1508 Strand Rd · Fort Wayne, IN 46808

$189,900

2 bd · 1.5 ba · 936 sqft · SingleFamily public records · 6 Days on market

Built 1930 5,445 sqft lot Est $155k · 22% 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 +7.0/30.0
• Rent growth +4.2/5.0
• Livability +4.2/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• DSCR +1.2/10.0
• 1% rule +1.1/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

Desirable Highland Park Neighborhood Move in and enjoy this pristine 2 Bedroom Ranch w/ 2 Full baths Pride of Ownership throughout with updated decor and fresh paint. Open floor plan with LR, DR and Updated Kitchen with Refrigerator, Range/Oven and Dishwasher. Split floor plan with Primary and second BR on main level. Finished basement with library, fireplace, home office, Full Bath/ w Shower. Large utility room includes washer and dryer. Bonus Room on Lower Level used as Guest bedroom. Covered front porch with a relaxing view of the Park across the street Plus a Pergola in the backyard for outdoor entertainment. Features beautiful landscaping with berry bushes and perennials. Central Air a

Key facts

• Covered front porch
• Open floor plan
• Bonus room

Tags

• OPEN FLOOR PLAN
• UPDATED KITCHEN
• FINISHED BASEMENT
• HOME OFFICE
• BONUS ROOM
• COVERED FRONT PORCH

Property features AI

Exterior

• Parking: Detached 2-car garage
• Utilities: Public water; Public sewer; Cable connected
• Home design: Single-family, site-built home; One story
• Construction: Vinyl siding; Asphalt roof; Built with a full basement
• Exterior features: Front porch; Sloped lot; Concrete road access; Publicly maintained road; Sidewalks in the community

Interior

• Bedrooms: Total of 6 rooms (bedroom count not specified)
• Bathrooms: 2 full bathrooms; 1 main-level bathroom
• Heating & cooling: Hot water heating; Central air conditioning
• Interior features: Fireplace in the recreation room; Full daylight basement, partially finished
• Laundry & utility: Laundry located in the basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath single-family listed at $190k.

Deal economics

• At list price, monthly cash flow is $-279 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $141k (26.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $116k (39.2% below list).
• Recommended offer: $116k (39.2% below list) — sets the bar for 1% rule.

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: Francis M Price Elementary School (math 26% / reading 22%, grade F, #781 of 994 statewide, top 79%, 469 students, 67% FRL); Northwood Middle School (math 14% / reading 22%, grade F, #279 of 330 statewide, top 86%, 587 students, 70% 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; 15 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 $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 6 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $115,515 (39.2% 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 1930 — 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: 0.61% ✗
• Cap rate: 4.53%
• Cash-on-cash: -6.30%
• DSCR: 0.72
• GRM: 13.7

CMA / ARV

• ARV (on-the-fly): $155,376
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1427 Margaret Ave	0.23mi	2/1.0	850 (-9%)	2mo	$148,000	$174	70
1016 Putnam St	0.33mi	2/1.0	1,000 (+7%)	2mo	$145,000	$145	70
1101 Saint Marys Ave	0.52mi	2/1.0	908 (-3%)	1mo	$130,000	$143	68
1833 Cherokee Rd	0.35mi	3/1.0 (+1)	876 (-6%)	0mo	$154,900	$177	66
2006 Saint Marys Ave	0.38mi	2/1.0	872 (-7%)	7mo	$73,000	$84	63
2603 N Highlands Blvd	0.66mi	3/1.5 (+1)	936 (0%)	3mo	$182,000	$194	61
2502 Sherman Blvd	0.66mi	2/2.0	920 (-2%)	6mo	$142,000	$154	60
1740 W State Blvd	0.48mi	3/1.0 (+1)	999 (+7%)	1mo	$159,900	$160	58
1840 Rosemont Dr	0.48mi	3/1.5 (+1)	864 (-8%)	6mo	$165,000	$191	55
1617 Sprunger Ave	0.56mi	3/1.0 (+1)	1,006 (+8%)	1mo	$142,000	$141	53
1818 Rosemont Dr	0.45mi	3/1.0 (+1)	816 (-13%)	4mo	$157,000	$192	47
2714 Stanford Ave	0.73mi	2/1.0	1,050 (+12%)	4mo	$173,877	$166	40

