925 Cottage Ave · Fort Wayne, IN 46807

$129,900

3 bd · 1.0 ba · 1,488 sqft · SingleFamily public records · 194 Days on market

Built 1926 5,227 sqft lot $87/sqft · 13% below area Est $150k · 13% under

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Why this score? — see what drove the D+ 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).

• ARV discount +13.5/15.0
• Cash flow +11.5/30.0
• Rent growth +4.6/5.0
• 1% rule +4.3/10.0
• Livability +4.2/5.0
• DSCR +3.4/10.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Fresh update & peace of mind! A recent waterline improvement has addressed prior basement concerns. Inside you will find 2 large bedrooms and a bathroom on the upper level, and a flexible floorplan on the main with the option to create a main floor bedroom or future suite. Move right in or personalize over time, this home offers space, character and opportunity at an affordable price point.

Key facts

• French doors
• Two car garage
• 5,227 sq ft lot

Tags

• DOWNSTAIRS FLEX BEDROOM
• FRENCH DOORS
• TWO CAR GARAGE
• BACK YARD LARGE ENOUGH

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $130k.

Deal economics

• At list price, monthly cash flow is $-43 ($-518/yr) — negative.
• To cash-flow at today's rent, offer at most $122k (5.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $121k (6.9% below list).
• Recommended offer: $114k (12.0% below list) — sets the bar for market timing.
• Cap rate 5.9% vs local median 4.7% in Fort Wayne — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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: South Wayne Elementary School (math 17% / reading 17%, grade F, #837 of 994 statewide, top 86%, 362 students, 88% FRL); Portage Middle School (math 8% / reading 18%, grade F, #304 of 330 statewide, top 94%, 436 students, 79% FRL); South Side High School (math 12% / reading 39%, grade F, #322 of 369 statewide, top 87%, 1,423 students, 73% FRL) — zoned schools average 80% FRL vs 60% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+8.2%/yr); 99 active listings in the ZIP; 35 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $898 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.

Negotiation context

• It's been on market 194 days — a 12% lower offer ($114k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $12k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $40k; list at $130k implies a 225% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1926 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $114,312 (12.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 194 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. Built in 1926 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. 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.
9. 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.
10. 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: 0.93% ✗
• Cap rate: 5.89%
• Cash-on-cash: -1.42%
• DSCR: 0.94
• GRM: 9.0

CMA / ARV

• ARV (median comp): $150,064
• List price: $129,900
• Delta: -13.44%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3124 Broadway	0.24mi	3/2.0	1,556 (+5%)	1mo	$159,900	$103	77
326 Arcadia Ct	0.59mi	3/1.0	1,526 (+3%)	1mo	$171,000	$112	67
1510 Waldron Cir	0.40mi	3/1.0	1,597 (+7%)	2mo	$179,900	$113	67
3314 Webster St	0.59mi	3/1.0	1,534 (+3%)	2mo	$153,000	$100	65
1020 W Oakdale Dr	0.38mi	3/2.0	1,600 (+8%)	1mo	$192,500	$120	65
721 W Oakdale Dr	0.43mi	3/1.5	1,344 (-10%)	2mo	$190,000	$141	61
709 W Oakdale Dr	0.43mi	3/1.5	1,640 (+10%)	2mo	$260,000	$159	59
1202 W Branning Ave	0.72mi	2/1.0 (-1)	1,448 (-3%)	1mo	$224,900	$155	56
3606 S Harrison St	0.71mi	3/1.5	1,555 (+4%)	2mo	$211,000	$136	56
443 French Ave	0.59mi	3/1.0	1,344 (-10%)	2mo	$124,000	$92	55
2027 Thompson Ave	0.70mi	3/1.0	1,320 (-11%)	1mo	$163,000	$123	48
4108 Tacoma Ave	0.73mi	3/0.5	1,358 (-9%)	2mo	$120,000	$88	48

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -12.5%
• Equity multiple: 0.52×
• Total profit: $-17,326
• Equity at exit: $19,369

10-year hold

• IRR: 3.3%
• Equity multiple: 1.30×
• Total profit: $10,786
• Equity at exit: $11,231

Cash invested: $36,372 (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 46807

