2522 Corvalis Ave · Fort Wayne, IN 46809

$154,900

3 bd · 1.5 ba · 1,459 sqft · SingleFamily public records

Built 1955 9,798 sqft lot Est $197k · 21% under

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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).

• ARV discount +15.0/15.0
• Cash flow +13.7/30.0
• DSCR +4.2/10.0
• Livability +4.2/5.0
• 1% rule +3.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to 2522 Corvalis Avenue! This one-story home offers 3 bedrooms, 1 full bath, 1 half bath, and 1,459 finished square feet of living space. Inside, the home features a functional layout with a spacious living room, dining room, kitchen, and main-level laundry. The property also includes an attached garage, shed, and a level 0.23-acre lot.

Key facts

• 9,798 sq ft lot
• Garage
• Built 1955

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $155k.

Deal economics

• At list price, monthly cash flow is $13 ($152/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 $137k (11.5% below list).
• Recommended offer: $137k (11.5% below list) — sets the bar for 1% rule.
• Cap rate 6.4% vs local median 4.7% 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: Waynedale Elementary School (math 22% / reading 22%, grade F, #790 of 994 statewide, top 81%, 383 students, 74% FRL); Portage Middle School (math 8% / reading 18%, grade F, #304 of 330 statewide, top 94%, 436 students, 79% FRL); Wayne High School (math 17% / reading 52%, grade F, #270 of 369 statewide, top 77%, 1,419 students, 68% FRL).
• Market conditions: 36 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 15d 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 31% of the median local income ($52k/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 $1k of loan paydown is wiped out by about $5k 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

• Only 0 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $137,107 (11.5% below list)

Questions for the listing agent

1. Built in 1955 — 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. 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?
5. 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.
6. 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.
7. 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: 0.89% ✗
• Cap rate: 6.39%
• Cash-on-cash: 0.35%
• DSCR: 1.02
• GRM: 9.4

CMA / ARV

• ARV (on-the-fly): $196,965
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5806 Remington Dr	0.10mi	3/1.0	1,288 (-12%)	1mo	$176,000	$137	73
2904 Pinewood Dr	0.38mi	3/2.0	1,464 (+0%)	8mo	$219,000	$150	73
5330 Bluffton Rd	0.31mi	3/1.0	1,558 (+7%)	4mo	$130,000	$83	69
2621 Belle Vista Blvd	0.10mi	3/1.0	1,248 (-14%)	2mo	$149,900	$120	68
2710 Waynewood Dr	0.65mi	3/1.0	1,456 (-0%)	1mo	$183,900	$126	66
2701 Prairie Grove Dr	0.40mi	2/1.0 (-1)	1,440 (-1%)	9mo	$157,000	$109	65
6301 Bluffton Rd	0.34mi	3/1.5	1,567 (+7%)	9mo	$172,000	$110	65
6305 Bluffton Rd	0.36mi	4/1.5 (+1)	1,344 (-8%)	6mo	$189,000	$141	60
2817 Prairie Grove Dr	0.48mi	3/2.0	1,315 (-10%)	5mo	$224,900	$171	54
3361 Sandpoint Rd	0.68mi	3/1.0	1,486 (+2%)	11mo	$199,900	$135	54
6512 Old Trail Rd	0.55mi	3/1.0	1,547 (+6%)	11mo	$180,000	$116	53
2606 Prairie Grove Dr	0.36mi	3/1.0	1,282 (-12%)	11mo	$191,000	$149	52

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -15.7%
• Equity multiple: 0.44×
• Total profit: $-24,273
• Equity at exit: $23,096

10-year hold

• IRR: -7.3%
• Equity multiple: 0.54×
• Total profit: $-20,014
• Equity at exit: $13,393

Cash invested: $43,372 (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 46809

• Active inventory: 36
• Price-to-rent: 9.4×

Monthly cashflow live

• Estimated rent: $1,371 high
• Mortgage (P&I): −$812
• Tax est. 1.5%: −$194 /mo · $2,324/yr
• Insurance: −$65
• HOA: −$0
• Vacancy / Maint / Mgmt: −$288
• Net cashflow: $13

Break-even live

Break-even rent $1,355

Max offer price $154,900

Occupancy floor 94%

Sensitivity live

Price	-10% $120	-5% $66	+0% $13	+5% $-41	+10% $-94
Rent	-10% $-96	-5% $-41	+0% $13	+5% $67	+10% $121
Rate	-1.0pp $91	-0.5pp $52	base $13	+0.5pp $-27	+1.0pp $-68

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: $38,725
• Closing costs: $4,647
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1730 Scotsdale Dr Fort Wayne, IN	3.0	1.0	1192	$1,125	$0.94	15d	1	0.43mi
3047 Boardwalk Cir Fort Wayne, IN	1.0–3.0	1.0–2.0	893	$1,425	$1.59	15d	2	0.60mi
1003 Pointe Center Cv Unit 1003 Fort Wayne, IN	2.0	1.5	1200	$1,275	$1.06	45d	1	1.13mi
522 Pinegrove Ln Fort Wayne, IN	2.0–3.0	1.0–1.5	1248	$1,259	$1.01	15d	8	1.30mi
700 Candlelite Ct Fort Wayne, IN	2.0–3.0	1.0–2.5	1388	$1,399	$1.01	15d	4	1.30mi
Galahad Cv Fort Wayne, IN	3.0	1.5	1352	$1,475	$1.09	45d	1	1.40mi
6440 Fairfield Ave Fort Wayne, IN	1.0–2.0	1.0–1.5	928	$1,344	$1.45	15d	10	1.45mi

Listing history 2 events

1. 2026-05-12
   listed $154,900
2. 2026-05-12
   historical

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,453
• − Mortgage interest: −$8,677
• − Property taxes: −$2,324
• − Insurance: −$774
• − Repairs & maintenance: −$1,316
• − Management: −$1,316
• − Depreciation: −$4,506
• Taxable loss: −$2,461
• Est. tax savings @ 24.0%: +$591
• After-tax cash flow: $743/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): 8,589
• Household income: $52,253
• Rent vs Own: 37.6% rent · 62.4% own
• Severe rent burden: 367.0

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: Predominantly White (73%)
• Race & ethnicity: White 73% Hispanic / Latino 17% Two or more races 8% Black 6%
• Hispanic origin (detail): Mexican 13%
• Common ancestry: Italian 2% Romanian 2% Lithuanian 2%
• Foreign-born: 7% · Canada, Jamaica, Philippines
• Languages at home: 89% English-only · Spanish 10% French/Haitian/Cajun 1% Other Asian/Pacific 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: ▼ -201.22%
• Current HPI: 273.9779
• 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

2 events — show timeline

• 2026-05-12 Delisted — IRMLS
• 2026-05-12 Listed $154,900 IRMLS

Property tax history

+58.9%/yr

Latest (2024): $203 · +375.5% YoY. Source: county tax records.