Underwrite Angola Rental Without a City Year 2026
Updated: Aug 30
A DSCR note on an Angola house should start on this town's year, not on Fort Wayne's. AirROI's current extract, August 2025 through July 2026, puts typical Angola listings at about $25,514 a year on 64 rentals, at $336 a night, 31.8 percent occupancy, and $111 in revenue per available night. Year over year is minus 9.2 percent. Active supply moved plus 6.7 percent. Those five lines are the underwriting year. Averaging them with Fort Wayne's already-live $17,136 on 484 listings invents income neither driveway books.
Confirm remaining clerk status with the deed before the packet leaves your desk. Clerk-Treasurer Ryan Herbert sits at 260-665-2514, extension 7353, 210 N Public Square. This pass did not confirm a dedicated Angola city STR fee. Do not invent one into closing. Indiana sales tax is 7 percent. Steuben innkeeper tax is listed at 5 percent at the county; Allen County, Fort Wayne's desk, is listed at 8 percent. Those two CIT rates are a second reason the notes do not share a rent roll.
DSCR starts on $25,514, not on annualized ADR
Cite the 64-listing cell, the $336 night, and the 31.8 percent occupancy as the operating year. RevPAN of $111 times 365 is about $40,500 of fully available-year math; typical listings earned about $25,514, which is why a packet that annualizes ADR as if every dock were open every night will overstate coverage. Superhost share is 51.6 percent. Professionally managed share is 0.0 percent. Jamie holds two listings. A lender reading this page should see an independent-host lake town, not a managed metro book.
For the market file behind that number, towns near Fort Wayne keeps Angola's lake year off the city line.
Do not mint a Fort Wayne year for the note
Fort Wayne listings earned about $17,136 last year from 484 active rentals on the already-live 242 city cluster. Keep that stay on its own line. Pasting the city year onto an Angola deed is how a loan officer gets a coverage ratio that will not survive the first extract check. Do not remesh cluster 242. Band D angola posts already live stay live.
New Haven leftover sits later at about $20,303 on 20 listings. It is not a rounding point between $25,514 and $17,136. If the packet needs a third town, give it a third line and a third hall. Steuben's more-than-460 county STR count is a fourth figure if someone asks about competition; it is not Angola's 64-listing gallery.
Two halls and two innkeeper rates sit with two deeds
Angola questions go to Ryan Herbert at 210 N Public Square, Monday through Friday 8:00 a.m. to 4:30 p.m. Indiana Code 36-1-24-8 treats owner-occupied short-term rental as a permitted residential use. Planning is 260-665-7465. Building Safety is 260-665-6683. Fort Wayne's desk does not travel with this deed. Do not file a third-party 75 percent adjacent-owner rule as live Fort Wayne law on a Lake James parcel.
Call the hall before you assume a license cost into closing. Angola STR rules is the clerk file. What it costs to start keeps the fee file honest because this pass did not confirm a city STR fee.
Year over year is minus 9.2 percent in a 64-listing book
Revenue is down 9.2 percent while active supply is up 6.7 percent. In a 64-listing gallery, a few more houses actually move the comps. That is a small market absorbing inventory, not a metro collapse, and not a reason to borrow a bigger city's occupancy to fill January. August still carries the year. July and June sit behind it. January is the hole. A lender who only sees ADR without occupancy and the year-over-year move will overstate the note.
Typical stay is 4.6 nights, booked about 71 days ahead, Chicago then Fort Wayne. That is a planned lake week. Do not underwrite a corporate-housing story this extract did not break out. Twenty-two listings, 34.4 percent, already set a 30-night minimum. Model that as a turn constraint. Indiana DOR states CIT does not apply to stays of 30 or more days, which is a tax so-what for those listings, not proof January is full.
Visitor spend is not debt service
Lake James and Pokagon are why Chicago guests type Angola. Indiana DNR still posts the 2025-26 toboggan season, about 90,000 riders, $20 per toboggan per hour including tax, through March 1, 2026. Visitor demand is not 31.8 percent occupancy and not a second income line you can add to DSCR. This pass did not find posted 2026-27 hours. Confirm remaining dates on the DNR page before a packet treats a toboggan weekend as locked cash flow.
Keep park headcount off the occupancy line. Angola tourism data is the file if a broker memo still treats visitor photos as booked nights.
Three mash-ups that break an Angola DSCR
The first mash-up is averaging Angola with Fort Wayne. Typical lake listings earned about $25,514 last year from 64 active rentals. Fort Wayne's already-live city cluster is about $17,136 on 484 listings. Mixing those two years produces a coverage ratio no driveway books. The city night is cheaper and the sample is larger. The lake night is $336 ADR on a 31.8 percent occupancy year with a January hole. Those are different notes. Band D angola posts already live stay live. Cluster 242 stays on its own live line and is not remeshed here.
