538 Irene Ave · Fort Wayne, IN 46808

$139,900

4 bd · 2.0 ba · 1,504 sqft · MultiFamily public records · 23 Days on market

Built 1900 6,098 sqft lot Est $152k · 8% 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 +11.1/15.0
• DSCR +10.0/10.0
• 1% rule +9.1/10.0
• Rent growth +4.2/5.0
• 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

This duplex building sits in a quiet neighborhood, close to downtown. It contains two units each with 2 bedrooms, 1 bath, living and kitchen. The 1st unit is on the upper level and the 2nd unit is the lower level. There is a detached garage on the property.

Key facts

• Quiet neighborhood
• Close to downtown
• Detached garage

Tags

• QUIET NEIGHBORHOOD
• CLOSE TO DOWNTOWN
• DETACHED GARAGE

Property features AI

Finance

• Other: Pets allowed with breed restrictions

Exterior

• Parking: 2 open on-street parking spaces
• Utilities: Public water; Public sewer
• Home design: Duplex (residential income); 2 stories; Entry level information not provided
• Construction: Asbestos construction materials; Composition roof; Slab and block foundation; Built on two finished levels (above and below grade finished areas listed)
• Exterior features: Covered patio/porch; Irregular lot; Publicly maintained road

Interior

• Kitchen: Range; Refrigerator
• Flooring: Laminate
• Bathrooms: 2 full bathrooms
• Heating & cooling: Natural gas heating; Window unit(s) for cooling
• Interior features: Range, Refrigerator; Laminate flooring; Partial basement

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $140k.

Deal economics

• At list price, monthly cash flow is $527 ($6k/yr) — positive. Per door: $264/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Recommended offer: $138k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.8% 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: Franke Park Elementary School (math 27% / reading 27%, grade F, #737 of 994 statewide, top 76%, 405 students, 78% FRL); Northwood Middle School (math 14% / reading 22%, grade F, #279 of 330 statewide, top 86%, 587 students, 70% FRL); North Side High School (math 19% / reading 51%, grade F, #266 of 369 statewide, top 73%, 1,474 students, 66% FRL).
• Market conditions: Rents rising fast (+7.0%/yr); 87 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,861 units permitted in Allen County in 2024 (576 in 5+ unit buildings).
• This rent runs 44% of the median local income ($53k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $967 of loan paydown is wiped out by about $4k 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 + 7.0% rent growth), your $39k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 23 days — a 2% lower offer ($138k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 11y 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: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $137,801 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 10.82%
• Cash-on-cash: 16.16%
• DSCR: 1.72
• GRM: 5.9

CMA / ARV

• ARV (on-the-fly): $151,904
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
712 Putnam St	0.47mi	3/2.0 (-1)	1,630 (+8%)	7mo	$120,000	$74	53
928 Putnam St	0.52mi	4/2.0	1,640 (+9%)	14mo	$165,000	$101	49
1723 Andrew St	0.53mi	3/1.5 (-1)	1,408 (-6%)	15mo	$179,900	$128	45

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 · 6.98% rent growth · sell at horizon

5-year hold

• IRR: 11.8%
• Equity multiple: 1.49×
• Total profit: $19,216
• Equity at exit: $20,860

10-year hold

• IRR: 23.8%
• Equity multiple: 3.47×
• Total profit: $96,897
• Equity at exit: $12,096

Cash invested: $39,172 (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 46808

• Rents YoY: 7.0%
• Active inventory: 87
• Price-to-rent: 11.8×

Monthly cashflow live

• Estimated rent: $1,974 high
• Mortgage (P&I): −$734
• Tax from tax record: −$240 /mo · $2,881/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$415
• Net cashflow: $527

Break-even live

Break-even rent $1,306

Max offer price $139,900

Occupancy floor 68%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$1,974
Total (2 units)			$1,974

