616-616.5 N Elizabeth St · Lima, OH 45801

$95,000

3 bd · 2.0 ba · 1,826 sqft · MultiFamily public records · 30 Days on market

Built 1920 8,712 sqft lot Est $106k · 10% 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 +12.1/15.0
• 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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Attention investors! Add this fully rented up-and-down duplex to your portfolio and continue building passive income. The property is currently configured as a 1-bedroom, 1-bath unit and a 2-bedroom, 1-bath unit. The upstairs unit has the potential to be converted into a 2-bedroom layout, offering an opportunity to increase cash flow. Both units are currently rented at $590 and $620 per month, well below market rent, providing strong upside potential through future rent increases. Please do not disturb tenants. Property must be under contract prior to any showings. Contact your agent today for more details.

Key facts

• 8,712 sq ft lot
• 2 garage spots
• Built 1920

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $95k.

Deal economics

• At list price, monthly cash flow is $958 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $95k).
• Recommended offer: $94k (1.5% below list) — sets the bar for market timing.
• Cap rate 18.4% 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.
• 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.
• Market conditions: 74 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals lingering (median 44d 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).
• At $2,004/mo this rent would consume 46% of the median local household income ($52k/yr) (locally 1141% of renters already pay >50% of income on rent) — 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 $657 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 $27k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 30 days — a 2% lower offer ($94k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 7y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $93,575 (1.5% below list)

Questions for the listing agent

1. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 2.11% ✓
• Cap rate: 18.40%
• Cash-on-cash: 43.23%
• DSCR: 2.92
• GRM: 4.0

CMA / ARV

• ARV (on-the-fly): $105,908
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
939 N West St	0.41mi	3/2.0	1,684 (-8%)	7mo	$97,500	$58	62

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: 40.1%
• Equity multiple: 2.72×
• Total profit: $45,648
• Equity at exit: $14,165

10-year hold

• IRR: 46.4%
• Equity multiple: 5.45×
• Total profit: $118,380
• Equity at exit: $8,214

Cash invested: $26,600 (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: 8.2×

Monthly cashflow live

• Estimated rent: $2,004 medium
• Mortgage (P&I): −$498
• Tax from tax record: −$87 /mo · $1,046/yr
• Insurance: −$40
• HOA: −$0
• Vacancy / Maint / Mgmt: −$421
• Net cashflow: $958

Break-even live

Break-even rent $791

Max offer price $95,000

Occupancy floor 47%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
1× unit	1	1	$971
1× unit	2	1	$1,033
Total (2 units)			$2,004

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: $23,750
• Closing costs: $2,850
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
555 Haller St Lima, OH	3.0	2.0	1953	$1,700	$0.87	43d	1	0.45mi
420 N Baxter St Lima, OH	3.0	2.0	1386	$1,200	$0.87	43d	1	0.55mi
330 W Ashton Ave Lima, OH	3.0	1.0	1288	$2,000	$1.55	43d	1	0.55mi
228 Nye St Lima, OH	4.0	2.0	1686	$675	$0.40	43d	1	0.83mi
405 N Kenilworth Ave Lima, OH	3.0	1.0	1352	$1,795	$1.33	43d	1	1.22mi

Listing history 17 events

1. 2026-04-10
   status Pending
2. 2026-03-10
   listed $95,000 Active
3. 2026-01-05
   status Active
4. 2026-01-05
   price $85,000
5. 2025-11-26
   price $90,000
6. 2025-11-12
   price $105,000
7. 2025-10-30
   listed $100,000 Active
8. 2025-06-18
   listed $210,000 Active
9. 2021-11-30
   soldstatus $148,000
10. 2019-06-03
    soldstatus $105,000
11. 2019-05-21
    soldstatus $52,500
12. 2019-03-16
    listed $69,900
13. 2019-03-16
    historical
14. 2019-03-16
    listed $73,500
15. 2018-06-19
    soldstatus $45,000
16. 1992-06-24
    soldstatus $23,000
17. 1992-01-22
    soldstatus $23,000

ⓘ 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: $1,046 · $87/mo
• Projected year-2 tax: $1,264 · $105/mo
• Expected delta: +$218/yr (+$18/mo · 20.9%)

ⓘ 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: $24,048
• − Mortgage interest: −$5,321
• − Property taxes: −$1,046
• − Insurance: −$475
• − Repairs & maintenance: −$1,924
• − Management: −$1,924
• − Depreciation: −$2,764
• Taxable income: $10,594
• Est. tax owed @ 24.0%: −$2,543
• After-tax cash flow: $8,956/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 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

+313.0% since first listed

17 events — show timeline

• 2026-04-10 Pending — WCARE
• 2026-03-10 Listed $95,000 WCARE
• 2026-01-05 Relisted — WCARE
• 2026-01-05 Price Changed $85,000 WCARE
• 2025-11-26 Price Changed $90,000 WCARE
• 2025-11-12 Price Changed $105,000 WCARE
• 2025-10-30 Listed $100,000 WCARE
• 2025-06-18 Listed $210,000 WCARE
• 2021-11-30 Sold (Public Records) $148,000 Public Records
• 2019-06-03 Sold (Public Records) $105,000 Public Records
• 2019-05-21 Sold (MLS) $52,500 CBRMLS
• 2019-03-16 Listed $73,500 CBRMLS
• 2019-03-16 Listing Removed — CBRMLS
• 2019-03-16 Listed $69,900 CBRMLS
• 2018-06-19 Sold (Public Records) $45,000 Public Records
• 1992-06-24 Sold (Public Records) $23,000 Public Records
• 1992-01-22 Sold (Public Records) $23,000 Public Records

Property tax history

-0.5%/yr

Latest (2025): $1,046 · +0.1% YoY. Source: county tax records.