614 W Wayne St · Lima, OH 45801

$160,000

4 bd · 2.0 ba · 2,716 sqft · MultiFamily public records · 17 Days on market

Built 1920 ↓ 30% since listing

---

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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

MAJOR PRICE REDUCTION! What a great investment opportunity for rental income! This centrally investment property would help you investment package complete near hospital and new downtown developments! See this 2 unit property in person by appointment with a minimum 24 hour notice for tenants rights! Details: 3 story, 7 bedroom, 3.5 bath, parking for 9, shared U shape driveway, Zoned Class 2.

Key facts

• Near hospital
• Zoned class 2
• Centrally located

Tags

• CENTRALLY LOCATED
• NEAR HOSPITAL
• 3 STORY
• ZONED CLASS 2

Property features AI

Finance

• Financial info: $752 annual tax amount

Exterior

• Parking: Off-street parking
• Utilities: Public water; Public sewer; Electricity connected; Natural gas available; Water connected
• Home design: Multi-family residential income property; Three or more levels
• Construction: Vinyl siding; Asphalt roof; Block/other foundation; Built with multi-family zoning
• Exterior features: Covered patio/porch, deck, and patio

Interior

• Bathrooms: 3 full bathrooms; 1 half bathroom
• Heating & cooling: Forced air heating (electric and natural gas); Window air conditioning units
• Interior features: Basement present; unfinished block/other basement

What this means for you Summary

Snapshot

• This is a 2 × 9.0-bed/3.5-bath units multifamily listed at $160k.

Deal economics

• At list price, monthly cash flow is $2k ($20k/yr) — positive. Per door: $828/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $160k).
• Recommended offer: $158k (1.5% below list) — sets the bar for market timing.
• Cap rate 18.7% 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: 74 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 88 units permitted in Allen County in 2024 (0 in 5+ unit buildings).
• At $3,330/mo this rent would consume 77% of the median local household income ($52k/yr) (locally 1141% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $45k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($158k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 3y ago; this cycle's ask has dropped $40k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

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

Recommended offer $157,600 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 2.08% ✓
• Cap rate: 18.72%
• Cash-on-cash: 44.37%
• DSCR: 2.97
• GRM: 4.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 41.3%
• Equity multiple: 2.78×
• Total profit: $79,539
• Equity at exit: $23,857

10-year hold

• IRR: 47.6%
• Equity multiple: 5.58×
• Total profit: $204,981
• Equity at exit: $13,834

Cash invested: $44,800 (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 45801

• Active inventory: 74
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $3,330 medium
• Mortgage (P&I): −$839
• Tax from tax record: −$69 /mo · $823/yr
• Insurance: −$67
• HOA: −$0
• Vacancy / Maint / Mgmt: −$699
• Net cashflow: $1,656

Break-even live

Break-even rent $1,233

Max offer price $160,000

Occupancy floor 45%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	9.0	3.5	$3,330
Total (2 units)			$3,330

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: $40,000
• Closing costs: $4,800
• Reserves months: —
• Total cash needed: —

Rent comps 1 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	0.29mi

Listing history 14 events

1. 2026-06-19
   days on market $160,000 Active 17 DOM
2. 2026-06-18
   days on market $160,000 Active 16 DOM
3. 2026-06-17
   days on market $160,000 Active 15 DOM
4. 2026-06-16
   days on market $160,000 Active 14 DOM
5. 2026-06-15
   days on market $160,000 Active 13 DOM
6. 2026-06-14
   days on market $160,000 Active 11 DOM
7. 2026-06-12
   days on market $160,000 Active 10 DOM
8. 2026-06-09
   remarks 401-char remark
9. 2026-06-09
   pricedays on market $160,000 Active 7 DOM
10. 2026-06-08
    days on market $200,000 Active 6 DOM
11. 2026-06-07
    days on market $200,000 Active 5 DOM
12. 2026-06-07
    days on market $200,000 Active 4 DOM
13. 2026-06-03
    remarks 393-char remark
14. 2026-06-03
    listed $200,000 Active 1 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: $823 · $69/mo
• Projected year-2 tax: $1,660 · $138/mo
• Expected delta: +$836/yr (+$70/mo · 101.6%)

ⓘ 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: $39,960
• − Mortgage interest: −$8,962
• − Property taxes: −$823
• − Insurance: −$800
• − Repairs & maintenance: −$3,197
• − Management: −$3,197
• − Depreciation: −$4,655
• Taxable income: $18,326
• Est. tax owed @ 24.0%: −$4,398
• After-tax cash flow: $15,478/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

-30.4% since first listed

11 events — show timeline

• 2026-06-02 Listed $200,000 WCARE
• 2024-03-05 Relisted — WCARE
• 2024-03-05 Price Changed $160,000 WCARE
• 2023-11-28 Relisted — WCARE
• 2023-10-02 Relisted — WCARE
• 2023-10-02 Price Changed $124,000 WCARE
• 2023-07-18 Price Changed $140,000 WCARE
• 2023-05-02 Price Changed $160,000 WCARE
• 2023-02-18 Listed $180,000 WCARE
• 2018-08-03 Sold (Public Records) $168,000 Public Records
• 1994-12-29 Sold (Public Records) $287,500 Public Records

Property tax history

-6.9%/yr

Latest (2025): $823 · -10.9% YoY. Source: county tax records.