500 N West St · Lima, OH 45801

$169,900

4 bd · 1.0 ba · 1,616 sqft · SingleFamily public records · 66 Days on market

Built 1920 $105/sqft · 131% above area

---

Why this score? — see what drove the C- 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 +20.7/30.0
• ARV discount +7.5/15.0
• DSCR +6.6/10.0
• 1% rule +4.4/10.0
• 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

Move-in ready with modern updates throughout. Ideal for owner-occupants seeking turnkey property in a central location. Completely renovated 4-bedroom, 2.5 bath home located in a convenient Lima location near downtown, shopping and schools. This move-in ready ready property features extensive updates throughout, including all-new electrical wiring, windows, siding, doors and flooring. Interior highlights include new carpet throughout and fully updated bathrooms with modern finishes. The kitchen has been upgraded with brand-new appliances, offering both functionality and style. Spacious layout provides ample living space, making it ideal for families or those needing extra room. Exterior improvements including new siding, plumbing and windows enhance both curb appeal and energy efficiency. Conveniently situated near local amenities, this home offers easy access to shopping, dining and schools while providing comfortable, updated living.

Key facts

• Turnkey property
• New siding
• Modern updates

Tags

• MODERN UPDATES
• TURNKEY PROPERTY
• EXTENSIVE UPDATES
• NEW ELECTRICAL WIRING
• NEW WINDOWS
• NEW SIDING

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $170k.

Deal economics

• At list price, monthly cash flow is $231 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $159k (6.4% below list).
• Recommended offer: $159k (6.4% below list) — sets the bar for 1% rule.

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; 7 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).
• This rent runs 37% of the median local income ($52k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k 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.

Negotiation context

• It's been on market 66 days — a 6% lower offer ($160k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 11y ago; this cycle's ask has dropped $20k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $60k; list at $170k implies a 184% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $159,074 (6.4% 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 1920 — 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: 0.94% ✗
• Cap rate: 7.93%
• Cash-on-cash: 5.83%
• DSCR: 1.26
• GRM: 8.9

CMA / ARV

• ARV (median comp): $73,514
• List price: $169,900
• Delta: 133.29%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
735 N Main St	0.23mi	3/1.0 (-1)	1,638 (+1%)	6mo	$161,000	$98	77
616-616.5 N Elizabeth St	0.15mi	4/2.0	1,826 (+13%)	0mo	$83,500	$46	67
416 Hazel Ave	0.24mi	3/2.0 (-1)	1,494 (-8%)	1mo	$158,000	$106	66
606 N West St	0.11mi	3/1.0 (-1)	1,391 (-14%)	5mo	$82,400	$59	62
720 N West St	0.34mi	3/2.0 (-1)	1,496 (-7%)	0mo	$90,000	$60	62
824 Rice Ave	0.63mi	4/2.0	1,667 (+3%)	4mo	$28,000	$17	58
735 Brice Ave	0.36mi	3/2.0 (-1)	1,795 (+11%)	3mo	$155,000	$86	53
439 E Mckibben St	0.61mi	4/2.0	1,520 (-6%)	7mo	$143,500	$94	52
210 S Baxter St	0.74mi	4/2.0	1,472 (-9%)	2mo	$38,000	$26	46
635 W Ashton Ave	0.69mi	3/2.0 (-1)	1,485 (-8%)	2mo	$188,000	$127	43
974 Richie Ave	0.72mi	3/1.5 (-1)	1,464 (-9%)	2mo	$175,000	$120	42
1041 N Elizabeth St	0.70mi	3/2.0 (-1)	1,752 (+8%)	5mo	$100,000	$57	40

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: -7.3%
• Equity multiple: 0.73×
• Total profit: $-12,866
• Equity at exit: $25,333

10-year hold

• IRR: 2.2%
• Equity multiple: 1.16×
• Total profit: $7,492
• Equity at exit: $14,690

Cash invested: $47,572 (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: 8.9×

Monthly cashflow live

• Estimated rent: $1,591 high
• Mortgage (P&I): −$891
• Tax from tax record: −$64 /mo · $763/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$334
• Net cashflow: $231

Break-even live

Break-even rent $1,298

Max offer price $169,900

Occupancy floor 80%

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: $42,475
• Closing costs: $5,097
• Reserves months: —
• Total cash needed: —

Rent comps 7 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	0.40mi
420 N Baxter St Lima, OH	3.0	2.0	1386	$1,200	$0.87	43d	1	0.47mi
43 Town Sq Lima, OH	2.0–3.0	1.0–2.0	1100	$1,413	$1.28	43d	9	0.49mi
330 W Ashton Ave Lima, OH	3.0	1.0	1288	$2,000	$1.55	43d	1	0.61mi
228 Nye St Lima, OH	4.0	2.0	1686	$675	$0.40	43d	1	0.74mi
138 Harrison Ave Lima, OH	3.0	1.0	1152	$975	$0.85	43d	1	0.94mi
405 N Kenilworth Ave Lima, OH	3.0	1.0	1352	$1,795	$1.33	43d	1	1.15mi

