7814 Fibia Place 92

Fort Wayne, IN 46818

$274,500D-

3 bd · 2.0 ba · 1,257 sqft · Built 1998 · SingleFamily · Active · 26 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,994/mo
• Mortgage (P&I): −$1,440
• Tax + insurance: −$196
• HOA: −$8
• Vac / Maint / Mgmt: −$419
• Net cashflow: $-68/mo
• Annual: $-821/yr
• Cap rate: 5.99%
• Cash-on-cash: -1.07%
• DSCR: 0.95
• 1% rule: 0.73%
• Cash to close: $76,860

Investor read

• This is a 3-bed/2.0-bath single-family listed at $274k.
• At list price, monthly cash flow is $-68 ($-821/yr) — negative.
• To cash-flow at today's rent, offer at most $262k (4.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $199k (27.4% below list).
• It's been on market 26 days — a 2% lower offer ($270k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $199k (27.4% 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 $8k 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+.
• Whitley County Consolidated Schools (rural): math 36% / reading 43% proficiency, ranked #140 of 301 in IN (top 46%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Coesse School (math 52% / reading 42%, grade D-, #325 of 994 statewide, top 36%, 271 students, 38% FRL); Indian Springs Middle School (math 28% / reading 40%, grade F, #173 of 330 statewide, top 53%, 834 students, 33% FRL); Columbia City High School (math 36% / reading 69%, grade C-, #102 of 369 statewide, top 28%, 1,147 students, 27% FRL).
• Market conditions: Rents rising fast (+7.6%/yr); 327 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 98 units permitted in Whitley County in 2024 (22 in 5+ unit buildings).
• Whitley County population projected at -10% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 9y 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 $133k; list at $274k implies a 106% gain — meaningful room to come down on a strong offer.
• Cap rate 6.0% vs local median 4.8% in Fort Wayne — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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.
• 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.