5115 Woodway Dr · Fort Wayne, IN 46835

$125,000

4 bd · 2.0 ba · 2,686 sqft · SingleFamily public records · 39 Days on market

Built 1973 0.35 ac lot $47/sqft · 52% below area

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +4.7/5.0
• Livability +4.2/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Opportunity & Potential await the very skilled homeowner or investor with this spacious 2 Story home - 4BR/2BA - Living room - Family room - Great/Rec room - Laundry area - Eat-in kitchen - Oversized attached garage - Fenced yard w/ patio - Close to schools, shopping, parks and everyday needs. Sold as-is, CASH offers only. Taxes may change based on exemptions or lack there of. * Sale Subject to seller's addendum. EMD to be 5% or $5000 whichever is greater & held by seller's title co. Subject to OFAC clearance. Viewing/showing release required. * * Due to interior condition - viewings are to be outside only.

Key facts

• Close to parks
• Close to schools
• Fenced yard

Tags

• FENCED YARD
• PATIO
• EAT-IN KITCHEN
• CLOSE TO SCHOOLS
• CLOSE TO SHOPPING
• CLOSE TO PARKS

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $125k.

Deal economics

• At list price, monthly cash flow is $637 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $125k).
• Recommended offer: $121k (3.0% below list) — sets the bar for market timing.
• Cap rate 12.4% 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 (+8.9%/yr); 181 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 1,861 units permitted in Allen County in 2024 (576 in 5+ unit buildings).
• This rent runs 30% of the median local income ($77k/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 $864 of loan paydown is wiped out by about $4k 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 + 8.0% rent growth), your $35k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 39 days — a 3% lower offer ($121k) is reasonable based on typical stale-listing flexibility.

Recommended offer $121,250 (3.0% below list)

Questions for the listing agent

1. It's been on market 39 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.55% ✓
• Cap rate: 12.41%
• Cash-on-cash: 21.83%
• DSCR: 1.97
• GRM: 5.4

CMA / ARV

• ARV (median comp): $261,615
• List price: $125,000
• Delta: -52.22%
• 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
5115 Woodway Dr	0.00mi	4/2.0	2,686 (0%)	0mo	$110,000	$41	100
4522 Wyndemere Ln	0.55mi	3/2.5 (-1)	2,669 (-1%)	6mo	$383,900	$144	61
4811 Innsbruck Dr	0.53mi	4/2.5	2,492 (-7%)	1mo	$310,000	$124	60
4721 Ottawa Dr	0.64mi	4/2.5	2,524 (-6%)	6mo	$230,000	$91	54
6027 Midwood Dr	0.52mi	4/2.0	2,364 (-12%)	9mo	$259,900	$110	48
5223 Stellhorn Rd	0.58mi	5/2.0 (+1)	2,382 (-11%)	2mo	$225,000	$94	48
4519 Haffner Dr	0.56mi	4/2.0	2,376 (-12%)	14mo	$216,500	$91	43
6025 Ranger Trl	0.49mi	5/2.5 (+1)	2,315 (-14%)	7mo	$300,000	$130	41
4232 Wyndemere Pass	0.68mi	3/2.5 (-1)	2,928 (+9%)	12mo	$400,000	$137	36
5318 Bellmawr Ln	0.67mi	3/3.0 (-1)	2,350 (-12%)	4mo	$279,900	$119	36
5002 Wheaton Ct	0.68mi	5/3.0 (+1)	2,368 (-12%)	8mo	$275,000	$116	33
4221 Thorngate Dr	0.73mi	4/2.5	2,339 (-13%)	11mo	$301,000	$129	33

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: 20.2%
• Equity multiple: 1.87×
• Total profit: $30,613
• Equity at exit: $18,638

10-year hold

• IRR: 31.7%
• Equity multiple: 4.59×
• Total profit: $125,806
• Equity at exit: $10,808

Cash invested: $35,000 (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 46835

• Rents YoY: 8.9%
• Active inventory: 181
• Price-to-rent: 5.4×

Monthly cashflow live

• Estimated rent: $1,943 medium
• Mortgage (P&I): −$656
• Tax from tax record: −$191 /mo · $2,286/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$408
• Net cashflow: $637

Break-even live

Break-even rent $1,137

Max offer price $125,000

Occupancy floor 62%

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4725 Maple Terrace Pkwy Fort Wayne, IN	4.0	2.0	2068	$2,200	$1.06	13d	1	1.02mi
6879 Solid Rock Dr Fort Wayne, IN	3.0	2.5	1900	$2,000	$1.05	43d	1	1.18mi

Listing history 2 events

1. 2026-05-19
   status Pending 627-char remark

   Show marketing remark (627 chars)

   Opportunity & Potential await the very skilled homeowner or investor with this spacious 2 Story home - 4BR/2BA - Living room - Family room - Great/Rec room - Laundry area - Eat-in kitchen - Oversized attached garage - Fenced yard w/ patio - Close to schools, shopping, parks and everyday needs. Sold as-is, CASH offers only. Taxes may change based on exemptions or lack there of. * Sale Subject to seller's addendum. EMD to be 5% or $5000 whichever is greater & held by seller's title co. Subject to OFAC clearance. Viewing/showing release required. * * Due to interior condition - viewings are to be outside only.

2. 2026-04-10
   listed $125,000 Active 627-char remark

   Show marketing remark (627 chars)

   Opportunity & Potential await the very skilled homeowner or investor with this spacious 2 Story home - 4BR/2BA - Living room - Family room - Great/Rec room - Laundry area - Eat-in kitchen - Oversized attached garage - Fenced yard w/ patio - Close to schools, shopping, parks and everyday needs. Sold as-is, CASH offers only. Taxes may change based on exemptions or lack there of. * Sale Subject to seller's addendum. EMD to be 5% or $5000 whichever is greater & held by seller's title co. Subject to OFAC clearance. Viewing/showing release required. * * Due to interior condition - viewings are to be outside only.

ⓘ 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: $2,286 · $191/mo
• Projected year-2 tax: $2,286 · $191/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: $23,313
• − Mortgage interest: −$7,002
• − Property taxes: −$2,286
• − Insurance: −$625
• − Repairs & maintenance: −$1,865
• − Management: −$1,865
• − Depreciation: −$3,636
• Taxable income: $6,034
• Est. tax owed @ 24.0%: −$1,448
• After-tax cash flow: $6,192/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): 38,166
• Household income: $77,152
• Rent vs Own: 26.0% rent · 74.0% own
• Severe rent burden: 961.0

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 (77%)
• Race & ethnicity: White 77% Two or more races 10% Hispanic / Latino 8% Black 6% Asian 3%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Italian 3% Lithuanian 3% Romanian 2%
• Foreign-born: 6% · Canada, Vietnam, Philippines
• Languages at home: 91% English-only · Spanish 3% Other Asian/Pacific 2% Other Indo-European 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: ▼ -236.62%
• Current HPI: 236.3419
• Rent YoY: ▲ 8.95%
• 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

2 events — show timeline

• 2026-05-19 Pending — IRMLS
• 2026-04-10 Listed $125,000 IRMLS

Property tax history

+5.8%/yr

Latest (2024): $2,286 · -1.5% YoY. Source: county tax records.