• Rents YoY: 8.2%
• Active inventory: 99
• Price-to-rent: 9.0×

Monthly cashflow live

• Estimated rent: $1,209 high
• Mortgage (P&I): −$681
• Tax from tax record: −$263 /mo · $3,157/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$254
• Net cashflow: $-43

Break-even live

Break-even rent $1,264

Max offer price $122,279

Occupancy floor 99%

Sensitivity live

Price	-10% $30	-5% $-6	+0% $-43	+5% $-80	+10% $-117
Rent	-10% $-139	-5% $-91	+0% $-43	+5% $5	+10% $52
Rate	-1.0pp $22	-0.5pp $-10	base $-43	+0.5pp $-77	+1.0pp $-111

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: $32,475
• Closing costs: $3,897
• Reserves months: —
• Total cash needed: —

Rent comps 35 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
907 Lincoln Ave Fort Wayne, IN	2.0	1.0	1060	$850	$0.80	15d	1	0.17mi
3201 Dinnen Ave Fort Wayne, IN	2.0	1.0	986	$999	$1.01	15d	1	0.29mi
2431 Fox Ave Fort Wayne, IN	3.0	1.5	1522	$1,550	$1.02	15d	1	0.33mi
1235 Huestis Ave Unit A Fort Wayne, IN	2.0	1.0	1040	$950	$0.91	45d	1	0.33mi
1353 Huestis Ave Fort Wayne, IN	4.0	1.0	1328	$1,300	$0.98	15d	1	0.40mi
1360 Huestis Ave Fort Wayne, IN	3.0	1.0	1056	$1,080	$1.02	15d	1	0.42mi
2445 Fairfield Ave Fort Wayne, IN	2.0	1.5	950	$1,150	$1.21	15d	3	0.44mi
2430 Thompson Ave Fort Wayne, IN	2.0	1.0	1197	$975	$0.81	15d	1	0.45mi
1342 Guthrie St Fort Wayne, IN	3.0	1.0	1200	$899	$0.75	45d	1	0.51mi
309 W Leith St Unit 2 Fort Wayne, IN	2.0	1.0	900	$1,000	$1.11	45d	1	0.54mi
3008 Webster St Fort Wayne, IN	3.0	1.0	1344	$1,449	$1.08	23d	1	0.56mi
2133 Riedmiller Ave Fort Wayne, IN	3.0	1.0	1056	$1,050	$0.99	23d	1	0.60mi
227 W Darrow Ave Fort Wayne, IN	3.0	1.0	995	$1,000	$1.01	45d	1	0.67mi
3510 S Harrison St Fort Wayne, IN	3.0	1.0	1248	$975	$0.78	15d	1	0.71mi
116 E Pontiac St Fort Wayne, IN	3.0	1.5	1400	$1,175	$0.84	23d	1	0.74mi
1104 Stophlet St Fort Wayne, IN	3.0	1.5	1288	$1,400	$1.09	15d	1	0.76mi
309 W Williams St Unit 1 Fort Wayne, IN	2.0	1.0	900	$900	$1.00	23d	1	0.81mi
4201 S Wayne Ave Fort Wayne, IN	3.0	1.5	1252	$1,400	$1.12	23d	1	0.84mi
1332 Swinney Ave Fort Wayne, IN	2.0	1.0	1035	$1,300	$1.26	45d	1	0.86mi
217 W Masterson Ave Fort Wayne, IN	2.0	1.0	1100	$995	$0.90	23d	1	0.91mi
2530 Lafayette St Fort Wayne, IN	4.0	1.0	1816	$1,500	$0.83	45d	1	0.95mi
877 Lavina St Fort Wayne, IN	1.0–3.0	1.0–2.0	997	$2,980	$2.99	45d	17	1.01mi
603 Lavina St Fort Wayne, IN	3.0	2.0	1872	$1,899	$1.01	45d	1	1.04mi
451 E Pontiac St Fort Wayne, IN	3.0	1.0	1308	$1,050	$0.80	45d	1	1.06mi
1118 Rockhill St Fort Wayne, IN	3.0	3.0	1790	$2,300	$1.28	45d	1	1.07mi
420 E Dewald St Fort Wayne, IN	3.0	1.5	1472	$1,300	$0.88	45d	1	1.09mi
3801 Lafayette St Fort Wayne, IN	2.0	1.0	1116	$995	$0.89	15d	1	1.10mi
1250 Ewing St Fort Wayne, IN	2.0	1.0–2.0	980	$2,081	$2.12	23d	24	1.16mi
915 Garden St Fort Wayne, IN	2.0	2.0	1275	$1,650	$1.29	15d	1	1.21mi
4133 Lafayette St Fort Wayne, IN	4.0	2.0	1640	$1,400	$0.85	23d	1	1.24mi
901 W Wayne St Unit 3 Fort Wayne, IN	2.0	2.0	1312	$1,700	$1.30	45d	1	1.26mi
835 Van Buren St Fort Wayne, IN	2.0	1.0–2.0	750	$1,995	$2.66	15d	29	1.34mi
1024 Colerick St Fort Wayne, IN	4.0	1.0	1388	$1,065	$0.77	23d	1	1.45mi
112 W Washington Blvd Fort Wayne, IN	1.0–2.0	1.0–2.0	768	$1,500	$1.95	23d	2	1.48mi
859 Buchanan St Fort Wayne, IN	1.0–4.0	1.0	887	$1,074	$1.21	23d	1	1.50mi

