621 Prospect Ave · Lima, OH 45804

$55,000

3 bd · 1.0 ba · 1,165 sqft · SingleFamily public records · 112 Days on market

Built 1916 6,011 sqft lot $47/sqft · 28% above area Est $43k · 28% 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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

Check out this solid home or investment property. Whether you are looking for a project to add some sweat equity in or identifying the next rental in your portfolio, this home is potential for you. Set up your showing today.

Key facts

• 6,011 sq ft lot
• Built 1916
• Listed 111 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $55k.

Deal economics

• At list price, monthly cash flow is $461 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $55k).
• Recommended offer: $50k (9.0% below list) — sets the bar for market timing.
• Cap rate 16.3% vs local median 7.6% 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: 79 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 112 days — a 9% lower offer ($50k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1916 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $50,050 (9.0% below list)

Questions for the listing agent

1. It's been on market 112 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1916 — 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: 1.87% ✓
• Cap rate: 16.35%
• Cash-on-cash: 35.91%
• DSCR: 2.60
• GRM: 4.5

CMA / ARV

• ARV (median comp): $43,007
• List price: $55,000
• Delta: 27.89%
• 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
638 Harrison Ave	0.10mi	3/1.0	1,256 (+8%)	4mo	$27,000	$21	79
1127 E Franklin St	0.32mi	3/2.0	1,194 (+2%)	4mo	$50,000	$42	73
650 S Dewey Ave	0.34mi	4/1.5 (+1)	1,126 (-3%)	1mo	$126,000	$112	71
526 S Pine St	0.39mi	3/1.5	1,216 (+4%)	8mo	$84,000	$69	66
600 Dingledine Ave	0.38mi	2/1.0 (-1)	1,104 (-5%)	5mo	$75,000	$68	64
217 Harrison Ave	0.39mi	3/1.0	1,301 (+12%)	2mo	$135,000	$104	61
617 E Kibby St E	0.23mi	2/1.0 (-1)	1,314 (+13%)	3mo	$20,000	$15	60
306 E Vine St	0.53mi	2/1.0 (-1)	1,122 (-4%)	7mo	$90,000	$80	58
1008 Fairview Ave	0.59mi	3/1.5	1,230 (+6%)	4mo	$30,000	$24	58
626 E Elm St	0.46mi	2/1.5 (-1)	1,080 (-7%)	2mo	$40,000	$37	57
839 St. John's Ave	0.56mi	3/1.0	1,056 (-9%)	5mo	$24,000	$23	54
412 S Roberts Ave	0.69mi	3/1.0	1,040 (-11%)	8mo	$133,000	$128	43

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: 31.6%
• Equity multiple: 2.33×
• Total profit: $20,437
• Equity at exit: $8,201

10-year hold

• IRR: 38.7%
• Equity multiple: 4.61×
• Total profit: $55,580
• Equity at exit: $4,755

Cash invested: $15,400 (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: 4.5×

Monthly cashflow live

• Estimated rent: $1,026 high
• Mortgage (P&I): −$288
• Tax from tax record: −$39 /mo · $464/yr
• Insurance: −$23
• HOA: −$0
• Vacancy / Maint / Mgmt: −$216
• Net cashflow: $461

Break-even live

Break-even rent $443

Max offer price $55,000

Occupancy floor 50%

Sensitivity live

Price	-10% $492	-5% $476	+0% $461	+5% $445	+10% $430
Rent	-10% $380	-5% $420	+0% $461	+5% $501	+10% $542
Rate	-1.0pp $489	-0.5pp $475	base $461	+0.5pp $447	+1.0pp $432

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: $13,750
• Closing costs: $1,650
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
138 Harrison Ave Lima, OH	3.0	1.0	1152	$975	$0.85	45d	1	0.45mi
43 Town Sq Lima, OH	2.0–3.0	1.0–2.0	1100	$1,413	$1.28	45d	9	0.91mi
623 Hope St Lima, OH	3.0	2.0	1079	$975	$0.90	45d	1	1.00mi
521 Hope St Lima, OH	3.0	2.0	1079	$975	$0.90	45d	1	1.01mi
616 Hope St Lima, OH	3.0	2.0	1079	$975	$0.90	45d	1	1.02mi
545 W Market St Unit 340 1/2 Mcpheron Lima, OH	2.0	1.0	900	$800	$0.89	45d	1	1.19mi

Listing history 16 events

1. 2026-06-15
   days on market $55,000 Active 112 DOM
2. 2026-06-14
   days on market $55,000 Active 110 DOM
3. 2026-06-12
   days on market $55,000 Active 109 DOM
4. 2026-06-09
   days on market $55,000 Active 106 DOM
5. 2026-06-08
   days on market $55,000 Active 105 DOM
6. 2026-06-07
   days on market $55,000 Active 104 DOM
7. 2026-06-07
   days on market $55,000 Active 103 DOM
8. 2026-06-04
   days on market $55,000 Active 100 DOM
9. 2026-06-02
   days on market $55,000 Active 99 DOM
10. 2026-06-01
    days on market $55,000 Active 98 DOM
11. 2026-05-31
    days on market $55,000 Active 97 DOM
12. 2026-05-31
    days on market $55,000 Active 96 DOM
13. 2026-03-25
    price $55,000 224-char remark

    Show marketing remark (224 chars)

    Check out this solid home or investment property. Whether you are looking for a project to add some sweat equity in or identifying the next rental in your portfolio, this home is potential for you. Set up your showing today.

14. 2026-03-12
    price $57,500 224-char remark

    Show marketing remark (224 chars)

    Check out this solid home or investment property. Whether you are looking for a project to add some sweat equity in or identifying the next rental in your portfolio, this home is potential for you. Set up your showing today.

15. 2026-02-23
    listed $60,000 Active 224-char remark

    Show marketing remark (224 chars)

    Check out this solid home or investment property. Whether you are looking for a project to add some sweat equity in or identifying the next rental in your portfolio, this home is potential for you. Set up your showing today.

16. 2026-01-07
    soldstatus $270,000

ⓘ 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: $464 · $39/mo
• Projected year-2 tax: $661 · $55/mo
• Expected delta: +$197/yr (+$16/mo · 42.5%)

ⓘ 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: $12,317
• − Mortgage interest: −$3,081
• − Property taxes: −$464
• − Insurance: −$275
• − Repairs & maintenance: −$985
• − Management: −$985
• − Depreciation: −$1,600
• Taxable income: $4,926
• Est. tax owed @ 24.0%: −$1,182
• After-tax cash flow: $4,348/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): 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

-79.6% since first listed

4 events — show timeline

• 2026-03-25 Price Changed $55,000 WCARE
• 2026-03-12 Price Changed $57,500 WCARE
• 2026-02-23 Listed $60,000 WCARE
• 2026-01-07 Sold (Public Records) $270,000 Public Records

Property tax history

-2.1%/yr

Latest (2025): $464 · +0.4% YoY. Source: county tax records.