6118 Aragon Dr · Fort Wayne, IN 46818

$185,000

3 bd · 1.5 ba · 1,344 sqft · SingleFamily public records · 6 Days on market

Built 1970 0.27 ac lot Est $230k · 20% 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 +24.0/30.0
• ARV discount +15.0/15.0
• DSCR +7.7/10.0
• 1% rule +6.0/10.0
• Rent growth +4.4/5.0
• Livability +4.2/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Nice Ranch brand new furnace with 96% efficiency. New air conditioner is being installed. The roof is only 8 years old. This home has a full basement that could be easily finished. Huge rear yard totally fenced in. You must see this home. The room sizes are approximate. We are offering a sellers home warranty that the buyer can convert at closing. New central air has just been installed. .

Key facts

• 3-seasons room
• Full basement
• 0.27 acre lot

Tags

• FULL BASEMENT
• 3-SEASONS ROOM
• FULLY FENCED BACKYARD
• COMPLETE TEAR-OFF ROOF
• QUICK ACCESS TO INTERSTATE

Property features AI

Finance

• Other: Subdivision: Edge Wood Park / Edgewood Park
• HOA & community: No association amenities

Exterior

• Parking: Attached garage with garage door opener; Concrete driveway
• Utilities: Public water; Public sewer
• Home design: Single-family residential, site-built home; One story
• Construction: Metal siding and brick exterior; Concrete perimeter foundation; Built as site-built construction
• Exterior features: Fully fenced yard with chain link fencing; Level lot; Shingle roof

Interior

• Kitchen: Electric oven; Dishwasher; Refrigerator; Exhaust fan
• Bedrooms: Master bedroom located on the main level
• Bathrooms: One full bathroom; One half bathroom
• Heating & cooling: Central air conditioning; Ceiling fans for additional cooling; Natural gas heating; Forced air; Baseboard heating
• Interior features: Ceiling fans; Master suite on main level; Window treatments; One fireplace (none specified as usable feature)
• Laundry & utility: Washer hookup; Electric dryer hookup; Washer and dryer listed; Laundry located in the basement; Full, unfinished basement with sump pump

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $185k.

Deal economics

• At list price, monthly cash flow is $363 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $185k).
• Cap rate 8.7% 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-, 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: Francis M Price Elementary School (math 26% / reading 22%, grade F, #781 of 994 statewide, top 79%, 469 students, 67% FRL); Northwood Middle School (math 14% / reading 22%, grade F, #279 of 330 statewide, top 86%, 587 students, 70% FRL); Northrop High School (math 25% / reading 62%, grade F, #191 of 369 statewide, top 52%, 2,136 students, 54% FRL) — zoned schools at 63% FRL track the district average.
• Market conditions: Rents rising fast (+7.6%/yr); 327 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 ($81k/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 $1k of loan paydown is wiped out by about $6k 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 + 7.6% rent growth), your $52k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 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.
• Current owner paid $128k; 45% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $185,000

Questions for the listing agent

1. Built in 1970 — 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: 1.10% ✓
• Cap rate: 8.65%
• Cash-on-cash: 8.42%
• DSCR: 1.37
• GRM: 7.6

CMA / ARV

• ARV (on-the-fly): $229,824
• Comps found: 10

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
6414 Blackstone Dr	0.17mi	3/1.0	1,289 (-4%)	9mo	$200,000	$155	76
6115 Catbird Ave	0.16mi	3/2.0	1,490 (+11%)	10mo	$255,000	$171	64
5222 Plover Cir	0.40mi	3/2.0	1,307 (-3%)	20mo	$240,000	$184	58
5310 Goldfinch Ln	0.34mi	3/2.5	1,514 (+13%)	3mo	$265,000	$175	57
4110 W Washington Center Rd	0.43mi	3/1.0	1,386 (+3%)	19mo	$176,000	$127	57
5131 Goldfinch Ln	0.27mi	3/2.5	1,507 (+12%)	10mo	$259,900	$172	55
5322 Finch Ln	0.45mi	3/2.0	1,457 (+8%)	15mo	$239,900	$165	51
5411 W Washington Center Rd	0.45mi	3/2.0	1,434 (+7%)	19mo	$191,675	$134	50
5321 Joyce Ave	0.74mi	3/2.0	1,380 (+3%)	18mo	$235,900	$171	44
5112 Goshen Rd	0.44mi	2/1.0 (-1)	1,194 (-11%)	13mo	$245,000	$205	43

