1206 Fairfield Ave · Fort Wayne, IN 46802

$435,000

4 bd · 3.0 ba · 2,108 sqft · MultiFamily public records · 15 Days on market

Built 1900 4,917 sqft lot $206/sqft · 95% above area ↓ 42% 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
• DSCR +10.0/10.0
• 1% rule +9.4/10.0
• 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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

Fully furnished, turnkey triplex in the heart of downtown Fort Wayne. This fully renovated property features three separate, beautifully finished units—perfect for short-term, long-term, or Airbnb rentals. Each unit is thoughtfully designed, stylishly decorated, and completely move-in ready, with all furnishings included. Recent updates blend modern finishes with comfort and functionality, creating an attractive living space for today’s renters. Ideally located within walking distance to popular shops, top-rated restaurants, entertainment, and Parkview Field, this property offers unbeatable convenience in one of the city’s most desirable neighborhoods. With strong rental demand and flexible income potential, this is an exceptional opportunity for investors seeking immediate cash flow or owner-occupants looking to live in one unit while generating income from the others. A rare chance to own a fully updated, income-producing property in a prime downtown location.

Key facts

• Move-in ready
• Recent updates
• Turnkey triplex

Tags

• TURNKEY TRIPLEX
• FULLY RENOVATED PROPERTY
• THREE SEPARATE UNITS
• MOVE-IN READY
• RECENT UPDATES
• WALKING DISTANCE TO SHOPS

What this means for you Summary

Snapshot

• This is a 3 × 4-bed/3.0-bath units multifamily listed at $435k.

Deal economics

• At list price, monthly cash flow is $2k ($22k/yr) — positive. Per door: $605/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $435k).
• Recommended offer: $428k (1.5% below list) — sets the bar for market timing.
• Cap rate 11.3% 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-, schools D+, 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.
• Market conditions: Rents rising (+1.8%/yr); 64 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 65% 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).
• At $6,263/mo this rent would consume 160% of the median local household income ($47k/yr) (locally 589% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $13k 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 $122k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($428k) is reasonable based on typical stale-listing flexibility.
• 11 sale attempts since 8y ago; this cycle's ask has dropped $25k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $428,475 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.44% ✓
• Cap rate: 11.30%
• Cash-on-cash: 17.87%
• DSCR: 1.80
• GRM: 5.8

CMA / ARV

• ARV (median comp): $222,532
• List price: $435,000
• Delta: 95.48%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
320 Brandriff St	0.39mi	3/2.0 (-1)	2,072 (-2%)	9mo	$115,000	$56	62
1230 W Washington Blvd	0.50mi	4/3.0	2,390 (+13%)	3mo	$285,900	$120	52
1231 Stophlet St	0.61mi	5/2.0 (+1)	2,124 (+1%)	16mo	$175,000	$82	48
515 Lavina St	0.12mi	5/5.0 (+1)	2,360 (+12%)	20mo	$500,000	$212	45
922 & 924 Pape Ave	0.67mi	5/2.0 (+1)	1,960 (-7%)	9mo	$139,900	$71	40

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 · 1.76% rent growth · sell at horizon

5-year hold

• IRR: 8.0%
• Equity multiple: 1.31×
• Total profit: $37,473
• Equity at exit: $64,860

10-year hold

• IRR: 16.1%
• Equity multiple: 2.24×
• Total profit: $151,175
• Equity at exit: $37,611

Cash invested: $121,800 (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: 64
• Price-to-rent: 17.4×

Monthly cashflow live

• Estimated rent: $6,263 medium
• Mortgage (P&I): −$2,281
• Tax from tax record: −$672 /mo · $8,061/yr
• Insurance: −$181
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,315
• Net cashflow: $1,814

Break-even live

Break-even rent $3,967

Max offer price $435,000

Occupancy floor 66%

Sensitivity live

Price	-10% $2,060	-5% $1,937	+0% $1,814	+5% $1,690	+10% $1,567
Rent	-10% $1,319	-5% $1,566	+0% $1,814	+5% $2,061	+10% $2,308
Rate	-1.0pp $2,033	-0.5pp $1,924	base $1,814	+0.5pp $1,701	+1.0pp $1,586

