1800 Reservoir Rd Lot 51 · Lima, OH 45804

$54,900

3 bd · 2.0 ba · 1,224 sqft · Manufactured · 151 Days on market

Built 1992 Fair condition ↓ 8% since listing

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +6.1/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this 3 bedroom mobile home in Eastside Mobile Home park. Offers large living room, 3 bedrooms with 2 full baths. Gas fireplace in the living room with TV about stays with the mobile home. All appliances including washer and dryer stay. Large carport for 2 plus cars, tall enough to park truck under with concrete drive.

Key facts

• Built 1992
• Listed 150 days

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $55k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $391 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($975 rent vs $55k).
• Recommended offer: $48k (12.0% below list) — sets the bar for market timing.
• Cap rate 14.8% 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.
• Bath Local (suburban): math 71% / reading 74% proficiency, ranked #129 of 656 in OH (top 20%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 79 active listings in the ZIP; 1 comparable units currently listed for rent nearby; lower-income renter base — watch delinquency; 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 $380 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 $15k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 151 days — a 12% lower offer ($48k) is reasonable based on typical stale-listing flexibility.

Recommended offer $48,312 (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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
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: 1.78% ✓
• Cap rate: 14.84%
• Cash-on-cash: 30.51%
• DSCR: 2.36
• GRM: 4.7

CMA / ARV

• ARV (on-the-fly): $154,224
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1800 Reservoir Rd Unit 529 Chestnut	0.17mi	3/2.0	1,064 (-13%)	21mo	$27,000	$25	52
109 N Roberts Ave	0.35mi	3/2.0	1,040 (-15%)	22mo	$131,000	$126	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: 25.2%
• Equity multiple: 2.04×
• Total profit: $16,012
• Equity at exit: $8,186

10-year hold

• IRR: 33.0%
• Equity multiple: 4.00×
• Total profit: $46,057
• Equity at exit: $4,747

Cash invested: $15,372 (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 45804

• Active inventory: 79
• Price-to-rent: 4.7×

Monthly cashflow live

• Estimated rent: $975 medium
• Mortgage (P&I): −$288
• Tax est. 1.5%: −$69 /mo · $824/yr
• Insurance: −$23
• HOA: −$0
• Vacancy / Maint / Mgmt: −$205
• Net cashflow: $391

Break-even live

Break-even rent $480

Max offer price $54,900

Occupancy floor 55%

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: $13,725
• Closing costs: $1,647
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
138 Harrison Ave Lima, OH	3.0	1.0	1152	$975	$0.85	43d	1	1.07mi

Listing history 18 events

1. 2026-06-19
   days on market $54,900 Active 151 DOM
2. 2026-06-18
   days on market $54,900 Active 150 DOM
3. 2026-06-17
   days on market $54,900 Active 149 DOM
4. 2026-06-16
   days on market $54,900 Active 148 DOM
5. 2026-06-15
   days on market $54,900 Active 147 DOM
6. 2026-06-14
   days on market $54,900 Active 145 DOM
7. 2026-06-12
   days on market $54,900 Active 144 DOM
8. 2026-06-09
   days on market $54,900 Active 141 DOM
9. 2026-06-08
   days on market $54,900 Active 140 DOM
10. 2026-06-07
    days on market $54,900 Active 139 DOM
11. 2026-06-07
    days on market $54,900 Active 138 DOM
12. 2026-06-04
    days on market $54,900 Active 135 DOM
13. 2026-06-02
    days on market $54,900 Active 134 DOM
14. 2026-06-01
    days on market $54,900 Active 133 DOM
15. 2026-05-31
    days on market $54,900 Active 132 DOM
16. 2026-05-31
    days on market $54,900 Active 131 DOM
17. 2026-03-13
    price $54,900 330-char remark

    Show marketing remark (330 chars)

    Welcome to this 3 bedroom mobile home in Eastside Mobile Home park. Offers large living room, 3 bedrooms with 2 full baths. Gas fireplace in the living room with TV about stays with the mobile home. All appliances including washer and dryer stay. Large carport for 2 plus cars, tall enough to park truck under with concrete drive.

18. 2026-01-19
    listed $59,900 Active 330-char remark

    Show marketing remark (330 chars)

    Welcome to this 3 bedroom mobile home in Eastside Mobile Home park. Offers large living room, 3 bedrooms with 2 full baths. Gas fireplace in the living room with TV about stays with the mobile home. All appliances including washer and dryer stay. Large carport for 2 plus cars, tall enough to park truck under with concrete drive.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 22% 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: $11,700
• − Mortgage interest: −$3,075
• − Property taxes: −$824
• − Insurance: −$274
• − Repairs & maintenance: −$936
• − Management: −$936
• − Depreciation: −$1,597
• Taxable income: $4,058
• Est. tax owed @ 24.0%: −$974
• After-tax cash flow: $3,716/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.

Condition & rehab AI · 10 photos

Fair 45/100 Moderate rehab

This mobile home requires moderate repairs and maintenance, including roof replacement and exterior siding. Upgrading the interior walls and kitchen cabinets can significantly increase its resale value.

Repairs flagged

• Major roof — Snow accumulation suggests potential roof issues
• Major exterior siding — Weathered and worn
• Major interior walls — Peeling paint and worn ceiling
• Moderate kitchen cabinets — Older cabinets, dated appearance

Value-add opportunities

• Resale Paint interior walls — Fresh paint can significantly improve the home's appearance
• Resale Replace kitchen cabinets — Modernizing the kitchen can attract more buyers
• Resale Replace roof — A new roof can add value and improve the home's appeal
• Resale Replace exterior siding — Fresh siding can improve the home's curb appeal and value
• Rental Replace HVAC system — A new HVAC system can improve tenant satisfaction and reduce maintenance costs

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · Snow accumulation suggests potential roof issues	Major	$15,000–50,000
exterior siding · Weathered and worn	Major	$15,000–50,000
interior walls · Peeling paint and worn ceiling	Major	$15,000–50,000
kitchen cabinets · Older cabinets, dated appearance	Moderate	$3,000–15,000
Total estimated repair cost · 4 items		$48,000–165,000

Value-add ROI direction

• Resale Paint interior walls — Fresh paint can significantly improve the home's appearance ↑
• Resale Replace kitchen cabinets — Modernizing the kitchen can attract more buyers ↑
• Resale Replace roof — A new roof can add value and improve the home's appeal ↑
• Resale Replace exterior siding — Fresh siding can improve the home's curb appeal and value ↑
• Rental Replace HVAC system — A new HVAC system can improve tenant satisfaction and reduce maintenance costs ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Bath Local
• NCES district ID: 3904576
• Math proficiency: 71% ▼ -7.00%
• Reading proficiency: 74% ▼ -3.00%
• Median HH income: $49,204
• Composite: 61.36/100
• National rank: #770
• State rank: #129 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): 14,197
• Household income: $42,594
• Rent vs Own: 42.7% rent · 57.3% own
• Severe rent burden: 8.1

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 19% Two or more races 8% Hispanic / Latino 2%
• Common ancestry: Italian 1% Slovak 1% Lithuanian 1%
• Foreign-born: 1% · Canada
• Languages at home: 99% 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: ▼ -124.39%
• Current HPI: 126.4189
• 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

-8.3% since first listed

2 events — show timeline

• 2026-03-13 Price Changed $54,900 WCARE
• 2026-01-19 Listed $59,900 WCARE