2355 Burden Dr · Lima, OH 45801

$149,900

3 bd · 1.0 ba · 1,044 sqft · SingleFamily public records · 64 Days on market

Built 1955 7,927 sqft lot $144/sqft · 5% below area Est $158k · 5% under

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Why this score? — see what drove the C 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 +21.5/30.0
• ARV discount +9.8/15.0
• DSCR +6.9/10.0
• 1% rule +5.0/10.0
• Schools +5.0/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Move-in ready ranch home with immediate possession available. This home features 3 bedrooms, 1bathroom, with updated roof (2018), furnace (2018), water heater (2025), Water Softener (2025), Well Pump (2025), Sump Pump (2025), New Carpeting throughout (2026), This would make a great starter home. Seller is Brother-in-Law to Listing Agent.

Key facts

• Updated water heater
• Updated roof
• Updated sump pump

Tags

• UPDATED ROOF
• UPDATED FURNACE
• UPDATED WATER HEATER
• UPDATED WATER SOFTENER
• UPDATED WELL PUMP
• UPDATED SUMP PUMP

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $150k.

Deal economics

• At list price, monthly cash flow is $226 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $149k (0.4% below list).
• Recommended offer: $141k (6.0% below list) — sets the bar for market timing.

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.
• Elida Local (rural): math 59% / reading 59% proficiency, ranked #311 of 656 in OH (top 47%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 74 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).
• This rent runs 35% of the median local income ($52k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k 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.

Negotiation context

• It's been on market 64 days — a 6% lower offer ($141k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 12y ago; this cycle's ask has dropped $10k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $75k; list at $150k implies a 100% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $140,906 (6.0% below list)

Questions for the listing agent

1. It's been on market 64 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1955 — 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: 1.00% ✗
• Cap rate: 8.10%
• Cash-on-cash: 6.45%
• DSCR: 1.29
• GRM: 8.4

CMA / ARV

• ARV (median comp): $157,869
• List price: $149,900
• Delta: -5.05%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2351 Burden Dr	0.01mi	3/1.0	1,044 (0%)	6mo	$64,000	$61	95
2380 Mandolin Dr	0.08mi	3/2.0	1,120 (+7%)	1mo	$182,900	$163	79
2286 N Cole St	0.37mi	3/1.0	1,092 (+5%)	2mo	$205,000	$188	74
1143 Brower Rd	0.21mi	3/1.0	1,180 (+13%)	3mo	$179,000	$152	66
168 Lyre Bird Ln	0.47mi	3/1.0	988 (-5%)	6mo	$158,000	$160	64
570 Sandpiper St	0.42mi	3/2.0	1,128 (+8%)	1mo	$160,000	$142	62
765 W Lane Ave	0.59mi	3/1.0	999 (-4%)	6mo	$141,000	$141	61
1924 Burch Ave	0.58mi	3/1.0	972 (-7%)	4mo	$117,000	$120	58
475 Kenmore St	0.65mi	2/1.0 (-1)	998 (-4%)	0mo	$105,000	$105	57
1889 N Metcalf St	0.73mi	3/1.5	1,148 (+10%)	3mo	$175,000	$152	45
1317 Virginia Ave	0.69mi	2/1.0 (-1)	920 (-12%)	3mo	$144,000	$157	41
1809 N Metcalf St	0.75mi	3/2.5	1,176 (+13%)	0mo	$199,900	$170	38

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: -6.4%
• Equity multiple: 0.76×
• Total profit: $-9,948
• Equity at exit: $22,351

10-year hold

• IRR: 3.2%
• Equity multiple: 1.23×
• Total profit: $9,727
• Equity at exit: $12,961

Cash invested: $41,972 (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 45801

• Active inventory: 74
• Price-to-rent: 8.4×

Monthly cashflow live

• Estimated rent: $1,493 medium
• Mortgage (P&I): −$786
• Tax from tax record: −$105 /mo · $1,262/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$313
• Net cashflow: $226

