5021 Ester Dr Unit EST5021 · Fort Wayne, IN 46816

$25,600

3 bd · 2.0 ba · 896 sqft · Manufactured · 30 Days on market

Built 2026 Fair condition

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +4.2/5.0
• Schools +3.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

* THIS IS A RESALE LISTING * This welcoming, well-maintained 3 bedroom, 1 bathroom home is a perfect place to raise your family. For your convenience, we have onsite community management to assist you when you need it. With our family-friendly community amenities such as a playground, community events, and , your family will be excited to live here. This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

Key facts

• Built 2026
• Listed 29 days

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $26k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $656 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $26k).
• Recommended offer: $25k (1.5% below list) — sets the bar for market timing.
• Cap rate 37.0% 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+.
• East Allen County Schools (suburban): math 36% / reading 47% proficiency, ranked #122 of 301 in IN (top 40%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 50 active listings in the ZIP; 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 $177 of loan paydown is wiped out by about $768 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 $7k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 30 days — a 2% lower offer ($25k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Recommended offer $25,216 (1.5% below list)

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
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: 4.12% ✓
• Cap rate: 37.02%
• Cash-on-cash: 109.75%
• DSCR: 5.88
• GRM: 2.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 6.25×
• Total profit: $37,621
• Equity at exit: $3,817

10-year hold

• IRR: —
• Equity multiple: 13.08×
• Total profit: $86,589
• Equity at exit: $2,213

Cash invested: $7,168 (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 46816

• Home prices YoY: -27.9%
• Active inventory: 50
• Price-to-rent: 2.0×

Monthly cashflow live

• Estimated rent: $1,054 medium
• Mortgage (P&I): −$134
• Tax est. 1.5%: −$32 /mo · $384/yr
• Insurance: −$11
• HOA: −$0
• Vacancy / Maint / Mgmt: −$221
• Net cashflow: $656

Break-even live

Break-even rent $224

Max offer price $25,600

Occupancy floor 33%

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: $6,400
• Closing costs: $768
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-06-03
   days on market $25,600 Active 30 DOM
2. 2026-06-02
   days on market $25,600 Active 29 DOM
3. 2026-06-01
   pricedays on market $25,600 Active 28 DOM
4. 2026-05-31
   days on market $25,100 Active 27 DOM
5. 2026-05-30
   days on market $25,100 Active 26 DOM
6. 2026-05-07
   status Active 499-char remark

   Show marketing remark (499 chars)

   * THIS IS A RESALE LISTING * This welcoming, well-maintained 3 bedroom, 1 bathroom home is a perfect place to raise your family. For your convenience, we have onsite community management to assist you when you need it. With our family-friendly community amenities such as a playground, community events, and , your family will be excited to live here. This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

7. 2026-04-18
   historical 499-char remark

   Show marketing remark (499 chars)

   * THIS IS A RESALE LISTING * This welcoming, well-maintained 3 bedroom, 1 bathroom home is a perfect place to raise your family. For your convenience, we have onsite community management to assist you when you need it. With our family-friendly community amenities such as a playground, community events, and , your family will be excited to live here. This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

8. 2026-04-14
   listed $25,100 Active 499-char remark

   Show marketing remark (499 chars)

   * THIS IS A RESALE LISTING * This welcoming, well-maintained 3 bedroom, 1 bathroom home is a perfect place to raise your family. For your convenience, we have onsite community management to assist you when you need it. With our family-friendly community amenities such as a playground, community events, and , your family will be excited to live here. This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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: $12,645
• − Mortgage interest: −$1,434
• − Property taxes: −$384
• − Insurance: −$128
• − Repairs & maintenance: −$1,012
• − Management: −$1,012
• − Depreciation: −$745
• Taxable income: $7,931
• Est. tax owed @ 24.0%: −$1,904
• After-tax cash flow: $5,963/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.

Condition & rehab AI · 2 photos

Fair 45/100 Moderate rehab

This manufactured home requires significant exterior and interior repairs, including painting, siding replacement, and roof repair. HVAC maintenance or replacement is also needed. While the property is currently well-maintained, these updates would significantly increase its resale and rental value.

Repairs flagged

• Major siding — Significant wear and tear
• Major roof — Aged appearance
• Major HVAC — No visible system, likely needs maintenance

Value-add opportunities

• Both paint exterior and interior — Fresh paint enhances curb appeal and interior aesthetics
• Both replace siding — New siding improves curb appeal and structural integrity
• Both replace roof — A new roof ensures durability and protects the home
• Both HVAC maintenance or replacement — A functional HVAC system ensures comfort and energy efficiency

Renovation cost estimate screening

Repair item	Severity	Est. cost
siding · Significant wear and tear	Major	$15,000–50,000
roof · Aged appearance	Major	$15,000–50,000
HVAC · No visible system, likely needs maintenance	Major	$15,000–50,000
Total estimated repair cost · 3 items		$45,000–150,000

Value-add ROI direction

• Both paint exterior and interior — Fresh paint enhances curb appeal and interior aesthetics ↑
• Both replace siding — New siding improves curb appeal and structural integrity ↑
• Both replace roof — A new roof ensures durability and protects the home ↑
• Both HVAC maintenance or replacement — A functional HVAC system ensures comfort and energy efficiency ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: East Allen County Schools
• NCES district ID: 1802850
• Math proficiency: 36% ▼ -8.00%
• Reading proficiency: 47% ▼ -4.00%
• Median HH income: $50,524
• Composite: 35.75/100
• National rank: #4849
• State rank: #122 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): 19,514
• Household income: $45,343
• Rent vs Own: 45.5% rent · 54.5% own
• Severe rent burden: 921.0

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: Highly diverse neighborhood (Simpson 0.74)
• Race & ethnicity: White 34% Black 30% Asian 20% Hispanic / Latino 11% Two or more races 8%
• Hispanic origin (detail): Mexican 9%
• Common ancestry: Portuguese 2% Italian 2% Romanian 1%
• Foreign-born: 21% · Philippines, Canada, China
• Languages at home: 73% English-only · Other Asian/Pacific 16% Spanish 10%

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: ▼ -108.64%
• Current HPI: 279.9884
• 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

3 events — show timeline

• 2026-05-07 Relisted — Zillow
• 2026-04-18 Delisted — Zillow
• 2026-04-14 Listed $25,100 Zillow