324 W Butler St · Fort Wayne, IN 46802

$94,900

4 bd · 4.0 ba · 2,456 sqft · Other public records · 28 Days on market

Built 1925 5,250 sqft lot $39/sqft · 51% below area

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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 +29.8/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +4.2/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Check out this excellent Investment Opportunity just SE of Electric Works! This property includes 4 units to the home, with one currently rented. Access to the rented unit is through the front, the three other units are accessed in the rear of the home. The property also includes a large (28x24) 2-car Detached Garage. Back on Market on no fault of the seller, due to previous buyer backing out due to financing falling through.

Key facts

• 4 units
• Rented unit
• 5,250 sq ft lot

Tags

• 4 UNITS
• RENTED UNIT
• LARGE 2-CAR DETACHED GARAGE

What this means for you Summary

Snapshot

• This is a 4-bed/4.0-bath other listed at $95k.

Deal economics

• At list price, monthly cash flow is $348 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $95k).
• Recommended offer: $93k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.7% 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: Fairfield Elementary School (math 13% / reading 15%, grade F, #874 of 994 statewide, top 89%, 460 students, 88% FRL); Kekionga Middle School (math 10% / reading 17%, grade F, #303 of 330 statewide, top 92%, 538 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 79% FRL vs 60% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+1.8%/yr); 66 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% 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).
• This rent runs 37% of the median local income ($47k/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 $656 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.
• At projected returns (-3.0% appreciation + 1.8% rent growth), your $27k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 28 days — a 2% lower offer ($93k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts 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: property tax is 3.2% of price; built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $93,476 (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. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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. 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: 1.52% ✓
• Cap rate: 10.70%
• Cash-on-cash: 15.73%
• DSCR: 1.70
• GRM: 5.5

CMA / ARV

• ARV (median comp): $195,103
• List price: $94,900
• Delta: -51.36%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 1.76% rent growth · sell at horizon

5-year hold

• IRR: 5.1%
• Equity multiple: 1.19×
• Total profit: $5,137
• Equity at exit: $14,150

10-year hold

• IRR: 13.3%
• Equity multiple: 1.99×
• Total profit: $26,351
• Equity at exit: $8,205

Cash invested: $26,572 (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 46802

• Home prices YoY: -30.0%
• Rents YoY: 1.8%
• Active inventory: 66
• Price-to-rent: 5.5×

Monthly cashflow live

• Estimated rent: $1,444 high
• Mortgage (P&I): −$498
• Tax from tax record: −$255 /mo · $3,066/yr
• Insurance: −$40
• HOA: −$0
• Vacancy / Maint / Mgmt: −$303
• Net cashflow: $348

Break-even live

Break-even rent $1,003

Max offer price $94,900

Occupancy floor 71%

Sensitivity live

Price	-10% $402	-5% $375	+0% $348	+5% $322	+10% $295
Rent	-10% $234	-5% $291	+0% $348	+5% $405	+10% $463
Rate	-1.0pp $396	-0.5pp $373	base $348	+0.5pp $324	+1.0pp $299

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: $23,725
• Closing costs: $2,847
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2118 Webster St Fort Wayne, IN	4.0	1.0	2200	$1,175	$0.53	45d	1	0.02mi
2616 S Harrison St Fort Wayne, IN	4.0	2.0	1908	$1,500	$0.79	45d	1	0.37mi
2530 Lafayette St Fort Wayne, IN	4.0	1.0	1816	$1,500	$0.83	45d	1	0.50mi
603 Lavina St Fort Wayne, IN	3.0	2.0	1872	$1,899	$1.01	45d	1	0.55mi
3221 Webster St Fort Wayne, IN	5.0	2.0	1885	$1,575	$0.84	15d	1	0.73mi
3221 S Harrison St Fort Wayne, IN	5.0	2.0	2062	$1,650	$0.80	22d	1	0.73mi
724 Kinnaird Ave Fort Wayne, IN	3.0	1.5	1880	$1,450	$0.77	45d	1	0.77mi
1118 Rockhill St Fort Wayne, IN	3.0	3.0	1790	$2,300	$1.28	45d	1	0.80mi
1132 S Hanna St Unit 1 Fort Wayne, IN	4.0	1.5	1656	$1,600	$0.97	45d	1	0.95mi
2627 Holton Ave Fort Wayne, IN	3.0	2.0	1936	$1,500	$0.77	15d	1	1.22mi
1501 E Lewis St Fort Wayne, IN	4.0	1.0	2000	$1,450	$0.72	45d	1	1.37mi
4133 Lafayette St Fort Wayne, IN	4.0	2.0	1640	$1,400	$0.85	22d	1	1.38mi