The second mash-up is treating Steuben's more-than-460 county STR count as this town's gallery. Angola's AirROI cell is 64 listings. Using 460 as local competition overstates supply on Lake James and understates how small the photo fight actually is. File county as county. File $25,514 on 64 listings as this town. New Haven leftover at about $20,303 on 20 listings is a third town if a packet insists, not a midpoint between the lake year and the city year.
The third mash-up is adding Pokagon riders to the rent roll. Indiana DNR still describes about 90,000 toboggan riders a season on a refrigerated run near Angola, with a 30-foot tower, a 90-foot drop over a quarter-mile, and 42 mph. The posted 2025-26 season ran November 28, 2025 through March 1, 2026, weekends 10 a.m. to 5:30 p.m., $20 per toboggan per hour including tax plus park entry, closing at 0 degrees Fahrenheit. Visitor demand is not 31.8 percent occupancy. This pass did not find posted 2026-27 hours. Confirm remaining dates on the DNR page before a lender memo treats a toboggan Saturday as locked cash flow.
Calendar, guest origin, and the 30-night trap
August is the busiest revenue month on this extract, with July and June behind it. January is the slowest, and occupancy is weakest then. A DSCR that prices every month like August will fail the first winter. A DSCR that copies a Fort Wayne events calendar onto Lake James will discount the wrong weeks. Typical stay is 4.6 nights, booked about 71 days ahead, Chicago first, then Fort Wayne. That is a planned lake week. Do not underwrite a last-minute city search, and do not underwrite a corporate-housing story this extract did not break out.
Twenty-two listings, 34.4 percent of 64, already set a 30-night minimum while typical stay is still 4.6 nights. Indiana DOR states county innkeeper tax does not apply when renting for 30 or more days. Model that split as a tax and turn constraint. It is not a filled January, and it is not occupancy. Superhost share is 51.6 percent. Professionally managed share is 0.0 percent. Jamie holds two listings. Fee math, if a borrower hires, starts on $25,514, not on Fort Wayne's 484-listing book.
Tax desks belong in the same packet as the rent roll
Indiana Department of Revenue still describes statewide retailers' sales tax as 7 percent, with additional registration if you rent rooms for periods of less than 30 days. Steuben County innkeeper tax is listed at 5 percent, collected at the county, originally effective January 1, 1990. The Steuben Treasurer FAQ states 5 percent applies to hotel, motel, cabin, lake, and resort rentals, due by the 20th, 260-668-1000 extension 1900, 317 S Wayne Street, Suite 2-K, second floor of the Community Building, not the Judicial Center. Allen County, Fort Wayne's desk, is listed at 8 percent CIT effective November 1, 2019, collected at the state. Filing 8 percent on a Lake James note is the wrong treasurer.
Remaining clerk status sits with Clerk-Treasurer Ryan Herbert at 260-665-2514, extension 7353, 210 N Public Square, Monday through Friday 8:00 a.m. to 4:30 p.m. Planning is 260-665-7465. Building Safety is 260-665-6683. Indiana Code 36-1-24-8 treats owner-occupied short-term rental as a permitted residential use. This pass did not confirm a dedicated Angola city STR fee. Do not invent one into closing costs. Unincorporated lake lots may still need Steuben County Plan Commission. Confirm the tax map before the packet leaves.
How a host should pressure-test the note before it leaves
Print the dated window on page one: August 2025 through July 2026. Print the sample size: 64 active listings. Print typical revenue of about $25,514, ADR $336, occupancy 31.8 percent, RevPAN $111, year over year minus 9.2 percent, supply plus 6.7 percent. Then print the so-what in the same paragraph: a packet that annualizes $336 as if every dock were open 365 nights will overstate coverage because $111 times 365 is about $40,500 of fully available-year math and typical listings earned about $25,514. August still carries the year. January is the hole.
Print two innkeeper rates and refuse to average them. Steuben is 5 percent CIT at the county, due the 20th, 317 S Wayne Street Suite 2-K. Allen is 8 percent as of November 1, 2019. Indiana sales tax is 7 percent under both files for stays under 30 days. Print Clerk-Treasurer Ryan Herbert at 210 N Public Square, 260-665-2514 extension 7353, hours Monday through Friday 8:00 a.m. to 4:30 p.m. Print that this pass did not confirm a dedicated city STR fee. Print that IC 36-1-24-8 is owner-occupied law, not a shortcut. If the packet still has one blended northeastern Indiana year, recut it before anyone underwrites the note.
RevPAN is the coverage check most packets skip
Lenders like ADR because $336 looks like a strong night. Occupancy of 31.8 percent is the so-what sitting next to it. Revenue per available night of $111 is the operating yield on nights the house could have sold. Typical listings earned about $25,514, not the $40,500 you get if you multiply RevPAN by 365 as if every night were available and sold. Price August as August. Price January as January. Do not borrow Fort Wayne occupancy to close that gap on paper.
