3319 S Clinton St · Fort Wayne, IN 46806

$175,000

4 bd · 2.0 ba · 1,830 sqft · MultiFamily public records · 39 Days on market

Built 1926 3,840 sqft lot $96/sqft · 46% above area Est $139k · 26% over

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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 +25.0/30.0
• DSCR +8.1/10.0
• 1% rule +6.3/10.0
• Livability +4.2/5.0
• Rent growth +3.7/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Opportunity meets location in the heart of the ‘06. This well-positioned duplex sits just a short walk from South Side High School, nearby parks, and local dining that keeps this area consistently in demand. Each unit offers a comfortable, functional layout with two bedrooms and a full bath on the main level, while the upper unit expands to three bedrooms, providing added flexibility and rental appeal. The main floor features a traditional flow with a living room, dining room, and kitchen, highlighted by original hardwood floors and a built-in piece in the dining room that adds character and charm. The upper level includes a spacious living area, full bath, in-unit laundry, and its own kitchen setup. A shared basement provides generous storage along with a newly finished apartment space complete with a kitchenette and bath, creating an opportunity for additional income or flexible use. Recent improvements include new water heaters, new stackable washers and dryers for both units, and a new A/C system with updated fan. A versatile, income-producing property in a location that continues to attract strong tenant interest.

Key facts

• Spacious living area
• In-unit laundry
• Nearby parks

Tags

• NEARBY PARKS
• LOCAL DINING
• ORIGINAL HARDWOOD FLOORS
• BUILT-IN PIECE IN DINING ROOM
• SPACIOUS LIVING AREA
• IN-UNIT LAUNDRY

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $175k.

Deal economics

• At list price, monthly cash flow is $378 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $175k).
• Recommended offer: $170k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.9% 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 fast (+4.9%/yr); 129 active listings in the ZIP; 20 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 40% 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 $1,979/mo this rent would consume 50% of the median local household income ($48k/yr) (locally 1184% 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 $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.
• At projected returns (-3.0% appreciation + 4.9% rent growth), your $49k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 39 days — a 3% lower offer ($170k) is reasonable based on typical stale-listing flexibility.
• 2 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.
• Current owner paid $135k; 30% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1926 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $169,750 (3.0% below list)

Questions for the listing agent

1. It's been on market 39 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1926 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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: 1.13% ✓
• Cap rate: 8.89%
• Cash-on-cash: 9.27%
• DSCR: 1.41
• GRM: 7.4

CMA / ARV

• ARV (median comp): $139,204
• List price: $175,000
• Delta: 25.71%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3006 Monroe St	0.33mi	4/2.0	1,976 (+8%)	10mo	$120,000	$61	63
4126 S Calhoun St	0.53mi	3/2.0 (-1)	1,905 (+4%)	6mo	$180,000	$94	58
3216 South Wayne Ave	0.68mi	4/2.0	1,946 (+6%)	18mo	$214,000	$110	43

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: -0.2%
• Equity multiple: 0.99×
• Total profit: $-322
• Equity at exit: $26,093

10-year hold

• IRR: 11.4%
• Equity multiple: 1.97×
• Total profit: $47,536
• Equity at exit: $15,131

Cash invested: $49,000 (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: 15.5×

Monthly cashflow live

• Estimated rent: $1,979 high
• Mortgage (P&I): −$918
• Tax from tax record: −$194 /mo · $2,332/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$416
• Net cashflow: $378

Break-even live

Break-even rent $1,500

Max offer price $175,000

Occupancy floor 76%

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

Units	Beds	Baths	Est. rent
1× unit	2	1	$941
1× unit	3	1	$1,038
Total (2 units)			$1,979

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Rent comps 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3221 S Harrison St Fort Wayne, IN	5.0	2.0	2062	$1,650	$0.80	21d	1	0.19mi
3221 Webster St Fort Wayne, IN	5.0	2.0	1885	$1,575	$0.84	13d	1	0.25mi
3510 S Harrison St Fort Wayne, IN	3.0	1.0	1248	$975	$0.78	13d	1	0.25mi
3008 Webster St Fort Wayne, IN	3.0	1.0	1344	$1,449	$1.08	21d	1	0.33mi
116 E Pontiac St Fort Wayne, IN	3.0	1.5	1400	$1,175	$0.84	21d	1	0.40mi
451 E Pontiac St Fort Wayne, IN	3.0	1.0	1308	$1,050	$0.80	43d	1	0.45mi
2616 S Harrison St Fort Wayne, IN	4.0	2.0	1908	$1,500	$0.79	43d	1	0.46mi
2530 Lafayette St Fort Wayne, IN	4.0	1.0	1816	$1,500	$0.83	43d	1	0.46mi
4133 Lafayette St Fort Wayne, IN	4.0	2.0	1640	$1,400	$0.85	21d	1	0.56mi
1024 Colerick St Fort Wayne, IN	4.0	1.0	1388	$1,065	$0.77	21d	1	0.64mi
724 Kinnaird Ave Fort Wayne, IN	3.0	1.5	1880	$1,450	$0.77	43d	1	0.69mi
420 E Dewald St Fort Wayne, IN	3.0	1.5	1472	$1,300	$0.88	43d	1	0.71mi
2118 Webster St Fort Wayne, IN	4.0	1.0	2200	$1,175	$0.53	43d	1	0.80mi
4201 S Wayne Ave Fort Wayne, IN	3.0	1.5	1252	$1,400	$1.12	21d	1	0.86mi
2431 Fox Ave Fort Wayne, IN	3.0	1.5	1522	$1,550	$1.02	13d	1	0.88mi
2627 Holton Ave Fort Wayne, IN	3.0	2.0	1936	$1,500	$0.77	13d	1	0.96mi
1353 Huestis Ave Fort Wayne, IN	4.0	1.0	1328	$1,300	$0.98	13d	1	1.22mi
1104 Stophlet St Fort Wayne, IN	3.0	1.5	1288	$1,400	$1.09	13d	1	1.34mi
603 Lavina St Fort Wayne, IN	3.0	2.0	1872	$1,899	$1.01	43d	1	1.37mi
877 Lavina St Fort Wayne, IN	1.0–3.0	1.0–2.0	997	$2,980	$2.99	43d	17	1.44mi

