1018 W Spring St · Lima, OH 45805

$90,000

2 bd · 1.0 ba · 1,823 sqft · SingleFamily public records · 9 Days on market

Built 1915 Est $168k · 46% 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

Welcome to 1018 W. Spring St. a home full of character and potential. The exterior has numerous updates including siding, roof, windows, exterior doors, front porch floor and painted concrete, providing excellent curb appeal and peace of mind. Inside you will 4 bedrooms(auditors site has it as 2) and one full bath

Key facts

• Built 1915
• Listed 8 days

Property features AI

Finance

• Other: Listing broker: CCR Realtors

Exterior

• Parking: No garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Residential property
• Construction: Other foundation
• Exterior features: Residential zoning

Interior

• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating (natural gas); No cooling
• Interior features: 7 total rooms; Basement (other type)

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $90k.

Deal economics

• At list price, monthly cash flow is $675 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $90k).
• Cap rate 15.3% 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: 105 active listings in the ZIP; 4 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $622 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 ~4 years — after that, you're playing with house money.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $28k; list at $90k implies a 227% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $90,000

Questions for the listing agent

1. Built in 1915 — 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 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: 1.81% ✓
• Cap rate: 15.29%
• Cash-on-cash: 32.13%
• DSCR: 2.43
• GRM: 4.6

CMA / ARV

• ARV (on-the-fly): $167,716
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
430 S Kenilworth Ave	0.37mi	3/1.5 (+1)	1,822 (-0%)	4mo	$185,000	$102	73
227 S Cole St	0.13mi	3/1.0 (+1)	1,680 (-8%)	8mo	$60,000	$36	69
1120 Richie Ave	0.51mi	3/1.0 (+1)	1,884 (+3%)	3mo	$114,000	$61	63
1700 Lowell Ave	0.67mi	3/1.5 (+1)	1,827 (+0%)	1mo	$205,000	$112	60
120 S Woodlawn Ave	0.40mi	3/1.5 (+1)	1,954 (+7%)	5mo	$51,500	$26	58
735 Brice Ave	0.69mi	3/2.0 (+1)	1,795 (-2%)	3mo	$155,000	$86	54
1521 Oakland Pkwy	0.50mi	3/1.5 (+1)	1,694 (-7%)	8mo	$225,900	$133	51
644 S Judkins Ave	0.64mi	3/1.0 (+1)	1,703 (-7%)	6mo	$180,000	$106	49
308 S Judkins Ave	0.50mi	3/2.0 (+1)	1,617 (-11%)	1mo	$148,000	$92	48
1206 Rice Ave	0.60mi	3/1.0 (+1)	1,643 (-10%)	4mo	$144,000	$88	47
530 W Elm St	0.72mi	3/2.0 (+1)	1,938 (+6%)	5mo	$23,000	$12	43
109 N Pears Ave	0.74mi	3/2.5 (+1)	1,664 (-9%)	7mo	$226,000	$136	34

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: 27.1%
• Equity multiple: 2.13×
• Total profit: $28,406
• Equity at exit: $13,419

10-year hold

• IRR: 34.7%
• Equity multiple: 4.18×
• Total profit: $80,146
• Equity at exit: $7,782

Cash invested: $25,200 (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: 105
• Price-to-rent: 4.6×

Monthly cashflow live

• Estimated rent: $1,631 medium
• Mortgage (P&I): −$472
• Tax from tax record: −$104 /mo · $1,248/yr
• Insurance: −$38
• HOA: −$0
• Vacancy / Maint / Mgmt: −$342
• Net cashflow: $675

Break-even live

Break-even rent $777

Max offer price $90,000

Occupancy floor 54%

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: $22,500
• Closing costs: $2,700
• Reserves months: —
• Total cash needed: —

Rent comps 4 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	44d	1	0.43mi
420 N Baxter St Lima, OH	3.0	2.0	1386	$1,200	$0.87	44d	1	0.59mi
555 Haller St Lima, OH	3.0	2.0	1953	$1,700	$0.87	44d	1	0.77mi
330 W Ashton Ave Lima, OH	3.0	1.0	1288	$2,000	$1.55	44d	1	1.41mi

Listing history 8 events

1. 2026-06-19
   days on market $90,000 Coming Soon 9 DOM
2. 2026-06-18
   days on market $90,000 Coming Soon 8 DOM
3. 2026-06-17
   days on market $90,000 Coming Soon 7 DOM
4. 2026-06-16
   days on market $90,000 Coming Soon 6 DOM
5. 2026-06-15
   days on market $90,000 Coming Soon 5 DOM
6. 2026-06-14
   days on market $90,000 Coming Soon 3 DOM
7. 2026-06-12
   remarks 315-char remark
8. 2026-06-12
   listed $90,000 Coming Soon 2 DOM

ⓘ 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: $1,248 · $104/mo
• Projected year-2 tax: $1,326 · $110/mo
• Expected delta: +$78/yr (+$7/mo · 6.3%)

ⓘ 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: $19,567
• − Mortgage interest: −$5,041
• − Property taxes: −$1,248
• − Insurance: −$450
• − Repairs & maintenance: −$1,565
• − Management: −$1,565
• − Depreciation: −$2,618
• Taxable income: $7,079
• Est. tax owed @ 24.0%: −$1,699
• After-tax cash flow: $6,397/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

+227.3% since first listed

2 events — show timeline

• 2026-06-10 Coming Soon $90,000 WCARE
• 2006-01-31 Sold (Public Records) $27,500 Public Records

Property tax history

+1.7%/yr

Latest (2025): $1,248 · +4.4% YoY. Source: county tax records.