2421 Winter St · Fort Wayne, IN 46803

$78,900

3 bd · 1.0 ba · 924 sqft · SingleFamily public records · 20 Days on market

Built 1917 4,110 sqft lot Est $95k · 17% under

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Why this score? — see what drove the A 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
• Appreciation +10.0/10.0
• 1% rule +9.1/10.0
• Livability +4.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0

Listing remarks MLS

Living room and big kitchen on main level. Also on main floor is a half bath plus a room which could be the dining room or the 3rd bedroom. Two nice sized bedrooms and full bath upstairs. Newer roof. One car garage. Property is being sold 'as is', and buyer is welcome to have an inspection. Needs a furnace and a water heater. New million dollar development at Bottle Works only a block away. Bowser Park directly across the street. Great investment opportunity.

Key facts

• Covered front porch
• Harwood floors
• Bowser park

Tags

• HARWOOD FLOORS
• COVERED FRONT PORCH
• BOWSER PARK

Property features AI

Exterior

• Parking: Detached 1-car garage
• Utilities: Public water; Public sewer; Natural gas available
• Home design: Single-family residence; Site-built home; 2 stories
• Construction: Wood siding
• Exterior features: Level lot; Lot dimensions approximately 30 x 137

Interior

• Kitchen: Refrigerator; Gas range
• Bedrooms: 5 total rooms (bedroom count not specified)
• Flooring: Hardwood; Laminate
• Bathrooms: 1 full bathroom; 1 half bathroom; One main-level bathroom
• Heating & cooling: Natural gas forced air heating; No cooling
• Interior features: Window treatments; Full basement
• Laundry & utility: Electric dryer hookup in basement; Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $79k.

Deal economics

• At list price, monthly cash flow is $332 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $79k).
• Recommended offer: $78k (1.5% below list) — sets the bar for market timing.
• Cap rate 11.3% 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: Northcrest Elementary School (math 17% / reading 17%, grade F, #837 of 994 statewide, top 86%, 493 students, 71% 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: 52 active listings in the ZIP; 24 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).

Forward outlook

• In year one you build about $8k of equity ($545 loan paydown + $8k 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 $22k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$39k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($78k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 6y ago; this cycle's ask has dropped $6k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $22k; list at $79k implies a 259% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1917 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $77,716 (1.5% below list)

Questions for the listing agent

1. Built in 1917 — 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: 1.41% ✓
• Cap rate: 11.34%
• Cash-on-cash: 18.04%
• DSCR: 1.80
• GRM: 5.9

CMA / ARV

• ARV (on-the-fly): $95,172
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1514 E Creighton Ave	0.13mi	2/1.0 (-1)	1,013 (+10%)	2mo	$110,000	$109	71
3202 S Anthony Blvd	0.53mi	2/1.0 (-1)	900 (-3%)	4mo	$67,500	$75	63
1426 Eckart St	0.47mi	2/2.0 (-1)	960 (+4%)	1mo	$139,000	$145	62
3127 Holton Ave	0.52mi	2/1.0 (-1)	984 (+6%)	1mo	$53,000	$54	59
3419 Robinwood Dr	0.66mi	3/1.0	960 (+4%)	4mo	$73,000	$76	59
3105 Plaza Dr	0.56mi	3/1.0	993 (+8%)	4mo	$60,000	$60	58
3214 Winter St	0.53mi	2/1.0 (-1)	872 (-6%)	9mo	$89,900	$103	53
2922 Plaza Dr	0.44mi	2/1.5 (-1)	1,000 (+8%)	10mo	$144,350	$144	50
3010 Holton Ave	0.43mi	3/1.5	1,040 (+13%)	9mo	$101,500	$98	50
2820 Radcliffe Dr	0.61mi	3/1.5	1,000 (+8%)	9mo	$72,000	$72	49
3202 Queen St	0.68mi	3/1.5	1,008 (+9%)	4mo	$150,000	$149	48
3405 Oliver St	0.68mi	2/1.0 (-1)	988 (+7%)	7mo	$133,500	$135	46

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: 37.7%
• Equity multiple: 3.90×
• Total profit: $64,140
• Equity at exit: $71,079

10-year hold

• IRR: 32.5%
• Equity multiple: 8.80×
• Total profit: $172,288
• Equity at exit: $153,285

Cash invested: $22,092 (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: 5.9×

Monthly cashflow live

• Estimated rent: $1,115 high
• Mortgage (P&I): −$414
• Tax from tax record: −$102 /mo · $1,225/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$234
• Net cashflow: $332

Break-even live

Break-even rent $695

Max offer price $78,900

Occupancy floor 65%

Sensitivity live

Price	-10% $377	-5% $354	+0% $332	+5% $310	+10% $287
Rent	-10% $244	-5% $288	+0% $332	+5% $376	+10% $420
Rate	-1.0pp $372	-0.5pp $352	base $332	+0.5pp $312	+1.0pp $291

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: $19,725
• Closing costs: $2,367
• Reserves months: —
• Total cash needed: —

