1566 Plainfield Dr · Lima, OH 45805

$164,500

3 bd · 2.0 ba · 1,324 sqft · Condo public records · 18 Days on market

Built 1986

---

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 +19.1/30.0
• ARV discount +7.5/15.0
• DSCR +6.0/10.0
• Schools +5.0/10.0
• 1% rule +4.6/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Well cared for 3 bedroom, 2 bath duplex in Edgewood Subdivision. Split bedroom plan. Finished garage with pull down attic access. Roof shingles 2012. All appliances included. Open patio area. Call today before its gone.

Key facts

• New ceiling fans
• New flooring
• Private patio

Tags

• NEW FLOORING
• NEW CEILING FANS
• PRIVATE PATIO
• ALL APPLIANCES STAY
• WASHER AND DRYER INCLUDED

Property features AI

Finance

• Financial info: Annual property tax listed (excluded from detailed financial analysis)

Exterior

• Parking: Attached garage with 1 garage space and garage door opener
• Security: Smoke detector(s)
• Utilities: Public water; Public sewer; Electricity connected; Cable available
• Home design: Single family residence; One level
• Construction: Brick, frame, and wood siding construction; Slab foundation; Built as a residential single family home
• Exterior features: Patio; Residential zoning

Interior

• Kitchen: Dishwasher; Oven; Range; Refrigerator
• Bedrooms: Total of 5 rooms (bedroom count not specified separately)
• Flooring: Laminate
• Bathrooms: 2 full bathrooms
• Heating & cooling: Baseboard heating; Wall unit cooling
• Interior features: Dishwasher; Dryer; Electric water heater; Oven; Range; Refrigerator; Laminate flooring; Smoke detector(s)
• Laundry & utility: Dryer; Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $164k.

Deal economics

• At list price, monthly cash flow is $174 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $157k (4.4% below list).
• Recommended offer: $157k (4.4% below list) — sets the bar for 1% rule.

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.
• 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: 106 active listings in the ZIP; 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 $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.

Negotiation context

• It's been on market 18 days — a 2% lower offer ($162k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 2y 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 $120k; 37% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $157,197 (4.4% below list)

Questions for the listing agent

1. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 0.96% ✗
• Cap rate: 7.56%
• Cash-on-cash: 4.52%
• DSCR: 1.20
• GRM: 8.7

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: -9.3%
• Equity multiple: 0.66×
• Total profit: $-15,617
• Equity at exit: $24,527

10-year hold

• IRR: 0.2%
• Equity multiple: 1.01×
• Total profit: $564
• Equity at exit: $14,223

Cash invested: $46,060 (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 45805

• Active inventory: 106
• Price-to-rent: 8.7×

Monthly cashflow live

• Estimated rent: $1,572 medium
• Mortgage (P&I): −$863
• Tax from tax record: −$137 /mo · $1,645/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$330
• Net cashflow: $174

Break-even live

Break-even rent $1,352

Max offer price $164,500

Occupancy floor 84%

Sensitivity live

Price	-10% $267	-5% $220	+0% $174	+5% $127	+10% $80
Rent	-10% $49	-5% $112	+0% $174	+5% $236	+10% $298
Rate	-1.0pp $256	-0.5pp $215	base $174	+0.5pp $131	+1.0pp $88

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: $41,125
• Closing costs: $4,935
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $0 · $0/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 13 events

1. 2026-06-19
   days on market $164,500 Active 18 DOM
2. 2026-06-18
   days on market $164,500 Active 17 DOM
3. 2026-06-17
   days on market $164,500 Active 16 DOM
4. 2026-06-16
   days on market $164,500 Active 15 DOM
5. 2026-06-15
   days on market $164,500 Active 14 DOM
6. 2026-06-14
   days on market $164,500 Active 12 DOM
7. 2026-06-12
   days on market $164,500 Active 11 DOM
8. 2026-06-08
   days on market $164,500 Active 7 DOM
9. 2026-06-07
   days on market $164,500 Active 6 DOM
10. 2026-06-05
    days on market $164,500 Active 4 DOM
11. 2026-06-04
    days on market $164,500 Active 2 DOM
12. 2026-06-01
    remarks 261-char remark
13. 2026-06-01
    listed $164,500 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: $1,645 · $137/mo
• Projected year-2 tax: $2,105 · $175/mo
• Expected delta: +$461/yr (+$38/mo · 28.0%)

ⓘ 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: $18,864
• − Mortgage interest: −$9,215
• − Property taxes: −$1,645
• − Insurance: −$822
• − Repairs & maintenance: −$1,509
• − Management: −$1,509
• − Depreciation: −$4,785
• Taxable loss: −$622
• Est. tax savings @ 24.0%: +$149
• After-tax cash flow: $2,232/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 — 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): 24,746
• Household income: $65,954
• Rent vs Own: 36.3% rent · 63.7% own
• Severe rent burden: 8.0

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 (74%)
• Race & ethnicity: White 74% Black 15% Two or more races 6% Hispanic / Latino 4% Asian 1%
• Common ancestry: Italian 2% Slovak 2% Romanian 2%
• Foreign-born: 2% · Canada, Vietnam
• Languages at home: 96% English-only · Spanish 1% Vietnamese 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: ▼ -156.78%
• Current HPI: 210.6397
• 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

+126.9% since first listed

10 events — show timeline

• 2026-06-01 Listed $164,500 WCARE
• 2025-09-20 Rental Removed $1,500 WCARE
• 2025-09-02 Listed for Rent $1,500 WCARE
• 2025-08-11 Rental Removed $1,500 WCARE
• 2025-08-02 Listed for Rent $1,500 WCARE
• 2024-07-05 Sold (MLS) $120,000 WCARE
• 2024-07-03 Sold (Public Records) $120,000 Public Records
• 2024-06-21 Contingent — WCARE
• 2024-06-11 Listed $124,900 WCARE
• 1995-07-21 Sold (Public Records) $72,500 Public Records

Property tax history

+8.8%/yr

Latest (2025): $1,645 · +34.0% YoY. Source: county tax records.