Lancia's Addyson Plan · Fort Wayne, IN 46845

$274,300

4 bd · 2.5 ba · 2,264 sqft · SingleFamily · 300 Days on market

Good condition $50/mo HOA · 2% of rent

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Why this score? — see what drove the F 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 +7.5/15.0
• Rent growth +5.0/5.0
• Cash flow +4.9/30.0
• Schools +4.9/10.0
• Livability +4.2/5.0
• Condition / age +4.0/5.0
• 1% rule +0.9/10.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

THIS IS A SAMPLE PLAN - THIS IS NOT A HOME FOR SALE. Lancia's Addyson has all bedrooms upstairs with a cathedral ceiling in the owner suite bedroom. Laundry upstairs. Kitchen has an island, breakfast bar, walk-in pantry, and 36" lower cabinet space for appliances. Office-Bonus Room off the front door with a single French Door and closet storage. * Base price does not include land

Key facts

• Laundry upstairs
• Cathedral ceiling
• Walk-in pantry

Tags

• CATHEDRAL CEILING
• LAUNDRY UPSTAIRS
• WALK-IN PANTRY
• OFFICE BONUS ROOM

🏗️ New construction. The $274,300 list price is a builder figure, so every metric below is computed on the value from comparable previous sales — $422,565.

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath single-family listed at $274k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-1k ($-12k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $248k (9.7% below list).
• Recommended offer: $241k (12.0% below list) — sets the bar for market timing.
• Cap rate 3.4% vs local median 4.8% in Fort Wayne — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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+.
• 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.
• Market conditions: Rents rising fast (+10.5%/yr); 220 active listings in the ZIP; 2 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $13k 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 300 days — a 12% lower offer ($241k) is reasonable based on typical stale-listing flexibility.

Recommended offer $241,384 (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 300 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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: 0.59% ✗
• Cap rate: 3.41%
• Cash-on-cash: -10.29%
• DSCR: 0.54
• GRM: 14.2

CMA / ARV

• ARV (median comp): $422,565
• List price: $274,300
• Delta: -35.09%
• 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
606 Grantham Psge	0.12mi	3/2.0 (-1)	2,259 (-0%)	4mo	$557,000	$247	83
11718 Grand River Dr	0.27mi	3/2.5 (-1)	2,284 (+1%)	1mo	$371,828	$163	80
650 Grantham Psge	0.10mi	3/2.0 (-1)	2,162 (-4%)	3mo	$540,000	$250	78
12057 Falcatta Dr	0.40mi	4/2.5	2,241 (-1%)	1mo	$429,320	$192	78
11233 Shalimar Dr	0.33mi	4/2.5	2,120 (-6%)	2mo	$325,000	$153	73
280 Montalcino Run	0.42mi	5/2.5 (+1)	2,340 (+3%)	1mo	$440,000	$188	69
377 Carrara Cv	0.36mi	4/2.5	2,444 (+8%)	2mo	$449,900	$184	69
11935 Falcatta Dr	0.40mi	4/2.5	2,125 (-6%)	3mo	$384,900	$181	69
495 Merriweather Psge	0.16mi	4/2.5	1,938 (-14%)	1mo	$350,000	$181	68
12124 Wellingham Ct	0.50mi	4/2.5	2,452 (+8%)	3mo	$330,000	$135	60
12920 Jade Cv	0.69mi	3/2.0 (-1)	2,217 (-2%)	0mo	$410,000	$185	57
244 Sepia Way	0.72mi	3/2.0 (-1)	2,065 (-9%)	0mo	$415,900	$201	44

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: -29.4%
• Equity multiple: -0.01×
• Total profit: $-119,918
• Equity at exit: $63,006

10-year hold

• IRR: -16.0%
• Equity multiple: -0.08×
• Total profit: $-127,770
• Equity at exit: $36,536

Cash invested: $118,318 (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 46845

• Home prices YoY: -34.6%
• Rents YoY: 10.5%
• Active inventory: 220
• Price-to-rent: 9.2×

Monthly cashflow live

• Estimated rent: $2,476 medium
• Mortgage (P&I): −$2,216
• Tax est. 1.5%: −$528 /mo · $6,338/yr
• Insurance: −$176
• HOA: −$50
• Vacancy / Maint / Mgmt: −$520
• Net cashflow: $-1,014

Break-even live

Break-even rent $3,760

Max offer price $275,804

Occupancy floor —

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: $105,641
• Closing costs: $12,677
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
401 Augusta Way Fort Wayne, IN	1.0–3.0	1.0–2.0	1198	$1,765	$1.47	13d	14	1.35mi
562 Highfields Cv Fort Wayne, IN	4.0	2.5	2413	$2,700	$1.12	21d	1	1.44mi

