2250 Chestnut St · Fort Wayne, IN 46803

$36,500

2 bd · 1.0 ba · 738 sqft · SingleFamily public records · 1 Days on market

Built 1925 2,614 sqft lot

---

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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Livability +4.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0

Listing remarks

* Cash Only As-Is property * This shotgun-style home offers 2 bedrooms and 1 bathroom, situated on a basement on a corner lot within the desirable Snyder school district. The property is priced to reflect the extensive work needed. This is a valuable opportunity for investors or buyers ready to renovate and bring the home back to its glory. Conveniently located close to New Haven, it holds great potential in a well-established neighborhood.

Key facts

• Corner lot
• 2,614 sq ft lot
• Built 1925

Tags

• CORNER LOT
• SNYDER SCHOOL DISTRICT
• WELL-ESTABLISHED NEIGHBORHOOD

Property features AI

Exterior

• Parking: No designated parking
• Utilities: Public water; Public sewer
• Home design: Single-family site-built home; One story
• Construction: Aluminum siding; Asphalt roof; Block foundation; Built area above grade: 738 (value provided)
• Exterior features: Corner, level lot; Paved public road access; No fencing

Interior

• Bedrooms: Total of 4 rooms (bedroom count not specifically listed)
• Flooring: Laminate
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Electric heating; Baseboard heating; No cooling
• Interior features: Laminate flooring; One fireplace (no special features listed); Crawl space, partial, unfinished basement
• Laundry & utility: Laundry on the main level

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $36k.

Deal economics

• At list price, monthly cash flow is $411 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($911 rent vs $36k).
• Cap rate 19.8% 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: Adams Elementary School (math 8% / reading 8%, grade F, #949 of 994 statewide, top 97%, 270 students, 90% FRL); Portage Middle School (math 8% / reading 18%, grade F, #304 of 330 statewide, top 94%, 436 students, 79% FRL); R Nelson Snider High School (math 27% / reading 53%, grade F, #217 of 369 statewide, top 59%, 1,899 students, 50% FRL).
• Market conditions: 52 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 1,861 units permitted in Allen County in 2024 (576 in 5+ unit buildings).
• This rent runs 32% of the median local income ($34k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $4k of equity ($252 loan paydown + $4k appreciation (10.0% local appreciation)).
• Allen County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $10k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 2y 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.

Risks & watch-outs

• Watch-outs: property tax is 3.3% of price; built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $36,500

Questions for the listing agent

1. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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 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: 2.50% ✓
• Cap rate: 19.82%
• Cash-on-cash: 48.31%
• DSCR: 3.15
• GRM: 3.3

CMA / ARV

• ARV (on-the-fly): $97,416
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2250 Chestnut St	0.00mi	2/1.0	738 (0%)	0mo	$33,000	$45	100
2720 Pennsylvania St	0.37mi	2/1.0	720 (-2%)	7mo	$120,000	$167	73
2910 Chestnut St	0.40mi	2/1.0	720 (-2%)	7mo	$82,400	$114	72
1220 Fairview Ave	0.55mi	2/1.0	720 (-2%)	1mo	$81,000	$113	70
3124 Mcdonald St	0.58mi	2/1.0	780 (+6%)	6mo	$116,000	$149	58
3031 Pennsylvania St	0.57mi	2/1.0	720 (-2%)	16mo	$124,900	$173	56
1418 Kitch St	0.64mi	2/1.0	720 (-2%)	14mo	$95,000	$132	54
3227 Rodgers Ave	0.65mi	2/1.0	672 (-9%)	2mo	$110,000	$164	52
3226 Rodgers Ave	0.66mi	3/1.0 (+1)	755 (+2%)	17mo	$84,500	$112	46
3205 Schele Ave	0.60mi	2/1.0	672 (-9%)	18mo	$95,000	$141	42
3116 Pittsburg St	0.62mi	2/1.0	648 (-12%)	16mo	$49,000	$76	37
1715 Fleetwood Ave	0.70mi	2/1.0	678 (-8%)	22mo	$51,000	$75	36

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 62.2%
• Equity multiple: 5.51×
• Total profit: $46,134
• Equity at exit: $32,882

10-year hold

• IRR: 55.8%
• Equity multiple: 12.29×
• Total profit: $115,345
• Equity at exit: $70,911

Cash invested: $10,220 (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 46803