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: $34,975
• Closing costs: $4,197
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
702 Archer Ave Fort Wayne, IN	3.0	1.5	1273	$1,499	$1.18	44d	1	0.37mi
2315 Terrace Rd Fort Wayne, IN	3.0	1.0	1466	$1,600	$1.09	44d	1	0.48mi
2403 N Clinton St Fort Wayne, IN	3.0	2.0	1666	$1,750	$1.05	44d	1	0.55mi
739 W 4th St Fort Wayne, IN	4.0	2.0	1750	$1,995	$1.14	14d	1	0.73mi
607 Curdes Ave Fort Wayne, IN	3.0	1.5	1072	$1,450	$1.35	21d	1	0.94mi
1502 3rd St Fort Wayne, IN	3.0	1.5	1344	$1,650	$1.23	14d	1	0.95mi
1721 3rd St Fort Wayne, IN	3.0	1.0	1584	$1,195	$0.75	44d	1	1.12mi
1626 Howell St Unit 201 Fort Wayne, IN	3.0	2.0	1200	$1,700	$1.42	21d	1	1.17mi
1704 Sprunger Ave Fort Wayne, IN	3.0	1.0	1141	$1,400	$1.23	44d	1	1.25mi
1726 Tecumseh St Fort Wayne, IN	3.0	1.0	1280	$1,350	$1.05	14d	1	1.33mi
1516 Bayer Ave Fort Wayne, IN	4.0	2.0	1280	$1,299	$1.01	14d	1	1.34mi
3314 Foxcroft Dr Fort Wayne, IN	3.0	2.0	1200	$1,795	$1.50	44d	1	1.42mi

Listing history 23 events

1. 2026-06-18
   days on market $139,900 Active 23 DOM
2. 2026-06-17
   days on market $139,900 Active 22 DOM
3. 2026-06-16
   days on market $139,900 Active 21 DOM
4. 2026-06-15
   days on market $139,900 Active 20 DOM
5. 2026-06-14
   days on market $139,900 Active 18 DOM
6. 2026-06-10
   days on market $139,900 Active 15 DOM
7. 2026-06-09
   days on market $139,900 Active 14 DOM
8. 2026-06-08
   days on market $139,900 Active 13 DOM
9. 2026-06-07
   days on market $139,900 Active 12 DOM
10. 2026-06-03
    days on market $139,900 Active 8 DOM
11. 2026-06-02
    days on market $139,900 Active 7 DOM
12. 2026-06-01
    days on market $139,900 Active 6 DOM
13. 2026-05-31
    days on market $139,900 Active 5 DOM
14. 2026-05-30
    days on market $139,900 Active 4 DOM
15. 2026-05-26
    listed $139,900 Active
16. 2025-12-15
    historical $725
17. 2025-11-25
    price $725
18. 2025-09-05
    price $775
19. 2025-08-09
    listed $795
20. 2023-07-29
    historical $685
21. 2023-07-19
    listed $685
22. 2022-05-22
    price $650
23. 2015-07-07
    listed $32,500

ⓘ 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: $2,881 · $240/mo
• Projected year-2 tax: $2,881 · $240/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: $23,688
• − Mortgage interest: −$7,837
• − Property taxes: −$2,881
• − Insurance: −$700
• − Repairs & maintenance: −$1,895
• − Management: −$1,895
• − Depreciation: −$4,070
• Taxable income: $4,411
• Est. tax owed @ 24.0%: −$1,059
• After-tax cash flow: $5,271/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): 19,684
• Household income: $53,359
• Rent vs Own: 39.4% rent · 60.6% own
• Severe rent burden: 625.0

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: Predominantly White (71%)
• Race & ethnicity: White 71% Hispanic / Latino 13% Two or more races 9% Black 9% Asian 2%
• Hispanic origin (detail): Mexican 10% Puerto Rican 2%
• Common ancestry: Romanian 3% Lithuanian 2% Slovak 2%
• Foreign-born: 7% · Canada, Philippines, South Korea
• Languages at home: 86% English-only · Spanish 10% Korean 2% Other Asian/Pacific 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: ▼ -288.51%
• Current HPI: 239.6115
• Rent YoY: ▲ 6.98%
• 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

+330.5% since first listed

9 events — show timeline

• 2026-05-26 Listed $139,900 IRMLS
• 2025-12-15 Rental Removed $725 APPFOLIO
• 2025-11-25 Price Changed $725 APPFOLIO
• 2025-09-05 Price Changed $775 APPFOLIO
• 2025-08-09 Listed for Rent $795 APPFOLIO
• 2023-07-29 Rental Removed $685 APPFOLIO
• 2023-07-19 Listed for Rent $685 APPFOLIO
• 2022-05-22 Price Changed $650 APPFOLIO
• 2015-07-07 Listed $32,500 IRMLS

Property tax history

+7.3%/yr

Latest (2024): $2,881 · +42.5% YoY. Source: county tax records.