512 N Mckinley St · Angola, IN 46703

$190,000

3 bd · 1.0 ba · 1,008 sqft · SingleFamily public records · 27 Days on market

Built 1992 0.25 ac lot Est $205k · 7% under

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Why this score? — see what drove the D 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 +12.9/30.0
• ARV discount +10.7/15.0
• Schools +5.0/10.0
• DSCR +3.9/10.0
• Livability +3.3/5.0
• 1% rule +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Come see this 3-bedroom, 1 bath home with a 1-car garage and wood privacy fence. Conveniently located near restaurants, shopping, and Trine University. The home offers solid potential for an owner-occupant or investor willing to put in some TLC. Major mechanical updates include a water heater that is 4 years old, HVAC system that is 3 years old, and AC unit that is 5 years old. Fenced backyard provides added privacy and space to enjoy outdoors. Great opportunity to make it your own.

Key facts

• Wood privacy fence
• Fenced backyard
• 0.25 acre lot

Tags

• WOOD PRIVACY FENCE
• FENCED BACKYARD
• MAJOR MECHANICAL UPDATES

Property features AI

Exterior

• Parking: Attached garage (1 car)
• Utilities: Public water; Public sewer
• Home design: Single-family residence, site-built; Single-story
• Construction: Stone and vinyl siding exterior; Shingle roof; Slab with concrete perimeter foundation; Built as site-built home
• Exterior features: Wood fencing; Wooded lot

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Electric range/oven
• Flooring: Carpet; Vinyl
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Window treatments; One fireplace
• Laundry & utility: Washer and dryer included; Laundry on main level

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $190k.

Deal economics

• At list price, monthly cash flow is $-14 ($-169/yr) — negative.
• To cash-flow at today's rent, offer at most $188k (1.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $144k (24.0% below list).
• Recommended offer: $144k (24.0% below list) — sets the bar for 1% rule.
• Cap rate 6.2% vs local median 3.7% 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; 4 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 75% 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 $6k 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

• It's been on market 27 days — a 2% lower offer ($187k) is reasonable based on typical stale-listing flexibility.
• 2 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.

Risks & watch-outs

• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $144,489 (24.0% 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. 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. 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?
5. 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.
6. 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.
7. 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: 0.76% ✗
• Cap rate: 6.20%
• Cash-on-cash: -0.32%
• DSCR: 0.99
• GRM: 11.0

CMA / ARV

• ARV (on-the-fly): $204,624
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
412 N Mckinley St	0.10mi	2/1.0 (-1)	992 (-2%)	1mo	$220,000	$222	87
1109 Manahan Dr	0.13mi	3/1.0	1,008 (0%)	12mo	$205,000	$203	84
421 Manahan Dr	0.08mi	3/2.0	1,150 (+14%)	6mo	$205,000	$178	64
301 Fieldcrest Dr	0.27mi	3/1.0	936 (-7%)	20mo	$163,000	$174	59
303 Fieldcrest Dr	0.26mi	2/1.0 (-1)	900 (-11%)	12mo	$153,250	$170	55
1108 Manahan Dr	0.16mi	3/2.0	1,132 (+12%)	18mo	$243,000	$215	53

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: -16.9%
• Equity multiple: 0.40×
• Total profit: $-31,758
• Equity at exit: $28,330

10-year hold

• IRR: -8.8%
• Equity multiple: 0.45×
• Total profit: $-29,111
• Equity at exit: $16,428

Cash invested: $53,200 (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: 11.0×

Monthly cashflow live

• Estimated rent: $1,445 medium
• Mortgage (P&I): −$996
• Tax from tax record: −$80 /mo · $960/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$303
• Net cashflow: $-14

Break-even live

Break-even rent $1,463

Max offer price $187,518

Occupancy floor 96%

Sensitivity live

Price	-10% $94	-5% $40	+0% $-14	+5% $-68	+10% $-122
Rent	-10% $-128	-5% $-71	+0% $-14	+5% $43	+10% $100
Rate	-1.0pp $82	-0.5pp $34	base $-14	+0.5pp $-63	+1.0pp $-113

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: $47,500
• Closing costs: $5,700
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
125 McKinley St Angola, IN	2.0	1.0–2.0	746	$1,699	$2.28	44d	23	0.25mi
209 S West St Unit 2 Angola, IN	2.0	1.0	700	$795	$1.14	44d	1	0.75mi
607 Apple Hill Way Angola, IN	2.0	2.0	1200	$1,695	$1.41	44d	1	1.07mi
1700 N Wayne St Angola, IN	1.0–2.0	1.0	712	$1,371	$1.93	14d	8	1.26mi

Listing history 14 events

1. 2026-06-17
   days on market $190,000 Active 27 DOM
2. 2026-06-16
   days on market $190,000 Active 26 DOM
3. 2026-06-15
   days on market $190,000 Active 25 DOM
4. 2026-06-13
   days on market $190,000 Active 23 DOM
5. 2026-06-12
   days on market $190,000 Active 22 DOM
6. 2026-06-09
   days on market $190,000 Active 19 DOM
7. 2026-06-08
   days on market $190,000 Active 18 DOM
8. 2026-06-07
   days on market $190,000 Active 17 DOM
9. 2026-06-04
   days on market $190,000 Active 13 DOM
10. 2026-06-02
    days on market $190,000 Active 12 DOM
11. 2026-06-01
    days on market $190,000 Active 11 DOM
12. 2026-05-31
    days on market $190,000 Active 10 DOM
13. 2026-05-21
    listed $190,000 Active
14. 2017-08-03
    listed $112,500

ⓘ 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: $960 · $80/mo
• Projected year-2 tax: $1,287 · $107/mo
• Expected delta: +$328/yr (+$27/mo · 34.2%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 74% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥99°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: $17,339
• − Mortgage interest: −$10,643
• − Property taxes: −$960
• − Insurance: −$950
• − Repairs & maintenance: −$1,387
• − Management: −$1,387
• − Depreciation: −$5,527
• Taxable loss: −$3,515
• Est. tax savings @ 24.0%: +$844
• After-tax cash flow: $675/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

+68.9% since first listed

2 events — show timeline

• 2026-05-21 Listed $190,000 IRMLS
• 2017-08-03 Listed $112,500 IRMLS

Property tax history

+10.5%/yr

Latest (2024): $960 · +13.9% YoY. Source: county tax records.