503 N Charles St · Lima, OH 45805

$74,000

3 bd · 2.0 ba · 1,708 sqft · SingleFamily public records · 151 Days on market

Built 1903 3,615 sqft lot $43/sqft · 7% below area Est $80k · 7% 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 +10.7/15.0
• 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 MLS

Investors! OR Homeowners that love a remodeling project! Look at this value add investment project property or home ready for your creative renovations! This 3 bedroom, TWO full bath home offers 1708 square feet on a 50 x 72 lot! Improvements include: Newer siding, gutters, updated electrical panel, furnace and hot water tank! Priced to sell, no seller financing. Great hardwood floors on main level, lots of space! Roof year unknown but in good shape, no leaks! Great area! Quiet Street! Ask us about the OTHER 16 value add properties for sale in the area that are similar and can be bundled for purchase in groups or portfolio! AS IS. Great area and ARV! Hurry this will not last long!

Key facts

• Value add investment
• Hot water tank
• Newer siding

Tags

• REMODELING PROJECT
• VALUE ADD INVESTMENT
• CREATIVE RENOVATIONS
• NEWER SIDING
• UPDATED ELECTRICAL PANEL
• HOT WATER TANK

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $74k.

Deal economics

• At list price, monthly cash flow is $709 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $74k).
• Recommended offer: $65k (12.0% below list) — sets the bar for market timing.
• Cap rate 17.8% vs local median 7.6% 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.
• Zoned schools: Heritage Elementary School (math 42% / reading 32%, grade F, #1,087 of 1,584 statewide, top 70%, 421 students, 0% FRL); Lima West Middle School (math 22% / reading 24%, grade F, #600 of 654 statewide, top 92%, 352 students, 0% FRL); Lima Senior High School (math 16% / reading 42%, grade F, #627 of 781 statewide, top 81%, 1,013 students, 0% FRL) — zoned schools average 0% FRL vs 83% district-wide (83 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 106 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals lingering (median 46d 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 $512 of loan paydown is wiped out by about $2k 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 $21k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 151 days — a 12% lower offer ($65k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 5y ago; this cycle's ask has dropped $11k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1903 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $65,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 151 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1903 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 2.08% ✓
• Cap rate: 17.79%
• Cash-on-cash: 41.05%
• DSCR: 2.83
• GRM: 4.0

CMA / ARV

• ARV (median comp): $79,736
• List price: $74,000
• Delta: -7.19%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
824 Rice Ave	0.20mi	4/2.0 (+1)	1,667 (-2%)	4mo	$28,000	$17	78
1206 Rice Ave	0.30mi	3/1.0	1,643 (-4%)	4mo	$144,000	$88	72
1120 Richie Ave	0.14mi	3/1.0	1,884 (+10%)	3mo	$114,000	$61	70
735 Brice Ave	0.44mi	3/2.0	1,795 (+5%)	3mo	$155,000	$86	69
974 Richie Ave	0.09mi	3/1.5	1,464 (-14%)	2mo	$175,000	$120	68
1600 Leland Ave	0.71mi	3/2.0	1,684 (-1%)	1mo	$190,900	$113	64
1150 Brice Ave	0.18mi	4/2.0 (+1)	1,468 (-14%)	1mo	$114,900	$78	62
956 Rice Ave	0.14mi	4/1.5 (+1)	1,463 (-14%)	1mo	$107,500	$73	61
416 Hazel Ave	0.69mi	3/2.0	1,494 (-12%)	2mo	$158,000	$106	46
1541 Oakland Pkwy	0.67mi	4/2.5 (+1)	1,874 (+10%)	3mo	$142,000	$76	44
210 S Baxter St	0.59mi	4/2.0 (+1)	1,472 (-14%)	2mo	$38,000	$26	43
1015 Faurot Ave	0.68mi	3/1.5	1,456 (-15%)	1mo	$105,500	$72	41

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: 37.6%
• Equity multiple: 2.60×
• Total profit: $33,173
• Equity at exit: $11,034

10-year hold

• IRR: 44.1%
• Equity multiple: 5.20×
• Total profit: $87,105
• Equity at exit: $6,398

Cash invested: $20,720 (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: 4.0×

Monthly cashflow live

• Estimated rent: $1,543 high
• Mortgage (P&I): −$388
• Tax from tax record: −$91 /mo · $1,091/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$324
• Net cashflow: $709

