80 Valley Gorge Pass · Angola, IN 46703

$69,900

2 bd · 1.0 ba · 600 sqft · Other · 332 Days on market

Built 1993 0.28 ac lot $116/sqft · 36% above area Est $51k · 36% over $54/mo HOA · 5% of rent ↓ 15% since listing

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Why this score? — see what drove the C+ 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 +29.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.0/10.0
• Schools +5.0/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Huge Price Drop on rare 2 bedroom! Welcome to Affordable Paradise at "Valley of the Pines"! A seasonal community (April 15 - Oct 15) on Eldo Lake, located just a few hundred feet from Lake James. Enjoy the serenity of this move-in ready home on your private wooded lot. Built for fun. 2 Bedrooms PLUS a separate loft provides multiple sleeping areas. Relax or entertain on the large deck (furniture included) or around the fire pit on the Adirondack chairs. Truly turn-key, includes refrigerator, gas range, interior and exterior furnishings. "The Valley" is golf cart friendly and amenities include fishing, swimming, clubhouse, shuffleboard, basketball, horseshoes, paddle boats, and a playground. Annual dues of $650 include water, trash, and community maintenance. May be seen by appointment only.

Key facts

• Large deck
• Clubhouse
• Private wooded lot

Tags

• PRIVATE WOODED LOT
• LARGE DECK
• FIRE PIT
• GOLF CART FRIENDLY
• CLUBHOUSE
• SHUFFLEBOARD

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath other listed at $70k.

Deal economics

• At list price, monthly cash flow is $239 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($982 rent vs $70k).
• Recommended offer: $62k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.4% 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 16% 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 $483 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 $20k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 332 days — a 12% lower offer ($62k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $15k (18%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $61,512 (12.0% below list)

Questions for the listing agent

1. It's been on market 332 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.40% ✓
• Cap rate: 10.39%
• Cash-on-cash: 14.64%
• DSCR: 1.65
• GRM: 5.9

CMA / ARV

• ARV (median comp): $51,493
• List price: $69,900
• Delta: 35.75%
• Verdict: OVERPRICED
• Comps: 3 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 5.2%
• Equity multiple: 1.20×
• Total profit: $3,924
• Equity at exit: $10,422

10-year hold

• IRR: 14.7%
• Equity multiple: 2.18×
• Total profit: $23,188
• Equity at exit: $6,044

Cash invested: $19,572 (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: 5.9×

Monthly cashflow live

• Estimated rent: $982 medium
• Mortgage (P&I): −$367
• Tax est. 1.5%: −$87 /mo · $1,048/yr
• Insurance: −$29
• HOA: −$54
• Vacancy / Maint / Mgmt: −$206
• Net cashflow: $239

Break-even live

Break-even rent $680

Max offer price $69,900

Occupancy floor 71%

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: $17,475
• Closing costs: $2,097
• Reserves months: —
• Total cash needed: —

HOA detail

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

Listing history 20 events

1. 2026-06-18
   days on market $69,900 Active 332 DOM
2. 2026-06-17
   days on market $69,900 Active 331 DOM
3. 2026-06-16
   days on market $69,900 Active 330 DOM
4. 2026-06-15
   days on market $69,900 Active 329 DOM
5. 2026-06-14
   price $69,900 Active 327 DOM
6. 2026-06-13
   days on market $71,900 Active 327 DOM
7. 2026-06-12
   days on market $71,900 Active 326 DOM
8. 2026-06-09
   days on market $71,900 Active 323 DOM
9. 2026-06-08
   days on market $71,900 Active 322 DOM
10. 2026-06-07
    days on market $71,900 Active 321 DOM
11. 2026-06-04
    days on market $71,900 Active 317 DOM
12. 2026-06-02
    days on market $71,900 Active 316 DOM
13. 2026-06-01
    days on market $71,900 Active 315 DOM
14. 2026-05-31
    days on market $71,900 Active 314 DOM
15. 2026-05-07
    status Active 821-char remark

    Show marketing remark (821 chars)

    Huge Price Drop on rare 2 bedroom! Welcome to Affordable Paradise at "Valley of the Pines"! A seasonal community (April 15 - Oct 15) on Eldo Lake, located just a few hundred feet from Lake James. Enjoy the serenity of this move-in ready home on your private wooded lot. Built for fun. 2 Bedrooms PLUS a separate loft provides multiple sleeping areas. Relax or entertain on the large deck (furniture included) or around the fire pit on the Adirondack chairs. Truly turn-key, includes refrigerator, gas range, interior and exterior furnishings. "The Valley" is golf cart friendly and amenities include fishing, swimming, clubhouse, shuffleboard, basketball, horseshoes, paddle boats, and a playground. Annual dues of $650 include water, trash, and community maintenance. May be seen by appointment only.

