5228 Camelot Dr · Fort Wayne, IN 46815

$204,900

5 bd · 2.5 ba · 1,786 sqft · SingleFamily public records · 46 Days on market

Built 1965 0.41 ac lot $115/sqft · 13% below area Est $236k · 13% under ↓ 15% since listing

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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 +18.7/30.0
• ARV discount +13.5/15.0
• DSCR +5.9/10.0
• 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

Listing remarks

Price Improvement! Spacious and versatile five bedroom home offering approximately 1,800 square feet of flexible living space on a rare double lot. This expanded ranch features a flexible floor plan with both a living room and separate family room, providing multiple spaces for everyday living, entertaining, hobbies, home offices, or guest accommodations. The centrally located eat in kitchen serves as the heart of the home and connects easily to the surrounding living areas. With up to five bedrooms available, the layout offers outstanding versatility for a variety of household needs. Recent improvements include flooring updates in the primary bedroom and updates to the rear full bathroom.

Key facts

• Eat in kitchen
• Generous yard space
• 0.41 acre lot

Tags

• FLEXIBLE LIVING SPACE
• MULTIPLE GATHERING SPACES
• EAT IN KITCHEN
• PRIVATE BACKYARD RETREAT
• DECK AND SCREENED PORCH
• GENEROUS YARD SPACE

Property features AI

Finance

• Financial info: Annual tax: $2,178

Exterior

• Parking: Attached garage; Garage with garage door opener; Concrete driveway
• Utilities: Public water; Public sewer; Cable available
• Home design: Single-family residence; Site-built home; One story
• Construction: Aluminum siding; Asphalt shingle roof; Slab foundation; Built area above grade: 1,786
• Exterior features: Deck; Patio; Covered porch; Porch; Fire pit; Shed(s); Located on a cul-de-sac

Interior

• Kitchen: Eat-in kitchen; Disposal; Microwave; Refrigerator; Electric range; Laminate counters
• Bedrooms: Total rooms: 8
• Flooring: Carpet; Laminate; Tile
• Bathrooms: Two full bathrooms; One half bathroom; Three main-level bathrooms
• Heating & cooling: Electric heating; Ceiling heating; Radiant heating; Window cooling units; Multiple cooling units; Wall cooling units
• Interior features: Eat-in kitchen; Laminate counters; Disposal; Microwave; Refrigerator; Electric range; Electric water heater; Water heater; Fireplace or fire pit (outdoor)
• Laundry & utility: Washer hookup; Electric dryer hookup; Main-level laundry; Washer; Dryer

What this means for you Summary

Snapshot

• This is a 5-bed/2.5-bath single-family listed at $205k.

Deal economics

• At list price, monthly cash flow is $201 ($2k/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 $197k (4.1% below list).
• Recommended offer: $197k (4.1% below list) — sets the bar for 1% rule.
• Cap rate 7.5% 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-, 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: 101 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 40% 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 32% of the median local income ($73k/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 $1k of loan paydown is wiped out by about $6k 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 46 days — a 3% lower offer ($199k) is reasonable based on typical stale-listing flexibility.

Recommended offer $196,538 (4.1% below list)

Questions for the listing agent

1. It's been on market 46 days. Have you received any prior offers? Is the seller open to a 4% concession, seller financing, or rate buy-down credit?
2. Built in 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 0.96% ✗
• Cap rate: 7.47%
• Cash-on-cash: 4.21%
• DSCR: 1.19
• GRM: 8.7

CMA / ARV

• ARV (median comp): $236,394
• List price: $204,900
• Delta: -13.32%
• 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
4828 E State St	0.27mi	4/1.5 (-1)	1,768 (-1%)	15mo	$140,000	$79	64
5708 Countess Dr Dr	0.48mi	4/2.5 (-1)	1,696 (-5%)	3mo	$245,000	$144	62
5709 Monarch Dr	0.30mi	4/2.0 (-1)	2,000 (+12%)	1mo	$244,000	$122	58
4920 Desoto Dr	0.44mi	4/2.0 (-1)	1,738 (-3%)	13mo	$212,687	$122	57
1903 Coronet Dr	0.35mi	4/2.0 (-1)	1,580 (-12%)	7mo	$233,000	$147	52
6033 Monarch Dr	0.53mi	4/2.5 (-1)	1,990 (+11%)	5mo	$279,900	$141	47
6105 Cordava Ct	0.57mi	4/2.5 (-1)	1,962 (+10%)	7mo	$215,000	$110	46
1612 Randford Pl	0.75mi	4/2.5 (-1)	1,920 (+8%)	13mo	$260,000	$135	37
5002 Vance Ave	0.47mi	4/2.0 (-1)	1,618 (-9%)	24mo	$222,000	$137	36
3311 Jonquil Dr	0.66mi	4/2.5 (-1)	1,985 (+11%)	12mo	$200,000	$101	35
1915 Mathias St	0.73mi	4/1.5 (-1)	2,007 (+12%)	7mo	$237,500	$118	31
2410 Inwood Dr	0.68mi	4/2.0 (-1)	2,031 (+14%)	12mo	$240,000	$118	28

