4701 Covington Rd APT 18Fort WayneIN46804
INVESTMENT ANALYSIS
Investment Verdict
Strong Cash FlowInvestors targeting immediate dollar income will find 4701 Covington Rd APT 18, Fort Wayne, IN, 46804 in Fort Wayne hard to pass up. The 15.39% gross yield on a $187,500 purchase results in $2,405/mo in rent and $629/mo in net cash, well above the spread required for Ziffy Mortgage's DSCR qualification (2.85). Annual cash flow of $7,553, five-year appreciation of $51,803, and $1,727/yr in equity build-up combine for a projected total cumulative return of $114,322.
| This Property | City Avg | |
|---|---|---|
| Gross Rental Yield | 15.4% | 6.8% |
| Monthly Cash Flow | $629 | $420 |
City averages based on Fort Wayne market data in our database. Property projections are estimates.
DSCR Loan Qualification
| Monthly Rental Income | $2,405 |
| Total Monthly Debt Service | $1,701 |
| DSCR Ratio | 1.41x |
Ziffy Mortgage: Your DSCR most likely meets our 1.0+ requirement, so you'll most probably qualify for our standard DSCR investment loan program. To pre-qualify, book time with your loan officer →
Estimates assume 6.0% rate / 30-yr fixed, 30% down, 1% tax, 0.5% insurance. Not a commitment to lend.
Condo
Built in 1960
N/A lot
$N/A/sqft
$445 monthly HOA
Neighborhood Data
Neighborhood data shown for ZIP Code: 46804, Fort Wayne, IN area.
Housing Distribution
Housing Statistics
| Category | Value |
|---|---|
| Total HU (Housing Units) | 13,704 (100%) |
| Owner Occupied HU | 8,866 (64.7%) |
| Renter Occupied HU | 4,275 (31.2%) |
| Vacant Housing Units | 563 ( 4.1%) |
| Median Home Value | $272,764 |
| Average Home Value | $304,067 |
Housing Distribution
Address Breakdown
Residential
13,065
Single Family
11,568
Multi-Family
1,497
Businesses
1,188
Nearby investment properties with comparable rents
Nearby investment properties with comparable prices
Ziffy AI Summary
A quick, investor-focused snapshot highlighting income strength, yield potential.
| Key metrics | Value |
|---|---|
| Price | $399,900 |
| Est. Rent | $3,200/mo |
| ROI | 18% |
- Attractive rent-to-price ratio for income stability
- Good fit for DSCR financing with healthy coverage
Condo
Built in 1960
N/A lot
$N/A/sqft
$445 monthly HOA
Neighborhood Data
Neighborhood data shown for ZIP Code: 46804, Fort Wayne, IN area.
Housing Distribution
Housing Statistics
| Category | Value |
|---|---|
| Total HU (Housing Units) | 13,704 (100%) |
| Owner Occupied HU | 8,866 (64.7%) |
| Renter Occupied HU | 4,275 (31.2%) |
| Vacant Housing Units | 563 ( 4.1%) |
| Median Home Value | $272,764 |
| Average Home Value | $304,067 |
Housing Distribution
Address Breakdown
Residential
13,065
Single Family
11,568
Multi-Family
1,497
Businesses
1,188
Nearby investment properties with comparable rents
Nearby investment properties with comparable prices
Listed by: Beth Goldsmith • North Eastern Group Realty
Mls Name: IRMLS
Mls Provider:
Mls ID: #202508004
Disclaimer: IDX information is provided exclusively for personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but not guaranteed.