123 Eagles Point Pt W

Lima, OH 45805

$193,000C+

2 bd · 1.5 ba · 1,168 sqft · Built 2004 · Condo · Active · 188 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,500/mo
• Mortgage (P&I): −$1,012
• Tax + insurance: −$285
• HOA: −$210
• Vac / Maint / Mgmt: −$525
• Net cashflow: $468/mo
• Annual: $5,614/yr
• Cap rate: 9.20%
• Cash-on-cash: 10.39%
• DSCR: 1.46
• 1% rule: 1.30%
• Cash to close: $54,040

Investor read

• This is a 2-bed/1.5-bath condo listed at $193k.
• At list price, monthly cash flow is $468 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $193k).
• It's been on market 188 days — a 12% lower offer ($170k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $170k (12.0% below list) — sets the bar for market timing.
• 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.
• Location reads 64/100 on livability (#787 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A-; Watch: crime F, amenities F, commute F.
• Shawnee Local (suburban): math 71% / reading 77% proficiency, ranked #100 of 656 in OH (top 15%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 105 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 88 units permitted in Allen County in 2024 (0 in 5+ unit buildings).
• Allen County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 2y ago; this cycle's ask has dropped $17k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $164k; 18% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At $2,500/mo this rent would consume 45% of the median local household income ($66k/yr) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 188 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?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• 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.
• Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.