Rent comps 24 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
859 Buchanan St Fort Wayne, IN	1.0–4.0	1.0	887	$1,074	$1.21	22d	1	0.62mi
3410 S Anthony Blvd Fort Wayne, IN	3.0	1.0	900	$1,200	$1.33	44d	1	0.62mi
442 E Wildwood Ave Fort Wayne, IN	2.0	1.0	864	$875	$1.01	22d	1	0.90mi
3932 Winter St Fort Wayne, IN	2.0	1.0	750	$875	$1.17	44d	1	0.95mi
4014 Oliver St Fort Wayne, IN	3.0	1.0	936	$1,050	$1.12	14d	1	1.03mi
4129 Bowser Ave Fort Wayne, IN	3.0	1.5	850	$1,250	$1.47	22d	1	1.11mi
3801 Lafayette St Fort Wayne, IN	2.0	1.0	1116	$995	$0.89	14d	1	1.20mi
3127 Pennsylvania St Fort Wayne, IN	2.0	1.0	696	$1,000	$1.44	14d	1	1.21mi
2919 S Harrison St Unit 2921 Fort Wayne, IN	2.0	1.0	538	$825	$1.53	22d	1	1.24mi
3113 S Harrison St Unit 2 Fort Wayne, IN	2.0	1.0	600	$850	$1.42	14d	1	1.26mi
4121 Monroe St Fort Wayne, IN	2.0	1.0	725	$1,100	$1.52	14d	1	1.26mi
4325 Werling Dr Fort Wayne, IN	1.0–3.0	1.0–2.0	923	$1,164	$1.26	44d	1	1.28mi
217 W Masterson Ave Fort Wayne, IN	2.0	1.0	1100	$995	$0.90	22d	1	1.32mi
309 W Leith St Unit 2 Fort Wayne, IN	2.0	1.0	900	$1,000	$1.11	44d	1	1.32mi
309 W Williams St Unit 1 Fort Wayne, IN	2.0	1.0	900	$900	$1.00	22d	1	1.35mi
4018 S Clinton St Fort Wayne, IN	3.0	1.0	860	$1,000	$1.16	22d	1	1.38mi
4126 Lafayette St Fort Wayne, IN	2.0	1.0	775	$1,275	$1.65	44d	1	1.38mi
227 W Darrow Ave Fort Wayne, IN	3.0	1.0	995	$1,000	$1.01	44d	1	1.41mi
4522 Spatz Ave Fort Wayne, IN	2.0	1.0	840	$950	$1.13	44d	1	1.43mi
4705 S Anthony Blvd Fort Wayne, IN	3.0	1.0	1110	$1,050	$0.95	14d	1	1.46mi
2445 Fairfield Ave Fort Wayne, IN	2.0	1.5	950	$1,150	$1.21	14d	3	1.49mi
4331 Lafayette St Fort Wayne, IN	2.0	1.0	810	$925	$1.14	14d	1	1.49mi
807 Edgewater Ave Fort Wayne, IN	3.0	1.0	1075	$1,450	$1.35	22d	1	1.50mi
805 Edgewater Ave Fort Wayne, IN	3.0	1.0	1075	$1,550	$1.44	14d	1	1.50mi

Listing history 15 events

1. 2026-06-17
   status $78,900 Pending 20 DOM
2. 2026-06-16
   pricedays on market $78,900 Active 20 DOM
3. 2026-06-15
   days on market $81,900 Active 19 DOM
4. 2026-06-14
   days on market $81,900 Active 17 DOM
5. 2026-06-10
   days on market $81,900 Active 14 DOM
6. 2026-06-09
   days on market $81,900 Active 13 DOM
7. 2026-06-08
   pricedays on market $81,900 Active 12 DOM
8. 2026-06-07
   days on market $85,000 Active 11 DOM
9. 2026-06-03
   days on market $85,000 Active 7 DOM
10. 2026-06-02
    statusdays on market $85,000 Active 6 DOM
11. 2026-05-30
    statusdays on market $85,000 Pending 5 DOM
12. 2026-05-26
    listed $85,000 Active
13. 2022-11-14
    historical
14. 2020-04-14
    soldstatus $22,000 463-char remark

    Show marketing remark (463 chars)

    Living room and big kitchen on main level. Also on main floor is a half bath plus a room which could be the dining room or the 3rd bedroom. Two nice sized bedrooms and full bath upstairs. Newer roof. One car garage. Property is being sold 'as is', and buyer is welcome to have an inspection. Needs a furnace and a water heater. New million dollar development at Bottle Works only a block away. Bowser Park directly across the street. Great investment opportunity.

15. 2020-03-19
    listed $28,400 463-char remark

    Show marketing remark (463 chars)

    Living room and big kitchen on main level. Also on main floor is a half bath plus a room which could be the dining room or the 3rd bedroom. Two nice sized bedrooms and full bath upstairs. Newer roof. One car garage. Property is being sold 'as is', and buyer is welcome to have an inspection. Needs a furnace and a water heater. New million dollar development at Bottle Works only a block away. Bowser Park directly across the street. Great investment opportunity.

ⓘ 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: $1,225 · $102/mo
• Projected year-2 tax: $1,225 · $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: $13,380
• − Mortgage interest: −$4,420
• − Property taxes: −$1,225
• − Insurance: −$394
• − Repairs & maintenance: −$1,070
• − Management: −$1,070
• − Depreciation: −$2,295
• Taxable income: $2,904
• Est. tax owed @ 24.0%: −$697
• After-tax cash flow: $3,288/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

+199.3% since first listed

4 events — show timeline

• 2026-05-26 Listed $85,000 IRMLS
• 2022-11-14 Rental Removed — RENT.
• 2020-04-14 Sold (MLS) $22,000 IRMLS
• 2020-03-19 Listed $28,400 IRMLS

Property tax history

+13.8%/yr

Latest (2024): $1,225 · +22.1% YoY. Source: county tax records.