• Active inventory: 52
• Price-to-rent: 3.3×

Monthly cashflow live

• Estimated rent: $911 high
• Mortgage (P&I): −$191
• Tax from tax record: −$102 /mo · $1,221/yr
• Insurance: −$15
• HOA: −$0
• Vacancy / Maint / Mgmt: −$191
• Net cashflow: $411

Break-even live

Break-even rent $390

Max offer price $36,500

Occupancy floor 50%

Sensitivity live

Price	-10% $432	-5% $422	+0% $411	+5% $401	+10% $391
Rent	-10% $339	-5% $375	+0% $411	+5% $447	+10% $483
Rate	-1.0pp $430	-0.5pp $421	base $411	+0.5pp $402	+1.0pp $392

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: $9,125
• Closing costs: $1,095
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3127 Pennsylvania St Fort Wayne, IN	2.0	1.0	696	$1,000	$1.44	14d	1	0.63mi
2117 Eckart St Fort Wayne, IN	1.0	1.0	468	$975	$2.08	22d	1	0.84mi
859 Buchanan St Fort Wayne, IN	1.0–4.0	1.0	887	$900	$1.01	22d	1	0.93mi
1520 E Berry St Unit 210 Fort Wayne, IN	1.0	1.0	550	$950	$1.73	44d	1	0.96mi
1115 Edgewater Ave Unit 1115-2 Fort Wayne, IN	1.0	1.0	550	$825	$1.50	14d	1	1.37mi
1710 Tilden Ave Fort Wayne, IN	1.0	1.0	609	$800	$1.31	22d	1	1.39mi
3845 Hessen Cassel Rd Unit Renovated Fort Wayne, IN	1.0	1.0	500	$789	$1.58	44d	1	1.43mi
3932 Winter St Fort Wayne, IN	2.0	1.0	750	$875	$1.17	44d	1	1.43mi
840 Columbia Ave Unit A Fort Wayne, IN	1.0	1.0	650	$650	$1.00	14d	1	1.45mi
832 Columbia Ave Apt 1A Fort Wayne, IN	1.0	1.0	450	$725	$1.61	22d	1	1.45mi
1005 Columbia Ave Unit 1005-1 Fort Wayne, IN	2.0	1.0	680	$950	$1.40	14d	1	1.45mi
937 Columbia Ave Unit 937-4 Fort Wayne, IN	1.0	1.0	630	$850	$1.35	14d	1	1.46mi
3845 Hessen Cassel Rd Fort Wayne, IN	1.0	1.0	500	$889	$1.78	44d	1	1.49mi

Listing history 3 events

1. 2026-06-07
   status $36,500 Pending 1 DOM
2. 2026-06-03
   remarks 445-char remark
3. 2026-06-03
   listed $36,500 Active 1 DOM

ⓘ 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: $1,221 · $102/mo
• Projected year-2 tax: $1,221 · $102/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: $10,934
• − Mortgage interest: −$2,045
• − Property taxes: −$1,221
• − Insurance: −$182
• − Repairs & maintenance: −$875
• − Management: −$875
• − Depreciation: −$1,062
• Taxable income: $4,675
• Est. tax owed @ 24.0%: −$1,122
• After-tax cash flow: $3,816/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): 10,994
• Household income: $34,381
• Rent vs Own: 56.4% rent · 43.6% own
• Severe rent burden: 660.0

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 0.69)
• Race & ethnicity: Black 42% White 27% Hispanic / Latino 24% Two or more races 10% Native American 2% Asian 1%
• Hispanic origin (detail): Mexican 17% Puerto Rican 1%
• Common ancestry: Lithuanian 1% Iranian 1% Serbian 1%
• Foreign-born: 11% · Canada, Philippines
• Languages at home: 81% English-only · Spanish 16% Other Asian/Pacific 1% French/Haitian/Cajun 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: ▲ 107.58%
• Current HPI: 404.7976
• Rent YoY: —
• 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

7 events — show timeline

• 2026-06-03 Listed $36,500 IRMLS
• 2026-02-11 Rental Removed $850 BUILDIUM
• 2025-12-19 Listed for Rent $850 BUILDIUM
• 2025-12-03 Rental Removed $850 BUILDIUM
• 2025-11-06 Listed for Rent $850 BUILDIUM
• 2024-03-10 Rental Removed $800 BUILDIUM
• 2024-02-15 Listed for Rent $800 BUILDIUM

Property tax history

+15.3%/yr

Latest (2024): $1,221 · -1.8% YoY. Source: county tax records.