1928 Drexel Ave · Fort Wayne, IN 46806

$55,000

3 bd · 1.0 ba · 1,254 sqft · SingleFamily public records · 16 Days on market

Built 1925 3,680 sqft lot ↓ 27% since listing

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 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

Vintage three bedroom, one bath home at 1928 Drexel Avenue. This two story with a basement is full of potential but needs TLC perfect for buyers or investors. Home to be sold as is.

Key facts

• 3,680 sq ft lot
• 2 garage spots
• Built 1925

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $55k.

Deal economics

• At list price, monthly cash flow is $605 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $55k).
• Recommended offer: $54k (1.5% below list) — sets the bar for market timing.
• Cap rate 19.5% 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: Maplewood Elementary School (math 23% / reading 19%, grade F, #807 of 994 statewide, top 81%, 507 students, 74% 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).
• Market conditions: Rents rising fast (+4.9%/yr); 129 active listings in the ZIP; 21 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).
• This rent runs 30% of the median local income ($48k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $380 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 $15k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($54k) is reasonable based on typical stale-listing flexibility.
• 3 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.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $54,175 (1.5% below list)

Questions for the listing agent

1. Built in 1925 — 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: 2.19% ✓
• Cap rate: 19.50%
• Cash-on-cash: 47.18%
• DSCR: 3.10
• GRM: 3.8

CMA / ARV

• ARV (on-the-fly): $121,638
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3110 Central Dr	0.08mi	3/1.0	1,224 (-2%)	0mo	$123,000	$100	92
3105 Central Dr	0.10mi	3/1.0	1,288 (+3%)	1mo	$65,000	$50	90
3034 Lillie St	0.23mi	3/1.0	1,350 (+8%)	1mo	$90,000	$67	76
3015 Holton Ave	0.39mi	3/1.0	1,185 (-6%)	1mo	$80,000	$68	72
3311 Reed St	0.29mi	3/1.0	1,380 (+10%)	0mo	$81,000	$59	69
3522 Oliver St	0.55mi	3/1.0	1,292 (+3%)	4mo	$135,000	$104	66
1515 E Rudisill Blvd	0.42mi	3/1.0	1,125 (-10%)	2mo	$114,900	$102	61
3317 Smith St	0.57mi	3/1.0	1,182 (-6%)	4mo	$65,000	$55	61
2747 Abbott St	0.39mi	3/1.0	1,080 (-14%)	3mo	$105,000	$97	57
1024 Eckart St	0.62mi	3/1.5	1,421 (+13%)	2mo	$81,000	$57	45
4126 Bowser Ave	0.70mi	3/1.0	1,096 (-13%)	3mo	$130,000	$119	44
933 E Rudisill Blvd	0.72mi	3/1.5	1,440 (+15%)	3mo	$205,000	$142	37

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: 46.6%
• Equity multiple: 3.08×
• Total profit: $32,034
• Equity at exit: $8,201

10-year hold

• IRR: 53.2%
• Equity multiple: 6.70×
• Total profit: $87,734
• Equity at exit: $4,755

Cash invested: $15,400 (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: 3.8×

Monthly cashflow live

• Estimated rent: $1,207 high
• Mortgage (P&I): −$288
• Tax from tax record: −$37 /mo · $439/yr
• Insurance: −$23
• HOA: −$0
• Vacancy / Maint / Mgmt: −$253
• Net cashflow: $605

Break-even live

Break-even rent $440

Max offer price $55,000

Occupancy floor 45%

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: $13,750
• Closing costs: $1,650
• Reserves months: —
• Total cash needed: —

Rent comps 21 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	43d	1	0.17mi
2903 Queen St Fort Wayne, IN	3.0	2.0	1460	$1,200	$0.82	43d	1	0.40mi
3009 Holton Ave Fort Wayne, IN	3.0	1.0	1212	$1,400	$1.16	13d	1	0.41mi
2720 Queen St Fort Wayne, IN	3.0	2.0	1316	$1,395	$1.06	13d	1	0.45mi
1023 Hamilton Ave Fort Wayne, IN	3.0	1.0	1152	$1,075	$0.93	13d	1	0.65mi
1024 Colerick St Fort Wayne, IN	4.0	1.0	1388	$1,065	$0.77	21d	1	0.66mi
4325 Werling Dr Fort Wayne, IN	1.0–3.0	1.0–2.0	923	$1,164	$1.26	43d	1	0.67mi
4014 Oliver St Fort Wayne, IN	3.0	1.0	936	$1,050	$1.12	13d	1	0.69mi
4705 S Anthony Blvd Fort Wayne, IN	3.0	1.0	1110	$1,050	$0.95	13d	1	0.91mi
4405 S Park Dr Fort Wayne, IN	2.0	1.0	1440	$1,175	$0.82	13d	1	1.00mi
2806 New Haven Ave Fort Wayne, IN	3.0	1.0	1410	$1,125	$0.80	21d	1	1.04mi
2730 Chestnut St Fort Wayne, IN	3.0	1.5	1312	$950	$0.72	21d	1	1.10mi
451 E Pontiac St Fort Wayne, IN	3.0	1.0	1308	$1,050	$0.80	43d	1	1.13mi
3702 Trace Cir Fort Wayne, IN	2.0–4.0	2.0	1571	$1,903	$1.21	43d	6	1.14mi
3801 Lafayette St Fort Wayne, IN	2.0	1.0	1116	$995	$0.89	13d	1	1.15mi
859 Buchanan St Fort Wayne, IN	1.0–4.0	1.0	887	$1,074	$1.21	21d	1	1.19mi
4133 Lafayette St Fort Wayne, IN	4.0	2.0	1640	$1,400	$0.85	21d	1	1.23mi
2530 Lafayette St Fort Wayne, IN	4.0	1.0	1816	$1,500	$0.83	43d	1	1.25mi
420 E Dewald St Fort Wayne, IN	3.0	1.5	1472	$1,300	$0.88	43d	1	1.32mi
116 E Pontiac St Fort Wayne, IN	3.0	1.5	1400	$1,175	$0.84	21d	1	1.42mi
3510 S Harrison St Fort Wayne, IN	3.0	1.0	1248	$975	$0.78	13d	1	1.47mi

Listing history 7 events

1. 2026-04-03
   status Pending
2. 2026-03-18
   listed $55,000 Active
3. 2024-09-13
   price $64,900
4. 2024-08-30
   price $69,900
5. 2024-08-06
   status Active
6. 2024-06-04
   status Pending
7. 2024-05-23
   listed $74,900 Active

ⓘ 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: $439 · $37/mo
• Projected year-2 tax: $453 · $38/mo
• Expected delta: +$14/yr (+$1/mo · 3.3%)

ⓘ 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: $14,481
• − Mortgage interest: −$3,081
• − Property taxes: −$439
• − Insurance: −$275
• − Repairs & maintenance: −$1,158
• − Management: −$1,158
• − Depreciation: −$1,600
• Taxable income: $6,769
• Est. tax owed @ 24.0%: −$1,625
• After-tax cash flow: $5,640/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

-26.6% since first listed

7 events — show timeline

• 2026-04-03 Pending — IRMLS
• 2026-03-18 Listed $55,000 IRMLS
• 2024-09-13 Price Changed $64,900 IRMLS
• 2024-08-30 Price Changed $69,900 IRMLS
• 2024-08-06 Relisted — IRMLS
• 2024-06-04 Pending — IRMLS
• 2024-05-23 Listed $74,900 IRMLS

Property tax history

+25.2%/yr

Latest (2024): $439 · +14.6% YoY. Source: county tax records.