4402 Werling Dr · Fort Wayne, IN 46806

$79,900

3 bd · 1.0 ba · 880 sqft · SingleFamily public records · 1 Days on market

Built 1950 6,853 sqft lot Est $99k · 20% under

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Why this score? — see what drove the B+ 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 +30.0/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.0/10.0
• Livability +4.2/5.0
• Rent growth +3.7/5.0
• Schools +3.6/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

This 2-bedroom (can easily be convert back to a 3 bed), 1-bath home offers strong potential for an investor or buyer ready to bring new vision and updates to the property. Conveniently located just 3 minutes from shopping, dining, and McMillen Park, the home combines accessibility with opportunity. The property features off-street parking, brick exterior, directly next to lots of new developments, and an 8x10 shed and spacious backyard provide additional storage and outdoor flexibility. With solid exterior features and a desirable location, this home presents a great opportunity for renovation, investment, or personalization.

Key facts

• Brick exterior
• Spacious backyard
• Off-street parking

Tags

• OFF-STREET PARKING
• BRICK EXTERIOR
• 8X10 SHED
• SPACIOUS BACKYARD

Property features AI

Finance

• Other: Located in Anthony Wayne Village subdivision

Exterior

• Parking: Asphalt off-street parking
• Utilities: Public water; Public sewer
• Home design: Single-family residence, site-built; One story
• Construction: Brick and vinyl siding construction; Slab foundation; Asphalt shingle roof; Approximately 880 above-grade finished area
• Exterior features: Wood and wire fencing; Shed(s) on property; Corner, level lot (approximately 77 x 89)

Interior

• Kitchen: Refrigerator; Electric range
• Bedrooms: 5 total rooms (bedroom count not specified)
• Flooring: Tile; Vinyl
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Natural gas forced air heating; No cooling
• Interior features: Crown molding; Open floor plan; One fireplace
• Laundry & utility: Washer; Dryer; Laundry on main level; Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $80k.

Deal economics

• At list price, monthly cash flow is $403 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $80k).
• Cap rate 12.3% 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+.
• East Allen County Schools (suburban): math 36% / reading 47% proficiency, ranked #122 of 301 in IN (top 40%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Southwick Elementary School (606 students, 89% FRL); Paul Harding Jr High School (math 11% / reading 25%, grade F, #279 of 330 statewide, top 86%, 430 students, 88% FRL); New Haven Jr/Sr High School (math 21% / reading 50%, grade F, #263 of 369 statewide, top 72%, 1,494 students, 67% FRL) — zoned schools average 81% FRL vs 43% district-wide (38 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 27% at this address vs 42% district-wide (-15 pts) — the specific schools serving this property underperform the East Allen County Schools average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising fast (+4.9%/yr); 129 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); 40% 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 $552 of loan paydown is wiped out by about $2k 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 + 4.9% rent growth), your $22k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $51k; list at $80k implies a 57% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $79,900

Questions for the listing agent

1. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.40% ✓
• Cap rate: 12.35%
• Cash-on-cash: 21.63%
• DSCR: 1.96
• GRM: 6.0

CMA / ARV

• ARV (on-the-fly): $99,440
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4501 S Colonial Ave	0.12mi	3/1.0	880 (0%)	9mo	$85,000	$97	87
2304 Marcy Ln	0.08mi	2/1.0 (-1)	832 (-6%)	7mo	$74,000	$89	77
4315 S Colonial Ave	0.10mi	2/1.0 (-1)	800 (-9%)	7mo	$88,500	$111	70
4717 Reed St	0.50mi	3/1.0	875 (-1%)	9mo	$132,000	$151	68
4343 Lillie St	0.35mi	2/1.0 (-1)	825 (-6%)	7mo	$84,500	$102	63
3627 Plaza Dr	0.54mi	3/1.0	936 (+6%)	4mo	$126,500	$135	60
4602 Reed St	0.50mi	3/1.0	972 (+10%)	3mo	$110,000	$113	56
1322 Mckinnie Ave	0.57mi	3/1.0	931 (+6%)	10mo	$120,000	$129	56
4821 Oliver St	0.68mi	3/1.0	825 (-6%)	6mo	$114,900	$139	52
3921 Bowser Ave	0.73mi	2/1.5 (-1)	918 (+4%)	2mo	$79,000	$86	50
4425 Holton Ave	0.53mi	2/1.0 (-1)	996 (+13%)	5mo	$55,000	$55	44
4314 Smith St	0.75mi	3/1.0	768 (-13%)	10mo	$100,000	$130	36

