2815 S Harrison St · Fort Wayne, IN 46807

$175,000

6 bd · 4.0 ba · 2,748 sqft · MultiFamily public records · 56 Days on market

Built 1918 5,996 sqft lot $64/sqft · 6% above area Est $165k · 6% over

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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
• DSCR +10.0/10.0
• 1% rule +9.1/10.0
• ARV discount +4.7/15.0
• Rent growth +4.6/5.0
• Livability +4.2/5.0
• 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: 2 units. confirmed

Listing remarks

One side of duplex has been completely updated with new kitchen, bath, flooring, and fresh paint throughout. Other side of duplex has been long-term rented and not updated. Both units are occupied

Key facts

• 5,996 sq ft lot
• Built 1918
• Listed 56 days

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: Residential income property; Duplex; 2 stories
• Construction: Aluminum siding; Shingle siding
• Exterior features: Level lot; Pets allowed

Interior

• Kitchen: Dishwasher; Microwave; Range; Refrigerator
• Flooring: Vinyl flooring
• Bathrooms: 2 full bathrooms; 2 half bathrooms; Multiple main-level bathrooms
• Heating & cooling: Forced air heating; Natural gas heating
• Interior features: Dishwasher; Microwave; Range; Refrigerator; Vinyl flooring; Full unfinished basement

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.5-bath units multifamily listed at $175k.

Deal economics

• At list price, monthly cash flow is $610 ($7k/yr) — positive. Per door: $305/mo.
• 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 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: Fairfield Elementary School (math 13% / reading 15%, grade F, #874 of 994 statewide, top 89%, 460 students, 88% FRL); Shawnee Middle School (math 11% / reading 22%, grade F, #287 of 330 statewide, top 88%, 675 students, 65% FRL); South Side High School (math 12% / reading 39%, grade F, #322 of 369 statewide, top 87%, 1,423 students, 73% FRL) — zoned schools average 75% FRL vs 60% district-wide (15 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+8.2%/yr); 94 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 1,861 units permitted in Allen County in 2024 (576 in 5+ unit buildings).
• At $2,460/mo this rent would consume 50% of the median local household income ($59k/yr) (locally 680% 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 + 8.0% rent growth), your $49k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 56 days — a 3% lower offer ($170k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1918 — expect roof / HVAC / electrical / plumbing capex.

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

Questions for the listing agent

1. It's been on market 56 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1918 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 1.41% ✓
• Cap rate: 10.48%
• Cash-on-cash: 14.94%
• DSCR: 1.66
• GRM: 5.9

CMA / ARV

• ARV (median comp): $164,834
• List price: $175,000
• Delta: 6.17%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2507 S Hanna St Unit 2505, 2507	0.61mi	6/5.0	3,000 (+9%)	10mo	$323,333	$108	44
2513 S Hanna St Unit 2511, 2513	0.61mi	6/5.0	3,000 (+9%)	10mo	$323,333	$108	44
2501 S Hanna St Unit 2501, 2503	0.61mi	6/5.0	3,000 (+9%)	10mo	$323,334	$108	44
930 Lincoln Ave	0.64mi	6/4.0	3,040 (+11%)	14mo	$111,000	$37	40
311 W Williams St	0.57mi	5/2.0 (-1)	2,446 (-11%)	5mo	$50,000	$20	38

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: 11.4%
• Equity multiple: 1.48×
• Total profit: $23,621
• Equity at exit: $26,093

10-year hold

• IRR: 24.4%
• Equity multiple: 3.66×
• Total profit: $130,244
• 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 46807

• Rents YoY: 8.2%
• Active inventory: 94
• Price-to-rent: 11.9×

Monthly cashflow live

• Estimated rent: $2,460 high
• Mortgage (P&I): −$918
• Tax from tax record: −$343 /mo · $4,111/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$517
• Net cashflow: $610

Break-even live

Break-even rent $1,688

Max offer price $175,000

Occupancy floor 70%

Sensitivity live

Price	-10% $709	-5% $660	+0% $610	+5% $561	+10% $511
Rent	-10% $416	-5% $513	+0% $610	+5% $707	+10% $805
Rate	-1.0pp $698	-0.5pp $655	base $610	+0.5pp $565	+1.0pp $519

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1.5	$2,460
Total (2 units)			$2,460

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 2 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	0.24mi
3221 Webster St Fort Wayne, IN	5.0	2.0	1885	$1,575	$0.84	14d	1	0.24mi

Listing history 15 events

1. 2026-06-18
   days on market $175,000 Active 56 DOM
2. 2026-06-17
   days on market $175,000 Active 55 DOM
3. 2026-06-16
   days on market $175,000 Active 54 DOM
4. 2026-06-15
   days on market $175,000 Active 53 DOM
5. 2026-06-14
   days on market $175,000 Active 51 DOM
6. 2026-06-10
   days on market $175,000 Active 48 DOM
7. 2026-06-09
   days on market $175,000 Active 47 DOM
8. 2026-06-08
   days on market $175,000 Active 46 DOM
9. 2026-06-07
   days on market $175,000 Active 45 DOM
10. 2026-06-03
    days on market $175,000 Active 41 DOM
11. 2026-06-02
    days on market $175,000 Active 40 DOM
12. 2026-06-01
    days on market $175,000 Active 39 DOM
13. 2026-05-31
    days on market $175,000 Active 38 DOM
14. 2026-05-30
    days on market $175,000 Active 37 DOM
15. 2026-04-23
    listed $175,000 Active 196-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: $4,111 · $343/mo
• Projected year-2 tax: $4,111 · $343/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: $29,520
• − Mortgage interest: −$9,803
• − Property taxes: −$4,111
• − Insurance: −$875
• − Repairs & maintenance: −$2,362
• − Management: −$2,362
• − Depreciation: −$5,091
• Taxable income: $4,918
• Est. tax owed @ 24.0%: −$1,180
• After-tax cash flow: $6,142/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): 16,317
• Household income: $58,685
• Rent vs Own: 39.7% rent · 60.3% own
• Severe rent burden: 680.0

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: Diverse neighborhood (Simpson 0.66)
• Race & ethnicity: White 54% Two or more races 19% Hispanic / Latino 16% Black 14% Asian 4%
• Hispanic origin (detail): Mexican 15%
• Common ancestry: Slovak 3% Lithuanian 3% Romanian 2%
• Foreign-born: 9% · Canada, Philippines, Jamaica
• Languages at home: 82% English-only · Spanish 13% Other Asian/Pacific 4% German/W. Germanic 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: ▼ -318.66%
• Current HPI: 272.6238
• Rent YoY: ▲ 8.24%
• 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

1 event — show timeline

• 2026-04-23 Listed $175,000 IRMLS

Property tax history

+14.5%/yr

Latest (2024): $4,111 · +54.5% YoY. Source: county tax records.