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	4	3	$6,264
Total (3 units)			$6,263

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: $108,750
• Closing costs: $13,050
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
603 Lavina St Fort Wayne, IN	3.0	2.0	1872	$1,899	$1.01	44d	1	0.10mi
877 Lavina St Fort Wayne, IN	1.0–3.0	1.0–2.0	997	$2,980	$2.99	44d	17	0.22mi
1118 Rockhill St Fort Wayne, IN	3.0	3.0	1790	$2,300	$1.28	44d	1	0.35mi
2118 Webster St Fort Wayne, IN	4.0	1.0	2200	$1,175	$0.53	44d	1	0.63mi
2431 Fox Ave Fort Wayne, IN	3.0	1.5	1522	$1,550	$1.02	14d	1	0.81mi
1132 S Hanna St Unit 1 Fort Wayne, IN	4.0	1.5	1656	$1,600	$0.97	44d	1	0.89mi
420 E Dewald St Fort Wayne, IN	3.0	1.5	1472	$1,300	$0.88	44d	1	0.93mi
2616 S Harrison St Fort Wayne, IN	4.0	2.0	1908	$1,500	$0.79	44d	1	0.98mi
739 W 4th St Fort Wayne, IN	4.0	2.0	1750	$1,995	$1.14	14d	1	0.99mi
116 E Pontiac St Fort Wayne, IN	3.0	1.5	1400	$1,175	$0.84	22d	1	1.04mi
2530 Lafayette St Fort Wayne, IN	4.0	1.0	1816	$1,500	$0.83	44d	1	1.08mi
1131 E Lewis St Fort Wayne, IN	4.0	2.0	1476	$1,950	$1.32	14d	1	1.21mi
724 Kinnaird Ave Fort Wayne, IN	3.0	1.5	1880	$1,450	$0.77	44d	1	1.23mi
3221 Webster St Fort Wayne, IN	5.0	2.0	1885	$1,575	$0.84	14d	1	1.32mi
3221 S Harrison St Fort Wayne, IN	5.0	2.0	2062	$1,650	$0.80	22d	1	1.33mi
1721 3rd St Fort Wayne, IN	3.0	1.0	1584	$1,195	$0.75	44d	1	1.33mi
1501 E Lewis St Fort Wayne, IN	4.0	1.0	2000	$1,450	$0.72	44d	1	1.47mi

Listing history 43 events

1. 2026-05-11
   status Active 994-char remark

   Show marketing remark (994 chars)

   Fully furnished, turnkey triplex in the heart of downtown Fort Wayne. This fully renovated property features three separate, beautifully finished units—perfect for short-term, long-term, or Airbnb rentals. Each unit is thoughtfully designed, stylishly decorated, and completely move-in ready, with all furnishings included. Recent updates blend modern finishes with comfort and functionality, creating an attractive living space for today’s renters. Ideally located within walking distance to popular shops, top-rated restaurants, entertainment, and Parkview Field, this property offers unbeatable convenience in one of the city’s most desirable neighborhoods. With strong rental demand and flexible income potential, this is an exceptional opportunity for investors seeking immediate cash flow or owner-occupants looking to live in one unit while generating income from the others. A rare chance to own a fully updated, income-producing property in a prime downtown location.

2. 2026-05-11
   price $435,000 994-char remark

   Show marketing remark (994 chars)

   Fully furnished, turnkey triplex in the heart of downtown Fort Wayne. This fully renovated property features three separate, beautifully finished units—perfect for short-term, long-term, or Airbnb rentals. Each unit is thoughtfully designed, stylishly decorated, and completely move-in ready, with all furnishings included. Recent updates blend modern finishes with comfort and functionality, creating an attractive living space for today’s renters. Ideally located within walking distance to popular shops, top-rated restaurants, entertainment, and Parkview Field, this property offers unbeatable convenience in one of the city’s most desirable neighborhoods. With strong rental demand and flexible income potential, this is an exceptional opportunity for investors seeking immediate cash flow or owner-occupants looking to live in one unit while generating income from the others. A rare chance to own a fully updated, income-producing property in a prime downtown location.

