2984 Freyer Rd · Lima, OH 45807

$110,000

3 bd · 1.5 ba · 1,603 sqft · SingleFamily public records · 50 Days on market

Built 1953 0.92 ac lot $69/sqft · 63% below area

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Why this score? — see what drove the A- 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
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Investment Opportunity - 2984 Freyer Road Unlock the potential at 2984 Freyer Road! This 3-bedroom, 1.5-bath home is ready for your vision and updates. Whether you're looking for a renovation project, rental investment, or a place to customize into your dream home, this property offers plenty of possibilities. Situated on three lots, this unique offering provides added value with potential for future development or new housing opportunities (buyer to verify zoning and approvals). With public water and sewer available, the groundwork is in place for expansion or redevelopment. Properties with this much flexibility are hard to find. Bring your ideas and make the most of this rare chance to invest in space, location, and future potential. Don't miss this chance to turn potential into profit!

Key facts

• Three lots
• 0.92 acre lot
• 2 garage spots

Tags

• INVESTMENT OPPORTUNITY
• THREE LOTS

Property features AI

Exterior

• Parking: Attached garage with 2 parking spaces (total 2)
• Utilities: Electricity connected; Natural gas connected; Public water; Public sewer
• Home design: Single-family house; One story; Not attached; no common walls
• Construction: Wood siding exterior; Block foundation
• Exterior features: Shingle roof; Level lot; City street frontage with asphalt road

Interior

• Kitchen: Refrigerator; Range hood
• Bedrooms: Bedroom 2 on the main level (10 x 11); Bedroom 3 on the main level (10 x 11); Additional main-level bedroom (12 x 12)
• Flooring: Carpet
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Electric heating; Wall unit(s) for cooling
• Interior features: Eat-in kitchen; 5 total rooms
• Laundry & utility: Washer; Dryer located on the main level

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $110k.

Deal economics

• At list price, monthly cash flow is $612 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $110k).
• Recommended offer: $107k (3.0% below list) — sets the bar for market timing.
• Cap rate 13.0% 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.
• 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: 53 active listings in the ZIP; 88 units permitted in Allen County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $12k of equity ($761 loan paydown + $11k appreciation (10.0% local appreciation)).
• Allen County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $31k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$42k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 50 days — a 3% lower offer ($107k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 1953 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $106,700 (3.0% below list)

Questions for the listing agent

1. It's been on market 50 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1953 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.50% ✓
• Cap rate: 12.97%
• Cash-on-cash: 23.84%
• DSCR: 2.06
• GRM: 5.6

CMA / ARV

• ARV (median comp): $294,137
• List price: $110,000
• Delta: -62.60%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1515 Cessna Ave	0.15mi	3/2.0	1,504 (-6%)	4mo	$295,000	$196	78
3750 Malibu Dr	0.22mi	3/2.0	1,590 (-1%)	17mo	$285,000	$179	72
3701 Cherokee Dr	0.26mi	3/2.0	1,628 (+2%)	16mo	$256,200	$157	70
1558 Chancellor Dr	0.38mi	3/2.5	1,674 (+4%)	3mo	$369,000	$220	68
3680 Sky Hawk Dr	0.31mi	3/2.0	1,768 (+10%)	0mo	$373,500	$211	66
1532 George Bingham Dr	0.12mi	3/2.0	1,727 (+8%)	17mo	$262,500	$152	66
1392 Chancellor Dr	0.40mi	3/2.0	1,494 (-7%)	4mo	$270,000	$181	65
3721 Sky Hawk Dr	0.26mi	3/2.0	1,804 (+12%)	8mo	$392,850	$218	59
3432 Musser Dr	0.53mi	3/2.0	1,548 (-3%)	14mo	$224,900	$145	56
3642 Malibu Dr	0.32mi	3/2.0	1,772 (+10%)	19mo	$265,000	$150	50
4616 Allentown Road Rd	0.68mi	3/1.0	1,582 (-1%)	18mo	$160,000	$101	49
1086 N N. Stevick Road Rd	0.43mi	3/1.5	1,428 (-11%)	22mo	$170,900	$120	43

