1828 Mary St · Fort Wayne, IN 46808

$110,000

3 bd · 1.5 ba · 1,190 sqft · SingleFamily public records · 3 Days on market

Built 1925 6,299 sqft lot Est $149k · 26% under

---

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 +28.2/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +7.3/10.0
• Rent growth +4.2/5.0
• Livability +4.2/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• Appreciation +0.0/10.0

Listing remarks

Investor special with plenty of potential! This 3-bedroom, 1.5-bath home is ready for a complete renovation. Previously used as a rental property, portions of the home have been gutted in preparation for remodeling, but the project was never completed. Featuring a fenced yard, 2-car garage, and convenient location near downtown, shopping, dining, and parks. Whether you’re looking for your next flip, rental, or renovation project, this property offers an opportunity to add value. Property is being sold AS-IS.

Key facts

• Fenced yard
• Complete renovation
• 6,299 sq ft lot

Tags

• FENCED YARD
• COMPLETE RENOVATION
• OPPORTUNITY TO ADD VALUE

Property features AI

Exterior

• Parking: Detached off-street garage; 2 garage spaces
• Utilities: Public water; Public sewer
• Home design: Single-family site-built home; One story
• Construction: Aluminum siding; Vinyl siding
• Exterior features: Wood fencing; Level lot; Lot dimensions approximately 45 x 140

Interior

• Kitchen: Refrigerator; Gas oven
• Bedrooms: Total of 6 rooms (bedroom count not specified)
• Bathrooms: 1 full bathroom; 1 half bathroom; 2 main-level bathrooms
• Heating & cooling: Baseboard heating; No central air conditioning
• Interior features: Refrigerator; Gas oven; Crawl space/partial basement
• Laundry & utility: Laundry on the main level

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $110k.

Deal economics

• At list price, monthly cash flow is $348 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $110k).
• Cap rate 10.1% 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-, 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: Washington Elementary School (math 27% / reading 17%, grade F, #790 of 994 statewide, top 81%, 238 students, 74% FRL); Portage Middle School (math 8% / reading 18%, grade F, #304 of 330 statewide, top 94%, 436 students, 79% FRL); Wayne High School (math 17% / reading 52%, grade F, #270 of 369 statewide, top 77%, 1,419 students, 68% FRL).
• Market conditions: Rents rising fast (+7.0%/yr); 87 active listings in the ZIP; 25 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 44% 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 31% of the median local income ($53k/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 $761 of loan paydown is wiped out by about $3k 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 + 7.0% rent growth), your $31k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 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.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $110,000

Questions for the listing agent

1. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 1.23% ✓
• Cap rate: 10.09%
• Cash-on-cash: 13.57%
• DSCR: 1.60
• GRM: 6.7

CMA / ARV

• ARV (on-the-fly): $148,750
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1603 Howell St	0.31mi	3/1.5	1,188 (-0%)	0mo	$129,900	$109	85
2322 Montclair Ave	0.25mi	3/2.0	1,170 (-2%)	6mo	$72,000	$62	79
1706 3rd St	0.41mi	2/1.0 (-1)	1,199 (+1%)	2mo	$150,000	$125	71
1316 Sinclair St	0.53mi	3/1.0	1,208 (+2%)	3mo	$135,000	$112	68
1318 Burgess St	0.42mi	2/1.0 (-1)	1,152 (-3%)	1mo	$57,000	$49	67
1905 W Main St	0.21mi	4/1.5 (+1)	1,320 (+11%)	3mo	$128,250	$97	65
1646 Spring St	0.55mi	3/1.0	1,268 (+7%)	2mo	$199,900	$158	60
1901 Emma Ave	0.68mi	3/1.5	1,252 (+5%)	3mo	$174,900	$140	57
1214 Spring St	0.71mi	3/1.0	1,164 (-2%)	5mo	$154,500	$133	57
1701 Fairhill Rd	0.69mi	3/1.5	1,320 (+11%)	4mo	$139,000	$105	46
1625 Emerson Ave	0.65mi	3/1.5	1,304 (+10%)	10mo	$180,000	$138	46
1653 N Highlands Blvd	0.64mi	3/1.5	1,360 (+14%)	3mo	$230,000	$169	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 · 6.98% rent growth · sell at horizon

5-year hold

• IRR: 7.9%
• Equity multiple: 1.33×
• Total profit: $10,015
• Equity at exit: $16,401

10-year hold

• IRR: 20.3%
• Equity multiple: 3.03×
• Total profit: $62,482
• Equity at exit: $9,511

Cash invested: $30,800 (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 46808

• Rents YoY: 7.0%
• Active inventory: 87
• Price-to-rent: 6.7×

Monthly cashflow live

• Estimated rent: $1,358 high
• Mortgage (P&I): −$577
• Tax from tax record: −$102 /mo · $1,225/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$285
• Net cashflow: $348

Break-even live

Break-even rent $917

Max offer price $110,000

Occupancy floor 69%

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: $27,500
• Closing costs: $3,300
• Reserves months: —
• Total cash needed: —

