1209 Rice Ave · Lima, OH 45805

$89,000

2 bd · 1.0 ba · 1,548 sqft · SingleFamily public records · 143 Days on market

Built 1923 1,829 sqft lot $57/sqft · 23% below area Est $115k · 23% under

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Why this score? — see what drove the B+ 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.2/5.0
• Schools +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Investors! Look at this Turnkey 3 Bedroom, one full bath Colonial! Tenant occupied at $1100/month plus tenant pays their own gas/electric! Updates include: Siding, LVP flooring in kitchen, hot water tank, new electrical panel/wiring, hardwood floors refinished, interior paint, ceilings redone, Bathroom remodel with new LVP flooring/paint/tub surround/toilet, interior light fixtures, and third level attic converted into a large third bedroom!! Roof year unknown, no leaks. Furnace within 10 years. Woodburning Fireplace in Living Room! Cozy front porch, Nice lot, quiet street! Solid home! Contact co-list agent with questions. Ask us about the 6 other tenant occupied investments for sale plus 18 single family value add properties in the area! AS IS, no seller financing, Hurry- this will not last long!

Key facts

• Hot water tank
• Bathroom remodel
• Lvp flooring

Tags

• TURNKEY
• LVP FLOORING
• HOT WATER TANK
• NEW ELECTRICAL PANEL
• HARDWOOD FLOORS REFINISHED
• BATHROOM REMODEL

🏷️ Possibly a rental listed for sale. The $89,000 price doesn't fit this home's estimated sale value (~$115,297) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $89k.

Deal economics

• At list price, monthly cash flow is $564 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $89k).
• Recommended offer: $78k (12.0% below list) — sets the bar for market timing.
• Cap rate 13.9% vs local median 7.6% in Lima — 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 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.
• Lima City (urban): math 29% / reading 36% proficiency, ranked #575 of 656 in OH (top 88%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 83% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Heritage Elementary School (math 42% / reading 32%, grade F, #1,087 of 1,584 statewide, top 70%, 421 students, 0% FRL); Lima West Middle School (math 22% / reading 24%, grade F, #600 of 654 statewide, top 92%, 352 students, 0% FRL); Lima Senior High School (math 16% / reading 42%, grade F, #627 of 781 statewide, top 81%, 1,013 students, 0% FRL) — zoned schools average 0% FRL vs 83% district-wide (83 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 106 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 88 units permitted in Allen County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $615 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Allen County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $25k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 143 days — a 12% lower offer ($78k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 5y ago; this cycle's ask has dropped $26k (23%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1923 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $78,320 (12.0% below list)

Questions for the listing agent

1. It's been on market 143 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1923 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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: 1.69% ✓
• Cap rate: 13.89%
• Cash-on-cash: 27.14%
• DSCR: 2.21
• GRM: 4.9

CMA / ARV

• ARV (median comp): $115,297
• List price: $89,000
• Delta: -22.81%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1206 Rice Ave	0.03mi	3/1.0 (+1)	1,643 (+6%)	4mo	$144,000	$88	80
974 Richie Ave	0.33mi	3/1.5 (+1)	1,464 (-5%)	2mo	$175,000	$120	67
1600 Leland Ave	0.42mi	3/2.0 (+1)	1,684 (+9%)	1mo	$190,900	$113	56
1721 Rice Ave	0.64mi	3/1.0 (+1)	1,440 (-7%)	1mo	$174,500	$121	53
1521 Oakland Pkwy	0.43mi	3/1.5 (+1)	1,694 (+9%)	8mo	$225,900	$133	51
1524 W Spring St	0.67mi	3/2.5 (+1)	1,568 (+1%)	8mo	$208,404	$133	49
227 S Cole St	0.63mi	3/1.0 (+1)	1,680 (+8%)	8mo	$60,000	$36	45
910 N Dale Dr	0.68mi	2/1.0	1,323 (-14%)	2mo	$153,000	$116	42
676 Cortlandt Ave	0.54mi	2/2.0	1,321 (-15%)	6mo	$142,000	$107	41
1004 Sherman Ave	0.67mi	3/2.0 (+1)	1,408 (-9%)	4mo	$195,200	$139	41
918 Cornell Dr	0.73mi	3/2.0 (+1)	1,426 (-8%)	6mo	$132,000	$93	38
109 N Pears Ave	0.72mi	3/2.5 (+1)	1,664 (+8%)	7mo	$226,000	$136	37

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: 21.1%
• Equity multiple: 1.86×
• Total profit: $21,507
• Equity at exit: $13,270

10-year hold

• IRR: 29.3%
• Equity multiple: 3.61×
• Total profit: $65,067
• Equity at exit: $7,695

Cash invested: $24,920 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 73 Landlord-Friendly
• State Ohio: 73 Landlord-Friendly · R+6
• County: — inherits STATE
• City: — inherits STATE

3-day notice; Cleveland / Columbus have some habitability code enforcement; otherwise landlord-leaning.