3. 2026-04-16
   status Pending 994-char remark

   Show marketing remark (994 chars)

   Fully furnished, turnkey triplex in the heart of downtown Fort Wayne. This fully renovated property features three separate, beautifully finished units—perfect for short-term, long-term, or Airbnb rentals. Each unit is thoughtfully designed, stylishly decorated, and completely move-in ready, with all furnishings included. Recent updates blend modern finishes with comfort and functionality, creating an attractive living space for today’s renters. Ideally located within walking distance to popular shops, top-rated restaurants, entertainment, and Parkview Field, this property offers unbeatable convenience in one of the city’s most desirable neighborhoods. With strong rental demand and flexible income potential, this is an exceptional opportunity for investors seeking immediate cash flow or owner-occupants looking to live in one unit while generating income from the others. A rare chance to own a fully updated, income-producing property in a prime downtown location.

4. 2026-04-09
   price $445,000
5. 2026-04-02
   price $455,000
6. 2026-03-01
   listed $460,000 Active

   Show marketing remark (994 chars)

   Fully furnished, turnkey triplex in the heart of downtown Fort Wayne. This fully renovated property features three separate, beautifully finished units—perfect for short-term, long-term, or Airbnb rentals. Each unit is thoughtfully designed, stylishly decorated, and completely move-in ready, with all furnishings included. Recent updates blend modern finishes with comfort and functionality, creating an attractive living space for today’s renters. Ideally located within walking distance to popular shops, top-rated restaurants, entertainment, and Parkview Field, this property offers unbeatable convenience in one of the city’s most desirable neighborhoods. With strong rental demand and flexible income potential, this is an exceptional opportunity for investors seeking immediate cash flow or owner-occupants looking to live in one unit while generating income from the others. A rare chance to own a fully updated, income-producing property in a prime downtown location.

7. 2026-03-01
   listed $445,000 Active 994-char remark

   Show marketing remark (994 chars)

   Fully furnished, turnkey triplex in the heart of downtown Fort Wayne. This fully renovated property features three separate, beautifully finished units—perfect for short-term, long-term, or Airbnb rentals. Each unit is thoughtfully designed, stylishly decorated, and completely move-in ready, with all furnishings included. Recent updates blend modern finishes with comfort and functionality, creating an attractive living space for today’s renters. Ideally located within walking distance to popular shops, top-rated restaurants, entertainment, and Parkview Field, this property offers unbeatable convenience in one of the city’s most desirable neighborhoods. With strong rental demand and flexible income potential, this is an exceptional opportunity for investors seeking immediate cash flow or owner-occupants looking to live in one unit while generating income from the others. A rare chance to own a fully updated, income-producing property in a prime downtown location.

8. 2025-12-01
   price $469,000
9. 2025-11-12
   price $489,000
10. 2025-10-24
    listed $499,000 Active
11. 2024-12-18
    soldstatus $455,000 Closed
12. 2024-12-18
    soldstatus $455,000 Closed
13. 2024-11-04
    status Pending
14. 2024-11-04
    status Pending
15. 2024-10-23
    price $462,000
16. 2024-10-23
    price $462,000
17. 2024-10-01
    price $495,000
18. 2024-10-01
    price $495,000
19. 2024-09-12
    listed $499,900 Active
20. 2024-09-12
    listed $499,900 Active
21. 2024-07-22
    status Pending
22. 2024-07-22
    status Pending
23. 2024-06-19
    price $599,500
24. 2024-06-19
    price $599,500
25. 2024-06-03
    listed $650,000 Active
26. 2024-06-03
    listed $650,000 Active
27. 2024-04-03
    price $749,900
28. 2024-04-03
    price $749,900
29. 2024-03-26
    price $780,000
30. 2024-03-26
    price $780,000
31. 2024-03-21
    price $800,000
32. 2024-03-21
    price $800,000
33. 2024-03-08
    price $860,000
34. 2024-03-08
    price $860,000
35. 2024-03-01
    price $870,000
36. 2024-03-01
    price $870,000
37. 2024-02-12
    price $880,000
38. 2024-02-12
    price $880,000
39. 2024-02-04
    price $890,000
40. 2024-02-04
    price $890,000
41. 2024-01-10
    listed $900,000 Active
42. 2024-01-10
    listed $900,000 Active
43. 2018-05-16
    listed $749,000

