3515 Webster St · Fort Wayne, IN 46807

$89,900

3 bd · 1.5 ba · 1,440 sqft · SingleFamily public records · 1 Days on market

Built 1920 5,227 sqft lot Est $173k · 48% 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 +30.0/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.0/10.0
• 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

Listing remarks

Historic Oakdale . Home needs some TLC. recent gutters soffit and porch ceiling installed . walk up attic was used as partial living space as well . solid and ready for a makeover . new interior paint on most .

Key facts

• Recent gutters
• Porch ceiling
• Walk up attic

Tags

• RECENT GUTTERS
• SOFFIT
• PORCH CEILING
• WALK UP ATTIC
• NEW INTERIOR PAINT

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-family site-built home; 2 stories
• Construction: Wood siding
• Exterior features: Level lot

Interior

• Bathrooms: 1 full bathroom; 1 half bathroom; 1 main-level bathroom
• Heating & cooling: Natural gas heating; No cooling
• Interior features: 8 total rooms; Basement present
• Laundry & utility: Laundry in basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $90k.

Deal economics

• At list price, monthly cash flow is $361 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $90k).
• Cap rate 11.1% 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: Harrison Hill Elementary School (math 21% / reading 18%, grade F, #814 of 994 statewide, top 83%, 618 students, 76% FRL); Kekionga Middle School (math 10% / reading 17%, grade F, #303 of 330 statewide, top 92%, 538 students, 80% 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 77% FRL vs 60% district-wide (16 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; 36 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $622 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 + 8.0% rent growth), your $25k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $43k; list at $90k implies a 108% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $89,900

Questions for the listing agent

1. Built in 1920 — 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: 1.30% ✓
• Cap rate: 11.11%
• Cash-on-cash: 17.20%
• DSCR: 1.77
• GRM: 6.4

CMA / ARV

• ARV (on-the-fly): $172,800
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
326 Arcadia Ct	0.07mi	3/1.0	1,526 (+6%)	1mo	$171,000	$112	84
3606 S Harrison St	0.06mi	3/1.5	1,555 (+8%)	2mo	$211,000	$136	82
443 French Ave	0.27mi	3/1.0	1,344 (-7%)	2mo	$124,000	$92	73
721 W Oakdale Dr	0.43mi	3/1.5	1,344 (-7%)	2mo	$190,000	$141	68
322 W Rudisill Blvd	0.19mi	3/1.0	1,256 (-13%)	2mo	$74,900	$60	66
4025 S Calhoun St	0.37mi	3/1.0	1,308 (-9%)	2mo	$80,000	$61	64
445 E Wildwood Ave	0.54mi	3/1.0	1,352 (-6%)	1mo	$135,000	$100	62
709 W Oakdale Dr	0.40mi	3/1.5	1,640 (+14%)	2mo	$260,000	$159	56
4326 Fairfield Ave	0.64mi	3/2.0	1,300 (-10%)	2mo	$195,000	$150	50
1020 W Oakdale Dr	0.62mi	3/2.0	1,600 (+11%)	1mo	$192,500	$120	50
3602 Hanna St	0.62mi	3/1.5	1,268 (-12%)	2mo	$120,000	$95	50
4014 Hanna St	0.69mi	3/2.0	1,248 (-13%)	1mo	$188,500	$151	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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 13.7%
• Equity multiple: 1.58×
• Total profit: $14,546
• Equity at exit: $13,404

10-year hold

• IRR: 25.9%
• Equity multiple: 3.79×
• Total profit: $70,178
• Equity at exit: $7,773

Cash invested: $25,172 (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: 6.4×

Monthly cashflow live

• Estimated rent: $1,164 high
• Mortgage (P&I): −$471
• Tax from tax record: −$50 /mo · $601/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$245
• Net cashflow: $361

Break-even live

Break-even rent $708

Max offer price $89,900

Occupancy floor 64%

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: $22,475
• Closing costs: $2,697
• Reserves months: —
• Total cash needed: —