Methodology + full state rankings →

ZIP-level market 45805

• Active inventory: 106
• Price-to-rent: 4.9×

Monthly cashflow live

• Estimated rent: $1,501 high
• Mortgage (P&I): −$467
• Tax from tax record: −$118 /mo · $1,415/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$315
• Net cashflow: $564

Break-even live

Break-even rent $787

Max offer price $89,000

Occupancy floor 57%

Sensitivity live

Price	-10% $614	-5% $589	+0% $564	+5% $539	+10% $513
Rent	-10% $445	-5% $504	+0% $564	+5% $623	+10% $682
Rate	-1.0pp $609	-0.5pp $586	base $564	+0.5pp $541	+1.0pp $517

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: $22,250
• Closing costs: $2,670
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
405 N Kenilworth Ave Lima, OH	3.0	1.0	1352	$1,795	$1.33	45d	1	0.21mi
1436 W High St Lima, OH	2.0	1.0	1205	$895	$0.74	45d	1	0.44mi
420 N Baxter St Lima, OH	3.0	2.0	1386	$1,200	$0.87	45d	1	0.63mi
555 Haller St Lima, OH	3.0	2.0	1953	$1,700	$0.87	45d	1	0.65mi
330 W Ashton Ave Lima, OH	3.0	1.0	1288	$2,000	$1.55	45d	1	1.14mi
608 S Primrose Pl Lima, OH	3.0	2.0	1200	$2,500	$2.08	45d	1	1.23mi
43 Town Sq Lima, OH	2.0–3.0	1.0–2.0	1100	$956	$0.87	45d	9	1.27mi

Listing history 29 events

1. 2026-06-19
   days on market $89,000 Active 143 DOM
2. 2026-06-18
   days on market $89,000 Active 142 DOM
3. 2026-06-17
   days on market $89,000 Active 141 DOM
4. 2026-06-16
   days on market $89,000 Active 140 DOM
5. 2026-06-15
   days on market $89,000 Active 139 DOM
6. 2026-06-14
   days on market $89,000 Active 137 DOM
7. 2026-06-12
   days on market $89,000 Active 136 DOM
8. 2026-06-09
   days on market $89,000 Active 133 DOM
9. 2026-06-08
   days on market $89,000 Active 132 DOM
10. 2026-06-07
    days on market $89,000 Active 131 DOM
11. 2026-06-07
    days on market $89,000 Active 130 DOM
12. 2026-06-04
    days on market $89,000 Active 127 DOM
13. 2026-06-02
    days on market $89,000 Active 126 DOM
14. 2026-06-01
    days on market $89,000 Active 125 DOM
15. 2026-05-31
    days on market $89,000 Active 124 DOM
16. 2026-05-31
    days on market $89,000 Active 123 DOM
17. 2026-04-25
    price $89,000 808-char remark

    Show marketing remark (808 chars)

    Investors! Look at this Turnkey 3 Bedroom, one full bath Colonial! Tenant occupied at $1100/month plus tenant pays their own gas/electric! Updates include: Siding, LVP flooring in kitchen, hot water tank, new electrical panel/wiring, hardwood floors refinished, interior paint, ceilings redone, Bathroom remodel with new LVP flooring/paint/tub surround/toilet, interior light fixtures, and third level attic converted into a large third bedroom!! Roof year unknown, no leaks. Furnace within 10 years. Woodburning Fireplace in Living Room! Cozy front porch, Nice lot, quiet street! Solid home! Contact co-list agent with questions. Ask us about the 6 other tenant occupied investments for sale plus 18 single family value add properties in the area! AS IS, no seller financing, Hurry- this will not last long!

18. 2026-03-03
    price $99,000 808-char remark

    Show marketing remark (808 chars)

    Investors! Look at this Turnkey 3 Bedroom, one full bath Colonial! Tenant occupied at $1100/month plus tenant pays their own gas/electric! Updates include: Siding, LVP flooring in kitchen, hot water tank, new electrical panel/wiring, hardwood floors refinished, interior paint, ceilings redone, Bathroom remodel with new LVP flooring/paint/tub surround/toilet, interior light fixtures, and third level attic converted into a large third bedroom!! Roof year unknown, no leaks. Furnace within 10 years. Woodburning Fireplace in Living Room! Cozy front porch, Nice lot, quiet street! Solid home! Contact co-list agent with questions. Ask us about the 6 other tenant occupied investments for sale plus 18 single family value add properties in the area! AS IS, no seller financing, Hurry- this will not last long!

19. 2026-02-21
    price $110,000 808-char remark

    Show marketing remark (808 chars)

    Investors! Look at this Turnkey 3 Bedroom, one full bath Colonial! Tenant occupied at $1100/month plus tenant pays their own gas/electric! Updates include: Siding, LVP flooring in kitchen, hot water tank, new electrical panel/wiring, hardwood floors refinished, interior paint, ceilings redone, Bathroom remodel with new LVP flooring/paint/tub surround/toilet, interior light fixtures, and third level attic converted into a large third bedroom!! Roof year unknown, no leaks. Furnace within 10 years. Woodburning Fireplace in Living Room! Cozy front porch, Nice lot, quiet street! Solid home! Contact co-list agent with questions. Ask us about the 6 other tenant occupied investments for sale plus 18 single family value add properties in the area! AS IS, no seller financing, Hurry- this will not last long!

