Potential Deal in Fort Wayne

11 Replies

Has anyone in the Fort Wayne area dealt with crossway home buyers? I found the post on Craigslist. Looked the company up and found everything they had on the house. My wife and I drove by it this past weekend and the area was decent and the house seemed to be in decent shape as well. I know work will need to be done, but I don’t know the extent. Also I did see on the auditor site that the last tax assessment was $80,000 and realtor does have it valued at $121,000. Are those numbers useful? Any advice and help would be much appreciated. Even willing to split the deal with a veteran investor just so I can learn more. I’m a carpenter and can do some or most the of work if needed. 

Sorry just read the sweat equity portion and saw it is a duplex.  That is really high for a duplex too... many duplexes in that area sell under $70k-80k.  Obviously depends on bedrooms/sf but I can’t imagine getting any rents to work at that price point in that area. 

Okay. Thanks for your input. I’m constantly looking for deals and trying to learn to run the numbers. Also I’m trying to familiarize myself more with the Fort Wayne area. I had seen rents range from 650-800 around that area and just thought the numbers could work. I appreciate your response and insight! 

I just checked with one of my guys that has 20+ doors in that area and he said his range is $10k-32k a door for purchase price.  Depends on what utilities he is Going to be paying and how much work it needs obviously.

tax assessed value is usually a pretty good indication of the value of the house.  If the assessed value is only 86k i have a hard time validating the $120K value its stating.  I would say at a fairly good condition it would probably be worth 90-95k.  But with MFH it depends a lot on whether the utility is included in the rent or not. 

@Devan Bermejo try looking in surrounding towns like Huntington or Columbus City or something. Auburn, Garret are pretty good i hear. They are slightly lower price than Ft Wayne and have good rents. better COC returns.

Speak to @Vicki Roy she can help you!

Originally posted by @Michael R. :

Devon, hard for us “out of towners” to find those purchase prices unfortunately in this market...but be patient. Thanks for the advice Adam!

I'm curious as to why you think that. We are out of the country and come across close to those prices all the time!

 

Originally posted by @Devan Bermejo :

Okay. Thanks for your input. I’m constantly looking for deals and trying to learn to run the numbers. Also I’m trying to familiarize myself more with the Fort Wayne area. I had seen rents range from 650-800 around that area and just thought the numbers could work. I appreciate your response and insight! 

Devan, for those rents, you should be purchasing for 80K MAXIMUM, all in.

 

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