3420 Plaza Dr · Fort Wayne, IN 46806

$122,500

3 bd · 1.5 ba · 1,248 sqft · SingleFamily public records · 51 Days on market

Built 1925 7,800 sqft lot $98/sqft · at area comps Est $118k · at est.

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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 +17.0/30.0
• ARV discount +5.8/15.0
• DSCR +5.3/10.0
• 1% rule +4.5/10.0
• Livability +4.2/5.0
• Rent growth +3.7/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• Appreciation +0.0/10.0

Listing remarks

Here is your new home, priced to sell! 1248 sq foot home with 3 bedrooms and 1 bath and large yard. Recently painted interior with nice appliances. Foundation recently repaired, along with a newer tear off and replaced roof. Come see your next home, and get to know the area. Room dimensions are estimates, please verify.

Key facts

• Newer roof
• Large yard
• 7,800 sq ft lot

Tags

• LARGE YARD
• RECENTLY PAINTED INTERIOR
• NEWER ROOF
• FOUNDATION RECENTLY REPAIRED

Property features AI

Finance

• Financial info: Annual tax amount available

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-family site-built home; 2 stories
• Construction: Aluminum and vinyl siding
• Exterior features: Level lot; 60 feet of frontage

Interior

• Bedrooms: 6 total rooms (bedroom count not specified)
• Bathrooms: 1 full bathroom
• Heating & cooling: Natural gas heating; No central cooling
• Interior features: Full basement
• Laundry & utility: Laundry in basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $122k.

Deal economics

• At list price, monthly cash flow is $83 ($996/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 $117k (4.6% below list).
• Recommended offer: $117k (4.6% below list) — sets the bar for 1% rule.
• Cap rate 7.1% 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: J Wilbur Haley Elementary School (math 19% / reading 20%, grade F, #814 of 994 statewide, top 83%, 568 students, 65% FRL); Lane Middle School (math 9% / reading 20%, grade F, #300 of 330 statewide, top 91%, 710 students, 74% FRL); R Nelson Snider High School (math 27% / reading 53%, grade F, #217 of 369 statewide, top 59%, 1,899 students, 50% FRL) — zoned schools at 63% FRL track the district average.
• Market conditions: Rents rising fast (+4.9%/yr); 129 active listings in the ZIP; 27 comparable units currently listed for rent nearby; rentals at typical pace (median 22d 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 $847 of loan paydown is wiped out by about $4k 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 51 days — a 3% lower offer ($119k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 14y 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 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $116,856 (4.6% below list)

Questions for the listing agent

1. It's been on market 51 days. Have you received any prior offers? Is the seller open to a 5% concession, seller financing, or rate buy-down credit?
2. Built in 1925 — 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: 0.95% ✗
• Cap rate: 7.11%
• Cash-on-cash: 2.90%
• DSCR: 1.13
• GRM: 8.7

CMA / ARV

• ARV (median comp): $118,113
• List price: $122,500
• Delta: 3.71%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3110 Central Dr	0.17mi	3/1.0	1,224 (-2%)	0mo	$123,000	$100	86
3105 Central Dr	0.18mi	3/1.0	1,288 (+3%)	1mo	$65,000	$50	84
3034 Lillie St	0.32mi	3/1.0	1,350 (+8%)	1mo	$90,000	$67	69
3015 Holton Ave	0.47mi	3/1.0	1,185 (-5%)	1mo	$80,000	$68	67
3311 Reed St	0.35mi	3/1.0	1,380 (+11%)	0mo	$81,000	$59	64
3522 Oliver St	0.59mi	3/1.0	1,292 (+4%)	4mo	$135,000	$104	62
1515 E Rudisill Blvd	0.41mi	3/1.0	1,125 (-10%)	2mo	$114,900	$102	61
3002 Holton Ave	0.51mi	3/1.0	1,156 (-7%)	5mo	$135,000	$117	58
3317 Smith St	0.63mi	3/1.0	1,182 (-5%)	4mo	$65,000	$55	57
2747 Abbott St	0.43mi	3/1.0	1,080 (-14%)	3mo	$105,000	$97	53
4126 Bowser Ave	0.69mi	3/1.0	1,096 (-12%)	3mo	$130,000	$119	43
1024 Eckart St	0.69mi	3/1.5	1,421 (+14%)	2mo	$81,000	$57	42

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 · 4.93% rent growth · sell at horizon

5-year hold

• IRR: -9.6%
• Equity multiple: 0.64×
• Total profit: $-12,236
• Equity at exit: $18,265