20. 2026-01-27
    listed $115,000 Active 808-char remark

    Show marketing remark (808 chars)

    Investors! Look at this Turnkey 3 Bedroom, one full bath Colonial! Tenant occupied at $1100/month plus tenant pays their own gas/electric! Updates include: Siding, LVP flooring in kitchen, hot water tank, new electrical panel/wiring, hardwood floors refinished, interior paint, ceilings redone, Bathroom remodel with new LVP flooring/paint/tub surround/toilet, interior light fixtures, and third level attic converted into a large third bedroom!! Roof year unknown, no leaks. Furnace within 10 years. Woodburning Fireplace in Living Room! Cozy front porch, Nice lot, quiet street! Solid home! Contact co-list agent with questions. Ask us about the 6 other tenant occupied investments for sale plus 18 single family value add properties in the area! AS IS, no seller financing, Hurry- this will not last long!

21. 2025-07-09
    price $70,750
22. 2025-05-21
    price $35,000
23. 2025-04-29
    listed $45,000 Active
24. 2022-03-29
    soldstatus $336,000
25. 2022-03-22
    soldstatus $33,961
26. 2021-06-23
    listed $39,900
27. 2000-10-04
    soldstatus $55,000
28. 2000-07-31
    soldstatus $91,900
29. 1995-06-27
    soldstatus $20,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast OH · Partial reset (capped growth)

• Current annual tax: $1,415 · $118/mo
• Projected year-2 tax: $1,415 · $118/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 ≥100°F today · 18 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: $18,007
• − Mortgage interest: −$4,985
• − Property taxes: −$1,415
• − Insurance: −$445
• − Repairs & maintenance: −$1,441
• − Management: −$1,441
• − Depreciation: −$2,589
• Taxable income: $5,691
• Est. tax owed @ 24.0%: −$1,366
• After-tax cash flow: $5,399/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)

• District: Lima City
• NCES district ID: 3904422
• Math proficiency: 29% ▼ -13.00%
• Reading proficiency: 36% ▼ -6.00%
• Median HH income: $29,685
• Composite: 26.31/100
• National rank: #7243
• State rank: #575 of 656 in OH

Livability — Lima

• Score: 64/100
• State rank: #787
• US rank: #14288

Category grades

Amenities F Commute F Cost of living A+ Crime F Employment F Housing A+ Health & safety A- User ratings C

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lima, OH
• County: Allen · 98,169 people
• City population: 21,739
• Metro: Lima, OH
• Population (ZIP): 24,746
• Household income: $65,954
• Rent vs Own: 36.3% rent · 63.7% own
• Severe rent burden: 8.0

Population outlook (Allen County) Hauer SSP2

• Today (2025): 100,321 people
• By 2030: 97,693 · -2.6%
• By 2040: 91,802 · -8.5%
• By 2050: 86,152 · -14.1%
• By 2075: 73,659 · -26.6%
• By 2100: 58,716 · -41.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (74%)
• Race & ethnicity: White 74% Black 15% Two or more races 6% Hispanic / Latino 4% Asian 1%
• Common ancestry: Italian 2% Slovak 2% Romanian 2%
• Foreign-born: 2% · Canada, Vietnam
• Languages at home: 96% English-only · Spanish 1% Vietnamese 1%

Political lean MEDSL · Allen

• 2024 margin: Solid R (+44.1) · D 27.5% · R 71.6%
• 2008→2024 swing: -23.4pp toward R · 2008: -20.7pp · 2024: -44.1pp
• All cycles: 2024: R+44.1 2020: R+39.5 2016: R+38.2 2012: R+25.7 2008: R+20.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -156.78%
• Current HPI: 210.6397
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 1.98%
• F500 in state: 48

Industry mix (Fortune 500 HQ in OH)

Industry	F500 HQs	Revenue
▸Insurance	3	$145B
▸Industrial Machinery	3	$49B
▸Financial Services	3	$24B
▸Consumer Goods	2	$93B
▸Aerospace / Defense	2	$47B
▸Utilities	2	$33B

Price history

+345.0% since first listed

13 events — show timeline

• 2026-04-25 Price Changed $89,000 MLSNOW
• 2026-03-03 Price Changed $99,000 MLSNOW
• 2026-02-21 Price Changed $110,000 MLSNOW
• 2026-01-27 Listed $115,000 MLSNOW
• 2025-07-09 Price Changed $70,750 MARMLS
• 2025-05-21 Price Changed $35,000 MARMLS
• 2025-04-29 Listed $45,000 MARMLS
• 2022-03-29 Sold (Public Records) $336,000 Public Records
• 2022-03-22 Sold (MLS) $33,961 WCARE
• 2021-06-23 Listed $39,900 WCARE
• 2000-10-04 Sold (Public Records) $55,000 Public Records
• 2000-07-31 Sold (Public Records) $91,900 Public Records
• 1995-06-27 Sold (Public Records) $20,000 Public Records

Property tax history

+5.2%/yr

Latest (2025): $1,415 · +61.2% YoY. Source: county tax records.