Lancia's Berkley I Plan · Fort Wayne, IN 46818

$232,000

4 bd · 2.5 ba · 1,767 sqft · SingleFamily · 443 Days on market

Excellent condition $41/mo HOA · 2% of rent

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Why this score? — see what drove the D- 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 +7.6/30.0
• ARV discount +7.5/15.0
• Condition / age +4.8/5.0
• Rent growth +4.4/5.0
• Livability +4.2/5.0
• Schools +2.9/10.0
• 1% rule +2.4/10.0
• DSCR +1.7/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

THIS IS A SAMPLE PLAN - THIS IS NOT A HOME FOR SALE. Lancia's Berkley I has a Great Room that is open to the Nook and Kitchen with the Kitchen's sink and breakfast bar facing the Great Room. All Bedrooms upstairs and Laundry Room upstairs. 9x9 Loft upstairs perfect for a study or play area. Owner Suite Bedroom has a large walk-in closet and dual sinks in attached Bathroom. Garage has 6x7 bump in back for storage. A full basement is available.

Key facts

• 2 parking spots
• Listed 443 days

🏗️ New construction. The $232,000 list price is a builder figure, so every metric below is computed on the value from comparable previous sales — $327,450.

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath single-family listed at $232k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $-393 ($-5k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $232k).
• Recommended offer: $204k (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+.
• 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: Washington Center Elementary Sch (math 33% / reading 21%, grade F, #737 of 994 statewide, top 76%, 517 students, 62% FRL); Shawnee Middle School (math 11% / reading 22%, grade F, #287 of 330 statewide, top 88%, 675 students, 65% FRL); Northrop High School (math 25% / reading 62%, grade F, #191 of 369 statewide, top 52%, 2,136 students, 54% FRL) — zoned schools at 60% FRL track the district average.
• Market conditions: Rents rising fast (+7.6%/yr); 548 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 1,861 units permitted in Allen County in 2024 (576 in 5+ unit buildings).
• This rent runs 36% of the median local income ($81k/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 $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 443 days — a 12% lower offer ($204k) is reasonable based on typical stale-listing flexibility.

Recommended offer $204,160 (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 443 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: 0.74% ✗
• Cap rate: 4.85%
• Cash-on-cash: -5.14%
• DSCR: 0.77
• GRM: 11.3

CMA / ARV

• ARV (median comp): $327,450
• List price: $232,000
• Delta: -29.15%
• 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
4046 Shadowood Lakes Trl	0.12mi	4/2.5	1,767 (0%)	4mo	$324,900	$184	91
3506 Beck Ct	0.38mi	4/2.0	1,771 (+0%)	1mo	$311,420	$176	79
3655 Beck Ct	0.35mi	4/2.0	1,771 (+0%)	4mo	$302,550	$171	78
3527 Beck Ct	0.41mi	4/2.0	1,771 (+0%)	3mo	$319,655	$180	76
3557 Beck Ct	0.39mi	4/2.0	1,771 (+0%)	5mo	$312,430	$176	75
4051 Shadowood Lakes Trl	0.13mi	3/2.0 (-1)	1,613 (-9%)	8mo	$314,000	$195	66
4388 Shadowood Lakes Trl	0.30mi	3/2.0 (-1)	1,667 (-6%)	4mo	$349,000	$209	66
4356 Shadowood Lakes Trl	0.29mi	3/2.0 (-1)	1,635 (-8%)	2mo	$352,900	$216	65
3593 Beck Ct	0.38mi	4/2.0	1,501 (-15%)	8mo	$294,755	$196	49
4104 Ravens Cove Run	0.58mi	3/2.0 (-1)	1,530 (-13%)	6mo	$264,900	$173	39
7513 Haida Way	0.67mi	3/2.0 (-1)	1,531 (-13%)	5mo	$265,000	$173	35
7430 Haida Way	0.69mi	3/2.0 (-1)	1,531 (-13%)	4mo	$264,900	$173	35

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 · 7.64% rent growth · sell at horizon

5-year hold

• IRR: -19.9%
• Equity multiple: 0.28×
• Total profit: $-66,184
• Equity at exit: $48,824

10-year hold

• IRR: -5.0%
• Equity multiple: 0.61×
• Total profit: $-36,178
• Equity at exit: $28,312

Cash invested: $91,686 (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 · 15 under contract
• Months of supply: 11.6 mo (9%/mo absorbed)
• Median asking: $264,900 ($149/sqft)
• Median days on market: 443 d
• This list price: 15% of active listings are priced below it
• ARV vs active asking: +24.8% above current asking $/sqft

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

ZIP-level market 46818

• Rents YoY: 7.6%
• Active inventory: 548
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $2,419 medium
• Mortgage (P&I): −$1,717
• Tax est. 1.5%: −$409 /mo · $4,912/yr
• Insurance: −$136
• HOA: −$41
• Vacancy / Maint / Mgmt: −$508
• Net cashflow: $-393

Break-even live

Break-even rent $2,916

Max offer price $270,633

Occupancy floor —

Sensitivity live

Price	-10% $-166	-5% $-280	+0% $-393	+5% $-506	+10% $-619
Rent	-10% $-584	-5% $-488	+0% $-393	+5% $-297	+10% $-202
Rate	-1.0pp $-228	-0.5pp $-309	base $-393	+0.5pp $-477	+1.0pp $-564

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: $81,862
• Closing costs: $9,824
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3782 Thunderhawk Pass Fort Wayne, IN	3.0	2.0	1430	$2,095	$1.47	0d	4	0.51mi
13244 Etta DR Fort Wayne, IN	3.0	2.5	1330	$1,700	$1.28	184d	1	0.89mi

