641 W State Blvd · Fort Wayne, IN 46808

$109,900

3 bd · 1.5 ba · 1,392 sqft · SingleFamily public records · 5 Days on market

Built 1930 4,356 sqft lot $79/sqft · 28% below area Est $152k · 28% under

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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 +29.2/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.1/10.0
• Rent growth +4.2/5.0
• Livability +4.2/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Spacious two-story home/ Large front porch/ Hardwood floors/ Fire place with built in cabinets on each side/ Updated kitchen with lots of cabinets/ Remodel bathroom/Spanish laced walls and ceilings throughout - dining room, stairway, upstairs/One car, detached garage/Close to schools and shopping. NEW ROOF BEING INSTALLED!

Key facts

• Newer roof
• Newer water heater
• Siding in good shape

Tags

• NEWER ROOF
• NEWER WATER HEATER
• SHARED DRIVEWAY
• SIDING IN GOOD SHAPE

Property features AI

Exterior

• Parking: Tandem off-street parking; 1-car garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Site-built home; 2 stories
• Construction: Vinyl siding; Partial basement; Built as site-built construction
• Exterior features: Level lot; Lot dimensions approximately 46 x 95

Interior

• Bedrooms: Total of 6 rooms (includes bedrooms and living spaces)
• Bathrooms: 1 full bathroom
• Heating & cooling: Central air conditioning; Natural gas heating
• Interior features: Living room fireplace
• Laundry & utility: Laundry located in basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $110k.

Deal economics

• At list price, monthly cash flow is $384 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $110k).
• Cap rate 10.5% 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: Franke Park Elementary School (math 27% / reading 27%, grade F, #737 of 994 statewide, top 76%, 405 students, 78% FRL); Northwood Middle School (math 14% / reading 22%, grade F, #279 of 330 statewide, top 86%, 587 students, 70% FRL); North Side High School (math 19% / reading 51%, grade F, #266 of 369 statewide, top 73%, 1,474 students, 66% FRL).
• Market conditions: Rents rising fast (+7.0%/yr); 87 active listings in the ZIP; 24 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 42% 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 32% of the median local income ($53k/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 $760 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 + 7.0% rent growth), your $31k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 8y ago 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 $70k; list at $110k implies a 57% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $109,900

Questions for the listing agent

1. Built in 1930 — 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: 1.31% ✓
• Cap rate: 10.49%
• Cash-on-cash: 14.97%
• DSCR: 1.67
• GRM: 6.4

CMA / ARV

• ARV (median comp): $152,054
• List price: $109,900
• Delta: -27.72%
• 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
604 W State Blvd	0.07mi	3/1.0	1,405 (+1%)	2mo	$156,000	$111	92
730 Lillian Ave	0.26mi	2/2.0 (-1)	1,344 (-3%)	1mo	$163,000	$121	74
702 Archer Ave	0.23mi	3/1.5	1,273 (-8%)	3mo	$163,000	$128	72
2520 Cortland Ave	0.23mi	3/1.0	1,517 (+9%)	1mo	$180,000	$119	72
633 Elmer Ave Ave	0.36mi	3/1.5	1,468 (+6%)	3mo	$136,000	$93	71
1115 W 4th St	0.66mi	3/2.0	1,426 (+2%)	1mo	$167,000	$117	62
1611 Cherokee Rd	0.74mi	3/1.0	1,420 (+2%)	2mo	$192,000	$135	58
230 Russell Ave	0.39mi	3/1.0	1,221 (-12%)	2mo	$179,000	$147	58
1004 Irene Ave	0.29mi	3/1.0	1,188 (-15%)	3mo	$180,000	$152	57
615 2nd St	0.70mi	3/1.0	1,320 (-5%)	1mo	$122,500	$93	56
930 Irene Ave	0.28mi	2/2.0 (-1)	1,202 (-14%)	2mo	$38,000	$32	56
2329 N Clinton St	0.55mi	2/2.0 (-1)	1,192 (-14%)	1mo	$138,000	$116	42

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 · 6.98% rent growth · sell at horizon

5-year hold

• IRR: 9.9%
• Equity multiple: 1.41×
• Total profit: $12,638
• Equity at exit: $16,386

10-year hold

• IRR: 22.1%
• Equity multiple: 3.25×
• Total profit: $69,180
• Equity at exit: $9,502

Cash invested: $30,772 (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 46808

• Rents YoY: 7.0%
• Active inventory: 87
• Price-to-rent: 6.4×

Monthly cashflow live

• Estimated rent: $1,435 high
• Mortgage (P&I): −$576
• Tax from tax record: −$128 /mo · $1,531/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$301
• Net cashflow: $384

Break-even live

Break-even rent $949

Max offer price $109,900

Occupancy floor 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: $27,475
• Closing costs: $3,297
• Reserves months: —
• Total cash needed: —

