1580 W Robb Ave

Lima, OH 45805

$99,900B

2 bd · 1.0 ba · 912 sqft · Built 1963 · SingleFamily · Active · 269 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,297/mo
• Mortgage (P&I): −$524
• Tax + insurance: −$198
• HOA: −$0
• Vac / Maint / Mgmt: −$272
• Net cashflow: $303/mo
• Annual: $3,636/yr
• Cap rate: 9.93%
• Cash-on-cash: 13.00%
• DSCR: 1.58
• 1% rule: 1.30%
• Cash to close: $27,972

Investor read

• This is a 2-bed/1.0-bath single-family listed at $100k. Condition is rated fair.
• At list price, monthly cash flow is $303 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $100k).
• It's been on market 269 days — a 12% lower offer ($88k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $88k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $691 of loan paydown is wiped out by about $3k 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.
• 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.
• Zoned schools: Elida Elementary (math 73% / reading 61%, grade B+, #456 of 1,584 statewide, top 31%, 1,018 students, 56% FRL); Elida Middle School (math 56% / reading 57%, grade B, #313 of 654 statewide, top 48%, 537 students, 59% FRL); Elida High School (math 47% / reading 62%, grade C-, #303 of 781 statewide, top 42%, 628 students, 42% FRL).
• Market conditions: 220 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals lingering (median 32d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 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.
• 3 sale attempts; this cycle's ask has dropped $22k (18%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $56k; list at $100k implies a 78% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~9 years — after that, you're playing with house money.
• Cap rate 9.9% vs local median 6.5% 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.

Questions for listing agent

• It's been on market 269 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1963 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.

Repairs flagged (vision-AI assessment)

• Major: roof — Significant damage and wear are visible on the roof, indicating a major repair is needed.
• Moderate: exterior siding — The siding shows some discoloration and minor damage, indicating a moderate repair is needed.