2605 Westward Dr · Fort Wayne, IN 46809

$69,900

2 bd · 1.0 ba · 794 sqft · SingleFamily public records · 26 Days on market

Built 1948 9,649 sqft lot Est $130k · 46% 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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

Listing remarks

2-bedroom, 1-bath home located in the heart of Waynedale, just minutes from the Fort Wayne International Airport and Lakewood Park! This property offers a functional layout with spacious living areas, an efficient kitchen, and great natural light throughout. Situated on almost a quarter acre, there’s plenty of room for outdoor enjoyment, pets, or gardening. Conveniently located near shopping, dining, and local amenities, this home is a great opportunity downsizers or investors.

Key facts

• Near dining
• Near shopping
• Quarter acre

Tags

• QUARTER ACRE
• OUTDOOR ENJOYMENT
• NEAR SHOPPING
• NEAR DINING
• LOCAL AMENITIES

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $70k.

Deal economics

• At list price, monthly cash flow is $433 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $70k).
• Recommended offer: $69k (1.5% below list) — sets the bar for market timing.
• Cap rate 13.7% 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: Waynedale Elementary School (math 22% / reading 22%, grade F, #790 of 994 statewide, top 81%, 383 students, 74% FRL); Kekionga Middle School (math 10% / reading 17%, grade F, #303 of 330 statewide, top 92%, 538 students, 80% FRL); Wayne High School (math 17% / reading 52%, grade F, #270 of 369 statewide, top 77%, 1,419 students, 68% FRL).
• Market conditions: 36 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 71% 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $483 of loan paydown is wiped out by about $2k 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 + 3.0% rent growth), your $20k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 26 days — a 2% lower offer ($69k) is reasonable based on typical stale-listing flexibility.
• 11 sale attempts since 12y ago; this cycle's ask is 6890% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $56k; 25% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1948 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $68,851 (1.5% below list)

Questions for the listing agent

1. Built in 1948 — 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: 1.57% ✓
• Cap rate: 13.73%
• Cash-on-cash: 26.57%
• DSCR: 2.18
• GRM: 5.3

CMA / ARV

• ARV (on-the-fly): $130,216
• Comps found: 10

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2605 Westward Dr	0.00mi	2/1.0	794 (0%)	2mo	$50,000	$63	98
2607 Westward Dr	0.01mi	2/1.0	748 (-6%)	1mo	$155,000	$207	89
2706 Saint Louis Ave	0.11mi	2/1.0	720 (-9%)	4mo	$150,000	$208	76
3412 Mcarthur Dr	0.53mi	2/1.0	808 (+2%)	7mo	$120,000	$149	67
6612 Bradbury Ave	0.68mi	2/1.0	792 (-0%)	2mo	$157,000	$198	66
7416 Beaty Ave	0.19mi	3/1.0 (+1)	780 (-2%)	23mo	$120,000	$154	64
6510 Old Trail Rd	0.66mi	2/1.0	798 (+0%)	7mo	$144,000	$180	62
7319 Bluffton Rd	0.19mi	2/1.0	891 (+12%)	19mo	$146,000	$164	55
6714 Bradbury Ave	0.59mi	2/1.0	724 (-9%)	12mo	$62,500	$86	48
7201 Baer Rd	0.53mi	2/1.0	900 (+13%)	10mo	$110,000	$122	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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 20.4%
• Equity multiple: 1.83×
• Total profit: $16,257
• Equity at exit: $10,422

10-year hold

• IRR: 28.6%
• Equity multiple: 3.54×
• Total profit: $49,640
• Equity at exit: $6,044

Cash invested: $19,572 (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 46809

• Active inventory: 36
• Price-to-rent: 5.3×

Monthly cashflow live

• Estimated rent: $1,100 high
• Mortgage (P&I): −$367
• Tax from tax record: −$40 /mo · $481/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$231
• Net cashflow: $433

Break-even live

Break-even rent $552

Max offer price $69,900

Occupancy floor 56%

Sensitivity live

Price	-10% $473	-5% $453	+0% $433	+5% $413	+10% $394
Rent	-10% $346	-5% $390	+0% $433	+5% $477	+10% $520
Rate	-1.0pp $468	-0.5pp $451	base $433	+0.5pp $415	+1.0pp $397

