522 E Masterson Ave · Fort Wayne, IN 46803

$198,000

3 bd · 2.0 ba · 1,409 sqft · SingleFamily public records · 27 Days on market

Built 1908 2,614 sqft lot

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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).

• Appreciation +10.0/10.0
• Cash flow +9.4/30.0
• ARV discount +7.5/15.0
• Livability +4.2/5.0
• DSCR +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• 1% rule +1.5/10.0

Listing remarks MLS

Purchasing as is, was used as rental. 4 bedrooms. Home minutes from downtown.

Key facts

• Tiled walk-in shower
• Stone countertops
• Freshly renovated

Tags

• FRESHLY RENOVATED
• STONE COUNTERTOPS
• TILED WALK-IN SHOWER
• NEW ROOF
• NEW HVAC SYSTEM
• NEWLY CONSTRUCTED GARAGE

Property features AI

Exterior

• Parking: Detached 2-car garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence (site-built); 2 stories
• Construction: Vinyl siding construction; Asphalt roof; Concrete perimeter foundation; Built above grade finished area: 1,409
• Exterior features: Covered porch; Porch; Level lot

Interior

• Kitchen: Gas range; Refrigerator
• Bedrooms: Total rooms: 6
• Flooring: Vinyl flooring
• Bathrooms: 2 full bathrooms; 1 main level bathroom
• Heating & cooling: Forced air heating; Central air conditioning; Ceiling fans
• Interior features: Open floorplan; Stone counters; Window treatments; Unfinished basement
• Laundry & utility: Washer and dryer included; Electric dryer hookup; Laundry located in basement; Gas water heater; Water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $198k.

Deal economics

• At list price, monthly cash flow is $-142 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $173k (12.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $128k (35.1% below list).
• Recommended offer: $128k (35.1% 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: Arlington Elementary School (math 37% / reading 32%, grade F, #597 of 994 statewide, top 63%, 420 students, 54% FRL); Jefferson Middle School (math 22% / reading 29%, grade F, #243 of 330 statewide, top 74%, 682 students, 58% FRL); Northrop High School (math 25% / reading 62%, grade F, #191 of 369 statewide, top 52%, 2,136 students, 54% FRL).
• Market conditions: 52 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 1,861 units permitted in Allen County in 2024 (576 in 5+ unit buildings).
• This rent runs 45% of the median local income ($34k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $21k of equity ($1k loan paydown + $20k appreciation (10.0% local appreciation)).
• Allen County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• By year 2, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 27 days — a 2% lower offer ($195k) is reasonable based on typical stale-listing flexibility.
• 2 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.
• Current owner paid $70k; list at $198k implies a 183% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1908 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $128,430 (35.1% 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 1908 — 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: 0.65% ✗
• Cap rate: 5.43%
• Cash-on-cash: -3.08%
• DSCR: 0.86
• GRM: 12.8

CMA / ARV

• ARV (on-the-fly): $94,403
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
416 E Creighton Ave	0.32mi	3/2.0	1,512 (+7%)	2mo	$62,500	$41	72
2524 Gay St	0.58mi	3/1.0	1,378 (-2%)	6mo	$63,800	$46	60
2432 S Hanna St	0.42mi	2/1.0 (-1)	1,439 (+2%)	10mo	$96,000	$67	60
328 W Williams St	0.61mi	3/2.0	1,344 (-5%)	9mo	$75,000	$56	56
313 W Masterson Ave	0.56mi	3/2.0	1,326 (-6%)	10mo	$80,000	$60	56
2517 Caroline St	0.47mi	4/2.0 (+1)	1,480 (+5%)	11mo	$184,900	$125	56
616 Boltz St	0.70mi	3/1.0	1,392 (-1%)	11mo	$50,000	$36	52
344 W Dewald St	0.66mi	3/1.5	1,500 (+6%)	5mo	$160,000	$107	52
2102 Webster St	0.57mi	4/2.0 (+1)	1,516 (+8%)	5mo	$196,000	$129	52
527 E Leith St	0.60mi	3/1.0	1,312 (-7%)	10mo	$61,000	$46	48
316 W Creighton Ave	0.63mi	4/2.0 (+1)	1,558 (+11%)	4mo	$190,000	$122	45
826 E Jefferson Blvd	0.66mi	4/2.0 (+1)	1,562 (+11%)	10mo	$147,900	$95	37

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 22.1%
• Equity multiple: 2.78×
• Total profit: $98,664
• Equity at exit: $178,374

10-year hold

• IRR: 19.8%
• Equity multiple: 6.37×
• Total profit: $297,455
• Equity at exit: $384,670

