511 E Pettit Ave · Fort Wayne, IN 46806

$95,900

2 bd · 1.0 ba · 788 sqft · SingleFamily public records · 131 Days on market

Built 1950 4,408 sqft lot $122/sqft · at area comps Est $95k · at est. ↓ 13% 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 +21.2/30.0
• ARV discount +7.1/15.0
• DSCR +6.8/10.0
• 1% rule +5.4/10.0
• 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 MLS

PRICE IMPROVEMENT!!! Property Qualifies for Special Downpayment & Closing Costs Allowance from Lender- Ask me how you Qualify! Cheaper than renting and completely updated, this move-in-ready 2-bedroom home is conveniently located close to all things Fort Wayne. If peace of mind is high on your list, this one checks all the boxes—major updates have already been done for you. Enjoy brand new PEX plumbing, a new sewer line, new furnace, and new roof, along with windows just 5 years old. Inside, you’ll love the fresh feel with the just painted interior, new carpet and vinyl plank flooring, plus a fully updated kitchen featuring new cabinets and countertops. Whether you’re a first-time buyer, downsizing, or looking for an affordable, low-maintenance home, this property offers outstanding value with updates you can trust. Don’t pass this one up—schedule your showing today!

Key facts

• New furnace
• New pex plumbing
• New sewer line

Tags

• NEW PEX PLUMBING
• NEW SEWER LINE
• NEW FURNACE
• NEW ROOF
• WINDOWS JUST 5 YEARS OLD
• FULLY UPDATED KITCHEN

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $96k.

Deal economics

• At list price, monthly cash flow is $139 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($995 rent vs $96k).
• Recommended offer: $84k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.0% 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: Levan R Scott Academy (math 8% / reading 2%, grade F, #970 of 994 statewide, top 99%, 357 students, 87% FRL); Miami Middle School (math 9% / reading 17%, grade F, #304 of 330 statewide, top 94%, 497 students, 80% FRL); Wayne High School (math 17% / reading 52%, grade F, #270 of 369 statewide, top 77%, 1,419 students, 68% FRL) — zoned schools average 78% FRL vs 60% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+4.9%/yr); 133 active listings in the ZIP; 29 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 41% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $663 of loan paydown is wiped out by about $3k 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 131 days — a 12% lower offer ($84k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $84,392 (12.0% below list)

Questions for the listing agent

1. It's been on market 131 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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: 1.04% ✓
• Cap rate: 8.03%
• Cash-on-cash: 6.20%
• DSCR: 1.28
• GRM: 8.0

CMA / ARV

• ARV (median comp): $95,135
• List price: $95,900
• Delta: 0.80%
• 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
4617 Avondale Dr	0.21mi	2/1.0	725 (-8%)	1mo	$120,000	$166	76
4817 South Park Dr	0.32mi	3/1.0 (+1)	768 (-2%)	3mo	$52,000	$68	74
4844 South Harrison St	0.42mi	3/1.0 (+1)	792 (+0%)	2mo	$135,000	$170	73
826 Baxter St	0.66mi	2/1.0	836 (+6%)	1mo	$82,900	$99	58
4121 Monroe St	0.58mi	2/1.0	725 (-8%)	5mo	$42,000	$58	56
4821 Oliver St	0.57mi	3/1.0 (+1)	825 (+5%)	6mo	$114,900	$139	55
4516 Spatz Ave	0.45mi	2/1.0	700 (-11%)	8mo	$143,000	$204	54
4605 Spatz Ave	0.43mi	3/1.0 (+1)	878 (+11%)	3mo	$71,500	$81	54
5004 Webster St	0.49mi	3/1.0 (+1)	864 (+10%)	8mo	$145,000	$168	49
5108 Hoagland Ave	0.62mi	2/1.0	688 (-13%)	5mo	$139,900	$203	45
5232 Webster St	0.54mi	3/1.0 (+1)	900 (+14%)	5mo	$144,900	$161	42
5224 Hoagland Ave	0.65mi	2/1.0	672 (-15%)	7mo	$131,000	$195	39

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: -4.6%
• Equity multiple: 0.82×
• Total profit: $-4,733
• Equity at exit: $14,299

10-year hold

• IRR: 7.1%
• Equity multiple: 1.58×
• Total profit: $15,677
• Equity at exit: $8,292

Cash invested: $26,852 (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: 133
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $995 high
• Mortgage (P&I): −$503
• Tax from tax record: −$104 /mo · $1,251/yr
• Insurance: −$40
• HOA: −$0
• Vacancy / Maint / Mgmt: −$209
• Net cashflow: $139