Rent comps 25 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1626 Howell St Unit 201 Fort Wayne, IN	3.0	2.0	1200	$1,700	$1.42	21d	1	0.31mi
1502 3rd St Fort Wayne, IN	3.0	1.5	1344	$1,650	$1.23	13d	1	0.53mi
1915 Ellen Ave Fort Wayne, IN	2.0	1.0	1100	$950	$0.86	13d	1	0.65mi
915 Garden St Fort Wayne, IN	2.0	2.0	1275	$1,650	$1.29	13d	1	0.68mi
1704 Sprunger Ave Fort Wayne, IN	3.0	1.0	1141	$1,400	$1.23	43d	1	0.68mi
1437 Oakland St Fort Wayne, IN	3.0	1.0	1000	$1,250	$1.25	43d	1	0.79mi
901 W Wayne St Unit 3 Fort Wayne, IN	2.0	2.0	1312	$1,700	$1.30	43d	1	0.89mi
706 3rd St Unit 1 Fort Wayne, IN	2.0	1.0	930	$995	$1.07	43d	1	0.93mi
835 Van Buren St Fort Wayne, IN	2.0	1.0–2.0	750	$1,995	$2.66	13d	29	0.94mi
1332 Swinney Ave Fort Wayne, IN	2.0	1.0	1035	$1,300	$1.26	43d	1	0.96mi
877 Lavina St Fort Wayne, IN	1.0–3.0	1.0–2.0	997	$2,980	$2.99	43d	17	1.07mi
1104 Stophlet St Fort Wayne, IN	3.0	1.5	1288	$1,400	$1.09	13d	1	1.11mi
702 Archer Ave Fort Wayne, IN	3.0	1.5	1273	$1,499	$1.18	44d	1	1.16mi
2215 Ontario St Fort Wayne, IN	3.0	1.0	850	$975	$1.15	43d	1	1.16mi
2133 Riedmiller Ave Fort Wayne, IN	3.0	1.0	1056	$1,050	$0.99	21d	1	1.20mi
1250 Ewing St Fort Wayne, IN	2.0	1.0–2.0	980	$2,081	$2.12	21d	24	1.27mi
1342 Guthrie St Fort Wayne, IN	3.0	1.0	1200	$899	$0.75	43d	1	1.28mi
2136 Miner St #2 Fort Wayne, IN	2.0	1.0	850	$1,200	$1.41	43d	1	1.34mi
2430 Thompson Ave Fort Wayne, IN	2.0	1.0	1197	$975	$0.81	13d	1	1.37mi
1360 Huestis Ave Fort Wayne, IN	3.0	1.0	1056	$1,080	$1.02	13d	1	1.39mi
1353 Huestis Ave Fort Wayne, IN	4.0	1.0	1328	$1,300	$0.98	13d	1	1.41mi
1322 Fay Dr Fort Wayne, IN	2.0	1.0	792	$950	$1.20	21d	1	1.46mi
1235 Huestis Ave Unit A Fort Wayne, IN	2.0	1.0	1040	$950	$0.91	43d	1	1.46mi
112 W Washington Blvd Fort Wayne, IN	1.0–2.0	1.0–2.0	768	$1,500	$1.95	21d	2	1.46mi
1320 Fay Dr Fort Wayne, IN	2.0	1.0	792	$800	$1.01	13d	1	1.46mi

Listing history 4 events

1. 2026-06-18
   days on market $110,000 Active 3 DOM
2. 2026-06-17
   days on market $110,000 Active 2 DOM
3. 2026-06-15
   remarks 513-char remark
4. 2026-06-15
   listed $110,000 Active 1 DOM

ⓘ 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: $1,225 · $102/mo
• Projected year-2 tax: $1,225 · $102/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: $16,300
• − Mortgage interest: −$6,162
• − Property taxes: −$1,225
• − Insurance: −$550
• − Repairs & maintenance: −$1,304
• − Management: −$1,304
• − Depreciation: −$3,200
• Taxable income: $2,555
• Est. tax owed @ 24.0%: −$613
• After-tax cash flow: $3,566/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): 19,684
• Household income: $53,359
• Rent vs Own: 39.4% rent · 60.6% own
• Severe rent burden: 625.0

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 (71%)
• Race & ethnicity: White 71% Hispanic / Latino 13% Two or more races 9% Black 9% Asian 2%
• Hispanic origin (detail): Mexican 10% Puerto Rican 2%
• Common ancestry: Romanian 3% Lithuanian 2% Slovak 2%
• Foreign-born: 7% · Canada, Philippines, South Korea
• Languages at home: 86% English-only · Spanish 10% Korean 2% Other Asian/Pacific 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: ▼ -288.51%
• Current HPI: 239.6115
• Rent YoY: ▲ 6.98%
• 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

+134.5% since first listed

6 events — show timeline

• 2026-06-15 Listed $110,000 IRMLS
• 2025-03-06 Rental Removed $1,150 APPFOLIO
• 2025-02-08 Price Changed $1,150 APPFOLIO
• 2024-12-14 Listed for Rent $1,200 APPFOLIO
• 2019-07-27 Listed $88,900 IRMLS
• 2018-07-19 Listed $46,900 IRMLS

Property tax history

+6.6%/yr

Latest (2024): $1,225 · +11.2% YoY. Source: county tax records.