Break-even live

Break-even rent $1,207

Max offer price $149,900

Occupancy floor 80%

Sensitivity live

Price	-10% $310	-5% $268	+0% $226	+5% $183	+10% $141
Rent	-10% $108	-5% $167	+0% $226	+5% $285	+10% $344
Rate	-1.0pp $301	-0.5pp $264	base $226	+0.5pp $187	+1.0pp $147

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: $37,475
• Closing costs: $4,497
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
330 W Ashton Ave Lima, OH	3.0	1.0	1288	$2,000	$1.55	45d	1	1.21mi

Listing history 7 events

1. 2026-05-04
   historical Active Under Contract 341-char remark

   Show marketing remark (341 chars)

   Move-in ready ranch home with immediate possession available. This home features 3 bedrooms, 1bathroom, with updated roof (2018), furnace (2018), water heater (2025), Water Softener (2025), Well Pump (2025), Sump Pump (2025), New Carpeting throughout (2026), This would make a great starter home. Seller is Brother-in-Law to Listing Agent.

2. 2026-04-23
   price $149,900 341-char remark

   Show marketing remark (341 chars)

   Move-in ready ranch home with immediate possession available. This home features 3 bedrooms, 1bathroom, with updated roof (2018), furnace (2018), water heater (2025), Water Softener (2025), Well Pump (2025), Sump Pump (2025), New Carpeting throughout (2026), This would make a great starter home. Seller is Brother-in-Law to Listing Agent.

3. 2026-03-26
   listed $159,900 Active 341-char remark

   Show marketing remark (341 chars)

   Move-in ready ranch home with immediate possession available. This home features 3 bedrooms, 1bathroom, with updated roof (2018), furnace (2018), water heater (2025), Water Softener (2025), Well Pump (2025), Sump Pump (2025), New Carpeting throughout (2026), This would make a great starter home. Seller is Brother-in-Law to Listing Agent.

4. 2018-04-05
   soldstatus $75,000
5. 2015-04-21
   soldstatus $63,600
6. 2014-08-25
   listed $69,000
7. 2008-07-01
   soldstatus $26,000

ⓘ 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: $1,262 · $105/mo
• Projected year-2 tax: $1,800 · $150/mo
• Expected delta: +$538/yr (+$45/mo · 42.7%)

ⓘ 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: $17,913
• − Mortgage interest: −$8,397
• − Property taxes: −$1,262
• − Insurance: −$750
• − Repairs & maintenance: −$1,433
• − Management: −$1,433
• − Depreciation: −$4,361
• Taxable income: $279
• Est. tax owed @ 24.0%: −$67
• After-tax cash flow: $2,641/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: Elida Local
• NCES district ID: 3904577
• Math proficiency: 59% ▼ -11.00%
• Reading proficiency: 59% ▼ -7.00%
• Median HH income: $46,632
• Composite: 49.93/100
• National rank: #1934
• State rank: #311 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

• County: Allen County · 21,739 people
• City population: 21,739
• Metro: Lima, OH
• Population (ZIP): 21,739
• Household income: $51,731
• Rent vs Own: 45.7% rent · 54.3% own
• Severe rent burden: 1141.0

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 (71%)
• Race & ethnicity: White 71% Black 14% Two or more races 8% Hispanic / Latino 6% Asian 1%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Lithuanian 2% Italian 1% Iranian 1%
• Foreign-born: 2% · Canada, China
• Languages at home: 96% English-only · Spanish 2%

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: ▼ -164.79%
• Current HPI: 219.5329
• Rent YoY: —
• Metro: Lima, OH
• 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

+476.5% since first listed

7 events — show timeline

• 2026-05-04 Contingent — WCARE
• 2026-04-23 Price Changed $149,900 WCARE
• 2026-03-26 Listed $159,900 WCARE
• 2018-04-05 Sold (Public Records) $75,000 Public Records
• 2015-04-21 Sold (Public Records) $63,600 Public Records
• 2014-08-25 Listed $69,000 WCARE
• 2008-07-01 Sold (Public Records) $26,000 Public Records

Property tax history

+0.1%/yr

Latest (2025): $1,262 · -1.3% YoY. Source: county tax records.