2972 Lilly Dr · Elida, OH 45807

$299,500

4 bd · 3.0 ba · 2,042 sqft · MultiFamily · 14 Days on market

Built 1974

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Why this score? — see what drove the D 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).

• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Cash flow +7.2/30.0
• Schools +5.0/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.0/10.0
• DSCR +1.4/10.0

Multi-family units

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

Listing remarks MLS

Spacious 3 bedroom, 1 bath unit in the desired Laurel Oaks Subdivision. 1 car garage, washer/dryer, stainless steel appliances, fireplace and much more!

Key facts

• Move-in-ready
• Attached garage
• Modern finishes

Tags

• IMMEDIATE RENTAL INCOME
• MODERN FINISHES
• UPDATED FLOORING
• MOVE-IN-READY
• ATTACHED GARAGE

What this means for you Summary

Snapshot

• This is a 2 × 2.0-bed/1.5-bath units multifamily listed at $300k.

Deal economics

• At list price, monthly cash flow is $-411 ($-5k/yr) — negative. Per door: $-205/mo.
• To cash-flow at today's rent, offer at most $240k (19.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $210k (29.9% below list).
• Recommended offer: $210k (29.9% below list) — sets the bar for 1% rule.
• Cap rate 4.6% vs local median 3.1% in Elida — 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 74/100 on livability (#297 in OH, #4,816 nationally) — a middle-class / working-renter tenant base. Strengths: schools A+, crime A+, cost of living A+; Watch: amenities F, commute F, health & safety F.
• Elida Local (rural): math 59% / reading 59% proficiency, ranked #311 of 656 in OH (top 47%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 53 active listings in the ZIP; 88 units permitted in Allen County in 2024 (0 in 5+ unit buildings).
• This rent runs 34% of the median local income ($74k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $32k of equity ($2k loan paydown + $30k appreciation (10.0% local appreciation)).
• Allen County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 2, paydown + projected appreciation supports a ~$51k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $210,000 (29.9% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. 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.
9. 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.
10. 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: 0.70% ✗
• Cap rate: 4.65%
• Cash-on-cash: -5.88%
• DSCR: 0.74
• GRM: 11.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 20.1%
• Equity multiple: 2.63×
• Total profit: $136,985
• Equity at exit: $269,813

10-year hold

• IRR: 18.4%
• Equity multiple: 6.06×
• Total profit: $424,034
• Equity at exit: $581,863

Cash invested: $83,860 (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 45807

• Home prices YoY: 8.5%
• Active inventory: 53
• Price-to-rent: 23.8×

Monthly cashflow live

• Estimated rent: $2,100 medium
• Mortgage (P&I): −$1,571
• Tax est. 1.5%: −$374 /mo · $4,492/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$441
• Net cashflow: $-411

Break-even live

Break-even rent $2,620

Max offer price $240,060

Occupancy floor —

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

Units	Beds	Baths	Est. rent
▸ 2× units	2.0	1.5	$2,100
Total (2 units)			$2,100

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: $74,875
• Closing costs: $8,985
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-05-12
   listed $299,500 Active 675-char remark
2. 2019-09-30
   soldstatus 152-char remark

   Show marketing remark (152 chars)

   Spacious 3 bedroom, 1 bath unit in the desired Laurel Oaks Subdivision. 1 car garage, washer/dryer, stainless steel appliances, fireplace and much more!

3. 2019-09-04
   listed $1,000 152-char remark

   Show marketing remark (152 chars)

   Spacious 3 bedroom, 1 bath unit in the desired Laurel Oaks Subdivision. 1 car garage, washer/dryer, stainless steel appliances, fireplace and much more!

ⓘ 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 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: $25,200
• − Mortgage interest: −$16,777
• − Property taxes: −$4,492
• − Insurance: −$1,498
• − Repairs & maintenance: −$2,016
• − Management: −$2,016
• − Depreciation: −$8,713
• Taxable loss: −$10,311
• Est. tax savings @ 24.0%: +$2,475
• After-tax cash flow: $-2,455/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: Elida Local
• NCES district ID: 3904577
• Math proficiency: 59% ▼ -11.00%
• Reading proficiency: 59% ▼ -7.00%
• Median HH income: $46,632
• Composite: 49.93/100
• National rank: #1934
• State rank: #311 of 656 in OH

Livability — Elida

• Score: 74/100
• State rank: #297
• US rank: #4816

Category grades

Amenities F Commute F Cost of living A+ Crime A+ Employment B Housing A+ Health & safety F User ratings A

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): 11,631
• Household income: $74,387
• Rent vs Own: 17.2% rent · 82.8% own
• Severe rent burden: 6.3

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 (90%)
• Race & ethnicity: White 90% Black 5% Two or more races 4% Hispanic / Latino 2%
• Common ancestry: Lithuanian 2% Iranian 1% Romanian 1%
• Foreign-born: 2% · Canada, South Korea
• Languages at home: 98% 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: ▲ 36.64%
• Current HPI: 468.59
• 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

2 events — show timeline

• 2019-09-30 Sold (MLS) — WCARE
• 2019-09-04 Listed $1,000 WCARE