11122 Shalimar Dr · Fort Wayne, IN 46845

$279,995

4 bd · 2.5 ba · 2,092 sqft · SingleFamily public records · 29 Days on market

Built 1971 0.29 ac lot $134/sqft · 19% above area Est $328k · 15% under $19/mo HOA · 1% of rent ↓ 7% since listing

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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).

• ARV discount +14.0/15.0
• Cash flow +10.7/30.0
• Rent growth +5.0/5.0
• Schools +4.9/10.0
• Livability +4.2/5.0
• DSCR +3.1/10.0
• 1% rule +2.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Spacious 2-story home with a full basement with solid bones and endless potential. This 4-bedroom, 2.5-bath property is the perfect opportunity for a buyer looking to build sweat equity or an investor searching for their next project. With just some fresh paint and new flooring, this home could truly shine. The functional layout provides plenty of living space, and the mature trees offer great shade and curb appeal during the summer months. Whether you’re looking to customize your own home or add value as an investment, this property is full of opportunity. Schedule your private tour today!

Key facts

• 0.29 acre lot
• 2 garage spots
• Built 1971

Property features AI

Finance

• Other: Lot dimensions approximately 89 x 140 (0.29 acres); Subdivision: Pine Valley Country Club
• HOA & community: Homeowners association with $225 annual fee (about $18.75/month)

Exterior

• Parking: Attached garage; 2 garage spaces; Concrete parking
• Utilities: Public water; Public sewer; Electric service
• Home design: Single-family residence; Site-built home; 2 stories
• Construction: Aluminum siding and brick exterior; Block foundation; Shingle roof; Built above and below grade with finished lower level
• Exterior features: Covered porch; Patio; Porch

Interior

• Kitchen: Dishwasher; Refrigerator; Electric range; Eat-in kitchen
• Bedrooms: Total rooms: 8
• Bathrooms: 2 full bathrooms; 1 half bathroom; 1 main-level bathroom
• Heating & cooling: Natural gas heating; Hot water heating; Central air; Ceiling fans
• Interior features: Ceiling fans; Eat-in kitchen; Living room fireplace (1)
• Laundry & utility: Electric dryer hookup; Laundry in basement; Gas water heater

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath single-family listed at $280k.

Deal economics

• At list price, monthly cash flow is $-131 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $257k (8.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $217k (22.7% below list).
• Recommended offer: $217k (22.7% below list) — sets the bar for 1% rule.
• Cap rate 5.7% 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-, schools D+, employment D+.
• Northwest Allen County Schools (rural): math 51% / reading 58% proficiency, ranked #25 of 301 in IN (top 8%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 11% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising fast (+10.5%/yr); 220 active listings in the ZIP; 1 comparable units currently listed for rent nearby; high-income renter base; 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 $2k of loan paydown is wiped out by about $8k 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

• It's been on market 29 days — a 2% lower offer ($276k) is reasonable based on typical stale-listing flexibility.

Recommended offer $216,526 (22.7% 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 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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. 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?
7. 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.
8. 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.
9. 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: 5.73%
• Cash-on-cash: -2.01%
• DSCR: 0.91
• GRM: 10.8

CMA / ARV

• ARV (median comp): $327,566
• List price: $279,995
• Delta: -14.52%
• 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
11233 Shalimar Dr	0.09mi	4/2.5	2,120 (+1%)	2mo	$325,000	$153	92
394 Carrara Cv	0.46mi	4/2.5	2,118 (+1%)	5mo	$370,000	$175	72
11718 Grand River Dr	0.30mi	3/2.5 (-1)	2,284 (+9%)	1mo	$371,828	$163	65
11935 Falcatta Dr	0.71mi	4/2.5	2,125 (+2%)	3mo	$384,900	$181	62
495 Merriweather Psge	0.54mi	4/2.5	1,938 (-7%)	1mo	$350,000	$181	62
650 Grantham Psge	0.52mi	3/2.0 (-1)	2,162 (+3%)	3mo	$540,000	$250	61
12057 Falcatta Dr	0.74mi	4/2.5	2,241 (+7%)	2mo	$429,320	$192	52
606 Grantham Psge	0.54mi	3/2.0 (-1)	2,259 (+8%)	4mo	$557,000	$247	51
210 Dittons Way	0.69mi	4/2.5	2,264 (+8%)	4mo	$387,000	$171	51
11967 Falcatta Dr	0.72mi	4/2.5	1,900 (-9%)	1mo	$359,900	$189	50
11431 Wayfair Pl	0.70mi	3/3.0 (-1)	1,938 (-7%)	1mo	$260,000	$134	47
280 Montalcino Run	0.62mi	5/2.5 (+1)	2,340 (+12%)	1mo	$440,000	$188	45