Listing history 6 events

1. 2026-05-09
   price $175,000 1142-char remark

   Show marketing remark (1142 chars)

   Opportunity meets location in the heart of the ‘06. This well-positioned duplex sits just a short walk from South Side High School, nearby parks, and local dining that keeps this area consistently in demand. Each unit offers a comfortable, functional layout with two bedrooms and a full bath on the main level, while the upper unit expands to three bedrooms, providing added flexibility and rental appeal. The main floor features a traditional flow with a living room, dining room, and kitchen, highlighted by original hardwood floors and a built-in piece in the dining room that adds character and charm. The upper level includes a spacious living area, full bath, in-unit laundry, and its own kitchen setup. A shared basement provides generous storage along with a newly finished apartment space complete with a kitchenette and bath, creating an opportunity for additional income or flexible use. Recent improvements include new water heaters, new stackable washers and dryers for both units, and a new A/C system with updated fan. A versatile, income-producing property in a location that continues to attract strong tenant interest.

2. 2026-04-20
   listed $180,000 Active 1142-char remark

   Show marketing remark (1142 chars)

   Opportunity meets location in the heart of the ‘06. This well-positioned duplex sits just a short walk from South Side High School, nearby parks, and local dining that keeps this area consistently in demand. Each unit offers a comfortable, functional layout with two bedrooms and a full bath on the main level, while the upper unit expands to three bedrooms, providing added flexibility and rental appeal. The main floor features a traditional flow with a living room, dining room, and kitchen, highlighted by original hardwood floors and a built-in piece in the dining room that adds character and charm. The upper level includes a spacious living area, full bath, in-unit laundry, and its own kitchen setup. A shared basement provides generous storage along with a newly finished apartment space complete with a kitchenette and bath, creating an opportunity for additional income or flexible use. Recent improvements include new water heaters, new stackable washers and dryers for both units, and a new A/C system with updated fan. A versatile, income-producing property in a location that continues to attract strong tenant interest.

3. 2025-06-13
   soldstatus $135,000 Closed 520-char remark

   Show marketing remark (520 chars)

   Awesome investment opportunity in the heart of the '06! This duplex is ideally located within walking distance to South Side High School, several parks, and popular local eateries. Each unit offers two bedrooms and a full bath, with the main floor featuring a living room, dining room, and kitchen, while the upper level includes a spacious living area and kitchen. A shared, unfinished basement provides excellent additional storage space. Don’t miss your chance to own this versatile, income-generating property!

4. 2025-06-09
   status Pending 520-char remark

   Show marketing remark (520 chars)

   Awesome investment opportunity in the heart of the '06! This duplex is ideally located within walking distance to South Side High School, several parks, and popular local eateries. Each unit offers two bedrooms and a full bath, with the main floor featuring a living room, dining room, and kitchen, while the upper level includes a spacious living area and kitchen. A shared, unfinished basement provides excellent additional storage space. Don’t miss your chance to own this versatile, income-generating property!

5. 2025-05-12
   historical Active Under Contract 520-char remark

   Show marketing remark (520 chars)

   Awesome investment opportunity in the heart of the '06! This duplex is ideally located within walking distance to South Side High School, several parks, and popular local eateries. Each unit offers two bedrooms and a full bath, with the main floor featuring a living room, dining room, and kitchen, while the upper level includes a spacious living area and kitchen. A shared, unfinished basement provides excellent additional storage space. Don’t miss your chance to own this versatile, income-generating property!

6. 2025-04-18
   listed $145,000 Active 520-char remark

   Show marketing remark (520 chars)

   Awesome investment opportunity in the heart of the '06! This duplex is ideally located within walking distance to South Side High School, several parks, and popular local eateries. Each unit offers two bedrooms and a full bath, with the main floor featuring a living room, dining room, and kitchen, while the upper level includes a spacious living area and kitchen. A shared, unfinished basement provides excellent additional storage space. Don’t miss your chance to own this versatile, income-generating property!

ⓘ 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: $2,332 · $194/mo
• Projected year-2 tax: $2,332 · $194/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 6/10 Major FEMA zone X (unshaded) · 74% 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: $23,748
• − Mortgage interest: −$9,803
• − Property taxes: −$2,332
• − Insurance: −$875
• − Repairs & maintenance: −$1,900
• − Management: −$1,900
• − Depreciation: −$5,091
• Taxable income: $1,848
• Est. tax owed @ 24.0%: −$443
• After-tax cash flow: $4,098/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

+20.7% since first listed

6 events — show timeline

• 2026-05-09 Price Changed $175,000 IRMLS
• 2026-04-20 Listed $180,000 IRMLS
• 2025-06-13 Sold (MLS) $135,000 IRMLS
• 2025-06-09 Pending — IRMLS
• 2025-05-12 Contingent — IRMLS
• 2025-04-18 Listed $145,000 IRMLS

Property tax history

+13.4%/yr

Latest (2024): $2,332 · +21.4% YoY. Source: county tax records.