Rent comps 36 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
227 W Darrow Ave Fort Wayne, IN	3.0	1.0	995	$1,000	$1.01	44d	1	0.02mi
3510 S Harrison St Fort Wayne, IN	3.0	1.0	1248	$975	$0.78	14d	1	0.05mi
3008 Webster St Fort Wayne, IN	3.0	1.0	1344	$1,449	$1.08	21d	1	0.32mi
3801 Lafayette St Fort Wayne, IN	2.0	1.0	1116	$995	$0.89	14d	1	0.43mi
309 W Leith St Unit 2 Fort Wayne, IN	2.0	1.0	900	$1,000	$1.11	44d	1	0.44mi
116 E Pontiac St Fort Wayne, IN	3.0	1.5	1400	$1,175	$0.84	21d	1	0.54mi
4133 Lafayette St Fort Wayne, IN	4.0	2.0	1640	$1,400	$0.85	21d	1	0.57mi
4201 S Wayne Ave Fort Wayne, IN	3.0	1.5	1252	$1,400	$1.12	21d	1	0.58mi
2445 Fairfield Ave Fort Wayne, IN	2.0	1.5	950	$1,150	$1.21	14d	3	0.66mi
2530 Lafayette St Fort Wayne, IN	4.0	1.0	1816	$1,500	$0.83	44d	1	0.68mi
451 E Pontiac St Fort Wayne, IN	3.0	1.0	1308	$1,050	$0.80	44d	1	0.71mi
907 Lincoln Ave Fort Wayne, IN	2.0	1.0	1060	$850	$0.80	14d	1	0.74mi
2431 Fox Ave Fort Wayne, IN	3.0	1.5	1522	$1,550	$1.02	14d	1	0.79mi
3201 Dinnen Ave Fort Wayne, IN	2.0	1.0	986	$999	$1.01	14d	1	0.86mi
1023 Hamilton Ave Fort Wayne, IN	3.0	1.0	1152	$1,075	$0.93	14d	1	0.90mi
420 E Dewald St Fort Wayne, IN	3.0	1.5	1472	$1,300	$0.88	44d	1	0.93mi
1024 Colerick St Fort Wayne, IN	4.0	1.0	1388	$1,065	$0.77	21d	1	0.93mi
1235 Huestis Ave Unit A Fort Wayne, IN	2.0	1.0	1040	$950	$0.91	44d	1	0.97mi
309 W Williams St Unit 1 Fort Wayne, IN	2.0	1.0	900	$900	$1.00	21d	1	0.98mi
4405 S Park Dr Fort Wayne, IN	2.0	1.0	1440	$1,175	$0.82	14d	1	0.98mi
4014 Oliver St Fort Wayne, IN	3.0	1.0	936	$1,050	$1.12	14d	1	1.02mi
217 W Masterson Ave Fort Wayne, IN	2.0	1.0	1100	$995	$0.90	21d	1	1.06mi
1353 Huestis Ave Fort Wayne, IN	4.0	1.0	1328	$1,300	$0.98	14d	1	1.06mi
1360 Huestis Ave Fort Wayne, IN	3.0	1.0	1056	$1,080	$1.02	14d	1	1.08mi
5009 Hoagland Ave Fort Wayne, IN	2.0	1.0	1000	$1,300	$1.30	44d	1	1.09mi
2430 Thompson Ave Fort Wayne, IN	2.0	1.0	1197	$975	$0.81	14d	1	1.11mi
1342 Guthrie St Fort Wayne, IN	3.0	1.0	1200	$899	$0.75	44d	1	1.15mi
3009 Holton Ave Fort Wayne, IN	3.0	1.0	1212	$1,400	$1.16	14d	1	1.17mi
2133 Riedmiller Ave Fort Wayne, IN	3.0	1.0	1056	$1,050	$0.99	21d	1	1.24mi
859 Buchanan St Fort Wayne, IN	1.0–4.0	1.0	887	$1,074	$1.21	21d	1	1.29mi
1104 Stophlet St Fort Wayne, IN	3.0	1.5	1288	$1,400	$1.09	14d	1	1.29mi
3410 S Anthony Blvd Fort Wayne, IN	3.0	1.0	900	$1,200	$1.33	44d	1	1.36mi
603 Lavina St Fort Wayne, IN	3.0	2.0	1872	$1,899	$1.01	44d	1	1.40mi
1332 Swinney Ave Fort Wayne, IN	2.0	1.0	1035	$1,300	$1.26	44d	1	1.43mi
877 Lavina St Fort Wayne, IN	1.0–3.0	1.0–2.0	997	$2,980	$2.99	44d	17	1.45mi
1250 Ewing St Fort Wayne, IN	2.0	1.0–2.0	980	$2,081	$2.12	21d	24	1.48mi

Listing history 2 events

1. 2026-06-07
   remarks 210-char remark
2. 2026-06-07
   listed $89,900 Pending 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: $601 · $50/mo
• Projected year-2 tax: $682 · $57/mo
• Expected delta: +$82/yr (+$7/mo · 13.6%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 20% 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: $13,971
• − Mortgage interest: −$5,036
• − Property taxes: −$601
• − Insurance: −$450
• − Repairs & maintenance: −$1,118
• − Management: −$1,118
• − Depreciation: −$2,615
• Taxable income: $3,035
• Est. tax owed @ 24.0%: −$728
• After-tax cash flow: $3,602/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

+108.3% since first listed

3 events — show timeline

• 2026-06-07 Pending — IRMLS
• 2026-06-06 Listed $89,900 IRMLS
• 2019-02-01 Sold (Public Records) $43,152 Public Records

Property tax history

+16.8%/yr

Latest (2024): $601 · +18.9% YoY. Source: county tax records.