Cash invested: $55,440 (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 46803

• Active inventory: 52
• Price-to-rent: 12.8×

Monthly cashflow live

• Estimated rent: $1,284 high
• Mortgage (P&I): −$1,038
• Tax from tax record: −$36 /mo · $432/yr
• Insurance: −$82
• HOA: −$0
• Vacancy / Maint / Mgmt: −$270
• Net cashflow: $-142

Break-even live

Break-even rent $1,464

Max offer price $172,867

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: $49,500
• Closing costs: $5,940
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
420 E Dewald St Fort Wayne, IN	3.0	1.5	1472	$1,300	$0.88	43d	1	0.21mi
859 Buchanan St Fort Wayne, IN	1.0–4.0	1.0	887	$1,074	$1.21	21d	1	0.27mi
2530 Lafayette St Fort Wayne, IN	4.0	1.0	1816	$1,500	$0.83	43d	1	0.46mi
217 W Masterson Ave Fort Wayne, IN	2.0	1.0	1100	$995	$0.90	21d	1	0.49mi
451 E Pontiac St Fort Wayne, IN	3.0	1.0	1308	$1,050	$0.80	43d	1	0.50mi
309 W Williams St Unit 1 Fort Wayne, IN	2.0	1.0	900	$900	$1.00	21d	1	0.54mi
1132 S Hanna St Unit 1 Fort Wayne, IN	4.0	1.5	1656	$1,600	$0.97	43d	1	0.59mi
116 E Pontiac St Fort Wayne, IN	3.0	1.5	1400	$1,175	$0.84	21d	1	0.61mi
1131 E Lewis St Fort Wayne, IN	4.0	2.0	1476	$1,950	$1.32	13d	1	0.66mi
919 Madison St Fort Wayne, IN	2.0	1.0	1332	$995	$0.75	43d	1	0.69mi
309 W Leith St Unit 2 Fort Wayne, IN	2.0	1.0	900	$1,000	$1.11	43d	1	0.79mi
112 W Washington Blvd Fort Wayne, IN	1.0–2.0	1.0–2.0	768	$1,500	$1.95	21d	2	0.79mi
2445 Fairfield Ave Fort Wayne, IN	2.0	1.5	950	$1,150	$1.21	13d	3	0.82mi
1250 Ewing St Fort Wayne, IN	2.0	1.0–2.0	980	$2,081	$2.12	21d	24	0.82mi
1024 Colerick St Fort Wayne, IN	4.0	1.0	1388	$1,065	$0.77	21d	1	0.83mi
3008 Webster St Fort Wayne, IN	3.0	1.0	1344	$1,449	$1.08	21d	1	0.86mi
603 Lavina St Fort Wayne, IN	3.0	2.0	1872	$1,899	$1.01	43d	1	0.89mi
805 Edgewater Ave Fort Wayne, IN	3.0	1.0	1075	$1,550	$1.44	13d	1	0.98mi
807 Edgewater Ave Fort Wayne, IN	3.0	1.0	1075	$1,450	$1.35	21d	1	0.98mi
3009 Holton Ave Fort Wayne, IN	3.0	1.0	1212	$1,400	$1.16	13d	1	0.99mi
2431 Fox Ave Fort Wayne, IN	3.0	1.5	1522	$1,550	$1.02	13d	1	1.00mi
877 Lavina St Fort Wayne, IN	1.0–3.0	1.0–2.0	997	$2,980	$2.99	43d	17	1.03mi
101 Three Rivers N Fort Wayne, IN	2.0	1.0	760	$2,102	$2.76	21d	11	1.08mi
3510 S Harrison St Fort Wayne, IN	3.0	1.0	1248	$975	$0.78	13d	1	1.12mi
227 W Darrow Ave Fort Wayne, IN	3.0	1.0	995	$1,000	$1.01	43d	1	1.12mi
907 Lincoln Ave Fort Wayne, IN	2.0	1.0	1060	$850	$0.80	13d	1	1.13mi
1104 Stophlet St Fort Wayne, IN	3.0	1.5	1288	$1,400	$1.09	13d	1	1.14mi
1023 Hamilton Ave Fort Wayne, IN	3.0	1.0	1152	$1,075	$0.93	13d	1	1.17mi
835 Van Buren St Fort Wayne, IN	2.0	1.0–2.0	750	$1,995	$2.66	13d	29	1.17mi
1118 Rockhill St Fort Wayne, IN	3.0	3.0	1790	$2,300	$1.28	43d	1	1.19mi
901 W Wayne St Unit 3 Fort Wayne, IN	2.0	2.0	1312	$1,700	$1.30	43d	1	1.19mi
3801 Lafayette St Fort Wayne, IN	2.0	1.0	1116	$995	$0.89	13d	1	1.19mi
1235 Huestis Ave Unit A Fort Wayne, IN	2.0	1.0	1040	$950	$0.91	43d	1	1.26mi
1332 Swinney Ave Fort Wayne, IN	2.0	1.0	1035	$1,300	$1.26	43d	1	1.31mi
3410 S Anthony Blvd Fort Wayne, IN	3.0	1.0	900	$1,200	$1.33	43d	1	1.31mi
1206 Columbia Ave Unit 2 Fort Wayne, IN	2.0	2.0	1118	$995	$0.89	43d	1	1.31mi
1342 Guthrie St Fort Wayne, IN	3.0	1.0	1200	$899	$0.75	43d	1	1.32mi
2720 Queen St Fort Wayne, IN	3.0	2.0	1316	$1,395	$1.06	13d	1	1.36mi
1353 Huestis Ave Fort Wayne, IN	4.0	1.0	1328	$1,300	$0.98	13d	1	1.38mi
1360 Huestis Ave Fort Wayne, IN	3.0	1.0	1056	$1,080	$1.02	13d	1	1.38mi