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 42.2%
• Equity multiple: 4.21×
• Total profit: $98,857
• Equity at exit: $99,097

10-year hold

• IRR: 36.4%
• Equity multiple: 9.46×
• Total profit: $260,434
• Equity at exit: $213,706

Cash invested: $30,800 (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 45807

• Home prices YoY: 8.5%
• Active inventory: 53
• Price-to-rent: 5.6×

Monthly cashflow live

• Estimated rent: $1,645 medium
• Mortgage (P&I): −$577
• Tax from tax record: −$65 /mo · $784/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$346
• Net cashflow: $612

Break-even live

Break-even rent $871

Max offer price $110,000

Occupancy floor 58%

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: $27,500
• Closing costs: $3,300
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-19
   days on market $110,000 Active 50 DOM
2. 2026-06-18
   days on market $110,000 Active 49 DOM
3. 2026-06-17
   days on market $110,000 Active 48 DOM
4. 2026-06-16
   days on market $110,000 Active 47 DOM
5. 2026-06-15
   days on market $110,000 Active 46 DOM
6. 2026-06-14
   days on market $110,000 Active 44 DOM
7. 2026-06-12
   days on market $110,000 Active 43 DOM
8. 2026-06-08
   days on market $110,000 Active 39 DOM
9. 2026-06-07
   days on market $110,000 Active 38 DOM
10. 2026-06-05
    days on market $110,000 Active 36 DOM
11. 2026-06-04
    days on market $110,000 Active 34 DOM
12. 2026-06-02
    days on market $110,000 Active 33 DOM
13. 2026-06-01
    days on market $110,000 Active 32 DOM
14. 2026-05-31
    days on market $110,000 Active 31 DOM
15. 2026-05-31
    days on market $110,000 Active 30 DOM
16. 2026-04-29
    listed $110,000 Active 799-char remark
17. 2026-04-23
    listed $110,000 Active 805-char remark

    Show marketing remark (805 chars)

    Investment Opportunity - 2984 Freyer Road Unlock the potential at 2984 Freyer Road! This 3-bedroom, 1.5-bath home is ready for your vision and updates. Whether you're looking for a renovation project, rental investment, or a place to customize into your dream home, this property offers plenty of possibilities. Situated on three lots, this unique offering provides added value with potential for future development or new housing opportunities (buyer to verify zoning and approvals). With public water and sewer available, the groundwork is in place for expansion or redevelopment. Properties with this much flexibility are hard to find. Bring your ideas and make the most of this rare chance to invest in space, location, and future potential. Don't miss this chance to turn potential into profit!

ⓘ 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: $784 · $65/mo
• Projected year-2 tax: $1,250 · $104/mo
• Expected delta: +$466/yr (+$39/mo · 59.5%)

ⓘ 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: $19,744
• − Mortgage interest: −$6,162
• − Property taxes: −$784
• − Insurance: −$550
• − Repairs & maintenance: −$1,580
• − Management: −$1,580
• − Depreciation: −$3,200
• Taxable income: $5,890
• Est. tax owed @ 24.0%: −$1,414
• After-tax cash flow: $5,928/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 · 98,169 people
• City population: 21,739
• Metro: Lima, OH
• Population (ZIP): 11,631
• Household income: $74,387
• Rent vs Own: 17.2% rent · 82.8% own
• Severe rent burden: 6.3

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 (90%)
• Race & ethnicity: White 90% Black 5% Two or more races 4% Hispanic / Latino 2%
• Common ancestry: Lithuanian 2% Iranian 1% Romanian 1%
• Foreign-born: 2% · Canada, South Korea
• Languages at home: 98% English-only · Spanish 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: ▲ 36.64%
• Current HPI: 468.59
• 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

+0.0% since first listed

2 events — show timeline

• 2026-04-29 Listed $110,000 NORIS
• 2026-04-23 Listed $110,000 WCARE

Property tax history

+0.5%/yr

Latest (2025): $784 · -3.7% YoY. Source: county tax records.