Break-even live

Break-even rent $819

Max offer price $95,900

Occupancy floor 81%

Sensitivity live

Price	-10% $193	-5% $166	+0% $139	+5% $112	+10% $84
Rent	-10% $60	-5% $99	+0% $139	+5% $178	+10% $217
Rate	-1.0pp $187	-0.5pp $163	base $139	+0.5pp $114	+1.0pp $89

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: $23,975
• Closing costs: $2,877
• Reserves months: —
• Total cash needed: —

Rent comps 29 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4655 Avondale Dr Fort Wayne, IN	2.0	1.0	768	$875	$1.14	45d	1	0.16mi
4522 Spatz Ave Fort Wayne, IN	2.0	1.0	840	$950	$1.13	45d	1	0.43mi
4331 Lafayette St Fort Wayne, IN	2.0	1.0	810	$925	$1.14	15d	1	0.44mi
4121 Monroe St Fort Wayne, IN	2.0	1.0	725	$1,100	$1.52	15d	1	0.58mi
4126 Lafayette St Fort Wayne, IN	2.0	1.0	775	$1,275	$1.65	45d	1	0.59mi
5009 Hoagland Ave Fort Wayne, IN	2.0	1.0	1000	$1,300	$1.30	45d	1	0.60mi
4018 S Clinton St Fort Wayne, IN	3.0	1.0	860	$1,000	$1.16	22d	1	0.70mi
6033 S Calhoun St Fort Wayne, IN	3.0	1.0	1042	$1,220	$1.17	22d	1	0.77mi
4129 Bowser Ave Fort Wayne, IN	3.0	1.5	850	$1,250	$1.47	22d	1	0.79mi
4014 Oliver St Fort Wayne, IN	3.0	1.0	936	$1,050	$1.12	15d	1	0.81mi
3801 Lafayette St Fort Wayne, IN	2.0	1.0	1116	$995	$0.89	15d	1	0.82mi
308 Pursley Dr Fort Wayne, IN	3.0	1.0	850	$1,100	$1.29	45d	1	0.84mi
1004 Fayette Dr Fort Wayne, IN	1.0–2.0	1.0	679	$1,199	$1.76	15d	18	0.91mi
4705 S Anthony Blvd Fort Wayne, IN	3.0	1.0	1110	$1,050	$0.95	15d	1	0.92mi
405 Pursley Dr Fort Wayne, IN	2.0	1.0	720	$850	$1.18	45d	1	0.94mi
4330 S Anthony Blvd Unit 4402 Fort Wayne, IN	1.0	1.0	575	$900	$1.57	15d	1	0.96mi
3932 Winter St Fort Wayne, IN	2.0	1.0	750	$875	$1.17	45d	1	1.01mi
418 W Rudisill Blvd Unit 2 Fort Wayne, IN	2.0	1.0	768	$975	$1.27	22d	1	1.04mi
227 W Darrow Ave Fort Wayne, IN	3.0	1.0	995	$1,000	$1.01	45d	1	1.11mi
6440 Fairfield Ave Fort Wayne, IN	1.0–2.0	1.0–1.5	928	$1,344	$1.45	15d	10	1.13mi
3718 S Wayne Ave Fort Wayne, IN	1.0	1.0	568	$795	$1.40	45d	1	1.23mi
4325 Werling Dr Fort Wayne, IN	1.0–3.0	1.0–2.0	923	$1,008	$1.09	45d	1	1.24mi
442 E Wildwood Ave Fort Wayne, IN	2.0	1.0	864	$875	$1.01	22d	1	1.25mi
3113 S Harrison St Unit 2 Fort Wayne, IN	2.0	1.0	600	$850	$1.42	15d	1	1.29mi
220 E Hoover Dr Fort Wayne, IN	2.0–3.0	1.5	1150	$1,029	$0.89	15d	5	1.30mi
3410 S Anthony Blvd Fort Wayne, IN	3.0	1.0	900	$1,200	$1.33	45d	1	1.34mi
2919 S Harrison St Unit 2921 Fort Wayne, IN	2.0	1.0	538	$825	$1.53	22d	1	1.38mi
927 Nuttman Ave Fort Wayne, IN	2.0	1.0	650	$850	$1.31	45d	1	1.45mi
5800 Turtle Creek Dr Unit 5840-5 Fort Wayne, IN	1.0	1.0	570	$639	$1.12	22d	1	1.47mi

Listing history 16 events

1. 2026-06-22
   days on market $95,900 Active 131 DOM
2. 2026-06-18
   days on market $95,900 Active 128 DOM
3. 2026-06-17
   days on market $95,900 Active 127 DOM
4. 2026-06-16
   days on market $95,900 Active 126 DOM
5. 2026-06-15
   days on market $95,900 Active 125 DOM
6. 2026-06-14
   days on market $95,900 Active 123 DOM
7. 2026-06-10
   days on market $95,900 Active 120 DOM
8. 2026-06-09
   days on market $95,900 Active 119 DOM
9. 2026-06-08
   days on market $95,900 Active 118 DOM
10. 2026-06-07
    days on market $95,900 Active 117 DOM
11. 2026-06-03
    days on market $95,900 Active 113 DOM
12. 2026-06-02
    statusdays on market $95,900 Active 112 DOM
13. 2026-05-06
    status Pending 918-char remark