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 · 7.64% rent growth · sell at horizon

5-year hold

• IRR: 1.5%
• Equity multiple: 1.06×
• Total profit: $3,133
• Equity at exit: $27,584

10-year hold

• IRR: 15.2%
• Equity multiple: 2.50×
• Total profit: $77,536
• Equity at exit: $15,995

Cash invested: $51,800 (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 46818

• Rents YoY: 7.6%
• Active inventory: 327
• Price-to-rent: 7.6×

Monthly cashflow live

• Estimated rent: $2,037 medium
• Mortgage (P&I): −$970
• Tax from tax record: −$198 /mo · $2,380/yr
• Insurance: −$77
• HOA: −$0
• Vacancy / Maint / Mgmt: −$428
• Net cashflow: $363

Break-even live

Break-even rent $1,577

Max offer price $185,000

Occupancy floor 77%

Sensitivity live

Price	-10% $468	-5% $416	+0% $363	+5% $311	+10% $259
Rent	-10% $203	-5% $283	+0% $363	+5% $444	+10% $524
Rate	-1.0pp $457	-0.5pp $410	base $363	+0.5pp $315	+1.0pp $267

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: $46,250
• Closing costs: $5,550
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
7211 Carrington Blvd Fort Wayne, IN	3.0	2.0	1568	$1,399	$0.89	14d	1	0.67mi
3782 Thunderhawk Pass Fort Wayne, IN	3.0	2.0	1464	$2,095	$1.43	14d	5	1.29mi

Listing history 6 events

1. 2026-06-18
   days on market $185,000 Active 6 DOM
2. 2026-06-17
   days on market $185,000 Active 5 DOM
3. 2026-06-16
   days on market $185,000 Active 4 DOM
4. 2026-06-15
   days on market $185,000 Active 3 DOM
5. 2026-06-14
   remarks 608-char remark
6. 2026-06-14
   listed $185,000 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: $2,380 · $198/mo
• Projected year-2 tax: $2,380 · $198/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: $24,441
• − Mortgage interest: −$10,363
• − Property taxes: −$2,380
• − Insurance: −$925
• − Repairs & maintenance: −$1,955
• − Management: −$1,955
• − Depreciation: −$5,382
• Taxable income: $1,480
• Est. tax owed @ 24.0%: −$355
• After-tax cash flow: $4,006/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
• Metro: Fort Wayne, IN
• Population (ZIP): 21,954
• Household income: $81,066
• Rent vs Own: 15.6% rent · 84.4% own
• Severe rent burden: 101.0

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 (79%)
• Race & ethnicity: White 79% Two or more races 8% Hispanic / Latino 7% Black 4% Asian 3%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Italian 4% Slovak 3% Romanian 2%
• Foreign-born: 8% · Canada, Vietnam, Philippines
• Languages at home: 90% English-only · Spanish 4% Other Asian/Pacific 1% Vietnamese 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: ▼ -217.71%
• Current HPI: 228.1539
• Rent YoY: ▲ 7.64%
• 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

+45.0% since first listed

3 events — show timeline

• 2026-06-12 Listed $185,000 IRMLS
• 2018-06-29 Sold (MLS) $127,600 IRMLS
• 2018-05-16 Listed $127,600 IRMLS

Property tax history

+7.7%/yr

Latest (2024): $2,380 · +12.1% YoY. Source: county tax records.