Listing history 25 events

1. 2026-06-19
   days on market $169,900 Active 66 DOM
2. 2026-06-18
   days on market $169,900 Active 65 DOM
3. 2026-06-17
   price $169,900 Active 64 DOM
4. 2026-06-17
   days on market $171,500 Active 64 DOM
5. 2026-06-16
   days on market $171,500 Active 63 DOM
6. 2026-06-15
   days on market $171,500 Active 62 DOM
7. 2026-06-14
   days on market $171,500 Active 60 DOM
8. 2026-06-12
   days on market $171,500 Active 59 DOM
9. 2026-06-09
   days on market $171,500 Active 56 DOM
10. 2026-06-08
    days on market $171,500 Active 55 DOM
11. 2026-06-07
    days on market $171,500 Active 54 DOM
12. 2026-06-07
    days on market $171,500 Active 53 DOM
13. 2026-06-04
    days on market $171,500 Active 50 DOM
14. 2026-06-02
    days on market $171,500 Active 49 DOM
15. 2026-06-01
    price $171,500 Active 48 DOM
16. 2026-06-01
    days on market $179,900 Active 48 DOM
17. 2026-05-31
    days on market $179,900 Active 47 DOM
18. 2026-05-31
    days on market $179,900 Active 46 DOM
19. 2026-04-29
    price $179,900 949-char remark

    Show marketing remark (949 chars)

    Move-in ready with modern updates throughout. Ideal for owner-occupants seeking turnkey property in a central location. Completely renovated 4-bedroom, 2.5 bath home located in a convenient Lima location near downtown, shopping and schools. This move-in ready ready property features extensive updates throughout, including all-new electrical wiring, windows, siding, doors and flooring. Interior highlights include new carpet throughout and fully updated bathrooms with modern finishes. The kitchen has been upgraded with brand-new appliances, offering both functionality and style. Spacious layout provides ample living space, making it ideal for families or those needing extra room. Exterior improvements including new siding, plumbing and windows enhance both curb appeal and energy efficiency. Conveniently situated near local amenities, this home offers easy access to shopping, dining and schools while providing comfortable, updated living.

20. 2026-04-14
    listed $189,900 Active 949-char remark

    Show marketing remark (949 chars)

    Move-in ready with modern updates throughout. Ideal for owner-occupants seeking turnkey property in a central location. Completely renovated 4-bedroom, 2.5 bath home located in a convenient Lima location near downtown, shopping and schools. This move-in ready ready property features extensive updates throughout, including all-new electrical wiring, windows, siding, doors and flooring. Interior highlights include new carpet throughout and fully updated bathrooms with modern finishes. The kitchen has been upgraded with brand-new appliances, offering both functionality and style. Spacious layout provides ample living space, making it ideal for families or those needing extra room. Exterior improvements including new siding, plumbing and windows enhance both curb appeal and energy efficiency. Conveniently situated near local amenities, this home offers easy access to shopping, dining and schools while providing comfortable, updated living.

21. 2022-10-12
    soldstatus $59,900 340-char remark

    Show marketing remark (340 chars)

    Fixer upper!! 2 bedroom north end ranch. This home features vinyl siding, newer windows, newer LG refrigerator, stainless steel stove, breezeway, fenced yard and 2 car attached garage all on a corner lot across from Robb Park. Close to schools. Property is in an estate-no disclosures. Room sizes, sq ft and taxes approximate. ,Under 1 Acre

22. 2022-09-02
    listed $69,900 340-char remark

    Show marketing remark (340 chars)

    Fixer upper!! 2 bedroom north end ranch. This home features vinyl siding, newer windows, newer LG refrigerator, stainless steel stove, breezeway, fenced yard and 2 car attached garage all on a corner lot across from Robb Park. Close to schools. Property is in an estate-no disclosures. Room sizes, sq ft and taxes approximate. ,Under 1 Acre

23. 2021-08-02
    soldstatus $297,900
24. 2015-09-10
    soldstatus $73,500
25. 2015-07-27
    listed $79,900

ⓘ 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: $763 · $64/mo
• Projected year-2 tax: $1,707 · $142/mo
• Expected delta: +$944/yr (+$79/mo · 123.6%)

ⓘ 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: $19,089
• − Mortgage interest: −$9,517
• − Property taxes: −$763
• − Insurance: −$850
• − Repairs & maintenance: −$1,527
• − Management: −$1,527
• − Depreciation: −$4,943
• Taxable loss: −$38
• Est. tax savings @ 24.0%: +$9
• After-tax cash flow: $2,785/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

+125.2% since first listed

7 events — show timeline

• 2026-04-29 Price Changed $179,900 WCARE
• 2026-04-14 Listed $189,900 WCARE
• 2022-10-12 Sold (MLS) $59,900 WCARE
• 2022-09-02 Listed $69,900 WCARE
• 2021-08-02 Sold (Public Records) $297,900 Public Records
• 2015-09-10 Sold (MLS) $73,500 WCARE
• 2015-07-27 Listed $79,900 WCARE

Property tax history

+0.2%/yr

Latest (2025): $763 · +0.2% YoY. Source: county tax records.