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: -23.4%
• Equity multiple: 0.18×
• Total profit: $-43,797
• Equity at exit: $28,315

10-year hold

• IRR: -10.8%
• Equity multiple: 0.25×
• Total profit: $-39,831
• Equity at exit: $16,419

Cash invested: $53,172 (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: 13.7×

Monthly cashflow live

• Estimated rent: $1,155 high
• Mortgage (P&I): −$996
• Tax from tax record: −$117 /mo · $1,401/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$243
• Net cashflow: $-279

Break-even live

Break-even rent $1,508

Max offer price $140,588

Occupancy floor —

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: $47,475
• Closing costs: $5,697
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1437 Oakland St Fort Wayne, IN	3.0	1.0	1000	$1,250	$1.25	43d	1	0.36mi
1915 Ellen Ave Fort Wayne, IN	2.0	1.0	1100	$950	$0.86	13d	1	0.40mi
706 3rd St Unit 1 Fort Wayne, IN	2.0	1.0	930	$995	$1.07	43d	1	0.56mi
2131 N Wells St Apt 1 Fort Wayne, IN	1.0	1.0	800	$800	$1.00	13d	1	0.83mi
2718 Sherman Blvd Fort Wayne, IN	2.0	1.0	900	$925	$1.03	21d	1	0.84mi
835 Van Buren St Fort Wayne, IN	2.0	1.0–2.0	750	$1,995	$2.66	13d	29	1.06mi
116 W Columbia St Fort Wayne, IN	1.0	1.0	689	$1,305	$1.89	13d	3	1.21mi
424 Nussbaum Ave Fort Wayne, IN	2.0	1.0	650	$1,200	$1.85	21d	1	1.30mi
877 Lavina St Fort Wayne, IN	1.0–3.0	1.0–2.0	997	$2,187	$2.19	43d	17	1.33mi
1250 Ewing St Fort Wayne, IN	2.0	1.0–2.0	980	$2,081	$2.12	21d	24	1.39mi
1332 Swinney Ave Fort Wayne, IN	2.0	1.0	1035	$1,300	$1.26	43d	1	1.41mi
101 Three Rivers N Fort Wayne, IN	2.0	1.0	760	$2,102	$2.76	21d	11	1.41mi
112 W Washington Blvd Fort Wayne, IN	1.0–2.0	1.0–2.0	768	$1,500	$1.95	21d	2	1.42mi
1421 Swinney Ave Unit 2 Fort Wayne, IN	1.0	1.0	950	$850	$0.89	43d	1	1.43mi
608 Anderson Ave Unit 1 Fort Wayne, IN	2.0	1.0	804	$875	$1.09	21d	1	1.45mi

Listing history 6 events

1. 2026-06-18
   days on market $189,900 Active 6 DOM
2. 2026-06-17
   days on market $189,900 Active 5 DOM
3. 2026-06-16
   days on market $189,900 Active 4 DOM
4. 2026-06-15
   days on market $189,900 Active 3 DOM
5. 2026-06-14
   remarks 699-char remark
6. 2026-06-14
   listed $189,900 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: $1,401 · $117/mo
• Projected year-2 tax: $1,507 · $126/mo
• Expected delta: +$107/yr (+$9/mo · 7.6%)

ⓘ 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: $13,862
• − Mortgage interest: −$10,637
• − Property taxes: −$1,401
• − Insurance: −$950
• − Repairs & maintenance: −$1,109
• − Management: −$1,109
• − Depreciation: −$5,524
• Taxable loss: −$6,868
• Est. tax savings @ 24.0%: +$1,648
• After-tax cash flow: $-1,701/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

1 event — show timeline

• 2026-06-12 Listed $189,900 IRMLS

Property tax history

+10.5%/yr

Latest (2024): $1,401 · +28.0% YoY. Source: county tax records.