3507 E Pontiac St · Fort Wayne, IN 46803

$119,900

3 bd · 1.0 ba · 925 sqft · SingleFamily public records · 4 Days on market

Built 1949 5,490 sqft lot Est $92k · 31% 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 +18.6/30.0
• Appreciation +10.0/10.0
• DSCR +5.9/10.0
• 1% rule +4.5/10.0
• Livability +4.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• ARV discount +0.0/15.0

Listing remarks

Check out this new listing in Harvester Park. This home features 3 bedrooms and 1 bath with a fenced in back yard. Recent updates include exterior siding, windows, Laminate flooring, and HVAC system. This would be an excellent starter home or a great investment property. Schedule your showing today!

Key facts

• Laminate flooring
• Exterior siding
• Fenced in back yard

Tags

• FENCED IN BACK YARD
• EXTERIOR SIDING
• LAMINATE FLOORING
• HVAC SYSTEM

Property features AI

Finance

• Other: Listed by American Dream Team Real Estate Brokers

Exterior

• Parking: See listing for parking details
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Site-built home; 1 story; 950 above-grade finished area
• Construction: Asphalt and vinyl siding exterior; Asphalt roof; Slab foundation; Built on site
• Exterior features: Wood fencing; Level lot; Lot dimensions approximately 45 x 122

Interior

• Kitchen: Refrigerator; Gas range
• Bedrooms: See listing for bedroom count and levels
• Flooring: Laminate
• Bathrooms: 1 full bathroom; Main level bathroom
• Heating & cooling: Natural gas heating; Central air conditioning
• Interior features: Laminate flooring; Refrigerator; Gas range; Dryer; 6 total rooms
• Laundry & utility: Main level laundry; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $117 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $114k (4.7% below list).
• Recommended offer: $114k (4.7% below list) — sets the bar for 1% rule.
• Cap rate 7.5% 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: Adams Elementary School (math 8% / reading 8%, grade F, #949 of 994 statewide, top 97%, 270 students, 90% FRL); Blackhawk Middle School (math 28% / reading 38%, grade F, #180 of 330 statewide, top 56%, 797 students, 46% FRL); R Nelson Snider High School (math 27% / reading 53%, grade F, #217 of 369 statewide, top 59%, 1,899 students, 50% FRL) — zoned schools at 62% FRL track the district average.
• Market conditions: 52 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 75% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 1,861 units permitted in Allen County in 2024 (576 in 5+ unit buildings).
• This rent runs 40% 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 $13k of equity ($829 loan paydown + $12k 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 $34k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1949 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $114,259 (4.7% below list)

Questions for the listing agent

1. Built in 1949 — 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: 0.95% ✗
• Cap rate: 7.47%
• Cash-on-cash: 4.19%
• DSCR: 1.19
• GRM: 8.7

CMA / ARV

• ARV (on-the-fly): $91,575
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3507 E Pontiac St	0.00mi	3/1.0	950 (+3%)	0mo	$113,500	$119	95
3523 Rodgers Ave	0.31mi	3/1.0	864 (-7%)	8mo	$56,000	$65	68
2922 Drexel Ave	0.53mi	3/1.0	936 (+1%)	7mo	$92,500	$99	68
2201 Birchwood Ave	0.34mi	2/1.0 (-1)	900 (-3%)	12mo	$68,000	$76	65
3715 Schele Ave	0.40mi	3/1.5	976 (+6%)	9mo	$85,000	$87	63
3402 Logan Ave	0.41mi	3/1.5	1,024 (+11%)	1mo	$80,000	$78	60
2533 Evans St	0.63mi	3/1.0	1,000 (+8%)	5mo	$137,000	$137	52
2623 Trentman Ave	0.68mi	3/1.0	1,025 (+11%)	2mo	$135,000	$132	48
2916 Reynolds St	0.71mi	3/1.0	875 (-5%)	14mo	$75,000	$86	46
2820 Radcliffe Dr	0.66mi	3/1.5	1,000 (+8%)	9mo	$72,000	$72	46
3022 Drexel Ave	0.49mi	3/1.0	1,040 (+12%)	13mo	$136,000	$131	46
2323 Mckee St	0.74mi	2/1.0 (-1)	850 (-8%)	11mo	$84,000	$99	38

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: 27.3%
• Equity multiple: 3.17×
• Total profit: $72,758
• Equity at exit: $108,015

10-year hold

• IRR: 23.9%
• Equity multiple: 7.21×
• Total profit: $208,371
• Equity at exit: $232,939

Cash invested: $33,572 (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: 8.7×

Monthly cashflow live

• Estimated rent: $1,143 medium
• Mortgage (P&I): −$629
• Tax from tax record: −$107 /mo · $1,280/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$240
• Net cashflow: $117

Break-even live

Break-even rent $994

Max offer price $119,900

Occupancy floor 85%

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: $29,975
• Closing costs: $3,597
• Reserves months: —
• Total cash needed: —

Rent comps 4 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	13d	1	0.80mi
3410 S Anthony Blvd Fort Wayne, IN	3.0	1.0	900	$1,200	$1.33	43d	1	1.22mi
4325 Werling Dr Fort Wayne, IN	1.0–3.0	1.0–2.0	923	$1,164	$1.26	43d	1	1.38mi
3932 Winter St Fort Wayne, IN	2.0	1.0	750	$875	$1.17	43d	1	1.49mi

Listing history 2 events

1. 2026-05-01
   status Pending
2. 2026-04-20
   listed $119,900 Active

ⓘ 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: $1,280 · $107/mo
• Projected year-2 tax: $1,280 · $107/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: $13,711
• − Mortgage interest: −$6,716
• − Property taxes: −$1,280
• − Insurance: −$600
• − Repairs & maintenance: −$1,097
• − Management: −$1,097
• − Depreciation: −$3,488
• Taxable loss: −$567
• Est. tax savings @ 24.0%: +$136
• After-tax cash flow: $1,543/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

2 events — show timeline

• 2026-05-01 Pending — IRMLS
• 2026-04-20 Listed $119,900 IRMLS

Property tax history

+10.9%/yr

Latest (2024): $1,280 · +4.1% YoY. Source: county tax records.