY. Source: county tax records.