705 W Elm St · Lima, OH 45801

$148,000

4 bd · 2.0 ba · 2,711 sqft · MultiFamily public records · 32 Days on market

Built 1920 $55/sqft · at area comps Est $154k · at est.

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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 +9.2/15.0
• 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 MLS

Investor opportunity in Lima -- this duplex offers solid income potential and plenty of space for tenants. The lower unit features approximately 1,496 sq. ft. with 3 bedrooms and 1 full bath. Inside, you'll find a spacious layout, hardwood flooring, an updated bathroom, central air, and gas forced-air heat. Washer and dryer hookups are located in the basement. The downstairs unit currently rents for $1,000 per month. The upper unit, located at 705 1/2 W. Elm St. , offers approximately 1,177 sq. ft. with 2 bedrooms and 1 full bath. This unit includes large living spaces, an updated bathroom, washer and dryer hookups near the kitchen area, and electric baseboard heat. The upstairs unit currently rents for $800 per month. Additional features include separate electric panels for each unit, rear parking access for tenants, a newer roof and gutters installed in 2020, and many replacement windows completed in 2019. A great opportunity to expand your investment portfolio with a property that already has strong rental income potential

Key facts

• Hardwood flooring
• Gas forced-air heat
• Central air

Tags

• SPACIOUS LAYOUT
• HARDWOOD FLOORING
• UPDATED BATHROOM
• CENTRAL AIR
• GAS FORCED-AIR HEAT
• WASHER AND DRYER HOOKUPS

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $148k.

Deal economics

• At list price, monthly cash flow is $910 ($11k/yr) — positive. Per door: $455/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $148k).
• Recommended offer: $144k (3.0% below list) — sets the bar for market timing.
• Cap rate 13.7% 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 $2,312/mo this rent would consume 54% 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 $4k 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 $41k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 32 days — a 3% lower offer ($144k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 5y 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 $85k; list at $148k implies a 74% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $143,560 (3.0% below list)

Questions for the listing agent

1. It's been on market 32 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
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 1920 — 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. 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?
7. 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.
8. 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.
9. 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: 1.56% ✓
• Cap rate: 13.67%
• Cash-on-cash: 26.34%
• DSCR: 2.17
• GRM: 5.3

CMA / ARV

• ARV (median comp): $153,702
• List price: $148,000
• Delta: -3.71%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 20.1%
• Equity multiple: 1.82×
• Total profit: $33,920
• Equity at exit: $22,067

10-year hold

• IRR: 28.3%
• Equity multiple: 3.51×
• Total profit: $104,012
• Equity at exit: $12,796

Cash invested: $41,440 (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: 10.7×

Monthly cashflow live

• Estimated rent: $2,312 high
• Mortgage (P&I): −$776
• Tax from tax record: −$79 /mo · $949/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$486
• Net cashflow: $910

Break-even live

Break-even rent $1,161

Max offer price $148,000

Occupancy floor 56%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,312
Total (2 units)			$2,312

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: $37,000
• Closing costs: $4,440
• 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	0.74mi

Listing history 24 events

1. 2026-06-19
   days on market $148,000 Active 32 DOM
2. 2026-06-18
   days on market $148,000 Active 31 DOM
3. 2026-06-17
   days on market $148,000 Active 30 DOM
4. 2026-06-16
   days on market $148,000 Active 29 DOM
5. 2026-06-15
   days on market $148,000 Active 28 DOM
6. 2026-06-14
   days on market $148,000 Active 26 DOM
7. 2026-06-12
   days on market $148,000 Active 25 DOM
8. 2026-06-09
   days on market $148,000 Active 22 DOM
9. 2026-06-08
   days on market $148,000 Active 21 DOM
10. 2026-06-07
    days on market $148,000 Active 20 DOM
11. 2026-06-07
    days on market $148,000 Active 19 DOM
12. 2026-06-04
    days on market $148,000 Active 16 DOM
13. 2026-06-02
    days on market $148,000 Active 15 DOM
14. 2026-06-01
    days on market $148,000 Active 14 DOM
15. 2026-05-31
    days on market $148,000 Active 13 DOM
16. 2026-05-31
    days on market $148,000 Active 12 DOM
17. 2026-05-18
    listed $148,000 Active 1041-char remark

    Show marketing remark (1041 chars)

    Investor opportunity in Lima -- this duplex offers solid income potential and plenty of space for tenants. The lower unit features approximately 1,496 sq. ft. with 3 bedrooms and 1 full bath. Inside, you'll find a spacious layout, hardwood flooring, an updated bathroom, central air, and gas forced-air heat. Washer and dryer hookups are located in the basement. The downstairs unit currently rents for $1,000 per month. The upper unit, located at 705 1/2 W. Elm St. , offers approximately 1,177 sq. ft. with 2 bedrooms and 1 full bath. This unit includes large living spaces, an updated bathroom, washer and dryer hookups near the kitchen area, and electric baseboard heat. The upstairs unit currently rents for $800 per month. Additional features include separate electric panels for each unit, rear parking access for tenants, a newer roof and gutters installed in 2020, and many replacement windows completed in 2019. A great opportunity to expand your investment portfolio with a property that already has strong rental income potential

18. 2025-11-04
    listed $148,000 Active
19. 2021-04-09
    soldstatus $85,000
20. 2021-04-09
    soldstatus $75,000
21. 2021-03-24
    listed $70,000
22. 2004-03-18
    soldstatus $33,500
23. 1995-03-10
    soldstatus $16,197
24. 1992-10-23
    soldstatus $19,375

ⓘ 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: $949 · $79/mo
• Projected year-2 tax: $1,629 · $136/mo
• Expected delta: +$680/yr (+$57/mo · 71.6%)

ⓘ 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: $27,744
• − Mortgage interest: −$8,290
• − Property taxes: −$949
• − Insurance: −$740
• − Repairs & maintenance: −$2,220
• − Management: −$2,220
• − Depreciation: −$4,305
• Taxable income: $9,020
• Est. tax owed @ 24.0%: −$2,165
• After-tax cash flow: $8,750/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

+663.9% since first listed

8 events — show timeline

• 2026-05-18 Listed $148,000 WCARE
• 2025-11-04 Listed $148,000 WCARE
• 2021-04-09 Sold (Public Records) $75,000 Public Records
• 2021-04-09 Sold (MLS) $85,000 WCARE
• 2021-03-24 Listed $70,000 WCARE
• 2004-03-18 Sold (Public Records) $33,500 Public Records
• 1995-03-10 Sold (Public Records) $16,197 Public Records
• 1992-10-23 Sold (Public Records) $19,375 Public Records

Property tax history

+2.0%/yr

Latest (2025): $949 · +0.2% YoY. Source: county tax records.