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: -14.5%
• Equity multiple: 0.46×
• Total profit: $-42,296
• Equity at exit: $41,748

10-year hold

• IRR: 0.7%
• Equity multiple: 1.06×
• Total profit: $4,407
• Equity at exit: $24,209

Cash invested: $78,399 (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 46845

• Home prices YoY: -34.6%
• Rents YoY: 10.5%
• Active inventory: 220
• Price-to-rent: 10.8×

Monthly cashflow live

• Estimated rent: $2,165 medium
• Mortgage (P&I): −$1,468
• Tax from tax record: −$238 /mo · $2,851/yr
• Insurance: −$117
• HOA: −$19
• Vacancy / Maint / Mgmt: −$455
• Net cashflow: $-131

Break-even live

Break-even rent $2,331

Max offer price $256,854

Occupancy floor —

Sensitivity live

Price	-10% $28	-5% $-52	+0% $-131	+5% $-210	+10% $-289
Rent	-10% $-302	-5% $-217	+0% $-131	+5% $-45	+10% $40
Rate	-1.0pp $10	-0.5pp $-60	base $-131	+0.5pp $-204	+1.0pp $-277

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: $69,999
• Closing costs: $8,400
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
401 Augusta Way Fort Wayne, IN	1.0–3.0	1.0–2.0	1198	$1,765	$1.47	14d	14	1.09mi

HOA detail

• Monthly dues: $19 · $228/yr

Listing history 10 events

1. 2026-06-10
   days on market $279,995 Active 29 DOM
2. 2026-06-09
   days on market $279,995 Active 28 DOM
3. 2026-06-08
   days on market $279,995 Active 27 DOM
4. 2026-06-07
   days on market $279,995 Active 26 DOM
5. 2026-06-03
   pricedays on market $279,995 Active 22 DOM
6. 2026-06-02
   days on market $299,995 Active 21 DOM
7. 2026-06-01
   days on market $299,995 Active 20 DOM
8. 2026-05-31
   days on market $299,995 Active 19 DOM
9. 2026-05-30
   days on market $299,995 Active 18 DOM
10. 2026-05-12
    listed $299,995 Active 603-char remark

ⓘ 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: $2,851 · $238/mo
• Projected year-2 tax: $2,851 · $238/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: $25,983
• − Mortgage interest: −$15,684
• − Property taxes: −$2,851
• − Insurance: −$1,400
• − Repairs & maintenance: −$2,079
• − Management: −$2,079
• − HOA: −$228
• − Depreciation: −$8,145
• Taxable loss: −$6,482
• Est. tax savings @ 24.0%: +$1,556
• After-tax cash flow: $-16/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: Northwest Allen County Schools
• NCES district ID: 1808250
• Math proficiency: 51% ▼ -6.00%
• Reading proficiency: 58% ▼ -5.00%
• Median HH income: $78,952
• Composite: 49.26/100
• National rank: #2027
• State rank: #25 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): 29,583
• Household income: $112,676
• Rent vs Own: 16.0% rent · 84.0% own
• Severe rent burden: 467.0

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 (86%)
• Race & ethnicity: White 86% Asian 4% Two or more races 4% Hispanic / Latino 3% Black 3%
• Common ancestry: Italian 4% Romanian 3% Lithuanian 3%
• Foreign-born: 5% · Vietnam, Canada, China
• Languages at home: 93% English-only · Spanish 2% Chinese 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: ▼ -112.27%
• Current HPI: 212.3516
• Rent YoY: ▲ 10.47%
• 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

-6.7% since first listed

2 events — show timeline

• 2026-06-03 Price Changed $279,995 IRMLS
• 2026-05-12 Listed $299,995 IRMLS

Property tax history

+2.8%/yr

Latest (2024): $2,851 · +14.1% YoY. Source: county tax records.