6404 Revere Pl · Fort Wayne, IN 46835

$186,500

3 bd · 1.5 ba · 1,300 sqft · SingleFamily public records · 2 Days on market

Built 1960 0.46 ac lot $143/sqft · 20% below area Est $235k · 20% under

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Why this score? — see what drove the C 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 +17.9/30.0
• ARV discount +15.0/15.0
• DSCR +5.6/10.0
• Rent growth +4.7/5.0
• Livability +4.2/5.0
• 1% rule +3.9/10.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to 6404 Revere Place in Northeast Fort Wayne — a one-story home offering space, functionality, and an incredible nearly half-acre lot in a highly convenient location near Maplecrest and I-469.With approximately 1,300 square feet of living space, this 3-bedroom, 1.5-bath home features a comfortable and practical layout designed for everyday living. The spacious living room showcases a cozy wood-burning fireplace and flows seamlessly into the dining area and kitchen, creating a connected living space perfect for gatherings and entertaining. Just off the kitchen, you’ll find a separate utility and laundry area for added convenience. Outside is where this property truly shin

Key facts

• 0.46 acre lot
• 2 garage spots
• Built 1960

Property features AI

Finance

• Other: Property listed as residential single-family
• Financial info: Financial details not specified
• HOA & community: HOA information not specified

Exterior

• Parking: Detached garage with garage door opener; Off-street parking; 2-car garage
• Security: Smoke detectors
• Utilities: Public water; Public sewer; Cable connected
• Home design: Single-family residence, site-built; One-story
• Construction: Vinyl siding; Crawl space foundation; Built as site-built home
• Exterior features: Covered porch; Patio; Wood privacy fencing; Level lot; Paved road access; Lot dimensions approximately 100 x 200 (0.46 acres)

Interior

• Kitchen: Disposal; Dishwasher; Refrigerator; Electric range
• Bedrooms: Bedroom count not specified (total rooms: 6)
• Flooring: Flooring details not specified
• Bathrooms: One full bathroom; One half bathroom; Two main-level bathrooms
• Heating & cooling: Natural gas forced-air heating; Central air conditioning
• Interior features: Master suite on the main level; Living room fireplace
• Laundry & utility: Main level laundry with electric dryer hookup; Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $186k.

Deal economics

• At list price, monthly cash flow is $158 ($2k/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 $167k (10.7% below list).
• Recommended offer: $167k (10.7% below list) — sets the bar for 1% rule.
• Cap rate 7.3% 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: Saint Joseph Central School (math 37% / reading 29%, grade F, #639 of 994 statewide, top 65%, 397 students, 48% FRL); Jefferson Middle School (math 22% / reading 29%, grade F, #243 of 330 statewide, top 74%, 682 students, 58% FRL); Northrop High School (math 25% / reading 62%, grade F, #191 of 369 statewide, top 52%, 2,136 students, 54% FRL).
• Market conditions: Rents rising fast (+8.9%/yr); 180 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 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 $1k of loan paydown is wiped out by about $6k 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 + 8.0% rent growth), your $52k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $166,565 (10.7% below list)

Questions for the listing agent

1. Built in 1960 — 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: 0.89% ✗
• Cap rate: 7.31%
• Cash-on-cash: 3.62%
• DSCR: 1.16
• GRM: 9.3

CMA / ARV

• ARV (median comp): $234,586
• List price: $186,500
• Delta: -20.50%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
6423 Verandah Ln	0.06mi	3/2.0	1,310 (+1%)	1mo	$235,000	$179	94
6232 Verandah Ln	0.11mi	3/2.0	1,399 (+8%)	1mo	$252,000	$180	80
6302 Rockingham Dr	0.34mi	3/2.0	1,246 (-4%)	1mo	$285,000	$229	74
6705 Creekwood Ln	0.45mi	3/2.0	1,293 (-0%)	3mo	$265,000	$205	74
6397 Hunter Wood Dr	0.34mi	3/2.0	1,351 (+4%)	7mo	$296,900	$220	70
6717 Creekwood Ln	0.42mi	3/2.0	1,244 (-4%)	6mo	$225,000	$181	66
5925 Gate Tree Ln	0.30mi	3/2.0	1,438 (+11%)	1mo	$250,000	$174	65
7314 Wood Meadows Ln	0.16mi	4/2.0 (+1)	1,462 (+12%)	4mo	$267,500	$183	62
6903 Wolfsboro Ln	0.37mi	3/2.0	1,452 (+12%)	8mo	$195,000	$134	55
6207 Prestwick Run	0.62mi	3/2.0	1,211 (-7%)	4mo	$254,995	$211	54
6211 Brandonwood Ln	0.72mi	3/2.0	1,196 (-8%)	4mo	$58,000	$48	48
6813 Hunterdon Cv	0.55mi	3/2.0	1,492 (+15%)	8mo	$235,000	$158	41