Break-even live

Break-even rent $645

Max offer price $74,000

Occupancy floor 49%

Sensitivity live

Price	-10% $751	-5% $730	+0% $709	+5% $688	+10% $667
Rent	-10% $587	-5% $648	+0% $709	+5% $770	+10% $831
Rate	-1.0pp $746	-0.5pp $728	base $709	+0.5pp $690	+1.0pp $670

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: $18,500
• Closing costs: $2,220
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
420 N Baxter St Lima, OH	3.0	2.0	1386	$1,200	$0.87	45d	1	0.34mi
405 N Kenilworth Ave Lima, OH	3.0	1.0	1352	$1,795	$1.33	45d	1	0.35mi
555 Haller St Lima, OH	3.0	2.0	1953	$1,700	$0.87	45d	1	0.43mi
1436 W High St Lima, OH	2.0	1.0	1205	$895	$0.74	45d	1	0.54mi
228 Nye St Lima, OH	4.0	2.0	1686	$675	$0.40	45d	1	0.65mi
43 Town Sq Lima, OH	2.0–3.0	1.0–2.0	1100	$1,413	$1.28	45d	9	0.98mi
330 W Ashton Ave Lima, OH	3.0	1.0	1288	$2,000	$1.55	45d	1	1.03mi
608 S Primrose Pl Lima, OH	3.0	2.0	1200	$2,500	$2.08	45d	1	1.33mi

Listing history 29 events

1. 2026-06-19
   days on market $74,000 Active 151 DOM
2. 2026-06-18
   days on market $74,000 Active 150 DOM
3. 2026-06-17
   days on market $74,000 Active 149 DOM
4. 2026-06-16
   days on market $74,000 Active 148 DOM
5. 2026-06-15
   days on market $74,000 Active 147 DOM
6. 2026-06-14
   days on market $74,000 Active 145 DOM
7. 2026-06-12
   days on market $74,000 Active 144 DOM
8. 2026-06-09
   days on market $74,000 Active 141 DOM
9. 2026-06-08
   days on market $74,000 Active 140 DOM
10. 2026-06-07
    days on market $74,000 Active 139 DOM
11. 2026-06-07
    days on market $74,000 Active 138 DOM
12. 2026-06-04
    days on market $74,000 Active 135 DOM
13. 2026-06-02
    days on market $74,000 Active 134 DOM
14. 2026-06-01
    days on market $74,000 Active 133 DOM
15. 2026-05-31
    days on market $74,000 Active 132 DOM
16. 2026-05-31
    days on market $74,000 Active 131 DOM
17. 2026-04-25
    price $74,000 689-char remark

    Show marketing remark (689 chars)

    Investors! OR Homeowners that love a remodeling project! Look at this value add investment project property or home ready for your creative renovations! This 3 bedroom, TWO full bath home offers 1708 square feet on a 50 x 72 lot! Improvements include: Newer siding, gutters, updated electrical panel, furnace and hot water tank! Priced to sell, no seller financing. Great hardwood floors on main level, lots of space! Roof year unknown but in good shape, no leaks! Great area! Quiet Street! Ask us about the OTHER 16 value add properties for sale in the area that are similar and can be bundled for purchase in groups or portfolio! AS IS. Great area and ARV! Hurry this will not last long!

18. 2026-03-03
    price $77,000 689-char remark

    Show marketing remark (689 chars)

    Investors! OR Homeowners that love a remodeling project! Look at this value add investment project property or home ready for your creative renovations! This 3 bedroom, TWO full bath home offers 1708 square feet on a 50 x 72 lot! Improvements include: Newer siding, gutters, updated electrical panel, furnace and hot water tank! Priced to sell, no seller financing. Great hardwood floors on main level, lots of space! Roof year unknown but in good shape, no leaks! Great area! Quiet Street! Ask us about the OTHER 16 value add properties for sale in the area that are similar and can be bundled for purchase in groups or portfolio! AS IS. Great area and ARV! Hurry this will not last long!

