614 N Martha St · Angola, IN 46703

$175,000

2 bd · 1.0 ba · 624 sqft · SingleFamily public records · 14 Days on market

Built 1945 6,534 sqft lot

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Why this score? — see what drove the F 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 +8.1/30.0
• 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
• DSCR +2.1/10.0
• 1% rule +1.6/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Nice, 3 bedroom, 1 bath home in Angola. Close to many amenities. Updated kitchen and bath. Nice deck and big back yard. Has been a rental in past.

Key facts

• Close to schools
• Fenced yard
• Spacious deck

Tags

• NEWER WINDOWS
• FENCED YARD
• SPACIOUS DECK
• CLOSE TO SCHOOLS
• NEARBY PARK
• FRIENDLY NEIGHBOURHOOD

Property features AI

Exterior

• Home design: House
• Exterior features: Lot approximately 6,534 sq ft

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $175k.

Deal economics

• At list price, monthly cash flow is $-174 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $144k (17.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $116k (33.8% below list).
• Recommended offer: $116k (33.8% below list) — sets the bar for 1% rule.
• Cap rate 5.1% 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; 3 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% of comp listings sitting > 30 days — soft ceiling on asking rent; 209 units permitted in Steuben County in 2024 (72 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k 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.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 10y 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 $110k; list at $175k implies a 59% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1945 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $115,783 (33.8% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1945 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.66% ✗
• Cap rate: 5.10%
• Cash-on-cash: -4.26%
• DSCR: 0.81
• GRM: 12.6

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: -23.5%
• Equity multiple: 0.19×
• Total profit: $-39,492
• Equity at exit: $26,093

10-year hold

• IRR: -18.5%
• Equity multiple: 0.00×
• Total profit: $-48,885
• Equity at exit: $15,131

Cash invested: $49,000 (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: 12.6×

Monthly cashflow live

• Estimated rent: $1,158 medium
• Mortgage (P&I): −$918
• Tax from tax record: −$98 /mo · $1,176/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$243
• Net cashflow: $-174

Break-even live

Break-even rent $1,378

Max offer price $144,273

Occupancy floor —

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
209 S West St Unit 2 Angola, IN	2.0	1.0	700	$795	$1.14	43d	1	0.61mi
1700 N Wayne St Angola, IN	1.0–2.0	1.0	712	$1,371	$1.93	14d	8	0.81mi
125 McKinley St Angola, IN	2.0	1.0–2.0	746	$1,699	$2.28	43d	23	0.91mi

Listing history 10 events

1. 2026-06-18
   days on market $175,000 Active 14 DOM
2. 2026-06-17
   days on market $175,000 Active 13 DOM
3. 2026-06-16
   days on market $175,000 Active 12 DOM
4. 2026-06-15
   days on market $175,000 Active 11 DOM
5. 2026-06-13
   days on market $175,000 Active 9 DOM
6. 2026-06-12
   days on market $175,000 Active 8 DOM
7. 2026-06-09
   days on market $175,000 Active 5 DOM
8. 2026-06-08
   days on market $175,000 Active 4 DOM
9. 2026-06-07
   remarks 661-char remark
10. 2026-06-07
    listed $175,000 Active 3 DOM

ⓘ 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: $1,176 · $98/mo
• Projected year-2 tax: $1,332 · $111/mo
• Expected delta: +$156/yr (+$13/mo · 13.3%)

ⓘ 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 3/10 Moderate 7 d/yr ≥99°F today · 16 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: $13,894
• − Mortgage interest: −$9,803
• − Property taxes: −$1,176
• − Insurance: −$875
• − Repairs & maintenance: −$1,112
• − Management: −$1,112
• − Depreciation: −$5,091
• Taxable loss: −$5,274
• Est. tax savings @ 24.0%: +$1,266
• After-tax cash flow: $-822/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

• Census place: Angola, IN
• 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

+483.3% since first listed

5 events — show timeline

• 2026-06-04 Listed $175,000 ForSaleByOwner.com
• 2021-12-20 Sold (MLS) $110,000 IRMLS
• 2021-11-19 Listed $120,000 IRMLS
• 2016-11-23 Sold (MLS) $28,000 IRMLS
• 2016-10-25 Listed $30,000 IRMLS

Property tax history

+16.9%/yr

Latest (2024): $1,176 · +2.4% YoY. Source: county tax records.