115 Woodland Pass · Angola, IN 46703

$57,000

1 bd · 1.0 ba · 400 sqft · Other · 27 Days on market

Built 1995 0.34 ac lot $54/mo HOA · 6% of rent

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Why this score? — see what drove the B 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).

• Cash flow +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.7/10.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Price Reduced! Seller has paid association dues for the remainder of the year. All you need to do is come up and enjoy the peace and quite. Here is another GREAT opportunity in Valley of the Pines. There is still plenty of SUMMER left to enjoy at the V. O. P. This one bedroom, one bath park model has been completely updated over the last 2 years. Come see all the entertainment options with this multi-level deck shaded by enormous tall pines. A fire pit with additional seating, and yet another space to host friends around the grilling area. Plenty of room with nearly 1/3 acre. A new 10'x16' shed was placed on the property in 2018. The shed currently has a nice workbench, but this could also easily become additional entertainment space with either additional sleeping space or a nicely stocked summer bar. This lot is one of the few that has excellent internet service so if in-climate weather should occur you can hunker down and stream your favorite shows. You can Google Valley of the Pines for more information. Another FANTASTIC option for you might be to rent a boat slip from a marina at one of the many nearby lakes. Lake James is the closest ski lake to V. O. P. and for a fraction of the dollars it would cost to live on the lake you could own at "The Valley". Rent or lease a boat slip and enjoy all the water sports and fun you can handle. Taxes are ridiculously low for V. O. P. owners. It truly is one of Steuben County's best kept secrets. Do yourself a favor and drive by then call for a showing.

Key facts

• Multi-level decking
• Versatile shed
• 0.34 acre lot

Tags

• MULTI-LEVEL DECKING
• FIRE PIT GATHERING AREA
• DEDICATED GRILLING SPACE
• VERSATILE SHED
• GOLF CART-FRIENDLY COMMUNITY
• WIDE VARIETY OF AMENITIES

Property features AI

Finance

• HOA & community: Homeowners association with clubhouse and playground; Association fee $650 annually

Exterior

• Utilities: Private water; Septic tank
• Home design: Manufactured home; Single-story
• Construction: Vinyl siding
• Exterior features: Deck; Fire pit; Workshop and shed(s); Wooded lot; Irregular-shaped lot; Lake access (Valley Of The Pines)

Interior

• Kitchen: Eat-in kitchen
• Bedrooms: 4 total rooms (bedroom count not specified)
• Bathrooms: 1 full bathroom; Main level bathroom
• Heating & cooling: Forced air heating; Propane heating; Window unit cooling
• Interior features: Open floorplan; Eat-in kitchen; No basement

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath other listed at $57k.

Deal economics

• At list price, monthly cash flow is $272 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($835 rent vs $57k).
• Recommended offer: $56k (1.5% below list) — sets the bar for market timing.
• Cap rate 12.0% vs local median 2.8% in Angola — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 66/100 on livability (#309 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B+; Watch: schools D, amenities F, commute F.
• Market conditions: 10 active listings in the ZIP; 209 units permitted in Steuben County in 2024 (72 in 5+ unit buildings).
• This rent is only 13% of the median local income ($75k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $394 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Steuben County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $16k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 27 days — a 2% lower offer ($56k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 9y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $44k; 31% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $56,145 (1.5% below list)

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.47% ✓
• Cap rate: 12.03%
• Cash-on-cash: 20.48%
• DSCR: 1.91
• GRM: 5.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 12.8%
• Equity multiple: 1.51×
• Total profit: $8,121
• Equity at exit: $8,499

10-year hold

• IRR: 21.7%
• Equity multiple: 2.84×
• Total profit: $29,446
• Equity at exit: $4,928

Cash invested: $15,960 (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 46703

• Home prices YoY: -27.1%
• Active inventory: 10
• Price-to-rent: 5.7×

Monthly cashflow live

• Estimated rent: $835 medium
• Mortgage (P&I): −$299
• Tax from tax record: −$11 /mo · $128/yr
• Insurance: −$24
• HOA: −$54
• Vacancy / Maint / Mgmt: −$175
• Net cashflow: $272