10-year hold

• IRR: 2.3%
• Equity multiple: 1.18×
• Total profit: $6,082
• Equity at exit: $10,592

Cash invested: $34,300 (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 46806

• Home prices YoY: -33.6%
• Rents YoY: 4.9%
• Active inventory: 129
• Price-to-rent: 8.7×

Monthly cashflow live

• Estimated rent: $1,169 high
• Mortgage (P&I): −$642
• Tax from tax record: −$147 /mo · $1,760/yr
• Insurance: −$51
• HOA: −$0
• Vacancy / Maint / Mgmt: −$245
• Net cashflow: $83

Break-even live

Break-even rent $1,063

Max offer price $122,500

Occupancy floor 88%

Sensitivity live

Price	-10% $152	-5% $118	+0% $83	+5% $48	+10% $14
Rent	-10% $-9	-5% $37	+0% $83	+5% $129	+10% $175
Rate	-1.0pp $145	-0.5pp $114	base $83	+0.5pp $51	+1.0pp $19

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: $30,625
• Closing costs: $3,675
• Reserves months: —
• Total cash needed: —

Rent comps 27 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3410 S Anthony Blvd Fort Wayne, IN	3.0	1.0	900	$1,200	$1.33	44d	1	0.21mi
2903 Queen St Fort Wayne, IN	3.0	2.0	1460	$1,200	$0.82	44d	1	0.43mi
3932 Winter St Fort Wayne, IN	2.0	1.0	750	$875	$1.17	44d	1	0.46mi
2720 Queen St Fort Wayne, IN	3.0	2.0	1316	$1,395	$1.06	14d	1	0.49mi
3009 Holton Ave Fort Wayne, IN	3.0	1.0	1212	$1,400	$1.16	14d	1	0.49mi
4325 Werling Dr Fort Wayne, IN	1.0–3.0	1.0–2.0	923	$1,164	$1.26	44d	1	0.59mi
1023 Hamilton Ave Fort Wayne, IN	3.0	1.0	1152	$1,075	$0.93	14d	1	0.68mi
4129 Bowser Ave Fort Wayne, IN	3.0	1.5	850	$1,250	$1.47	21d	1	0.69mi
4014 Oliver St Fort Wayne, IN	3.0	1.0	936	$1,050	$1.12	14d	1	0.70mi
1024 Colerick St Fort Wayne, IN	4.0	1.0	1388	$1,065	$0.77	21d	1	0.73mi
4705 S Anthony Blvd Fort Wayne, IN	3.0	1.0	1110	$1,050	$0.95	14d	1	0.85mi
4405 S Park Dr Fort Wayne, IN	2.0	1.0	1440	$1,175	$0.82	14d	1	0.99mi
4522 Spatz Ave Fort Wayne, IN	2.0	1.0	840	$950	$1.13	44d	1	1.04mi
3702 Trace Cir Fort Wayne, IN	2.0–4.0	2.0	1571	$1,903	$1.21	44d	6	1.07mi
4121 Monroe St Fort Wayne, IN	2.0	1.0	725	$1,100	$1.52	14d	1	1.08mi
2806 New Haven Ave Fort Wayne, IN	3.0	1.0	1410	$1,125	$0.80	21d	1	1.08mi
442 E Wildwood Ave Fort Wayne, IN	2.0	1.0	864	$875	$1.01	21d	1	1.14mi
2730 Chestnut St Fort Wayne, IN	3.0	1.5	1312	$950	$0.72	21d	1	1.14mi
3801 Lafayette St Fort Wayne, IN	2.0	1.0	1116	$995	$0.89	14d	1	1.19mi
451 E Pontiac St Fort Wayne, IN	3.0	1.0	1308	$1,050	$0.80	44d	1	1.20mi
4126 Lafayette St Fort Wayne, IN	2.0	1.0	775	$1,275	$1.65	44d	1	1.27mi
859 Buchanan St Fort Wayne, IN	1.0–4.0	1.0	887	$1,074	$1.21	21d	1	1.28mi
4331 Lafayette St Fort Wayne, IN	2.0	1.0	810	$925	$1.14	14d	1	1.30mi
4018 S Clinton St Fort Wayne, IN	3.0	1.0	860	$1,000	$1.16	21d	1	1.32mi
4655 Avondale Dr Fort Wayne, IN	2.0	1.0	768	$875	$1.14	44d	1	1.39mi
420 E Dewald St Fort Wayne, IN	3.0	1.5	1472	$1,300	$0.88	44d	1	1.41mi
116 E Pontiac St Fort Wayne, IN	3.0	1.5	1400	$1,175	$0.84	21d	1	1.49mi