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: 16.2%
• Equity multiple: 1.67×
• Total profit: $14,923
• Equity at exit: $11,913

10-year hold

• IRR: 26.1%
• Equity multiple: 3.48×
• Total profit: $55,409
• Equity at exit: $6,908

Cash invested: $22,372 (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: 6.0×

Monthly cashflow live

• Estimated rent: $1,119 high
• Mortgage (P&I): −$419
• Tax from tax record: −$28 /mo · $341/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$235
• Net cashflow: $403

Break-even live

Break-even rent $608

Max offer price $79,900

Occupancy floor 59%

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: $19,975
• Closing costs: $2,397
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4325 Werling Dr Fort Wayne, IN	1.0–3.0	1.0–2.0	923	$1,164	$1.26	43d	1	0.11mi
4705 S Anthony Blvd Fort Wayne, IN	3.0	1.0	1110	$1,050	$0.95	13d	1	0.29mi
3932 Winter St Fort Wayne, IN	2.0	1.0	750	$875	$1.17	43d	1	0.55mi
4129 Bowser Ave Fort Wayne, IN	3.0	1.5	850	$1,250	$1.47	21d	1	0.65mi
3410 S Anthony Blvd Fort Wayne, IN	3.0	1.0	900	$1,200	$1.33	43d	1	0.76mi
4014 Oliver St Fort Wayne, IN	3.0	1.0	936	$1,050	$1.12	13d	1	0.77mi
4522 Spatz Ave Fort Wayne, IN	2.0	1.0	840	$950	$1.13	43d	1	0.83mi
2754 E Paulding Rd Fort Wayne, IN	1.0–3.0	1.0–2.5	997	$1,089	$1.09	13d	14	1.01mi
4121 Monroe St Fort Wayne, IN	2.0	1.0	725	$1,100	$1.52	13d	1	1.10mi
4655 Avondale Dr Fort Wayne, IN	2.0	1.0	768	$875	$1.14	43d	1	1.20mi
4331 Lafayette St Fort Wayne, IN	2.0	1.0	810	$925	$1.14	13d	1	1.26mi
4126 Lafayette St Fort Wayne, IN	2.0	1.0	775	$1,275	$1.65	43d	1	1.31mi
3801 Lafayette St Fort Wayne, IN	2.0	1.0	1116	$995	$0.89	13d	1	1.35mi
1004 Fayette Dr Fort Wayne, IN	1.0–2.0	1.0	679	$1,199	$1.76	13d	18	1.39mi
4018 S Clinton St Fort Wayne, IN	3.0	1.0	860	$1,000	$1.16	21d	1	1.41mi

Listing history 2 events

1. 2026-06-18
   remarks 633-char remark
2. 2026-06-18
   listed $79,900 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: $341 · $28/mo
• Projected year-2 tax: $510 · $43/mo
• Expected delta: +$169/yr (+$14/mo · 49.6%)

ⓘ 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 · 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: $13,427
• − Mortgage interest: −$4,476
• − Property taxes: −$341
• − Insurance: −$400
• − Repairs & maintenance: −$1,074
• − Management: −$1,074
• − Depreciation: −$2,324
• Taxable income: $3,738
• Est. tax owed @ 24.0%: −$897
• After-tax cash flow: $3,942/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: East Allen County Schools
• NCES district ID: 1802850
• Math proficiency: 36% ▼ -8.00%
• Reading proficiency: 47% ▼ -4.00%
• Median HH income: $50,524
• Composite: 35.75/100
• National rank: #4849
• State rank: #122 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

+57.1% since first listed

2 events — show timeline

• 2026-06-17 Listed $79,900 IRMLS
• 2007-07-16 Sold (Public Records) $50,873 Public Records

Property tax history

+20.0%/yr

Latest (2024): $341 · +26.1% YoY. Source: county tax records.