Listing history 19 events

1. 2026-06-18
   days on market $198,000 Active 27 DOM
2. 2026-06-17
   days on market $198,000 Active 26 DOM
3. 2026-06-16
   days on market $198,000 Active 25 DOM
4. 2026-06-15
   days on market $198,000 Active 24 DOM
5. 2026-06-14
   days on market $198,000 Active 22 DOM
6. 2026-06-10
   days on market $198,000 Active 19 DOM
7. 2026-06-09
   days on market $198,000 Active 18 DOM
8. 2026-06-09
   price $198,000 Active 17 DOM
9. 2026-06-08
   days on market $208,000 Active 17 DOM
10. 2026-06-07
    days on market $208,000 Active 16 DOM
11. 2026-06-03
    days on market $208,000 Active 12 DOM
12. 2026-06-02
    days on market $208,000 Active 11 DOM
13. 2026-06-01
    days on market $208,000 Active 10 DOM
14. 2026-05-31
    days on market $208,000 Active 9 DOM
15. 2026-05-30
    days on market $208,000 Active 8 DOM
16. 2026-05-22
    listed $208,000 Active
17. 2024-11-06
    soldstatus $70,000 Closed 77-char remark

    Show marketing remark (77 chars)

    Purchasing as is, was used as rental. 4 bedrooms. Home minutes from downtown.

18. 2024-10-18
    status Pending 77-char remark

    Show marketing remark (77 chars)

    Purchasing as is, was used as rental. 4 bedrooms. Home minutes from downtown.

19. 2024-10-14
    listed $89,900 Active 77-char remark

    Show marketing remark (77 chars)

    Purchasing as is, was used as rental. 4 bedrooms. Home minutes from downtown.

ⓘ 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: $432 · $36/mo
• Projected year-2 tax: $1,058 · $88/mo
• Expected delta: +$625/yr (+$52/mo · 144.6%)

ⓘ 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: $15,412
• − Mortgage interest: −$11,091
• − Property taxes: −$432
• − Insurance: −$990
• − Repairs & maintenance: −$1,233
• − Management: −$1,233
• − Depreciation: −$5,760
• Taxable loss: −$5,328
• Est. tax savings @ 24.0%: +$1,279
• After-tax cash flow: $-429/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): 10,994
• Household income: $34,381
• Rent vs Own: 56.4% rent · 43.6% own
• Severe rent burden: 660.0

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 0.69)
• Race & ethnicity: Black 42% White 27% Hispanic / Latino 24% Two or more races 10% Native American 2% Asian 1%
• Hispanic origin (detail): Mexican 17% Puerto Rican 1%
• Common ancestry: Lithuanian 1% Iranian 1% Serbian 1%
• Foreign-born: 11% · Canada, Philippines
• Languages at home: 81% English-only · Spanish 16% Other Asian/Pacific 1% French/Haitian/Cajun 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: ▲ 107.58%
• Current HPI: 404.7976
• Rent YoY: —
• 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

+131.4% since first listed

4 events — show timeline

• 2026-05-22 Listed $208,000 IRMLS
• 2024-11-06 Sold (MLS) $70,000 IRMLS
• 2024-10-18 Pending — IRMLS
• 2024-10-14 Listed $89,900 IRMLS

Property tax history

-0.5%/yr

Latest (2024): $432 · -72.2% YoY. Source: county tax records.