19. 2026-02-21
    price $83,000 689-char remark

    Show marketing remark (689 chars)

    Investors! OR Homeowners that love a remodeling project! Look at this value add investment project property or home ready for your creative renovations! This 3 bedroom, TWO full bath home offers 1708 square feet on a 50 x 72 lot! Improvements include: Newer siding, gutters, updated electrical panel, furnace and hot water tank! Priced to sell, no seller financing. Great hardwood floors on main level, lots of space! Roof year unknown but in good shape, no leaks! Great area! Quiet Street! Ask us about the OTHER 16 value add properties for sale in the area that are similar and can be bundled for purchase in groups or portfolio! AS IS. Great area and ARV! Hurry this will not last long!

20. 2026-02-05
    status Active 689-char remark

    Show marketing remark (689 chars)

    Investors! OR Homeowners that love a remodeling project! Look at this value add investment project property or home ready for your creative renovations! This 3 bedroom, TWO full bath home offers 1708 square feet on a 50 x 72 lot! Improvements include: Newer siding, gutters, updated electrical panel, furnace and hot water tank! Priced to sell, no seller financing. Great hardwood floors on main level, lots of space! Roof year unknown but in good shape, no leaks! Great area! Quiet Street! Ask us about the OTHER 16 value add properties for sale in the area that are similar and can be bundled for purchase in groups or portfolio! AS IS. Great area and ARV! Hurry this will not last long!

21. 2026-01-27
    historical Contingent 689-char remark

    Show marketing remark (689 chars)

    Investors! OR Homeowners that love a remodeling project! Look at this value add investment project property or home ready for your creative renovations! This 3 bedroom, TWO full bath home offers 1708 square feet on a 50 x 72 lot! Improvements include: Newer siding, gutters, updated electrical panel, furnace and hot water tank! Priced to sell, no seller financing. Great hardwood floors on main level, lots of space! Roof year unknown but in good shape, no leaks! Great area! Quiet Street! Ask us about the OTHER 16 value add properties for sale in the area that are similar and can be bundled for purchase in groups or portfolio! AS IS. Great area and ARV! Hurry this will not last long!

22. 2026-01-19
    listed $85,000 Active 689-char remark

    Show marketing remark (689 chars)

    Investors! OR Homeowners that love a remodeling project! Look at this value add investment project property or home ready for your creative renovations! This 3 bedroom, TWO full bath home offers 1708 square feet on a 50 x 72 lot! Improvements include: Newer siding, gutters, updated electrical panel, furnace and hot water tank! Priced to sell, no seller financing. Great hardwood floors on main level, lots of space! Roof year unknown but in good shape, no leaks! Great area! Quiet Street! Ask us about the OTHER 16 value add properties for sale in the area that are similar and can be bundled for purchase in groups or portfolio! AS IS. Great area and ARV! Hurry this will not last long!

23. 2025-10-17
    historical
24. 2025-07-09
    price $70,750
25. 2025-05-19
    listed $35,000 Active
26. 2024-01-10
    listed $45,000 Active
27. 2022-03-29
    soldstatus $224,000
28. 2022-03-22
    soldstatus $36,989
29. 2021-06-23
    listed $54,900

ⓘ 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: $1,091 · $91/mo
• Projected year-2 tax: $1,123 · $94/mo
• Expected delta: +$32/yr (+$3/mo · 2.9%)

ⓘ 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: $18,511
• − Mortgage interest: −$4,145
• − Property taxes: −$1,091
• − Insurance: −$370
• − Repairs & maintenance: −$1,481
• − Management: −$1,481
• − Depreciation: −$2,153
• Taxable income: $7,790
• Est. tax owed @ 24.0%: −$1,870
• After-tax cash flow: $6,636/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

+34.8% since first listed

13 events — show timeline

• 2026-04-25 Price Changed $74,000 MLSNOW
• 2026-03-03 Price Changed $77,000 MLSNOW
• 2026-02-21 Price Changed $83,000 MLSNOW
• 2026-02-05 Relisted — MLSNOW
• 2026-01-27 Contingent — MLSNOW
• 2026-01-19 Listed $85,000 MLSNOW
• 2025-10-17 Listing Removed — MLSNOW
• 2025-07-09 Price Changed $70,750 MLSNOW
• 2025-05-19 Listed $35,000 MLSNOW
• 2024-01-10 Listed $45,000 WCARE
• 2022-03-29 Sold (Public Records) $224,000 Public Records
• 2022-03-22 Sold (MLS) $36,989 WCARE
• 2021-06-23 Listed $54,900 WCARE

Property tax history

+3.9%/yr

Latest (2025): $1,091 · -15.6% YoY. Source: county tax records.