2275 N Cable Rd #97 · Lima, OH 45807

$91,250

2 bd · 1.0 ba · 816 sqft · Condo · 4 Days on market

Built 1970 Fair condition $112/sqft · 11% above area Est $82k · 11% over $194/mo HOA · 14% of rent

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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 +28.2/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• Schools +5.0/10.0
• Livability +3.2/5.0
• ARV discount +2.6/15.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0

Listing remarks MLS

Welcome to the Gatehouse Community. A well kept desirable community. This is a upper level unit with a balcony overlooking the common area. It is a nicely updated unit with neutrel color palet. NEW A/C unit Each unit has an assigned parking space with your unit # on it. Currently rented so please give 48 hour notice for showings. You will have one reserved parking spot with your unit # on it. The month condo fee is $194 which covers trash, water, snow removal and lawn care and outdoor maintenance.

Key facts

• New a/c unit
• Upper level unit
• Built 1970

Tags

• UPPER LEVEL UNIT
• NEW A/C UNIT
• ASSIGNED PARKING SPACE
• RESERVED PARKING SPOT

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $91k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $290 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $91k).
• Cap rate 10.1% 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.
• 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).

Forward outlook

• In year one you build about $10k of equity ($630 loan paydown + $9k 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.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $26k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $91,250

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
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: 1.55% ✓
• Cap rate: 10.10%
• Cash-on-cash: 13.60%
• DSCR: 1.61
• GRM: 5.4

CMA / ARV

• ARV (median comp): $82,236
• List price: $91,250
• Delta: 10.96%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 34.4%
• Equity multiple: 3.67×
• Total profit: $68,281
• Equity at exit: $82,205

10-year hold

• IRR: 29.6%
• Equity multiple: 8.31×
• Total profit: $186,853
• Equity at exit: $177,279

Cash invested: $25,550 (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: 5.4×

Monthly cashflow live

• Estimated rent: $1,410 medium
• Mortgage (P&I): −$479
• Tax est. 1.5%: −$114 /mo · $1,369/yr
• Insurance: −$38
• HOA: −$194
• Vacancy / Maint / Mgmt: −$296
• Net cashflow: $290

Break-even live

Break-even rent $1,044

Max offer price $91,250

Occupancy floor 74%

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: $22,812
• Closing costs: $2,738
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $194 · $2,328/yr
• Likely covers: watertrashlandscapingsnow removalparking
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 14 events

1. 2026-06-19
   days on market $91,250 Active 4 DOM
2. 2026-06-18
   days on market $91,250 Active 3 DOM
3. 2026-06-17
   days on market $91,250 Active 2 DOM
4. 2026-06-16
   days on marketlisting id $91,250 Active 1 DOM
5. 2026-06-12
   days on market $91,250 Active 180 DOM
6. 2026-06-08
   days on market $91,250 Active 176 DOM
7. 2026-06-07
   days on market $91,250 Active 175 DOM
8. 2026-06-05
   days on market $91,250 Active 173 DOM
9. 2026-06-04
   days on market $91,250 Active 171 DOM
10. 2026-06-02
    days on market $91,250 Active 170 DOM
11. 2026-06-01
    days on market $91,250 Active 169 DOM
12. 2026-05-31
    days on market $91,250 Active 168 DOM
13. 2026-05-31
    days on market $91,250 Active 167 DOM
14. 2025-12-14
    listed $91,250 Active 502-char remark

    Show marketing remark (502 chars)

    Welcome to the Gatehouse Community. A well kept desirable community. This is a upper level unit with a balcony overlooking the common area. It is a nicely updated unit with neutrel color palet. NEW A/C unit Each unit has an assigned parking space with your unit # on it. Currently rented so please give 48 hour notice for showings. You will have one reserved parking spot with your unit # on it. The month condo fee is $194 which covers trash, water, snow removal and lawn care and outdoor maintenance.

ⓘ 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 4/10 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: $16,924
• − Mortgage interest: −$5,111
• − Property taxes: −$1,369
• − Insurance: −$456
• − Repairs & maintenance: −$1,354
• − Management: −$1,354
• − HOA: −$2,328
• − Depreciation: −$2,655
• Taxable income: $2,298
• Est. tax owed @ 24.0%: −$551
• After-tax cash flow: $2,924/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 · 9 photos

Fair 45/100 Cosmetic rehab

A fair condition, slightly weathered exterior with average landscaping. Minor repairs and maintenance needed to enhance curb appeal and tenant satisfaction.

Repairs flagged

• Minor Siding — Weathered and some discoloration
• Minor Staircase — Carpeted stairs may need cleaning or replacement

Value-add opportunities

• Resale Paint exterior siding — Fresh paint enhances curb appeal
• Rental Replace carpeted stairs — Cleaner, safer stairs improve tenant satisfaction

Renovation cost estimate screening

Repair item	Severity	Est. cost
Siding · Weathered and some discoloration	Minor	$500–3,000
Staircase · Carpeted stairs may need cleaning or replacement	Minor	$500–3,000
Total estimated repair cost · 2 items		$1,000–6,000

Value-add ROI direction

• Resale Paint exterior siding — Fresh paint enhances curb appeal ↑
• Rental Replace carpeted stairs — Cleaner, safer stairs improve tenant satisfaction ↑

ⓘ 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: 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): 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

1 event — show timeline

• 2025-12-14 Listed $91,250 WCARE