3624 Winter St · Fort Wayne, IN 46806

$159,000

4 bd · 2.0 ba · 1,696 sqft · MultiFamily public records · 103 Days on market

Built 1920 5,227 sqft lot $94/sqft · 97% above area Est $119k · 33% over

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Why this score? — see what drove the C 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 +27.1/30.0
• DSCR +9.4/10.0
• 1% rule +7.7/10.0
• Livability +4.2/5.0
• Rent growth +3.7/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Fully rented! Each of the units have 2 bedrooms, 1 bath with separate entrances. Full unfinished basement with its own locking entrance. Top unit is approx 666 sq ft. , freshly painted and has washer / dryer hook up. The lower unit is approx. 1030 sq. ft. with washer / dryer hook up. Tenants pay for all utilities (water is a flat fee per month). Exterior is needing TLC a bit! Located at the corner of Winter St. and Grier St. , property offers off street and on street parking. The property is under property management.

Key facts

• Washer dryer hook up
• Off street parking
• Fully rented

Tags

• FULLY RENTED
• SEPARATE ENTRANCES
• FULL UNFINISHED BASEMENT
• LOCKING ENTRANCE
• WASHER DRYER HOOK UP
• OFF STREET PARKING

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $159k.

Deal economics

• At list price, monthly cash flow is $451 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $159k).
• Recommended offer: $145k (9.0% below list) — sets the bar for market timing.
• Cap rate 9.7% 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+.
• 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.
• Market conditions: Rents rising fast (+4.9%/yr); 129 active listings in the ZIP; 22 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 1,861 units permitted in Allen County in 2024 (576 in 5+ unit buildings).
• At $2,024/mo this rent would consume 51% of the median local household income ($48k/yr) (locally 1184% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k 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 + 4.9% rent growth), your $45k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 103 days — a 9% lower offer ($145k) is reasonable based on typical stale-listing flexibility.
• 4 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 $55k; list at $159k implies a 189% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $144,690 (9.0% below list)

Questions for the listing agent

1. It's been on market 103 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.27% ✓
• Cap rate: 9.69%
• Cash-on-cash: 12.15%
• DSCR: 1.54
• GRM: 6.5

CMA / ARV

• ARV (median comp): $119,113
• List price: $159,000
• Delta: 33.49%
• Verdict: OVERPRICED
• Comps: 6 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1626-1628 E Rudisill Blvd	0.15mi	4/3.0	1,736 (+2%)	23mo	$170,000	$98	66

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 · 4.93% rent growth · sell at horizon

5-year hold

• IRR: 4.0%
• Equity multiple: 1.16×
• Total profit: $7,004
• Equity at exit: $23,707

10-year hold

• IRR: 15.3%
• Equity multiple: 2.36×
• Total profit: $60,406
• Equity at exit: $13,747

Cash invested: $44,520 (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 46806

• Home prices YoY: -33.6%
• Rents YoY: 4.9%
• Active inventory: 129
• Price-to-rent: 13.1×

Monthly cashflow live

• Estimated rent: $2,024 high
• Mortgage (P&I): −$834
• Tax from tax record: −$248 /mo · $2,979/yr
• Insurance: −$66
• HOA: −$0
• Vacancy / Maint / Mgmt: −$425
• Net cashflow: $451

Break-even live

Break-even rent $1,454

Max offer price $159,000

Occupancy floor 73%

Sensitivity live

Price	-10% $541	-5% $496	+0% $451	+5% $406	+10% $361
Rent	-10% $291	-5% $371	+0% $451	+5% $531	+10% $611
Rate	-1.0pp $531	-0.5pp $491	base $451	+0.5pp $409	+1.0pp $368

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,024
Total (2 units)			$2,024

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: $39,750
• Closing costs: $4,770
• Reserves months: —
• Total cash needed: —

