1755 Shawnee Rd #207 · Lima, OH 45805

$150,000

2 bd · 2.0 ba · 1,340 sqft · Condo public records · 66 Days on market

Built 1966 $477/mo HOA · 19% of rent

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +6.4/10.0
• 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

Here's your opportunity for a freshly remodeled condo at THE CARLTON HOUSE! This unit spans 1340 sq ft of extremely charming living space. Offering 2 bedrooms and 2 full, beautifully redone bathrooms. New flooring throughout the entire unit. Also, offers a new heat pump, water heater, and appliances. Work out room, laundry, and storage room are provided. This place is beautiful and mostly brand new. HOA requires a $2000 deposit at closing. Call me or your REALTOR today!

Key facts

• New heat pump
• New flooring
• New water heater

Tags

• REMODELED CONDO
• NEW FLOORING
• NEW HEAT PUMP
• NEW WATER HEATER
• NEW APPLIANCES
• WORK OUT ROOM

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $150k.

Deal economics

• At list price, monthly cash flow is $569 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $141k (6.0% below list) — sets the bar for market timing.
• Cap rate 10.8% vs local median 7.7% 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.
• 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: 106 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).
• 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.

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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $42k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 66 days — a 6% lower offer ($141k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 2y 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 $94k; list at $150k implies a 59% gain — meaningful room to come down on a strong offer.

Recommended offer $141,000 (6.0% below list)

Questions for the listing agent

1. It's been on market 66 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 1966 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.67% ✓
• Cap rate: 10.85%
• Cash-on-cash: 16.27%
• DSCR: 1.72
• GRM: 5.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 7.4%
• Equity multiple: 1.29×
• Total profit: $12,225
• Equity at exit: $22,365

10-year hold

• IRR: 16.8%
• Equity multiple: 2.39×
• Total profit: $58,419
• Equity at exit: $12,969

Cash invested: $42,000 (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: 5.0×

Monthly cashflow live

• Estimated rent: $2,500 medium
• Mortgage (P&I): −$787
• Tax from tax record: −$79 /mo · $954/yr
• Insurance: −$62
• HOA: −$477
• Vacancy / Maint / Mgmt: −$525
• Net cashflow: $569

Break-even live

Break-even rent $1,779

Max offer price $150,000

Occupancy floor 72%

Sensitivity live

Price	-10% $654	-5% $612	+0% $569	+5% $527	+10% $485
Rent	-10% $372	-5% $471	+0% $569	+5% $668	+10% $767
Rate	-1.0pp $645	-0.5pp $608	base $569	+0.5pp $531	+1.0pp $491

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
608 S Primrose Pl Lima, OH	3.0	2.0	1200	$2,500	$2.08	44d	1	1.39mi

HOA detail condo

• Monthly dues: $477 · $5,724/yr
• Likely covers: water
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 31 events

1. 2026-06-21
   days on market $150,000 Active 66 DOM
2. 2026-06-18
   days on market $150,000 Active 64 DOM
3. 2026-06-17
   days on market $150,000 Active 63 DOM
4. 2026-06-16
   days on market $150,000 Active 62 DOM
5. 2026-06-15
   days on market $150,000 Active 61 DOM
6. 2026-06-13
   days on market $150,000 Active 59 DOM
7. 2026-06-12
   days on market $150,000 Active 58 DOM
8. 2026-06-09
   days on market $150,000 Active 55 DOM
9. 2026-06-08
   days on market $150,000 Active 54 DOM
10. 2026-06-08
    days on market $150,000 Active 53 DOM
11. 2026-06-07
    days on market $150,000 Active 52 DOM
12. 2026-06-04
    days on market $150,000 Active 49 DOM
13. 2026-06-02
    days on market $150,000 Active 48 DOM
14. 2026-06-01
    days on market $150,000 Active 47 DOM
15. 2026-05-31
    days on market $150,000 Active 46 DOM
16. 2026-05-07
    price $150,000 474-char remark

    Show marketing remark (473 chars)

    Here's your opportunity for a freshly remodeled condo at THE CARLTON HOUSE! This unit spans 1340 sq ft of extremely charming living space. Offering 2 bedrooms and 2 full, beautifully redone bathrooms. New flooring throughout the entire unit. Also, offers a new heat pump, water heater, and appliances. Work out room, laundry, and storage room are provided. This place is beautiful and mostly brand new. HOA requires a $2000 deposit at closing. Call me or your REALTOR today

17. 2026-05-07
    price $150,000 473-char remark

    Show marketing remark (473 chars)

    Here's your opportunity for a freshly remodeled condo at THE CARLTON HOUSE! This unit spans 1340 sq ft of extremely charming living space. Offering 2 bedrooms and 2 full, beautifully redone bathrooms. New flooring throughout the entire unit. Also, offers a new heat pump, water heater, and appliances. Work out room, laundry, and storage room are provided. This place is beautiful and mostly brand new. HOA requires a $2000 deposit at closing. Call me or your REALTOR today

