115 Cedar Ridge Trl

Angola, IN 46703

$80,000D

1 bd · 1.0 ba · 450 sqft · Built 2020 · Manufactured · Pending · 219 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $837/mo
• Mortgage (P&I): −$420
• Tax + insurance: −$133
• HOA: −$54
• Vac / Maint / Mgmt: −$176
• Net cashflow: $55/mo
• Annual: $655/yr
• Cap rate: 7.11%
• Cash-on-cash: 2.93%
• DSCR: 1.13
• 1% rule: 1.05%
• Cash to close: $22,400

Investor read

• This is a 1-bed/1.0-bath manufactured listed at $80k. Condition is rated excellent.
• At list price, monthly cash flow is $55 ($655/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($837 rent vs $80k).
• It's been on market 219 days — a 12% lower offer ($70k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $70k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $553 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• 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: amenities F, commute F, employment D-.
• Zoned schools: Ryan Park Elementary School (math 57% / reading 47%, grade C-, #237 of 994 statewide, top 26%, 398 students, 45% FRL); Angola Middle School (math 36% / reading 44%, grade F, #120 of 330 statewide, top 37%, 557 students, 53% FRL); Angola High School (math 42% / reading 67%, grade C-, #79 of 369 statewide, top 26%, 785 students, 43% FRL).
• Market conditions: 10 active listings in the ZIP; 209 units permitted in Steuben County in 2024 (72 in 5+ unit buildings).
• Steuben County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Cap rate 7.1% vs local median 2.7% 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.
• 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.

Questions for listing agent

• It's been on market 219 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.
• 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.