4506 S Colonial Ave · Fort Wayne, IN 46806

$154,900

3 bd · 2.0 ba · 1,430 sqft · SingleFamily public records · 3 Days on market

Built 1948 6,270 sqft lot Est $174k · 11% under

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Why this score? — see what drove the D+ 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 +12.6/30.0
• ARV discount +12.5/15.0
• Livability +4.2/5.0
• DSCR +3.8/10.0
• Rent growth +3.7/5.0
• Schools +3.6/10.0
• 1% rule +2.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

THIS HOME FEATURES AN UPDATED EFFICIENT FURNACE AND CENTRAL AIR IN 2021. UPDATED PVC SANITARY SEWER LINE AND INSULATED ATTIC. THE FAMILY ROOM COULD BE USED AS A SPACIOUS 4TH BEDROOM BECAUSE IT HAS A DOUBLE DOOR CLOSET IN IT. SCHOOLS: SOUTHWICK ELEMENTARY PK-2, PRINCE CHAPMAN 3-6, PAUL HARDING 7-8 AND THEN NEW HAVEN HIGH SCHOOL OR POTENTIAL SCHOOL CHOICE FOR HIGH SCHOOL WITHIN EAC SCHOOL SYSTEM.

Key facts

• Updated gas range
• Interior paint
• Insulated attic

Tags

• UPDATED FLOORING
• INTERIOR PAINT
• UPDATED GAS RANGE
• THERMOPANE WINDOWS
• CENTRAL AIR
• INSULATED ATTIC

Property features AI

Finance

• HOA & community: Community sidewalks

Exterior

• Parking: Detached garage; One garage space; Concrete off-street parking
• Security: Smoke detector(s)
• Utilities: Public water; Public sewer
• Home design: Single-family residence (site-built); Single-story; Entry level on main floor; Facing direction not specified
• Construction: Aluminum siding; Asphalt roof; Slab foundation; Built as site-built home
• Exterior features: Level lot; Public maintained asphalt road access; No fencing; Sidewalks in the community

Interior

• Kitchen: Gas cooktop; Gas range; Exhaust fan
• Bedrooms: Total of 7 rooms (bedroom count not specified)
• Flooring: Vinyl flooring
• Bathrooms: Two full bathrooms, both on the main level
• Heating & cooling: Central air conditioning; Natural gas heating; Forced air heating; Floor furnace
• Interior features: Laminate counters; Insulated windows with blinds; One fireplace (none of the typical fireplace features listed)
• Laundry & utility: Washer hookup; Electric dryer hookup; Washer and dryer included; Main-level laundry

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $155k.

Deal economics

• At list price, monthly cash flow is $-20 ($-236/yr) — negative.
• To cash-flow at today's rent, offer at most $151k (2.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $119k (23.1% below list).
• Recommended offer: $119k (23.1% below list) — sets the bar for 1% rule.
• Cap rate 6.1% 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.

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+.
• East Allen County Schools (suburban): math 36% / reading 47% proficiency, ranked #122 of 301 in IN (top 40%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Southwick Elementary School (606 students, 89% FRL); New Haven Jr/Sr High School (math 21% / reading 50%, grade F, #263 of 369 statewide, top 72%, 1,494 students, 67% FRL) — zoned schools average 78% FRL vs 43% district-wide (35 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+4.9%/yr); 129 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals at typical pace (median 14d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $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.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 3y 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 $119k; 30% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1948 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $119,074 (23.1% 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. Built in 1948 — 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. 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?
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 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: 0.77% ✗
• Cap rate: 6.14%
• Cash-on-cash: -0.54%
• DSCR: 0.98
• GRM: 10.8

CMA / ARV

• ARV (on-the-fly): $174,460
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4926 Plaza Dr	0.26mi	3/2.0	1,315 (-8%)	1mo	$229,900	$175	74
2924 Schaper Dr	0.52mi	3/1.5	1,500 (+5%)	7mo	$142,000	$95	59
4310 Lillie St	0.40mi	3/1.0	1,290 (-10%)	6mo	$120,000	$93	56
4032 Abbott St	0.41mi	3/2.0	1,636 (+14%)	3mo	$90,000	$55	55
4816 Hessen Cassel Rd	0.65mi	4/2.0 (+1)	1,500 (+5%)	4mo	$185,000	$123	53
5006 Hessen Cassel Rd	0.69mi	3/1.5	1,344 (-6%)	5mo	$195,000	$145	51
3212 Clermont Ave	0.70mi	3/1.5	1,350 (-6%)	6mo	$199,900	$148	50
4765 Bowser Ave	0.51mi	4/2.0 (+1)	1,287 (-10%)	5mo	$165,000	$128	50
5505 Standish Dr	0.52mi	3/1.5	1,610 (+13%)	3mo	$186,500	$116	50
4523 Bowser Ave	0.52mi	3/2.0	1,225 (-14%)	6mo	$150,000	$122	47
3534 Autumn Ln	0.74mi	3/2.0	1,560 (+9%)	8mo	$150,000	$96	44
3728 Reed St	0.74mi	4/1.0 (+1)	1,272 (-11%)	8mo	$58,000	$46	32