HOA detail

• Monthly dues: $50 · $600/yr

Listing history 17 events

1. 2026-06-18
   days on market $274,300 Active 300 DOM
2. 2026-06-17
   days on market $274,300 Active 299 DOM
3. 2026-06-16
   days on market $274,300 Active 298 DOM
4. 2026-06-15
   days on market $274,300 Active 297 DOM
5. 2026-06-14
   days on market $274,300 Active 295 DOM
6. 2026-06-13
   days on market $274,300 Active 294 DOM
7. 2026-06-10
   days on market $274,300 Active 292 DOM
8. 2026-06-09
   days on market $274,300 Active 291 DOM
9. 2026-06-08
   days on market $274,300 Active 290 DOM
10. 2026-06-07
    days on market $274,300 Active 289 DOM
11. 2026-06-03
    days on market $274,300 Active 285 DOM
12. 2026-06-02
    pricedays on market $274,300 Active 284 DOM
13. 2026-06-01
    days on market $269,200 Active 283 DOM
14. 2026-05-31
    days on market $269,200 Active 282 DOM
15. 2026-05-30
    days on market $269,200 Active 281 DOM
16. 2026-02-09
    price $269,200 387-char remark

    Show marketing remark (387 chars)

    THIS IS A SAMPLE PLAN - THIS IS NOT A HOME FOR SALE. Lancia's Addyson has all bedrooms upstairs with a cathedral ceiling in the owner suite bedroom. Laundry upstairs. Kitchen has an island, breakfast bar, walk-in pantry, and 36" lower cabinet space for appliances. Office-Bonus Room off the front door with a single French Door and closet storage. * Base price does not include land

17. 2025-08-22
    listed $267,200 Active 387-char remark

    Show marketing remark (387 chars)

    THIS IS A SAMPLE PLAN - THIS IS NOT A HOME FOR SALE. Lancia's Addyson has all bedrooms upstairs with a cathedral ceiling in the owner suite bedroom. Laundry upstairs. Kitchen has an island, breakfast bar, walk-in pantry, and 36" lower cabinet space for appliances. Office-Bonus Room off the front door with a single French Door and closet storage. * Base price does not include land

ⓘ 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 (shaded) · 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: $29,712
• − Mortgage interest: −$23,670
• − Property taxes: −$6,338
• − Insurance: −$2,113
• − Repairs & maintenance: −$2,377
• − Management: −$2,377
• − HOA: −$600
• − Depreciation: −$12,293
• Taxable loss: −$20,057
• Est. tax savings @ 24.0%: +$4,814
• After-tax cash flow: $-7,357/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 · 12 photos

Good 80/100 Cosmetic rehab

This home is in good condition with a modern and well-maintained interior and exterior. It is move-in ready and would benefit from a fresh coat of paint on the exterior trim to enhance its curb appeal.

Value-add opportunities

• Resale Paint exterior trim — Fresh paint can enhance curb appeal and home value.
• Rental Inspect and clean gutters — Clean gutters improve drainage and reduce maintenance costs for tenants.

Renovation cost estimate screening

Value-add ROI direction

• Resale Paint exterior trim — Fresh paint can enhance curb appeal and home value. ↑
• Rental Inspect and clean gutters — Clean gutters improve drainage and reduce maintenance costs for tenants. ↑

ⓘ 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: Northwest Allen County Schools
• NCES district ID: 1808250
• Math proficiency: 51% ▼ -6.00%
• Reading proficiency: 58% ▼ -5.00%
• Median HH income: $78,952
• Composite: 49.26/100
• National rank: #2027
• State rank: #25 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

• County: Allen County · 326,813 people
• City population: 326,813
• Metro: Fort Wayne, IN
• Population (ZIP): 29,583
• Household income: $112,676
• Rent vs Own: 16.0% rent · 84.0% own
• Severe rent burden: 467.0

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 (86%)
• Race & ethnicity: White 86% Asian 4% Two or more races 4% Hispanic / Latino 3% Black 3%
• Common ancestry: Italian 4% Romanian 3% Lithuanian 3%
• Foreign-born: 5% · Vietnam, Canada, China
• Languages at home: 93% English-only · Spanish 2% Chinese 1% Vietnamese 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: ▼ -112.27%
• Current HPI: 212.3516
• Rent YoY: ▲ 10.47%
• 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

+0.7% since first listed

2 events — show timeline

• 2026-02-09 Price Changed $269,200 Zillow
• 2025-08-22 Listed $267,200 Zillow