16. 2026-05-07
    historical 821-char remark

    Show marketing remark (821 chars)

    Huge Price Drop on rare 2 bedroom! Welcome to Affordable Paradise at "Valley of the Pines"! A seasonal community (April 15 - Oct 15) on Eldo Lake, located just a few hundred feet from Lake James. Enjoy the serenity of this move-in ready home on your private wooded lot. Built for fun. 2 Bedrooms PLUS a separate loft provides multiple sleeping areas. Relax or entertain on the large deck (furniture included) or around the fire pit on the Adirondack chairs. Truly turn-key, includes refrigerator, gas range, interior and exterior furnishings. "The Valley" is golf cart friendly and amenities include fishing, swimming, clubhouse, shuffleboard, basketball, horseshoes, paddle boats, and a playground. Annual dues of $650 include water, trash, and community maintenance. May be seen by appointment only.

17. 2026-01-21
    status Active 821-char remark

    Show marketing remark (821 chars)

    Huge Price Drop on rare 2 bedroom! Welcome to Affordable Paradise at "Valley of the Pines"! A seasonal community (April 15 - Oct 15) on Eldo Lake, located just a few hundred feet from Lake James. Enjoy the serenity of this move-in ready home on your private wooded lot. Built for fun. 2 Bedrooms PLUS a separate loft provides multiple sleeping areas. Relax or entertain on the large deck (furniture included) or around the fire pit on the Adirondack chairs. Truly turn-key, includes refrigerator, gas range, interior and exterior furnishings. "The Valley" is golf cart friendly and amenities include fishing, swimming, clubhouse, shuffleboard, basketball, horseshoes, paddle boats, and a playground. Annual dues of $650 include water, trash, and community maintenance. May be seen by appointment only.

18. 2025-11-07
    price $71,900 821-char remark

    Show marketing remark (821 chars)

    Huge Price Drop on rare 2 bedroom! Welcome to Affordable Paradise at "Valley of the Pines"! A seasonal community (April 15 - Oct 15) on Eldo Lake, located just a few hundred feet from Lake James. Enjoy the serenity of this move-in ready home on your private wooded lot. Built for fun. 2 Bedrooms PLUS a separate loft provides multiple sleeping areas. Relax or entertain on the large deck (furniture included) or around the fire pit on the Adirondack chairs. Truly turn-key, includes refrigerator, gas range, interior and exterior furnishings. "The Valley" is golf cart friendly and amenities include fishing, swimming, clubhouse, shuffleboard, basketball, horseshoes, paddle boats, and a playground. Annual dues of $650 include water, trash, and community maintenance. May be seen by appointment only.

19. 2025-08-07
    price $76,900 821-char remark

    Show marketing remark (821 chars)

    Huge Price Drop on rare 2 bedroom! Welcome to Affordable Paradise at "Valley of the Pines"! A seasonal community (April 15 - Oct 15) on Eldo Lake, located just a few hundred feet from Lake James. Enjoy the serenity of this move-in ready home on your private wooded lot. Built for fun. 2 Bedrooms PLUS a separate loft provides multiple sleeping areas. Relax or entertain on the large deck (furniture included) or around the fire pit on the Adirondack chairs. Truly turn-key, includes refrigerator, gas range, interior and exterior furnishings. "The Valley" is golf cart friendly and amenities include fishing, swimming, clubhouse, shuffleboard, basketball, horseshoes, paddle boats, and a playground. Annual dues of $650 include water, trash, and community maintenance. May be seen by appointment only.

20. 2025-07-19
    listed $84,900 Active 821-char remark

    Show marketing remark (821 chars)

    Huge Price Drop on rare 2 bedroom! Welcome to Affordable Paradise at "Valley of the Pines"! A seasonal community (April 15 - Oct 15) on Eldo Lake, located just a few hundred feet from Lake James. Enjoy the serenity of this move-in ready home on your private wooded lot. Built for fun. 2 Bedrooms PLUS a separate loft provides multiple sleeping areas. Relax or entertain on the large deck (furniture included) or around the fire pit on the Adirondack chairs. Truly turn-key, includes refrigerator, gas range, interior and exterior furnishings. "The Valley" is golf cart friendly and amenities include fishing, swimming, clubhouse, shuffleboard, basketball, horseshoes, paddle boats, and a playground. Annual dues of $650 include water, trash, and community maintenance. May be seen by appointment only.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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: $11,784
• − Mortgage interest: −$3,915
• − Property taxes: −$1,048
• − Insurance: −$350
• − Repairs & maintenance: −$943
• − Management: −$943
• − HOA: −$648
• − Depreciation: −$2,033
• Taxable income: $1,903
• Est. tax owed @ 24.0%: −$457
• After-tax cash flow: $2,408/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

-15.3% since first listed

6 events — show timeline

• 2026-05-07 Relisted — IRMLS
• 2026-05-07 Delisted — IRMLS
• 2026-01-21 Relisted — IRMLS
• 2025-11-07 Price Changed $71,900 IRMLS
• 2025-08-07 Price Changed $76,900 IRMLS
• 2025-07-19 Listed $84,900 IRMLS

Property tax history

-3.5%/yr

Latest (2024): $108 · +3.4% YoY. Source: county tax records.