Rent comps 24 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
702 Archer Ave Fort Wayne, IN	3.0	1.5	1273	$1,499	$1.18	44d	1	0.24mi
2718 Sherman Blvd Fort Wayne, IN	2.0	1.0	900	$925	$1.03	21d	1	0.38mi
2315 Terrace Rd Fort Wayne, IN	3.0	1.0	1466	$1,600	$1.09	43d	1	0.49mi
2403 N Clinton St Fort Wayne, IN	3.0	2.0	1666	$1,750	$1.05	43d	1	0.56mi
739 W 4th St Fort Wayne, IN	4.0	2.0	1750	$1,995	$1.14	13d	1	0.60mi
1437 Oakland St Fort Wayne, IN	3.0	1.0	1000	$1,250	$1.25	43d	1	0.62mi
706 3rd St Unit 1 Fort Wayne, IN	2.0	1.0	930	$995	$1.07	43d	1	0.63mi
1502 3rd St Fort Wayne, IN	3.0	1.5	1344	$1,650	$1.23	13d	1	0.84mi
607 Curdes Ave Fort Wayne, IN	3.0	1.5	1072	$1,450	$1.35	21d	1	0.98mi
1721 3rd St Fort Wayne, IN	3.0	1.0	1584	$1,195	$0.75	43d	1	1.03mi
1915 Ellen Ave Fort Wayne, IN	2.0	1.0	1100	$950	$0.86	13d	1	1.05mi
1626 Howell St Unit 201 Fort Wayne, IN	3.0	2.0	1200	$1,700	$1.42	21d	1	1.06mi
101 Three Rivers N Fort Wayne, IN	2.0	1.0	760	$2,102	$2.76	21d	11	1.16mi
1704 Sprunger Ave Fort Wayne, IN	3.0	1.0	1141	$1,400	$1.23	43d	1	1.20mi
835 Van Buren St Fort Wayne, IN	2.0	1.0–2.0	750	$1,995	$2.66	13d	29	1.29mi
1516 Bayer Ave Fort Wayne, IN	4.0	2.0	1280	$1,299	$1.01	13d	1	1.29mi
1726 Tecumseh St Fort Wayne, IN	3.0	1.0	1280	$1,350	$1.05	13d	1	1.29mi
1838 Kentucky Ave Fort Wayne, IN	2.0	1.0	884	$975	$1.10	43d	1	1.34mi
901 W Wayne St Unit 3 Fort Wayne, IN	2.0	2.0	1312	$1,700	$1.30	43d	1	1.37mi
112 W Washington Blvd Fort Wayne, IN	1.0–2.0	1.0–2.0	768	$1,500	$1.95	21d	2	1.39mi
805 Edgewater Ave Fort Wayne, IN	3.0	1.0	1075	$1,550	$1.44	13d	1	1.43mi
807 Edgewater Ave Fort Wayne, IN	3.0	1.0	1075	$1,450	$1.35	21d	1	1.44mi
3314 Foxcroft Dr Fort Wayne, IN	3.0	2.0	1200	$1,795	$1.50	43d	1	1.48mi
915 Garden St Fort Wayne, IN	2.0	2.0	1275	$1,650	$1.29	13d	1	1.49mi

Listing history 4 events

1. 2026-05-18
   status Pending 295-char remark
2. 2026-05-10
   listed $109,900 Active 295-char remark
3. 2019-01-02
   soldstatus $69,900 324-char remark

   Show marketing remark (324 chars)

   Spacious two-story home/ Large front porch/ Hardwood floors/ Fire place with built in cabinets on each side/ Updated kitchen with lots of cabinets/ Remodel bathroom/Spanish laced walls and ceilings throughout - dining room, stairway, upstairs/One car, detached garage/Close to schools and shopping. NEW ROOF BEING INSTALLED!

4. 2018-03-26
   listed $69,900 324-char remark

   Show marketing remark (324 chars)

   Spacious two-story home/ Large front porch/ Hardwood floors/ Fire place with built in cabinets on each side/ Updated kitchen with lots of cabinets/ Remodel bathroom/Spanish laced walls and ceilings throughout - dining room, stairway, upstairs/One car, detached garage/Close to schools and shopping. NEW ROOF BEING INSTALLED!

ⓘ 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: $1,531 · $128/mo
• Projected year-2 tax: $1,531 · $128/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: $17,220
• − Mortgage interest: −$6,156
• − Property taxes: −$1,531
• − Insurance: −$550
• − Repairs & maintenance: −$1,378
• − Management: −$1,378
• − Depreciation: −$3,197
• Taxable income: $3,031
• Est. tax owed @ 24.0%: −$728
• After-tax cash flow: $3,880/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): 19,684
• Household income: $53,359
• Rent vs Own: 39.4% rent · 60.6% own
• Severe rent burden: 625.0

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 (71%)
• Race & ethnicity: White 71% Hispanic / Latino 13% Two or more races 9% Black 9% Asian 2%
• Hispanic origin (detail): Mexican 10% Puerto Rican 2%
• Common ancestry: Romanian 3% Lithuanian 2% Slovak 2%
• Foreign-born: 7% · Canada, Philippines, South Korea
• Languages at home: 86% English-only · Spanish 10% Korean 2% 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: ▼ -288.51%
• Current HPI: 239.6115
• Rent YoY: ▲ 6.98%
• 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

+57.2% since first listed

4 events — show timeline

• 2026-05-18 Pending — IRMLS
• 2026-05-10 Listed $109,900 IRMLS
• 2019-01-02 Sold (MLS) $69,900 IRMLS
• 2018-03-26 Listed $69,900 IRMLS

Property tax history

+11.9%/yr

Latest (2024): $1,531 · +42.4% YoY. Source: county tax records.