Listing history 13 events

1. 2026-06-22
   days on market $129,900 Active 194 DOM
2. 2026-06-18
   days on market $129,900 Active 191 DOM
3. 2026-06-17
   days on market $129,900 Active 190 DOM
4. 2026-06-16
   days on market $129,900 Active 189 DOM
5. 2026-06-15
   days on market $129,900 Active 188 DOM
6. 2026-06-14
   days on market $129,900 Active 186 DOM
7. 2026-06-10
   remarks 687-char remark
8. 2026-06-10
   pricedays on market $129,900 Active 183 DOM
9. 2025-12-08
   price $139,900 399-char remark

   Show marketing remark (399 chars)

   Fresh update & peace of mind! A recent waterline improvement has addressed prior basement concerns. Inside you will find 2 large bedrooms and a bathroom on the upper level, and a flexible floorplan on the main with the option to create a main floor bedroom or future suite. Move right in or personalize over time, this home offers space, character and opportunity at an affordable price point.

10. 2025-11-26
    listed $142,000 Active 399-char remark

    Show marketing remark (399 chars)

    Fresh update & peace of mind! A recent waterline improvement has addressed prior basement concerns. Inside you will find 2 large bedrooms and a bathroom on the upper level, and a flexible floorplan on the main with the option to create a main floor bedroom or future suite. Move right in or personalize over time, this home offers space, character and opportunity at an affordable price point.

11. 2025-05-02
    listed $130,000 Active
12. 2012-09-07
    soldstatus $40,000
13. 2010-05-25
    soldstatus $40,000

ⓘ 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: $3,157 · $263/mo
• Projected year-2 tax: $3,157 · $263/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: $14,511
• − Mortgage interest: −$7,276
• − Property taxes: −$3,157
• − Insurance: −$650
• − Repairs & maintenance: −$1,161
• − Management: −$1,161
• − Depreciation: −$3,779
• Taxable loss: −$2,673
• Est. tax savings @ 24.0%: +$642
• After-tax cash flow: $124/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): 16,317
• Household income: $58,685
• Rent vs Own: 39.7% rent · 60.3% own
• Severe rent burden: 680.0

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 0.66)
• Race & ethnicity: White 54% Two or more races 19% Hispanic / Latino 16% Black 14% Asian 4%
• Hispanic origin (detail): Mexican 15%
• Common ancestry: Slovak 3% Lithuanian 3% Romanian 2%
• Foreign-born: 9% · Canada, Philippines, Jamaica
• Languages at home: 82% English-only · Spanish 13% Other Asian/Pacific 4% German/W. Germanic 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: ▼ -318.66%
• Current HPI: 272.6238
• Rent YoY: ▲ 8.24%
• 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

+249.8% since first listed

5 events — show timeline

• 2025-12-08 Price Changed $139,900 IRMLS
• 2025-11-26 Listed $142,000 IRMLS
• 2025-05-02 Listed $130,000 IRMLS
• 2012-09-07 Sold (Public Records) $40,000 Public Records
• 2010-05-25 Sold (Public Records) $40,000 Public Records

Property tax history

+16.6%/yr

Latest (2024): $3,157 · -1.9% YoY. Source: county tax records.