Break-even live

Break-even rent $490

Max offer price $57,000

Occupancy floor 62%

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: $14,250
• Closing costs: $1,710
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $54 · $648/yr
• Likely covers: waterinternet

Listing history 18 events

1. 2026-06-18
   days on market $57,000 Active 27 DOM
2. 2026-06-17
   days on market $57,000 Active 26 DOM
3. 2026-06-16
   days on market $57,000 Active 25 DOM
4. 2026-06-15
   days on market $57,000 Active 24 DOM
5. 2026-06-13
   pricedays on market $57,000 Active 22 DOM
6. 2026-06-12
   days on market $59,000 Active 21 DOM
7. 2026-06-09
   days on market $59,000 Active 18 DOM
8. 2026-06-08
   days on market $59,000 Active 17 DOM
9. 2026-06-07
   days on market $59,000 Active 16 DOM
10. 2026-06-04
    days on market $59,000 Active 12 DOM
11. 2026-06-02
    days on market $59,000 Active 11 DOM
12. 2026-06-01
    days on market $59,000 Active 10 DOM
13. 2026-05-31
    days on market $59,000 Active 9 DOM
14. 2026-05-22
    listed $59,000 Active
15. 2020-09-18
    soldstatus $43,500 1532-char remark

    Show marketing remark (1532 chars)

    Price Reduced! Seller has paid association dues for the remainder of the year. All you need to do is come up and enjoy the peace and quite. Here is another GREAT opportunity in Valley of the Pines. There is still plenty of SUMMER left to enjoy at the V. O. P. This one bedroom, one bath park model has been completely updated over the last 2 years. Come see all the entertainment options with this multi-level deck shaded by enormous tall pines. A fire pit with additional seating, and yet another space to host friends around the grilling area. Plenty of room with nearly 1/3 acre. A new 10'x16' shed was placed on the property in 2018. The shed currently has a nice workbench, but this could also easily become additional entertainment space with either additional sleeping space or a nicely stocked summer bar. This lot is one of the few that has excellent internet service so if in-climate weather should occur you can hunker down and stream your favorite shows. You can Google Valley of the Pines for more information. Another FANTASTIC option for you might be to rent a boat slip from a marina at one of the many nearby lakes. Lake James is the closest ski lake to V. O. P. and for a fraction of the dollars it would cost to live on the lake you could own at "The Valley". Rent or lease a boat slip and enjoy all the water sports and fun you can handle. Taxes are ridiculously low for V. O. P. owners. It truly is one of Steuben County's best kept secrets. Do yourself a favor and drive by then call for a showing.

16. 2020-06-29
    listed $48,900 1532-char remark

    Show marketing remark (1532 chars)

    Price Reduced! Seller has paid association dues for the remainder of the year. All you need to do is come up and enjoy the peace and quite. Here is another GREAT opportunity in Valley of the Pines. There is still plenty of SUMMER left to enjoy at the V. O. P. This one bedroom, one bath park model has been completely updated over the last 2 years. Come see all the entertainment options with this multi-level deck shaded by enormous tall pines. A fire pit with additional seating, and yet another space to host friends around the grilling area. Plenty of room with nearly 1/3 acre. A new 10'x16' shed was placed on the property in 2018. The shed currently has a nice workbench, but this could also easily become additional entertainment space with either additional sleeping space or a nicely stocked summer bar. This lot is one of the few that has excellent internet service so if in-climate weather should occur you can hunker down and stream your favorite shows. You can Google Valley of the Pines for more information. Another FANTASTIC option for you might be to rent a boat slip from a marina at one of the many nearby lakes. Lake James is the closest ski lake to V. O. P. and for a fraction of the dollars it would cost to live on the lake you could own at "The Valley". Rent or lease a boat slip and enjoy all the water sports and fun you can handle. Taxes are ridiculously low for V. O. P. owners. It truly is one of Steuben County's best kept secrets. Do yourself a favor and drive by then call for a showing.