    Show marketing remark (918 chars)

    PRICE IMPROVEMENT!!! Property Qualifies for Special Downpayment & Closing Costs Allowance from Lender- Ask me how you Qualify! Cheaper than renting and completely updated, this move-in-ready 2-bedroom home is conveniently located close to all things Fort Wayne. If peace of mind is high on your list, this one checks all the boxes—major updates have already been done for you. Enjoy brand new PEX plumbing, a new sewer line, new furnace, and new roof, along with windows just 5 years old. Inside, you’ll love the fresh feel with the just painted interior, new carpet and vinyl plank flooring, plus a fully updated kitchen featuring new cabinets and countertops. Whether you’re a first-time buyer, downsizing, or looking for an affordable, low-maintenance home, this property offers outstanding value with updates you can trust. Don’t pass this one up—schedule your showing today!

14. 2026-04-09
    price $95,900 918-char remark

    Show marketing remark (918 chars)

    PRICE IMPROVEMENT!!! Property Qualifies for Special Downpayment & Closing Costs Allowance from Lender- Ask me how you Qualify! Cheaper than renting and completely updated, this move-in-ready 2-bedroom home is conveniently located close to all things Fort Wayne. If peace of mind is high on your list, this one checks all the boxes—major updates have already been done for you. Enjoy brand new PEX plumbing, a new sewer line, new furnace, and new roof, along with windows just 5 years old. Inside, you’ll love the fresh feel with the just painted interior, new carpet and vinyl plank flooring, plus a fully updated kitchen featuring new cabinets and countertops. Whether you’re a first-time buyer, downsizing, or looking for an affordable, low-maintenance home, this property offers outstanding value with updates you can trust. Don’t pass this one up—schedule your showing today!

15. 2026-03-06
    price $99,900 918-char remark

    Show marketing remark (918 chars)

    PRICE IMPROVEMENT!!! Property Qualifies for Special Downpayment & Closing Costs Allowance from Lender- Ask me how you Qualify! Cheaper than renting and completely updated, this move-in-ready 2-bedroom home is conveniently located close to all things Fort Wayne. If peace of mind is high on your list, this one checks all the boxes—major updates have already been done for you. Enjoy brand new PEX plumbing, a new sewer line, new furnace, and new roof, along with windows just 5 years old. Inside, you’ll love the fresh feel with the just painted interior, new carpet and vinyl plank flooring, plus a fully updated kitchen featuring new cabinets and countertops. Whether you’re a first-time buyer, downsizing, or looking for an affordable, low-maintenance home, this property offers outstanding value with updates you can trust. Don’t pass this one up—schedule your showing today!

16. 2026-01-16
    listed $110,000 Active 918-char remark

    Show marketing remark (918 chars)

    PRICE IMPROVEMENT!!! Property Qualifies for Special Downpayment & Closing Costs Allowance from Lender- Ask me how you Qualify! Cheaper than renting and completely updated, this move-in-ready 2-bedroom home is conveniently located close to all things Fort Wayne. If peace of mind is high on your list, this one checks all the boxes—major updates have already been done for you. Enjoy brand new PEX plumbing, a new sewer line, new furnace, and new roof, along with windows just 5 years old. Inside, you’ll love the fresh feel with the just painted interior, new carpet and vinyl plank flooring, plus a fully updated kitchen featuring new cabinets and countertops. Whether you’re a first-time buyer, downsizing, or looking for an affordable, low-maintenance home, this property offers outstanding value with updates you can trust. Don’t pass this one up—schedule your showing today!

ⓘ 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: $1,251 · $104/mo
• Projected year-2 tax: $1,251 · $104/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 · 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: $11,936
• − Mortgage interest: −$5,372
• − Property taxes: −$1,251
• − Insurance: −$480
• − Repairs & maintenance: −$955
• − Management: −$955
• − Depreciation: −$2,790
• Taxable income: $134
• Est. tax owed @ 24.0%: −$32
• After-tax cash flow: $1,632/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

-12.8% since first listed

4 events — show timeline

• 2026-05-06 Pending — IRMLS
• 2026-04-09 Price Changed $95,900 IRMLS
• 2026-03-06 Price Changed $99,900 IRMLS
• 2026-01-16 Listed $110,000 IRMLS

Property tax history

+9.8%/yr

Latest (2024): $1,251 · +11.4% YoY. Source: county tax records.