4522 S Calhoun St · Fort Wayne, IN 46807

$159,900

4 bd · 1.5 ba · 1,647 sqft · SingleFamily public records · 36 Days on market

Built 1940 4,680 sqft lot $97/sqft · 11% below area Est $180k · 11% under ↓ 23% since listing

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Why this score? — see what drove the C- 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 +18.2/30.0
• ARV discount +12.5/15.0
• DSCR +5.7/10.0
• Rent growth +4.6/5.0
• Livability +4.2/5.0
• 1% rule +3.6/10.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• Appreciation +0.0/10.0

Listing remarks

Character, space, and major updates come together in this charming 4 bedroom, 1.5 bath home in the heart of Fort Wayne’s desirable ‘07! Offering over 1,600 square feet, this home features beautiful natural light, hardwood flooring, flexible living spaces, and a functional layout full of opportunity. The woodburning fireplace is functional and adds to the cozy character throughout the home. Recent big-ticket improvements provide peace of mind including a new roof in 2024, many new windows in 2024, recently updated plumbing, and recently updated electrical. Furnace was replaced in 2022 and includes a 10-year warranty. Basement work has already been completed and workmanship is war

Key facts

• Updated electrical
• Furnace replaced
• New roof

Tags

• WOODBURNING FIREPLACE
• NEW ROOF
• NEW WINDOWS
• UPDATED PLUMBING
• UPDATED ELECTRICAL
• FURNACE REPLACED

Property features AI

Finance

• Other: Listed by Mike Thomas Assoc., Inc.

Exterior

• Parking: Detached off-street garage (1 car)
• Utilities: Public water; Public sewer
• Home design: Single-family residence, site-built; One story
• Construction: Vinyl siding
• Exterior features: Level lot; Lot dimensions approximately 40 x 117 (0.11 acre); Subdivision: Harrison Hill

Interior

• Bathrooms: One full bathroom; One half bathroom; One main-level bathroom
• Heating & cooling: Natural gas forced-air heating; No cooling
• Interior features: Living room fireplace; Full unfinished basement with crawl space
• Laundry & utility: Laundry in basement

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $160k.

Deal economics

• At list price, monthly cash flow is $145 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $138k (13.8% below list).
• Recommended offer: $138k (13.8% below list) — sets the bar for 1% rule.
• Cap rate 7.4% 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: South Wayne Elementary School (math 17% / reading 17%, grade F, #837 of 994 statewide, top 86%, 362 students, 88% FRL); Portage Middle School (math 8% / reading 18%, grade F, #304 of 330 statewide, top 94%, 436 students, 79% 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 fast (+8.2%/yr); 94 active listings in the ZIP; 19 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 $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.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $45k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 36 days — a 3% lower offer ($155k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 2y ago 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 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $137,873 (13.8% below list)

Questions for the listing agent

1. It's been on market 36 days. Have you received any prior offers? Is the seller open to a 14% concession, seller financing, or rate buy-down credit?
2. Built in 1940 — 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. 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.
6. 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.
7. 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: 0.86% ✗
• Cap rate: 7.38%
• Cash-on-cash: 3.88%
• DSCR: 1.17
• GRM: 9.7

CMA / ARV

• ARV (median comp): $179,947
• List price: $159,900
• Delta: -11.14%
• 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
4628 W Lafayette Esplanade Blvd	0.16mi	4/2.0	1,648 (+0%)	2mo	$180,000	$109	89
326 Lexington Ct	0.32mi	4/2.0	1,656 (+0%)	3mo	$187,000	$113	80
306 W Sherwood Ter	0.15mi	3/2.5 (-1)	1,757 (+7%)	1mo	$180,000	$102	72
4233 Arlington Ave	0.45mi	3/1.5 (-1)	1,696 (+3%)	2mo	$220,000	$130	67
444 W Fairfax Ave	0.57mi	4/1.5	1,596 (-3%)	3mo	$150,000	$94	66
4707 S Calhoun St	0.15mi	3/2.0 (-1)	1,456 (-12%)	2mo	$200,000	$137	65
4720 Beaver Ave	0.71mi	3/1.5 (-1)	1,668 (+1%)	1mo	$260,000	$156	59
3606 S Harrison St	0.66mi	3/1.5 (-1)	1,555 (-6%)	2mo	$211,000	$136	53
4727 Weisser Park Ave	0.63mi	3/1.0 (-1)	1,728 (+5%)	3mo	$139,000	$80	53
4405 Tacoma Ave	0.55mi	3/1.5 (-1)	1,456 (-12%)	2mo	$240,000	$165	48
326 Arcadia Ct	0.72mi	3/1.0 (-1)	1,526 (-7%)	1mo	$171,000	$112	46
4615 Beaver Ave	0.71mi	3/1.5 (-1)	1,794 (+9%)	3mo	$255,000	$142	45

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: -5.5%
• Equity multiple: 0.79×
• Total profit: $-9,489
• Equity at exit: $23,842

10-year hold

• IRR: 8.9%
• Equity multiple: 1.81×
• Total profit: $36,447
• Equity at exit: $13,825

Cash invested: $44,772 (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: 9.7×

Monthly cashflow live

• Estimated rent: $1,379 high
• Mortgage (P&I): −$839
• Tax from tax record: −$39 /mo · $473/yr
• Insurance: −$67
• HOA: −$0
• Vacancy / Maint / Mgmt: −$290
• Net cashflow: $145