Rent comps 22 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1023 Hamilton Ave Fort Wayne, IN	3.0	1.0	1152	$1,075	$0.93	14d	1	0.36mi
3009 Holton Ave Fort Wayne, IN	3.0	1.0	1212	$1,400	$1.16	14d	1	0.38mi
1024 Colerick St Fort Wayne, IN	4.0	1.0	1388	$1,065	$0.77	21d	1	0.53mi
4325 Werling Dr Fort Wayne, IN	1.0–3.0	1.0–2.0	923	$1,164	$1.26	44d	1	0.61mi
2627 Holton Ave Fort Wayne, IN	3.0	2.0	1936	$1,500	$0.77	14d	1	0.65mi
4705 S Anthony Blvd Fort Wayne, IN	3.0	1.0	1110	$1,050	$0.95	14d	1	0.72mi
2903 Queen St Fort Wayne, IN	3.0	2.0	1460	$1,200	$0.82	44d	1	0.73mi
2720 Queen St Fort Wayne, IN	3.0	2.0	1316	$1,395	$1.06	14d	1	0.77mi
4133 Lafayette St Fort Wayne, IN	4.0	2.0	1640	$1,400	$0.85	21d	1	0.91mi
451 E Pontiac St Fort Wayne, IN	3.0	1.0	1308	$1,050	$0.80	44d	1	1.00mi
2530 Lafayette St Fort Wayne, IN	4.0	1.0	1816	$1,500	$0.83	44d	1	1.12mi
3221 S Harrison St Fort Wayne, IN	5.0	2.0	2062	$1,650	$0.80	21d	1	1.21mi
3510 S Harrison St Fort Wayne, IN	3.0	1.0	1248	$975	$0.78	14d	1	1.21mi
859 Buchanan St Fort Wayne, IN	1.0–4.0	1.0	887	$1,249	$1.41	21d	1	1.23mi
420 E Dewald St Fort Wayne, IN	3.0	1.5	1472	$1,300	$0.88	44d	1	1.25mi
116 E Pontiac St Fort Wayne, IN	3.0	1.5	1400	$1,175	$0.84	21d	1	1.25mi
3221 Webster St Fort Wayne, IN	5.0	2.0	1885	$1,575	$0.84	14d	1	1.27mi
3008 Webster St Fort Wayne, IN	3.0	1.0	1344	$1,449	$1.08	21d	1	1.33mi
3702 Trace Cir Fort Wayne, IN	2.0–4.0	2.0	1571	$2,184	$1.39	44d	6	1.33mi
2806 New Haven Ave Fort Wayne, IN	3.0	1.0	1410	$1,125	$0.80	21d	1	1.35mi
2616 S Harrison St Fort Wayne, IN	4.0	2.0	1908	$1,500	$0.79	44d	1	1.36mi
2730 Chestnut St Fort Wayne, IN	3.0	1.5	1312	$950	$0.72	21d	1	1.40mi

Listing history 7 events

1. 2026-05-31
   days on market $159,000 Active 103 DOM
2. 2026-05-30
   days on market $159,000 Active 102 DOM
3. 2026-02-13
   listed $159,000 Active 525-char remark

   Show marketing remark (525 chars)

   Fully rented! Each of the units have 2 bedrooms, 1 bath with separate entrances. Full unfinished basement with its own locking entrance. Top unit is approx 666 sq ft. , freshly painted and has washer / dryer hook up. The lower unit is approx. 1030 sq. ft. with washer / dryer hook up. Tenants pay for all utilities (water is a flat fee per month). Exterior is needing TLC a bit! Located at the corner of Winter St. and Grier St. , property offers off street and on street parking. The property is under property management.

4. 2019-10-27
   listed $80,000
5. 2018-05-11
   soldstatus $55,000
6. 2018-01-04
   listed $65,900
7. 2017-03-15
   listed $75,000

ⓘ 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: $2,979 · $248/mo
• Projected year-2 tax: $2,979 · $248/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: $24,288
• − Mortgage interest: −$8,906
• − Property taxes: −$2,979
• − Insurance: −$795
• − Repairs & maintenance: −$1,943
• − Management: −$1,943
• − Depreciation: −$4,625
• Taxable income: $3,096
• Est. tax owed @ 24.0%: −$743
• After-tax cash flow: $4,665/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): 26,425
• Household income: $47,895
• Rent vs Own: 48.1% rent · 51.9% own
• Severe rent burden: 1184.0

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: Black 37% Hispanic / Latino 26% White 21% Asian 12% Two or more races 11% Native American 2%
• Hispanic origin (detail): Mexican 18% Puerto Rican 1%
• Common ancestry: Italian 1% Romanian 1% Lithuanian 1%
• Foreign-born: 19% · Canada, Philippines, South Korea
• Languages at home: 71% English-only · Spanish 19% Other Asian/Pacific 9%

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: ▼ -148.00%
• Current HPI: 291.8198
• Rent YoY: ▲ 4.93%
• 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

+112.0% since first listed

5 events — show timeline

• 2026-02-13 Listed $159,000 IRMLS
• 2019-10-27 Listed $80,000 IRMLS
• 2018-05-11 Sold (MLS) $55,000 IRMLS
• 2018-01-04 Listed $65,900 IRMLS
• 2017-03-15 Listed $75,000 IRMLS

Property tax history

+17.4%/yr

Latest (2024): $2,979 · +14.5% YoY. Source: county tax records.