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -5.6%
• Equity multiple: 0.78×
• Total profit: $-11,442
• Equity at exit: $27,808

10-year hold

• IRR: 8.9%
• Equity multiple: 1.82×
• Total profit: $42,794
• Equity at exit: $16,125

Cash invested: $52,220 (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 46835

• Rents YoY: 8.9%
• Active inventory: 180
• Price-to-rent: 9.3×

Monthly cashflow live

• Estimated rent: $1,666 high
• Mortgage (P&I): −$978
• Tax from tax record: −$103 /mo · $1,232/yr
• Insurance: −$78
• HOA: −$0
• Vacancy / Maint / Mgmt: −$350
• Net cashflow: $158

Break-even live

Break-even rent $1,466

Max offer price $186,500

Occupancy floor 86%

Sensitivity live

Price	-10% $263	-5% $210	+0% $158	+5% $105	+10% $52
Rent	-10% $26	-5% $92	+0% $158	+5% $223	+10% $289
Rate	-1.0pp $251	-0.5pp $205	base $158	+0.5pp $109	+1.0pp $60

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: $46,625
• Closing costs: $5,595
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
7911 Sedgewick Pl Fort Wayne, IN	3.0	2.5	1806	$1,950	$1.08	45d	1	0.53mi
6031 Evard Rd Fort Wayne, IN	2.0	2.0	1200	$1,600	$1.33	22d	1	0.75mi
6031 Evard Rd Fort Wayne, IN	2.0	2.0	1200	$1,600	$1.33	45d	4	0.75mi
6835 Solid Rock Dr Fort Wayne, IN	2.0	2.0	1200	$1,600	$1.33	15d	1	0.75mi
5450 Kinzie Ct Fort Wayne, IN	2.0	2.0	1294	$1,992	$1.54	15d	2	0.81mi
8422 Lionsgate Run Fort Wayne, IN	3.0	2.5	1560	$1,999	$1.28	15d	1	0.93mi
5438 Evard Rd Fort Wayne, IN	2.0	1.5	918	$1,249	$1.36	22d	1	1.09mi

Listing history 3 events

1. 2026-05-16
   status Pending 1932-char remark
2. 2026-05-14
   listed $186,500 Active 1932-char remark
3. 2026-05-12
   historical $186,500 1932-char remark

ⓘ 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: $1,232 · $103/mo
• Projected year-2 tax: $1,408 · $117/mo
• Expected delta: +$177/yr (+$15/mo · 14.4%)

ⓘ 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: $19,988
• − Mortgage interest: −$10,447
• − Property taxes: −$1,232
• − Insurance: −$932
• − Repairs & maintenance: −$1,599
• − Management: −$1,599
• − Depreciation: −$5,425
• Taxable loss: −$1,247
• Est. tax savings @ 24.0%: +$299
• After-tax cash flow: $2,189/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): 38,166
• Household income: $77,152
• Rent vs Own: 26.0% rent · 74.0% own
• Severe rent burden: 961.0

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 (77%)
• Race & ethnicity: White 77% Two or more races 10% Hispanic / Latino 8% Black 6% Asian 3%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Italian 3% Lithuanian 3% Romanian 2%
• Foreign-born: 6% · Canada, Vietnam, Philippines
• Languages at home: 91% English-only · Spanish 3% Other Asian/Pacific 2% Other Indo-European 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: ▼ -236.62%
• Current HPI: 236.3419
• Rent YoY: ▲ 8.95%
• 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

+0.0% since first listed

3 events — show timeline

• 2026-05-16 Pending — IRMLS
• 2026-05-14 Listed $186,500 IRMLS
• 2026-05-12 Coming Soon $186,500 IRMLS

Property tax history

+4.8%/yr

Latest (2024): $1,232 · +15.0% YoY. Source: county tax records.