Break-even live

Break-even rent $1,196

Max offer price $159,900

Occupancy floor 85%

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: $39,975
• Closing costs: $4,797
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4133 Lafayette St Fort Wayne, IN	4.0	2.0	1640	$1,400	$0.85	21d	1	0.38mi
4201 S Wayne Ave Fort Wayne, IN	3.0	1.5	1252	$1,400	$1.12	21d	1	0.55mi
3510 S Harrison St Fort Wayne, IN	3.0	1.0	1248	$975	$0.78	13d	1	0.70mi
3221 S Harrison St Fort Wayne, IN	5.0	2.0	2062	$1,650	$0.80	21d	1	0.87mi
3221 Webster St Fort Wayne, IN	5.0	2.0	1885	$1,575	$0.84	13d	1	0.88mi
1023 Hamilton Ave Fort Wayne, IN	3.0	1.0	1152	$1,075	$0.93	13d	1	0.98mi
700 Candlelite Ct Fort Wayne, IN	2.0–3.0	1.0–2.5	1388	$1,399	$1.01	13d	4	0.98mi
3008 Webster St Fort Wayne, IN	3.0	1.0	1344	$1,449	$1.08	21d	1	1.03mi
522 Pinegrove Ln Fort Wayne, IN	2.0–3.0	1.0–1.5	1248	$1,259	$1.01	13d	8	1.07mi
724 Kinnaird Ave Fort Wayne, IN	3.0	1.5	1880	$1,450	$0.77	43d	1	1.08mi
116 E Pontiac St Fort Wayne, IN	3.0	1.5	1400	$1,175	$0.84	21d	1	1.21mi
2616 S Harrison St Fort Wayne, IN	4.0	2.0	1908	$1,500	$0.79	43d	1	1.23mi
1024 Colerick St Fort Wayne, IN	4.0	1.0	1388	$1,065	$0.77	21d	1	1.23mi
4705 S Anthony Blvd Fort Wayne, IN	3.0	1.0	1110	$1,050	$0.95	13d	1	1.27mi
451 E Pontiac St Fort Wayne, IN	3.0	1.0	1308	$1,050	$0.80	43d	1	1.27mi
2530 Lafayette St Fort Wayne, IN	4.0	1.0	1816	$1,500	$0.83	43d	1	1.29mi
3009 Holton Ave Fort Wayne, IN	3.0	1.0	1212	$1,400	$1.16	13d	1	1.39mi
1730 Scotsdale Dr Fort Wayne, IN	3.0	1.0	1192	$1,125	$0.94	13d	1	1.46mi
2431 Fox Ave Fort Wayne, IN	3.0	1.5	1522	$1,550	$1.02	13d	1	1.47mi

Listing history 29 events

1. 2026-06-18
   days on market $159,900 Active 36 DOM
2. 2026-06-17
   days on market $159,900 Active 35 DOM
3. 2026-06-16
   days on market $159,900 Active 34 DOM
4. 2026-06-15
   days on market $159,900 Active 33 DOM
5. 2026-06-14
   days on market $159,900 Active 31 DOM
6. 2026-06-10
   days on market $159,900 Active 28 DOM
7. 2026-06-09
   days on market $159,900 Active 27 DOM
8. 2026-06-08
   days on market $159,900 Active 26 DOM
9. 2026-06-07
   days on market $159,900 Active 25 DOM
10. 2026-06-03
    days on market $159,900 Active 21 DOM
11. 2026-06-02
    days on market $159,900 Active 20 DOM
12. 2026-06-01
    days on market $159,900 Active 19 DOM
13. 2026-05-31
    days on market $159,900 Active 18 DOM
14. 2026-05-30
    days on market $159,900 Active 17 DOM
15. 2026-05-13
    listed $159,900 Active 1127-char remark
16. 2026-03-01
    status Pending
17. 2026-02-14
    price $157,000
18. 2025-11-23
    price $168,000
19. 2025-11-06
    price $156,000
20. 2025-09-28
    listed $172,900 Active
21. 2025-08-06
    price $184,400
22. 2025-07-25
    listed $186,400 Active
23. 2025-06-29
    price $192,000
24. 2025-06-05
    listed $197,000 Active
25. 2025-01-11
    price $197,000
26. 2024-10-04
    listed $198,900 Active
27. 2024-08-16
    price $199,000
28. 2024-07-10
    price $204,000
29. 2024-06-21
    listed $209,000 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: $473 · $39/mo
• Projected year-2 tax: $916 · $76/mo
• Expected delta: +$443/yr (+$37/mo · 93.8%)

ⓘ 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: $16,545
• − Mortgage interest: −$8,957
• − Property taxes: −$473
• − Insurance: −$800
• − Repairs & maintenance: −$1,324
• − Management: −$1,324
• − Depreciation: −$4,652
• Taxable loss: −$983
• Est. tax savings @ 24.0%: +$236
• After-tax cash flow: $1,972/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

-23.5% since first listed

15 events — show timeline

• 2026-05-13 Listed $159,900 IRMLS
• 2026-03-01 Pending — IRMLS
• 2026-02-14 Price Changed $157,000 IRMLS
• 2025-11-23 Price Changed $168,000 IRMLS
• 2025-11-06 Price Changed $156,000 IRMLS
• 2025-09-28 Listed $172,900 IRMLS
• 2025-08-06 Price Changed $184,400 IRMLS
• 2025-07-25 Listed $186,400 IRMLS
• 2025-06-29 Price Changed $192,000 IRMLS
• 2025-06-05 Listed $197,000 IRMLS
• 2025-01-11 Price Changed $197,000 IRMLS
• 2024-10-04 Listed $198,900 IRMLS
• 2024-08-16 Price Changed $199,000 IRMLS
• 2024-07-10 Price Changed $204,000 IRMLS
• 2024-06-21 Listed $209,000 IRMLS

Property tax history

+0.8%/yr

Latest (2024): $473 · +6.1% YoY. Source: county tax records.