10920 Auburn Rd

Fort Wayne, IN 46845

$329,900D

3 bd · 2.0 ba · 2,757 sqft · Built 1954 · SingleFamily · Active · 34 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,343/mo
• Mortgage (P&I): −$1,730
• Tax + insurance: −$339
• HOA: −$0
• Vac / Maint / Mgmt: −$492
• Net cashflow: $-218/mo
• Annual: $-2,618/yr
• Cap rate: 5.50%
• Cash-on-cash: -2.83%
• DSCR: 0.87
• 1% rule: 0.71%
• Cash to close: $92,372

Investor read

• This is a 3-bed/2.0-bath single-family listed at $330k.
• At list price, monthly cash flow is $-218 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $291k (11.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $234k (29.0% below list).
• It's been on market 34 days — a 3% lower offer ($320k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $234k (29.0% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• 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+.
• Northwest Allen County Schools (rural): math 51% / reading 58% proficiency, ranked #25 of 301 in IN (top 8%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 11% free/reduced lunch — higher-income household profile.
• Zoned schools: Perry Hill Elementary School (math 58% / reading 54%, grade C+, #183 of 994 statewide, top 19%, 544 students, 19% FRL); Maple Creek Middle School (math 41% / reading 60%, grade C, #43 of 330 statewide, top 14%, 957 students, 14% FRL); Carroll High School (math 59% / reading 86%, grade B+, #10 of 369 statewide, top 3%, 2,554 students, 21% FRL).
• Watch-outs: built in 1954 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+10.5%/yr); 224 active listings in the ZIP; 1 comparable units currently listed for rent nearby; high-income renter base; 1,861 units permitted in Allen County in 2024 (576 in 5+ unit buildings).
• Allen County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 2 sale attempts since 8y ago 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.
• Current owner paid $142k; list at $330k implies a 132% gain — meaningful room to come down on a strong offer.

Questions for listing agent

• 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?
• It's been on market 34 days. Have you received any prior offers? Is the seller open to a 29% concession, seller financing, or rate buy-down credit?
• Built in 1954 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.
• 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.