Year over year is minus 9.2 percent while active supply moved plus 6.7 percent. A few more houses entered a 64-listing gallery, and typical revenue slipped. That is not a metro collapse, and it is not a reason to haircut the note with Fort Wayne's 484-listing sample. It is a reason to keep photography, occasion copy, and remaining clerk status in the same packet as the rent roll. Call 260-665-2514. Keep Steuben's 5 percent CIT on this note. Keep Allen's 8 percent off it.
What a lender packet should carry
Carry $25,514 on 64 listings, occupancy, RevPAN, the year-over-year move, remaining clerk status, Indiana 7 percent sales tax, Steuben 5 percent innkeeper tax due the 20th at 317 S Wayne Street Suite 2-K, and Fort Wayne $17,136 on its own live line. Call 260-665-2514 before you assume a fee this pass did not confirm. Typical stay is 4.6 nights with about 71 days of lead, Chicago then Fort Wayne; that guest file belongs in the packet as demand shape, not as occupancy. Superhost share is 51.6 percent and professionally managed share is 0.0 percent, so do not haircut this note as if it were a branded metro book. We market the stay the guest typed. We do not take the lock, and we do not mint a blended lake-and-city rent roll to make coverage look easier.
Frequently Asked Questions
What should an Angola lender packet carry?
Start DSCR on about $25,514 from 64 listings for August 2025 through July 2026. Note $336 ADR, 31.8 percent occupancy, $111 RevPAN, year over year minus 9.2 percent, and supply plus 6.7 percent. Keep Fort Wayne's $17,136 on 484 listings off this note. Confirm remaining clerk status at 210 N Public Square and remaining Indiana lodging tax with the deed. Do not mint a blended lake-and-city rent roll.
Can I annualize $336 ADR as a fully occupied year?
No. Occupancy on this extract is 31.8 percent. RevPAN of $111 times 365 is about $40,500 of fully available-year math; typical listings earned about $25,514. A packet that only cites ADR will overstate the note. August still carries the year. January is the hole.
Should Fort Wayne's city year sit on an Angola DSCR?
No. Fort Wayne's already-live cluster is about $17,136 on 484 listings. Mixing that with $25,514 invents income neither driveway books. New Haven leftover at about $20,303 on 20 listings is a third line if a packet insists, not a midpoint. Band D angola posts already live stay live and are not remeshed here.
How do innkeeper rates affect the note?
Indiana sales tax is 7 percent statewide. Steuben County innkeeper tax is listed at 5 percent, collected at the county, due by the 20th. Allen County, Fort Wayne's desk, is listed at 8 percent as of November 1, 2019. DOR states CIT does not apply to stays of 30 or more days. Twenty-two of 64 Angola listings already set a 30-night minimum. Model the tax the treasurer actually collects.
Does Pokagon fill January cash flow?
No. Indiana DNR still describes about 90,000 riders a season and a posted 2025-26 toboggan window through March 1, 2026 at $20 per toboggan per hour including tax. Visitor demand is not 31.8 percent occupancy. This pass did not find posted 2026-27 hours. Do not treat a toboggan weekend as locked DSCR.
Is a 30-night filter filled winter?
No. Twenty-two listings, 34.4 percent of 64, set a 30-night minimum. Typical stay is still 4.6 nights, booked about 71 days ahead, Chicago then Fort Wayne. A 30-night setting changes turns and can change CIT. It does not mean January is full, and it should not be modeled as corporate housing this extract did not break out.
What clerk facts belong with the deed?
Call Clerk-Treasurer Ryan Herbert at 260-665-2514, extension 7353, 210 N Public Square, Monday through Friday 8:00 a.m. to 4:30 p.m. Indiana Code 36-1-24-8 covers owner-occupied stays as a permitted residential use. This pass did not confirm a dedicated Angola city STR fee. Do not invent one into closing costs.
Is professionally managed share a DSCR haircut?
Professionally managed share on this extract is 0.0 percent. Jamie holds two listings. Superhost share is 51.6 percent. That tells a lender this is still an independent-host town, not a branded metro book. Fee math, if you hire, starts on $25,514, not on Fort Wayne's 484-listing sample.
What is Steuben's 460-plus count doing in a loan file?
The Commissioner of Revenue's more-than-460 figure is countywide. Angola's AirROI cell is 64 listings. Using 460 as local competition overstates supply on Lake James. File county as county. File $25,514 on 64 listings as this town.
Where do I confirm remaining 2026 status before the packet leaves?
Start at 210 N Public Square. Planning is 260-665-7465. Building Safety is 260-665-6683. Steuben treasurer innkeeper questions go to 260-668-1000 extension 1900, 317 S Wayne Street, Suite 2-K. Unincorporated lots may still need Plan Commission. Confirm the tax map.
Related Reading
If a loan officer wants a blended lake-and-city rent roll, send $25,514 and the town desk.
Work with Crest & Cove Creative
If a loan officer wants a blended lake-and-city rent roll, send $25,514 and the town desk.
The note cares about the town line. A city stay is not this market. Reach out at crestcove.co or (256) 998-7502.
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