Fort Wayne, IN, 46802
Turnkey duplex — 4 bed / 3 bath, side-by-side units, fully tenant-occupied.
Stable cash flow — generates $1,800/month gross rent ($900/unit) currently, both units occupied (11% rental yield at $200k valuation).
$126,900 ask | $200K–$220K+ ARV — based on nearby updated duplex comps.
Modernized interiors — recent renovations: fresh paint, upgraded cabinets, new mechanicals, new windows/doors.
Value-add potential — light cosmetic upgrades (exterior paint, siding, landscaping, minor bathroom and fixture updates) can boost ARV.
Consistent rental demand — Located in a revitalizing neighborhood near downtown and Electric Works, this duplex sits in a high-demand rental corridor with stable tenant interest and reliable monthly income.
Please contact [email protected] for more information.
Property Details
Address: 423 W Masterson Ave, Fort Wayne, IN 46802
Bed / Bath: 4/3 (2 bed/unit & 1.5 bath/unit)
Property Type: Duplex
Finished Area: ~1,800 sq. ft.
Year Built: 1920
Occupancy Status: Tenant Occupied (leases expiring in November)
Investment Highlights
Turnkey duplex with strong cash flows, generates $1,800/month rent ($900/unit).
Interior recently updated: fresh paint, updated finishes, re-coated kitchen cabinets with vinyl wrap.
Mechanical systems fully updated: new water heaters, furnaces, plumbing, and heating - all up to code.
All windows and doors replaced, including new patio doors.
Exterior: Roof is about 7 years old, no damages; Siding functional but may need repairs to modernize exterior.
Value-add potential: A targeted ~$11–16k investment in light upgrades (exterior paint, landscaping, minor bathroom and fixture updates) can further boost curb appeal, modernize interiors, and support higher ARV/resale value.
ARV estimated at $200-220k - Based on recent nearby sales.
3216 S Wayne Ave ($110 per SF, 4/2, duplex, sold Dec 2024)
1109 W Jefferson Blvd ($154 per SF, 4/2, duplex, sold Sep 2024)
1226 Boone St ($113 per SF, 4/2, duplex, sold Jan 2024)
Potential to test out multiple exit strategies:
Buy & Hold: Generate immediate income (~$1,800/month) at a 11% rental yield based on a $200K valuation. Add strategic exterior improvements and minor cosmetic upgrades to raise rents and unlock long‑term appreciation.
Soft Flip: Pick it up for ~$127K, drop in $11–16K on siding, landscaping and some interior touch‑ups, and you’re looking at a quick ARV bump into the $180–200K zone (or even higher with a more extensive renovation scope). </aside>
Why Buyers & Renters Love the Neighborhood?
Prime location near downtown attractions: Just half a mile from Parkview Field (rated #1 minor league stadium in the US) and Electric Works—Fort Wayne's vibrant mixed-use development with Union Street Market, restaurants, and innovation centers.
Connected to Fort Wayne's trail system: Easy access to the extensive Rivergreenway network with 120+ miles of trails connecting downtown, parks, and recreational areas along the three rivers for biking, walking, and outdoor activities.
Growing arts and entertainment district: Located in the revitalizing Hoagland Masterson neighborhood with tree-lined streets, walkable access to downtown's growing Arts Campus, murals, and the historic Embassy Theatre.
Strong rental demand area: Established residential neighborhood with a mix of updated homes and investment properties, supported by proximity to major employers, universities (Purdue Fort Wayne), and downtown amenities that attract quality tenants.
Fort Wayne Market Updates
Fort Wayne is an income-focused market — with affordable home prices (median $230K-$242K), strong rental yields, and a favorable rent-to-price ratio — making it a cash flow hotspot for BRRRR, buy-and-hold, and value-add rental investors.
Allen County features competitive property tax rates with a median effective rate of 1.08%, slightly above national average but reasonable for investors, with annual tax bills averaging $1,808 on median-valued properties.
Cash Flow City — High Yields Meet Low Entry Prices
Fort Wayne's median home price is ~$235K (Spring 2025) — about 55% below the national median — offering a low-cost entry point for both out-of-state and local investors. In neighborhoods like the duplex's area (46802), deals under $200K are common for value-add properties.
Rents remain strong relative to prices. With average monthly rent around $1,200–$1,500, gross yields routinely exceed 10–12%, with some neighborhoods reporting up to 14.9% (comparable markets). This outpaces many similar-sized metros.
Fort Wayne's affordability also helps keep vacancy low — over 54% of households are renter-occupied, and renters benefit from a cost of living 30–40% below national averages
Strong Rent Growth + Low Taxes = Superior Cash-on-Cash Returns
Rents in Fort Wayne have climbed over 4% in the last year, and with the average still below $1,500, there's room to grow as incomes and population rise.
Indiana's effective property tax rate averages just ~1.08% in Allen County, among the most reasonable in the Midwest. This boosts net income and significantly improves cash-on-cash returns compared to higher-tax markets.
Investors benefit from a unique combo: rising rental demand, low acquisition costs, and low operating expenses — ideal for both BRRRR and long-term buy-and-hold strategies seeking durable income.
Revitalization Momentum — Target Neighborhoods Gaining Steam
Fort Wayne and nearby areas are seeing strong revitalization tailwinds. Local efforts like downtown Electric Works development, riverfront improvements, and infrastructure upgrades are increasing safety, appeal, and home values.
Local nonprofits and city-backed developers are injecting capital into affordable housing and rent-to-own programs — pulling new families into rental housing while raising comps.
For investors, this means significant value-add upside. Properties purchased under $200K today — with light-to-mid rehab — can reach ARVs of $225K–$275K+ and tap into a more stable tenant base, creating solid equity positions for refinancing or resale.
Long-term equity building is still in play: while short-term appreciation has moderated, Fort Wayne homes appreciated steadily over the past decade, and updated properties in revitalizing zones continue to see rising ARVs.
Property Pictures
See full list of pictures and floor plans here: https://drive.google.com/drive/folders/1dGKV3XgvJ6D5cMPwhzWqUe5f6yyGpKgX?usp=sharing
Disclaimer
All information provided herein is deemed reliable but is not guaranteed. Buyers are advised to conduct their own due diligence. Property is being assigned with equitable interest. ARV estimates, rent projections, and renovation recommendations are based on third-party data and investor opinion. Property is sold as-is, where-is. Access subject to seller approval.