Definitely not. Fear Street Part 1 is a work of imagination. It doesn't draw from real-life events or people. It's designed to give you chills and thrills through its fictional narrative.
Well, sort of. While it claims to be based on a true story, it also takes a lot of creative liberties. The filmmakers might have used some real - life happenings as a starting point, like old superstitions or historical tragedies from the town in the story. But then they added a lot of fictional horror elements to make it more exciting for the audience.
Fear Street 1 is purely fictional. The plot and characters are the product of the imagination of the writers and filmmakers. There's no real-life basis for it.