18. 2026-05-01
    price $154,900 474-char remark

    Show marketing remark (473 chars)

    Here's your opportunity for a freshly remodeled condo at THE CARLTON HOUSE! This unit spans 1340 sq ft of extremely charming living space. Offering 2 bedrooms and 2 full, beautifully redone bathrooms. New flooring throughout the entire unit. Also, offers a new heat pump, water heater, and appliances. Work out room, laundry, and storage room are provided. This place is beautiful and mostly brand new. HOA requires a $2000 deposit at closing. Call me or your REALTOR today

19. 2026-05-01
    price $154,900 473-char remark

    Show marketing remark (473 chars)

    Here's your opportunity for a freshly remodeled condo at THE CARLTON HOUSE! This unit spans 1340 sq ft of extremely charming living space. Offering 2 bedrooms and 2 full, beautifully redone bathrooms. New flooring throughout the entire unit. Also, offers a new heat pump, water heater, and appliances. Work out room, laundry, and storage room are provided. This place is beautiful and mostly brand new. HOA requires a $2000 deposit at closing. Call me or your REALTOR today

20. 2026-04-15
    listed $159,900 Active 474-char remark

    Show marketing remark (473 chars)

    Here's your opportunity for a freshly remodeled condo at THE CARLTON HOUSE! This unit spans 1340 sq ft of extremely charming living space. Offering 2 bedrooms and 2 full, beautifully redone bathrooms. New flooring throughout the entire unit. Also, offers a new heat pump, water heater, and appliances. Work out room, laundry, and storage room are provided. This place is beautiful and mostly brand new. HOA requires a $2000 deposit at closing. Call me or your REALTOR today

21. 2026-04-15
    listed $159,900 Active 473-char remark

    Show marketing remark (473 chars)

    Here's your opportunity for a freshly remodeled condo at THE CARLTON HOUSE! This unit spans 1340 sq ft of extremely charming living space. Offering 2 bedrooms and 2 full, beautifully redone bathrooms. New flooring throughout the entire unit. Also, offers a new heat pump, water heater, and appliances. Work out room, laundry, and storage room are provided. This place is beautiful and mostly brand new. HOA requires a $2000 deposit at closing. Call me or your REALTOR today

22. 2025-12-01
    historical
23. 2025-11-21
    listed $159,900 Active
24. 2025-11-21
    listed $159,900 Active
25. 2024-05-06
    soldstatus $94,500 Closed
26. 2024-05-06
    soldstatus $94,500
27. 2024-03-14
    historical Active Under Contract
28. 2024-02-06
    listed $94,500 Active
29. 2007-12-07
    soldstatus $85,000
30. 2007-03-08
    soldstatus $80,000
31. 1998-03-27
    soldstatus $70,000

ⓘ 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: $954 · $79/mo
• Projected year-2 tax: $1,647 · $137/mo
• Expected delta: +$693/yr (+$58/mo · 72.7%)

ⓘ 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: $30,000
• − Mortgage interest: −$8,402
• − Property taxes: −$954
• − Insurance: −$750
• − Repairs & maintenance: −$2,400
• − Management: −$2,400
• − HOA: −$5,724
• − Depreciation: −$4,364
• Taxable income: $5,007
• Est. tax owed @ 24.0%: −$1,202
• After-tax cash flow: $5,632/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: Shawnee Local
• NCES district ID: 3904579
• Math proficiency: 71% ▼ -9.00%
• Reading proficiency: 77% ▼ -4.00%
• Median HH income: $61,634
• Composite: 63.78/100
• National rank: #597
• State rank: #100 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 · 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

+114.3% since first listed

16 events — show timeline

• 2026-05-07 Price Changed $150,000 WCARE
• 2026-05-07 Price Changed $150,000 WRIST
• 2026-05-01 Price Changed $154,900 WCARE
• 2026-05-01 Price Changed $154,900 WRIST
• 2026-04-15 Listed $159,900 WCARE
• 2026-04-15 Listed $159,900 WRIST
• 2025-12-01 Listing Removed — WRIST
• 2025-11-21 Listed $159,900 WCARE
• 2025-11-21 Listed $159,900 WRIST
• 2024-05-06 Sold (Public Records) $94,500 Public Records
• 2024-05-06 Sold (MLS) $94,500 WCARE
• 2024-03-14 Contingent — WCARE
• 2024-02-06 Listed $94,500 WCARE
• 2007-12-07 Sold (Public Records) $85,000 Public Records
• 2007-03-08 Sold (Public Records) $80,000 Public Records
• 1998-03-27 Sold (Public Records) $70,000 Public Records

Property tax history

-1.0%/yr

Latest (2025): $954 · -35.6% YoY. Source: county tax records.