Listing history 50 events

1. 2026-11-08
   days on market $232,000 Active 443 DOM
2. 2026-11-07
   days on market $232,000 Active 442 DOM
3. 2026-11-06
   days on market $232,000 Active 441 DOM
4. 2026-11-05
   days on market $232,000 Active 440 DOM
5. 2026-11-04
   days on market $232,000 Active 439 DOM
6. 2026-11-02
   days on market $232,000 Active 437 DOM
7. 2026-11-01
   days on market $232,000 Active 436 DOM
8. 2026-10-31
   days on market $232,000 Active 435 DOM
9. 2026-10-30
   days on market $232,000 Active 434 DOM
10. 2026-10-29
    days on market $232,000 Active 433 DOM
11. 2026-10-28
    days on market $232,000 Active 432 DOM
12. 2026-10-27
    days on market $232,000 Active 431 DOM
13. 2026-10-26
    days on market $232,000 Active 430 DOM
14. 2026-10-26
    days on market $232,000 Active 429 DOM
15. 2026-10-24
    days on market $232,000 Active 428 DOM
16. 2026-10-23
    days on market $232,000 Active 427 DOM
17. 2026-10-22
    days on market $232,000 Active 426 DOM
18. 2026-10-21
    days on market $232,000 Active 425 DOM
19. 2026-10-20
    days on market $232,000 Active 424 DOM
20. 2026-10-19
    days on market $232,000 Active 423 DOM
21. 2026-10-18
    days on market $232,000 Active 422 DOM
22. 2026-10-17
    days on market $232,000 Active 421 DOM
23. 2026-10-16
    days on market $232,000 Active 420 DOM
24. 2026-10-15
    days on market $232,000 Active 419 DOM
25. 2026-10-14
    days on market $232,000 Active 418 DOM
26. 2026-10-13
    days on market $232,000 Active 417 DOM
27. 2026-10-12
    days on market $232,000 Active 416 DOM
28. 2026-10-11
    days on market $232,000 Active 415 DOM
29. 2026-10-10
    days on market $232,000 Active 414 DOM
30. 2026-10-09
    days on market $232,000 Active 413 DOM
31. 2026-10-08
    days on market $232,000 Active 412 DOM
32. 2026-10-07
    days on market $232,000 Active 411 DOM
33. 2026-10-06
    days on market $232,000 Active 410 DOM
34. 2026-10-05
    days on market $232,000 Active 409 DOM
35. 2026-10-04
    days on market $232,000 Active 408 DOM
36. 2026-10-03
    days on market $232,000 Active 407 DOM
37. 2026-10-02
    days on market $232,000 Active 406 DOM
38. 2026-10-01
    days on market $232,000 Active 405 DOM
39. 2026-09-30
    days on market $232,000 Active 404 DOM
40. 2026-09-29
    days on market $232,000 Active 403 DOM
41. 2026-09-28
    days on market $232,000 Active 402 DOM
42. 2026-09-27
    days on market $232,000 Active 401 DOM
43. 2026-09-26
    days on market $232,000 Active 400 DOM
44. 2026-09-25
    days on market $232,000 Active 399 DOM
45. 2026-09-24
    days on market $232,000 Active 398 DOM
46. 2026-09-23
    days on market $232,000 Active 397 DOM
47. 2026-09-22
    days on market $232,000 Active 396 DOM
48. 2026-09-20
    days on market $232,000 Active 394 DOM
49. 2026-09-19
    days on market $232,000 Active 393 DOM
50. 2026-09-18
    days on market $232,000 Active 392 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $29,032
• − Mortgage interest: −$18,342
• − Property taxes: −$4,912
• − Insurance: −$1,637
• − Repairs & maintenance: −$2,323
• − Management: −$2,323
• − HOA: −$492
• − Depreciation: −$9,526
• Taxable loss: −$10,522
• Est. tax savings @ 24.0%: +$2,525
• After-tax cash flow: $-2,186/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 a modern kitchen, well-maintained bathrooms, and a clean and inviting curb appeal. It is move-in ready and would benefit from some exterior painting and landscaping improvements to further enhance its value.

Value-add opportunities

• Resale Painting the exterior siding — Fresh paint can enhance the curb appeal and make the home stand out. ↑
• Resale Landscaping improvements — Enhanced landscaping can increase the home's curb appeal and attract more potential buyers. ↑
• Both Adding smart home features — Smart home features can increase the home's value and appeal to a wider range of buyers and renters. ↑
• Resale Upgrading the kitchen appliances — Upgrading to more modern or energy-efficient appliances can increase the home's value and appeal to potential buyers. ↑
• Rental Adding a smart thermostat — A smart thermostat can help reduce energy costs and attract renters who value energy efficiency and convenience. ↑

F Composite school gradezoned avg 29/100

Zoned Schools

Elementary Washington Center Elementary Sch F IN #737/994 Nat'l #28,475/41,679 Middle Shawnee Middle School F IN #287/330 Nat'l #12,406/14,009 High Northrop High School F IN #191/369 Nat'l #7,376/17,239

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

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): 21,954
• Household income: $81,066
• Rent vs Own: 15.6% rent · 84.4% own
• Severe rent burden: 10% of renters

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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%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (79%)
• Race & ethnicity: White 79% Two or more races 8% Hispanic / Latino 7% Black 4% Asian 3%
• Hispanic origin (detail): Mexican 6%
• Languages at home: 90% English-only · Spanish 4% Other Asian/Pacific 1% Vietnamese 1%

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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: ▼ -217.71%
• Current HPI: 228.1539
• Rent YoY: ▲ 7.64%
• Metro: Fort Wayne, IN
• State GDP YoY: ▲ 2.90%
• F500 in state: 18

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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

+0.7% since first listed

2 events — show timeline

• 2026-02-09 Price Changed $227,600 Zillow
• 2025-08-22 Listed $226,000 Zillow