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: -9.7%
• Equity multiple: 0.64×
• Total profit: $-20,381
• Equity at exit: $30,551

10-year hold

• IRR: -0.3%
• Equity multiple: 0.98×
• Total profit: $-1,266
• Equity at exit: $17,716

Cash invested: $57,372 (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 46815

• Active inventory: 101
• Price-to-rent: 8.7×

Monthly cashflow live

• Estimated rent: $1,965 high
• Mortgage (P&I): −$1,075
• Tax from tax record: −$191 /mo · $2,295/yr
• Insurance: −$85
• HOA: −$0
• Vacancy / Maint / Mgmt: −$413
• Net cashflow: $201

Break-even live

Break-even rent $1,710

Max offer price $204,900

Occupancy floor 85%

Sensitivity live

Price	-10% $317	-5% $259	+0% $201	+5% $143	+10% $85
Rent	-10% $46	-5% $124	+0% $201	+5% $279	+10% $357
Rate	-1.0pp $305	-0.5pp $254	base $201	+0.5pp $148	+1.0pp $94

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: $51,225
• Closing costs: $6,147
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4920 Desoto Dr Fort Wayne, IN	4.0	2.0	1738	$1,924	$1.11	14d	1	0.44mi
3715 Marigold Dr Fort Wayne, IN	4.0	2.5	2535	$2,200	$0.87	44d	1	1.23mi
1919 Bear Paw Dr Fort Wayne, IN	4.0	3.0	1792	$1,950	$1.09	14d	1	1.24mi
3226 Arrowwood Dr Fort Wayne, IN	4.0	2.0	2096	$1,949	$0.93	44d	1	1.26mi
2020 Hobson Rd Fort Wayne, IN	2.0–4.0	1.0–2.0	1340	$1,425	$1.06	14d	7	1.33mi

Listing history 14 events

1. 2026-06-16
   days on market $204,900 Active 46 DOM
2. 2026-06-15
   days on market $204,900 Active 45 DOM
3. 2026-06-14
   days on market $204,900 Active 43 DOM
4. 2026-06-10
   pricedays on market $204,900 Active 40 DOM
5. 2026-06-09
   days on market $224,900 Active 39 DOM
6. 2026-06-08
   days on market $224,900 Active 38 DOM
7. 2026-06-07
   days on market $224,900 Active 37 DOM
8. 2026-06-03
   days on market $224,900 Active 33 DOM
9. 2026-06-02
   days on market $224,900 Active 32 DOM
10. 2026-06-01
    days on market $224,900 Active 31 DOM
11. 2026-05-31
    days on market $224,900 Active 30 DOM
12. 2026-05-30
    days on market $224,900 Active 29 DOM
13. 2026-05-18
    price $224,900 1844-char remark
14. 2026-05-01
    listed $239,900 Active 1844-char remark

ⓘ 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: $2,295 · $191/mo
• Projected year-2 tax: $2,295 · $191/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: $23,585
• − Mortgage interest: −$11,478
• − Property taxes: −$2,295
• − Insurance: −$1,024
• − Repairs & maintenance: −$1,887
• − Management: −$1,887
• − Depreciation: −$5,961
• Taxable loss: −$947
• Est. tax savings @ 24.0%: +$227
• After-tax cash flow: $2,645/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): 27,238
• Household income: $73,239
• Rent vs Own: 24.9% rent · 75.1% own
• Severe rent burden: 604.0

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 (78%)
• Race & ethnicity: White 78% Black 9% Two or more races 7% Asian 5% Hispanic / Latino 4%
• Common ancestry: Italian 2% Lithuanian 2% Romanian 2%
• Foreign-born: 4% · Philippines, Canada
• Languages at home: 93% English-only · Other Asian/Pacific 4% Spanish 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: ▼ -219.81%
• Current HPI: 245.2095
• 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

-14.6% since first listed

3 events — show timeline

• 2026-06-09 Price Changed $204,900 IRMLS
• 2026-05-18 Price Changed $224,900 IRMLS
• 2026-05-01 Listed $239,900 IRMLS

Property tax history

+6.8%/yr

Latest (2024): $2,295 · +6.4% YoY. Source: county tax records.