Listing history 6 events

1. 2026-05-14
   status Pending 430-char remark

   Show marketing remark (430 chars)

   Check out this excellent Investment Opportunity just SE of Electric Works! This property includes 4 units to the home, with one currently rented. Access to the rented unit is through the front, the three other units are accessed in the rear of the home. The property also includes a large (28x24) 2-car Detached Garage. Back on Market on no fault of the seller, due to previous buyer backing out due to financing falling through.

2. 2026-04-27
   status Active 430-char remark

   Show marketing remark (430 chars)

   Check out this excellent Investment Opportunity just SE of Electric Works! This property includes 4 units to the home, with one currently rented. Access to the rented unit is through the front, the three other units are accessed in the rear of the home. The property also includes a large (28x24) 2-car Detached Garage. Back on Market on no fault of the seller, due to previous buyer backing out due to financing falling through.

3. 2026-03-03
   status Pending 430-char remark

   Show marketing remark (430 chars)

   Check out this excellent Investment Opportunity just SE of Electric Works! This property includes 4 units to the home, with one currently rented. Access to the rented unit is through the front, the three other units are accessed in the rear of the home. The property also includes a large (28x24) 2-car Detached Garage. Back on Market on no fault of the seller, due to previous buyer backing out due to financing falling through.

4. 2026-02-27
   status Active 430-char remark

   Show marketing remark (430 chars)

   Check out this excellent Investment Opportunity just SE of Electric Works! This property includes 4 units to the home, with one currently rented. Access to the rented unit is through the front, the three other units are accessed in the rear of the home. The property also includes a large (28x24) 2-car Detached Garage. Back on Market on no fault of the seller, due to previous buyer backing out due to financing falling through.

5. 2026-02-25
   status Pending 430-char remark

   Show marketing remark (430 chars)

   Check out this excellent Investment Opportunity just SE of Electric Works! This property includes 4 units to the home, with one currently rented. Access to the rented unit is through the front, the three other units are accessed in the rear of the home. The property also includes a large (28x24) 2-car Detached Garage. Back on Market on no fault of the seller, due to previous buyer backing out due to financing falling through.

6. 2026-02-17
   listed $94,900 Active 430-char remark

   Show marketing remark (430 chars)

   Check out this excellent Investment Opportunity just SE of Electric Works! This property includes 4 units to the home, with one currently rented. Access to the rented unit is through the front, the three other units are accessed in the rear of the home. The property also includes a large (28x24) 2-car Detached Garage. Back on Market on no fault of the seller, due to previous buyer backing out due to financing falling through.

ⓘ 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: $3,066 · $255/mo
• Projected year-2 tax: $3,066 · $255/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: $17,333
• − Mortgage interest: −$5,316
• − Property taxes: −$3,066
• − Insurance: −$474
• − Repairs & maintenance: −$1,387
• − Management: −$1,387
• − Depreciation: −$2,761
• Taxable income: $2,943
• Est. tax owed @ 24.0%: −$706
• After-tax cash flow: $3,474/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): 11,177
• Household income: $46,854
• Rent vs Own: 65.0% rent · 35.0% own
• Severe rent burden: 589.0

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: Majority White (64%)
• Race & ethnicity: White 64% Black 16% Hispanic / Latino 14% Two or more races 10% Asian 2%
• Hispanic origin (detail): Mexican 11%
• Common ancestry: Lithuanian 4% Romanian 3% Iranian 2%
• Foreign-born: 6% · Canada, Philippines
• Languages at home: 88% English-only · Spanish 10% 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: ▼ -104.51%
• Current HPI: 243.5691
• Rent YoY: ▲ 1.76%
• 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

6 events — show timeline

• 2026-05-14 Pending — IRMLS
• 2026-04-27 Relisted — IRMLS
• 2026-03-03 Pending — IRMLS
• 2026-02-27 Relisted — IRMLS
• 2026-02-25 Pending — IRMLS
• 2026-02-17 Listed $94,900 IRMLS

Property tax history

+13.1%/yr

Latest (2024): $3,066 · +19.9% YoY. Source: county tax records.