Listing history 32 events

1. 2026-06-18
   days on market $122,500 Active 51 DOM
2. 2026-06-17
   days on market $122,500 Active 50 DOM
3. 2026-06-16
   days on market $122,500 Active 49 DOM
4. 2026-06-15
   days on market $122,500 Active 48 DOM
5. 2026-06-14
   pricedays on market $122,500 Active 46 DOM
6. 2026-06-10
   days on market $124,000 Active 43 DOM
7. 2026-06-09
   days on market $124,000 Active 42 DOM
8. 2026-06-08
   days on market $124,000 Active 41 DOM
9. 2026-06-07
   days on market $124,000 Active 40 DOM
10. 2026-06-03
    days on market $124,000 Active 36 DOM
11. 2026-06-02
    days on market $124,000 Active 35 DOM
12. 2026-06-01
    days on market $124,000 Active 34 DOM
13. 2026-05-31
    days on market $124,000 Active 33 DOM
14. 2026-05-30
    days on market $124,000 Active 32 DOM
15. 2026-04-28
    listed $125,000 Active 321-char remark
16. 2026-03-30
    historical $1,150
17. 2026-02-06
    listed $1,150
18. 2026-02-06
    historical $999
19. 2025-11-15
    listed $999
20. 2025-10-30
    price $125,500
21. 2025-09-10
    price $129,500
22. 2025-07-30
    price $139,500
23. 2025-05-02
    price $143,500
24. 2025-03-17
    price $145,500
25. 2025-01-13
    listed $159,700 Active
26. 2024-06-28
    listed $167,500 Active
27. 2022-10-11
    price $83,700
28. 2022-09-08
    listed $85,000 Active
29. 2013-08-30
    historical
30. 2013-05-20
    listed $7,900
31. 2013-05-01
    historical
32. 2012-11-01
    listed $10,900

ⓘ 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: $1,760 · $147/mo
• Projected year-2 tax: $1,760 · $147/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 · 16 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: $14,023
• − Mortgage interest: −$6,862
• − Property taxes: −$1,760
• − Insurance: −$612
• − Repairs & maintenance: −$1,122
• − Management: −$1,122
• − Depreciation: −$3,564
• Taxable loss: −$1,019
• Est. tax savings @ 24.0%: +$245
• After-tax cash flow: $1,241/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): 26,425
• Household income: $47,895
• Rent vs Own: 48.1% rent · 51.9% own
• Severe rent burden: 1184.0

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: Highly diverse neighborhood (Simpson 0.74)
• Race & ethnicity: Black 37% Hispanic / Latino 26% White 21% Asian 12% Two or more races 11% Native American 2%
• Hispanic origin (detail): Mexican 18% Puerto Rican 1%
• Common ancestry: Italian 1% Romanian 1% Lithuanian 1%
• Foreign-born: 19% · Canada, Philippines, South Korea
• Languages at home: 71% English-only · Spanish 19% Other Asian/Pacific 9%

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: ▼ -148.00%
• Current HPI: 291.8198
• Rent YoY: ▲ 4.93%
• 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

+1023.9% since first listed

20 events — show timeline

• 2026-06-10 Price Changed $122,500 IRMLS
• 2026-05-28 Price Changed $124,000 IRMLS
• 2026-04-28 Listed $125,000 IRMLS
• 2026-03-30 Rental Removed $1,150 TENANTTURNER2
• 2026-02-06 Listed for Rent $1,150 TENANTTURNER2
• 2026-02-06 Rental Removed $999 TENANTTURNER2
• 2025-11-15 Listed for Rent $999 TENANTTURNER2
• 2025-10-30 Price Changed $125,500 IRMLS
• 2025-09-10 Price Changed $129,500 IRMLS
• 2025-07-30 Price Changed $139,500 IRMLS
• 2025-05-02 Price Changed $143,500 IRMLS
• 2025-03-17 Price Changed $145,500 IRMLS
• 2025-01-13 Listed $159,700 IRMLS
• 2024-06-28 Listed $167,500 IRMLS
• 2022-10-11 Price Changed $83,700 IRMLS
• 2022-09-08 Listed $85,000 IRMLS
• 2013-08-30 Listing Removed — MARMLS
• 2013-05-20 Listed $7,900 MARMLS
• 2013-05-01 Listing Removed — MARMLS
• 2012-11-01 Listed $10,900 MARMLS

Property tax history

+14.4%/yr

Latest (2024): $1,760 · +15.3% YoY. Source: county tax records.