ⓘ 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: $8,061 · $672/mo
• Projected year-2 tax: $8,061 · $672/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: $75,156
• − Mortgage interest: −$24,367
• − Property taxes: −$8,061
• − Insurance: −$2,175
• − Repairs & maintenance: −$6,012
• − Management: −$6,012
• − Depreciation: −$12,655
• Taxable income: $15,874
• Est. tax owed @ 24.0%: −$3,810
• After-tax cash flow: $17,953/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

-41.9% since first listed

43 events — show timeline

• 2026-05-11 Relisted — IRMLS
• 2026-05-11 Price Changed $435,000 IRMLS
• 2026-04-16 Pending — IRMLS
• 2026-04-09 Price Changed $445,000 IRMLS
• 2026-04-02 Price Changed $455,000 IRMLS
• 2026-03-01 Listed $460,000 IRMLS
• 2026-03-01 Listed $445,000 IRMLS
• 2025-12-01 Price Changed $469,000 IRMLS
• 2025-11-12 Price Changed $489,000 IRMLS
• 2025-10-24 Listed $499,000 IRMLS
• 2024-12-18 Sold (MLS) $455,000 IRMLS
• 2024-12-18 Sold (MLS) $455,000 IRMLS
• 2024-11-04 Pending — IRMLS
• 2024-11-04 Pending — IRMLS
• 2024-10-23 Price Changed $462,000 IRMLS
• 2024-10-23 Price Changed $462,000 IRMLS
• 2024-10-01 Price Changed $495,000 IRMLS
• 2024-10-01 Price Changed $495,000 IRMLS
• 2024-09-12 Listed $499,900 IRMLS
• 2024-09-12 Listed $499,900 IRMLS
• 2024-07-22 Pending — IRMLS
• 2024-07-22 Pending — IRMLS
• 2024-06-19 Price Changed $599,500 IRMLS
• 2024-06-19 Price Changed $599,500 IRMLS
• 2024-06-03 Listed $650,000 IRMLS
• 2024-06-03 Listed $650,000 IRMLS
• 2024-04-03 Price Changed $749,900 IRMLS
• 2024-04-03 Price Changed $749,900 IRMLS
• 2024-03-26 Price Changed $780,000 IRMLS
• 2024-03-26 Price Changed $780,000 IRMLS
• 2024-03-21 Price Changed $800,000 IRMLS
• 2024-03-21 Price Changed $800,000 IRMLS
• 2024-03-08 Price Changed $860,000 IRMLS
• 2024-03-08 Price Changed $860,000 IRMLS
• 2024-03-01 Price Changed $870,000 IRMLS
• 2024-03-01 Price Changed $870,000 IRMLS
• 2024-02-12 Price Changed $880,000 IRMLS
• 2024-02-12 Price Changed $880,000 IRMLS
• 2024-02-04 Price Changed $890,000 IRMLS
• 2024-02-04 Price Changed $890,000 IRMLS
• 2024-01-10 Listed $900,000 IRMLS
• 2024-01-10 Listed $900,000 IRMLS
• 2018-05-16 Listed $749,000 IRMLS

Property tax history

+15.3%/yr

Latest (2024): $8,061 · -0.6% YoY. Source: county tax records.