17. 2017-09-15
    soldstatus $22,000 763-char remark

    Show marketing remark (763 chars)

    The best kept secret in Steuben County. Don't miss seeing this quiet gated seasonal recreational vehicle park. The tall pine trees where this property is located reminds you of northern Michigan. The pond is stocked for fishing and has a great sandy beach area for swimming. There is a paddle boat for home owners usage as well as a nicely appointed clubhouse with full kitchen, game room and large living area overlooking the water. The park is open from April thru October - depending on the weather. The home owners association keeps the area in pristine condition. This is a great place to spend the summer months just minutes from Lake James, Angola and Fremont and easy access to I-69 and the Indiana Toll Road. Call today for your tour of this unique area.

18. 2017-08-15
    listed $27,500 763-char remark

    Show marketing remark (763 chars)

    The best kept secret in Steuben County. Don't miss seeing this quiet gated seasonal recreational vehicle park. The tall pine trees where this property is located reminds you of northern Michigan. The pond is stocked for fishing and has a great sandy beach area for swimming. There is a paddle boat for home owners usage as well as a nicely appointed clubhouse with full kitchen, game room and large living area overlooking the water. The park is open from April thru October - depending on the weather. The home owners association keeps the area in pristine condition. This is a great place to spend the summer months just minutes from Lake James, Angola and Fremont and easy access to I-69 and the Indiana Toll Road. Call today for your tour of this unique area.

ⓘ 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: $128 · $11/mo
• Projected year-2 tax: $306 · $26/mo
• Expected delta: +$178/yr (+$15/mo · 139.0%)

ⓘ 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 2/10 Low 7 d/yr ≥98°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $10,021
• − Mortgage interest: −$3,193
• − Property taxes: −$128
• − Insurance: −$285
• − Repairs & maintenance: −$802
• − Management: −$802
• − HOA: −$648
• − Depreciation: −$1,658
• Taxable income: $2,506
• Est. tax owed @ 24.0%: −$601
• After-tax cash flow: $2,667/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)

No district data.

Livability — Angola

• Score: 66/100
• State rank: #309
• US rank: #12201

Category grades

Amenities F Commute F Cost of living A+ Crime B+ Employment D- Housing A+ Health & safety F User ratings B+

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Steuben County · 18,572 people
• City population: 18,572
• Metro: Angola, IN
• Population (ZIP): 18,572
• Household income: $74,569
• Rent vs Own: 27.8% rent · 72.2% own
• Severe rent burden: 433.0

Population outlook (Steuben County) Hauer SSP2

• Today (2025): 34,334 people
• By 2030: 33,801 · -1.6%
• By 2040: 32,076 · -6.6%
• By 2050: 30,022 · -12.6%
• By 2075: 25,626 · -25.4%
• By 2100: 21,257 · -38.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Hispanic / Latino 6% Two or more races 5% Black 1%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Romanian 3% Lithuanian 2% Slovak 2%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 2% Other Indo-European 1%

Political lean MEDSL · Steuben

• 2024 margin: Solid R (+42.1) · D 28.1% · R 70.2% · Other 1.6%
• 2008→2024 swing: -32.3pp toward R · 2008: -9.8pp · 2024: -42.1pp
• All cycles: 2024: R+42.1 2020: R+42.2 2016: R+44.0 2012: R+27.0 2008: R+9.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -78.35%
• Current HPI: 211.2495
• Rent YoY: —
• Metro: Angola, 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

+114.5% since first listed

5 events — show timeline

• 2026-05-22 Listed $59,000 IRMLS
• 2020-09-18 Sold (MLS) $43,500 IRMLS
• 2020-06-29 Listed $48,900 IRMLS
• 2017-09-15 Sold (MLS) $22,000 IRMLS
• 2017-08-15 Listed $27,500 IRMLS

Property tax history

-1.8%/yr

Latest (2024): $128 · +2.8% YoY. Source: county tax records.