1922 Rice Ave · Lima, OH 45805

$169,900

3 bd · 1.0 ba · 1,026 sqft · SingleFamily public records · 9 Days on market

Built 1961 8,276 sqft lot Est $145k · 17% over

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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 +26.1/30.0
• DSCR +8.8/10.0
• 1% rule +6.3/10.0
• Livability +3.2/5.0
• Schools +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Under 1 Acre

Key facts

• Brick exterior
• Nicely sized lot
• Natural light

Tags

• BRICK EXTERIOR
• EFFICIENT KITCHEN
• NATURAL LIGHT
• 2-CAR ATTACHED GARAGE
• NICELY SIZED LOT
• CONVENIENT LIMA LOCATION

Property features AI

Finance

• Other: Residential zoning
• Financial info: Not specified
• HOA & community: Not specified

Exterior

• Parking: Attached 2-car garage
• Security: Not specified
• Utilities: Public water; Public sewer; Electricity connected; Natural gas connected; Water connected
• Home design: Single-family residence; One-level home
• Construction: Asphalt, brick veneer, and vinyl siding exterior; Slab foundation; Built (year not specified)
• Exterior features: Covered patio and porch; Porch; Fenced yard; Level lot

Interior

• Kitchen: Dishwasher, Range, Refrigerator
• Bedrooms: Not specified
• Flooring: Carpet; Vinyl
• Bathrooms: One full bathroom
• Heating & cooling: Central air conditioning; Forced air heating with natural gas
• Interior features: Dishwasher, Range, Refrigerator; Five total rooms
• Laundry & utility: Not specified

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $170k.

Deal economics

• At list price, monthly cash flow is $428 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $170k).
• Cap rate 9.3% vs local median 7.7% in Lima — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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).
• This rent runs 35% of the median local income ($66k/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

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 12y 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.
• Current owner paid $50k; list at $170k implies a 240% gain — meaningful room to come down on a strong offer.

Recommended offer $169,900

Questions for the listing agent

1. Built in 1961 — 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: 1.13% ✓
• Cap rate: 9.32%
• Cash-on-cash: 10.80%
• DSCR: 1.48
• GRM: 7.4

CMA / ARV

• ARV (on-the-fly): $144,666
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
858 Mackenzie Dr	0.06mi	3/1.0	999 (-3%)	4mo	$139,000	$139	90
1821 Rice Ave	0.10mi	3/1.0	1,026 (0%)	10mo	$167,700	$163	87
725 Mackenzie Dr Dr	0.27mi	3/1.5	1,040 (+1%)	8mo	$85,000	$82	77
843 Mackenzie Dr	0.03mi	3/1.0	943 (-8%)	11mo	$112,000	$119	76
1719 Latham Ave	0.26mi	3/1.5	1,080 (+5%)	6mo	$156,000	$144	72
275 N Dale Dr	0.58mi	3/1.0	995 (-3%)	2mo	$155,000	$156	66
2011 W Wayne St	0.50mi	3/1.0	1,114 (+9%)	1mo	$184,900	$166	62
1407 Latham Ave	0.72mi	3/1.0	1,066 (+4%)	2mo	$130,000	$122	58
415 N Nixon Ave	0.61mi	3/1.5	1,068 (+4%)	10mo	$172,000	$161	54
315 N Nixon Ave	0.70mi	3/1.0	1,070 (+4%)	8mo	$151,000	$141	53
1605 Hazel Ave	0.47mi	2/2.0 (-1)	1,140 (+11%)	2mo	$160,000	$140	49
1607 W Wayne St	0.66mi	2/1.5 (-1)	1,176 (+15%)	0mo	$125,000	$106	38

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: -0.2%
• Equity multiple: 0.99×
• Total profit: $-281
• Equity at exit: $25,333

10-year hold

• IRR: 9.5%
• Equity multiple: 1.73×
• Total profit: $34,772
• 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 45805

• Active inventory: 105
• Price-to-rent: 7.4×

Monthly cashflow live

• Estimated rent: $1,915 medium
• Mortgage (P&I): −$891
• Tax from tax record: −$122 /mo · $1,470/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$402
• Net cashflow: $428

Break-even live

Break-even rent $1,372

Max offer price $169,900

Occupancy floor 73%

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 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1436 W High St Lima, OH	2.0	1.0	1205	$895	$0.74	43d	1	0.93mi
405 N Kenilworth Ave Lima, OH	3.0	1.0	1352	$1,795	$1.33	43d	1	0.94mi
608 S Primrose Pl Lima, OH	3.0	2.0	1200	$2,500	$2.08	43d	1	1.21mi
1014 W Market St Apt 3 Lima, OH	2.0	1.0	800	$1,400	$1.75	43d	1	1.27mi

Listing history 8 events

1. 2026-06-19
   days on market $169,900 Active 9 DOM
2. 2026-06-18
   days on market $169,900 Active 8 DOM
3. 2026-06-17
   days on market $169,900 Active 7 DOM
4. 2026-06-16
   days on market $169,900 Active 6 DOM
5. 2026-06-15
   days on market $169,900 Active 5 DOM
6. 2026-06-14
   days on market $169,900 Active 3 DOM
7. 2026-06-12
   remarks 699-char remark
8. 2026-06-12
   listed $169,900 Active 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: $1,470 · $122/mo
• Projected year-2 tax: $2,060 · $172/mo
• Expected delta: +$590/yr (+$49/mo · 40.2%)

ⓘ 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: $22,975
• − Mortgage interest: −$9,517
• − Property taxes: −$1,470
• − Insurance: −$850
• − Repairs & maintenance: −$1,838
• − Management: −$1,838
• − Depreciation: −$4,943
• Taxable income: $2,520
• Est. tax owed @ 24.0%: −$605
• After-tax cash flow: $4,534/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

+161.8% since first listed

4 events — show timeline

• 2026-06-09 Listed $169,900 WCARE
• 2014-06-06 Sold (Public Records) $50,000 Public Records
• 2014-06-06 Sold (MLS) $50,000 WCARE
• 2014-02-24 Listed $64,900 WCARE

Property tax history

+3.6%/yr

Latest (2025): $1,470 · +0.0% YoY. Source: county tax records.