11818 Thiele Rd · Fort Wayne, IN 46819

$229,900

4 bd · 2.0 ba · 1,508 sqft · MultiFamily public records · 1 Days on market

Built 1957

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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 +22.4/30.0
• ARV discount +7.5/15.0
• DSCR +7.2/10.0
• 1% rule +4.6/10.0
• Livability +4.2/5.0
• Rent growth +2.5/5.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

Nearly 3 acres with 40x60 outbuilding! This is currently a 2 unit home with 2 bedrooms and 1 full bath but could easily be turned into 1500 sq ft of living space or live for free while renting out the second side. Owner is constantly turning away potential tenants in the case someone would convert the home. Both sides have been completely redone including all new floors, doors, paint and tile in the bathrooms. The barn is structurally sound with barn wood and beams from 1912. New septic installed in 2010. Units have rented for 600.00 in the past and the barn at 350.00

Key facts

• Private acres
• Multi family duplex
• Asphalt driveway

Tags

• MULTI FAMILY DUPLEX
• PRIVATE ACRES
• MAJOR UPDATES
• NEW SHINGLE ROOF
• UPDATED WINDOWS
• ASPHALT DRIVEWAY

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $230k.

Deal economics

• At list price, monthly cash flow is $382 ($5k/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 $222k (3.7% below list).
• Recommended offer: $222k (3.7% below list) — sets the bar for 1% rule.
• Cap rate 8.3% vs local median 4.7% 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-, schools D+, 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.
• Market conditions: 21 active listings in the ZIP; 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 $2k of loan paydown is wiped out by about $7k 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.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 12y 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 $90k; list at $230k implies a 156% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1957 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $221,500 (3.7% below list)

Questions for the listing agent

1. Built in 1957 — 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 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: 0.96% ✗
• Cap rate: 8.29%
• Cash-on-cash: 7.12%
• DSCR: 1.32
• GRM: 8.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -5.4%
• Equity multiple: 0.80×
• Total profit: $-13,040
• Equity at exit: $34,279

10-year hold

• IRR: 4.2%
• Equity multiple: 1.30×
• Total profit: $19,540
• Equity at exit: $19,878

Cash invested: $64,372 (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 46819

• Home prices YoY: -28.1%
• Active inventory: 21
• Price-to-rent: 17.3×

Monthly cashflow live

• Estimated rent: $2,215 medium
• Mortgage (P&I): −$1,206
• Tax from tax record: −$67 /mo · $800/yr
• Insurance: −$96
• HOA: −$0
• Vacancy / Maint / Mgmt: −$465
• Net cashflow: $382

Break-even live

Break-even rent $1,732

Max offer price $229,900

Occupancy floor 78%

Sensitivity live

Price	-10% $512	-5% $447	+0% $382	+5% $317	+10% $252
Rent	-10% $207	-5% $294	+0% $382	+5% $469	+10% $557
Rate	-1.0pp $498	-0.5pp $440	base $382	+0.5pp $322	+1.0pp $262

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,214
Total (2 units)			$2,215

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: $57,475
• Closing costs: $6,897
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-05-13
   status Under Contract
2. 2026-05-12
   listed $229,900 Active
3. 2014-08-08
   soldstatus $89,900 575-char remark

   Show marketing remark (575 chars)

   Nearly 3 acres with 40x60 outbuilding! This is currently a 2 unit home with 2 bedrooms and 1 full bath but could easily be turned into 1500 sq ft of living space or live for free while renting out the second side. Owner is constantly turning away potential tenants in the case someone would convert the home. Both sides have been completely redone including all new floors, doors, paint and tile in the bathrooms. The barn is structurally sound with barn wood and beams from 1912. New septic installed in 2010. Units have rented for 600.00 in the past and the barn at 350.00

4. 2014-06-27
   listed $94,800 575-char remark

   Show marketing remark (575 chars)

   Nearly 3 acres with 40x60 outbuilding! This is currently a 2 unit home with 2 bedrooms and 1 full bath but could easily be turned into 1500 sq ft of living space or live for free while renting out the second side. Owner is constantly turning away potential tenants in the case someone would convert the home. Both sides have been completely redone including all new floors, doors, paint and tile in the bathrooms. The barn is structurally sound with barn wood and beams from 1912. New septic installed in 2010. Units have rented for 600.00 in the past and the barn at 350.00

ⓘ 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: $800 · $67/mo
• Projected year-2 tax: $1,377 · $115/mo
• Expected delta: +$577/yr (+$48/mo · 72.1%)

ⓘ 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 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,580
• − Mortgage interest: −$12,878
• − Property taxes: −$800
• − Insurance: −$1,150
• − Repairs & maintenance: −$2,126
• − Management: −$2,126
• − Depreciation: −$6,688
• Taxable income: $812
• Est. tax owed @ 24.0%: −$195
• After-tax cash flow: $4,386/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

• City population: 326,813
• Population (ZIP): 9,318

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% Black 14% Hispanic / Latino 8% Two or more races 7% Asian 2%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Lithuanian 6% Slovak 2% Iranian 1%
• Foreign-born: 4% · Canada, Philippines
• Languages at home: 91% English-only · Spanish 6% Chinese 1% Other Indo-European 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: ▼ -95.65%
• Current HPI: 244.7275
• Rent YoY: —
• Metro: —
• 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

+142.5% since first listed

4 events — show timeline

• 2026-05-13 Pending — FSBO.com
• 2026-05-12 Listed $229,900 FSBO.com
• 2014-08-08 Sold (MLS) $89,900 IRMLS
• 2014-06-27 Listed $94,800 IRMLS

Property tax history

-6.5%/yr

Latest (2024): $800 · -25.1% YoY. Source: county tax records.