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: -15.3%
• Equity multiple: 0.45×
• Total profit: $-24,048
• Equity at exit: $23,096

10-year hold

• IRR: -4.1%
• Equity multiple: 0.71×
• Total profit: $-12,697
• Equity at exit: $13,393

Cash invested: $43,372 (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: 10.8×

Monthly cashflow live

• Estimated rent: $1,191 high
• Mortgage (P&I): −$812
• Tax from tax record: −$84 /mo · $1,002/yr
• Insurance: −$65
• HOA: −$0
• Vacancy / Maint / Mgmt: −$250
• Net cashflow: $-20

Break-even live

Break-even rent $1,216

Max offer price $151,421

Occupancy floor 97%

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: $38,725
• Closing costs: $4,647
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4705 S Anthony Blvd Fort Wayne, IN	3.0	1.0	1110	$1,050	$0.95	14d	1	0.20mi
4325 Werling Dr Fort Wayne, IN	1.0–3.0	1.0–2.0	923	$1,164	$1.26	44d	1	0.25mi
4014 Oliver St Fort Wayne, IN	3.0	1.0	936	$1,050	$1.12	14d	1	0.79mi
4405 S Park Dr Fort Wayne, IN	2.0	1.0	1440	$1,175	$0.82	14d	1	0.84mi
3410 S Anthony Blvd Fort Wayne, IN	3.0	1.0	900	$1,200	$1.33	44d	1	0.87mi
2754 E Paulding Rd Fort Wayne, IN	1.0–3.0	1.0–2.5	997	$1,089	$1.09	14d	14	0.90mi
1023 Hamilton Ave Fort Wayne, IN	3.0	1.0	1152	$1,075	$0.93	14d	1	1.01mi
3702 Trace Cir Fort Wayne, IN	2.0–4.0	2.0	1571	$1,903	$1.21	44d	6	1.04mi
3009 Holton Ave Fort Wayne, IN	3.0	1.0	1212	$1,400	$1.16	14d	1	1.16mi
2903 Queen St Fort Wayne, IN	3.0	2.0	1460	$1,200	$0.82	44d	1	1.22mi
4133 Lafayette St Fort Wayne, IN	4.0	2.0	1640	$1,400	$0.85	21d	1	1.26mi
2720 Queen St Fort Wayne, IN	3.0	2.0	1316	$1,395	$1.06	14d	1	1.29mi
1024 Colerick St Fort Wayne, IN	4.0	1.0	1388	$1,065	$0.77	21d	1	1.30mi
3801 Lafayette St Fort Wayne, IN	2.0	1.0	1116	$995	$0.89	14d	1	1.36mi

Listing history 5 events

1. 2026-06-16
   remarks 589-char remark
2. 2026-06-15
   statusdays on market $154,900 Pending 3 DOM
3. 2026-06-14
   days on market $154,900 Active 2 DOM
4. 2026-06-13
   remarks 588-char remark
5. 2026-06-13
   listed $154,900 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: $1,002 · $84/mo
• Projected year-2 tax: $1,159 · $97/mo
• Expected delta: +$157/yr (+$13/mo · 15.7%)

ⓘ 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 · 16 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: $14,289
• − Mortgage interest: −$8,677
• − Property taxes: −$1,002
• − Insurance: −$774
• − Repairs & maintenance: −$1,143
• − Management: −$1,143
• − Depreciation: −$4,506
• Taxable loss: −$2,957
• Est. tax savings @ 24.0%: +$710
• After-tax cash flow: $473/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: East Allen County Schools
• NCES district ID: 1802850
• Math proficiency: 36% ▼ -8.00%
• Reading proficiency: 47% ▼ -4.00%
• Median HH income: $50,524
• Composite: 35.75/100
• National rank: #4849
• State rank: #122 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

+30.3% since first listed

4 events — show timeline

• 2026-06-11 Listed $154,900 IRMLS
• 2023-06-06 Sold (MLS) $118,900 IRMLS
• 2023-05-04 Pending — IRMLS
• 2023-05-02 Listed $118,900 IRMLS

Property tax history

+3.8%/yr

Latest (2024): $1,002 · +271.5% YoY. Source: county tax records.