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: $17,475
• Closing costs: $2,097
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3202 McArthur Dr Unit 5 Fort Wayne, IN	2.0	1.0	860	$915	$1.06	44d	1	0.40mi
2220 Dunkelberg Rd Lot 957 Fort Wayne, IN	3.0	2.0	1024	$1,045	$1.02	44d	1	0.70mi
2220 Dunkelberg Rd Lot 437 Fort Wayne, IN	3.0	2.0	960	$1,090	$1.14	44d	1	0.70mi
2220 Dunkelberg Rd Lot 946 Fort Wayne, IN	3.0	2.0	1024	$991	$0.97	45d	1	0.70mi
7214 Hickory Creek Dr Fort Wayne, IN	1.0–2.0	1.0–1.5	699	$1,279	$1.83	14d	12	0.71mi
2220 Dunkelberg Rd Unit 903 Fort Wayne, IN	3.0	2.0	1024	$991	$0.97	44d	1	0.79mi
3047 Boardwalk Cir Fort Wayne, IN	1.0–3.0	1.0–2.0	893	$1,188	$1.33	14d	2	0.96mi

Listing history 16 events

1. 2026-05-21
   historical $1,000
2. 2026-05-01
   listed $1,000
3. 2026-03-25
   status Pending
4. 2026-03-12
   historical Active Under Contract
5. 2026-03-09
   price $69,900
6. 2026-02-26
   listed $79,900 Active
7. 2022-02-18
   soldstatus $56,000
8. 2021-11-28
   listed $59,999
9. 2021-11-01
   listed $60,000
10. 2021-07-06
    listed $61,999
11. 2021-04-05
    listed $82,999
12. 2019-05-07
    listed $47,600
13. 2019-02-25
    listed $47,500
14. 2018-10-04
    listed $49,999
15. 2015-11-03
    listed $43,999
16. 2014-09-16
    listed $46,200

ⓘ 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: $481 · $40/mo
• Projected year-2 tax: $537 · $45/mo
• Expected delta: +$57/yr (+$5/mo · 11.8%)

ⓘ 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 · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,200
• − Mortgage interest: −$3,915
• − Property taxes: −$481
• − Insurance: −$350
• − Repairs & maintenance: −$1,056
• − Management: −$1,056
• − Depreciation: −$2,033
• Taxable income: $4,309
• Est. tax owed @ 24.0%: −$1,034
• After-tax cash flow: $4,165/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): 8,589
• Household income: $52,253
• Rent vs Own: 37.6% rent · 62.4% own
• Severe rent burden: 367.0

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 (73%)
• Race & ethnicity: White 73% Hispanic / Latino 17% Two or more races 8% Black 6%
• Hispanic origin (detail): Mexican 13%
• Common ancestry: Italian 2% Romanian 2% Lithuanian 2%
• Foreign-born: 7% · Canada, Jamaica, Philippines
• Languages at home: 89% English-only · Spanish 10% French/Haitian/Cajun 1% 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: ▼ -201.22%
• Current HPI: 273.9779
• 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

-97.8% since first listed

16 events — show timeline

• 2026-05-21 Rental Removed $1,000 BUILDIUM
• 2026-05-01 Listed for Rent $1,000 BUILDIUM
• 2026-03-25 Pending — IRMLS
• 2026-03-12 Contingent — IRMLS
• 2026-03-09 Price Changed $69,900 IRMLS
• 2026-02-26 Listed $79,900 IRMLS
• 2022-02-18 Sold (MLS) $56,000 IRMLS
• 2021-11-28 Listed $59,999 IRMLS
• 2021-11-01 Listed $60,000 IRMLS
• 2021-07-06 Listed $61,999 IRMLS
• 2021-04-05 Listed $82,999 IRMLS
• 2019-05-07 Listed $47,600 IRMLS
• 2019-02-25 Listed $47,500 IRMLS
• 2018-10-04 Listed $49,999 IRMLS
• 2015-11-03 Listed $43,999 IRMLS
• 2014-09-16 Listed $46,200 IRMLS

Property tax history

-5.0%/yr

Latest (2024): $481 · -4.4% YoY. Source: county tax records.