48 Estate Cir #48 · Lima, OH 45804

$47,200

3 bd · 2.0 ba · 1,056 sqft · Manufactured · 71 Days on market

Built 2026 Good condition

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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 +7.5/15.0
• Schools +6.1/10.0
• Condition / age +4.0/5.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Your brand new 3 bedroom, 2 bathroom home is waiting for you to move in! This comfortable home features premium entry doors, a modern bathroom, as well as new brand name appliances. In the community, enjoy with your friends and family all the amenities we have to offer such as community events, , and . This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

Key facts

• Built 2026
• Listed 70 days

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $47k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $444 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($975 rent vs $47k).
• Recommended offer: $44k (6.0% below list) — sets the bar for market timing.
• Cap rate 17.6% 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.
• Bath Local (suburban): math 71% / reading 74% proficiency, ranked #129 of 656 in OH (top 20%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 79 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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 $326 of loan paydown is wiped out by about $1k 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 $13k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 71 days — a 6% lower offer ($44k) is reasonable based on typical stale-listing flexibility.

Recommended offer $44,368 (6.0% below list)

Questions for the listing agent

1. It's been on market 71 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 2.07% ✓
• Cap rate: 17.58%
• Cash-on-cash: 40.32%
• DSCR: 2.79
• GRM: 4.0

CMA / ARV

• ARV (on-the-fly): $28,512
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1800 Reservoir Rd Unit 529 Chestnut	0.16mi	3/2.0	1,064 (+1%)	21mo	$27,000	$25	74
109 N Roberts Ave	0.30mi	3/2.0	1,040 (-2%)	22mo	$131,000	$126	65
1800 Reservoir Rd #157	0.16mi	2/1.0 (-1)	980 (-7%)	16mo	$26,500	$27	58

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: 36.7%
• Equity multiple: 2.56×
• Total profit: $20,649
• Equity at exit: $7,038

10-year hold

• IRR: 43.4%
• Equity multiple: 5.12×
• Total profit: $54,459
• Equity at exit: $4,081

Cash invested: $13,216 (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: 4.0×

Monthly cashflow live

• Estimated rent: $975 medium
• Mortgage (P&I): −$248
• Tax est. 1.5%: −$59 /mo · $708/yr
• Insurance: −$20
• HOA: −$0
• Vacancy / Maint / Mgmt: −$205
• Net cashflow: $444

Break-even live

Break-even rent $413

Max offer price $47,200

Occupancy floor 49%

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: $11,800
• Closing costs: $1,416
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
138 Harrison Ave Lima, OH	3.0	1.0	1152	$975	$0.85	43d	1	1.08mi

Listing history 15 events

1. 2026-06-19
   days on market $47,200 Active 71 DOM
2. 2026-06-18
   days on market $47,200 Active 70 DOM
3. 2026-06-17
   days on market $47,200 Active 69 DOM
4. 2026-06-16
   days on market $47,200 Active 68 DOM
5. 2026-06-16
   days on market $47,200 Active 67 DOM
6. 2026-06-08
   days on market $47,200 Active 66 DOM
7. 2026-06-07
   days on market $47,200 Active 65 DOM
8. 2026-06-07
   days on market $47,200 Active 64 DOM
9. 2026-06-04
   days on market $47,200 Active 61 DOM
10. 2026-06-02
    days on market $47,200 Active 60 DOM
11. 2026-06-01
    price $47,200 Active 59 DOM
12. 2026-06-01
    days on market $46,700 Active 59 DOM
13. 2026-05-31
    days on market $46,700 Active 58 DOM
14. 2026-05-31
    days on market $46,700 Active 57 DOM
15. 2026-04-03
    listed $46,700 Active 448-char remark

    Show marketing remark (448 chars)

    Your brand new 3 bedroom, 2 bathroom home is waiting for you to move in! This comfortable home features premium entry doors, a modern bathroom, as well as new brand name appliances. In the community, enjoy with your friends and family all the amenities we have to offer such as community events, , and . This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

ⓘ 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 4/10 Moderate FEMA zone X (unshaded) · 22% 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: $11,700
• − Mortgage interest: −$2,644
• − Property taxes: −$708
• − Insurance: −$236
• − Repairs & maintenance: −$936
• − Management: −$936
• − Depreciation: −$1,373
• Taxable income: $4,867
• Est. tax owed @ 24.0%: −$1,168
• After-tax cash flow: $4,161/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 · 12 photos

Good 80/100 None rehab

This brand new 3-bedroom, 2-bathroom home is move-in ready with modern finishes and a fresh, clean appearance. It offers a great value for both resale and rental markets.

Value-add opportunities

• Both Painting the exterior and interior walls — Fresh paint enhances curb appeal and interior aesthetics
• Both Updating the flooring in the kitchen and bathrooms — Modern flooring improves functionality and appearance
• Both Upgrading the kitchen appliances — Modern appliances increase appeal and functionality
• Both Adding smart home features — Smart home features enhance convenience and appeal

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the exterior and interior walls — Fresh paint enhances curb appeal and interior aesthetics ↑
• Both Updating the flooring in the kitchen and bathrooms — Modern flooring improves functionality and appearance ↑
• Both Upgrading the kitchen appliances — Modern appliances increase appeal and functionality ↑
• Both Adding smart home features — Smart home features enhance convenience and appeal ↑

ⓘ 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: Bath Local
• NCES district ID: 3904576
• Math proficiency: 71% ▼ -7.00%
• Reading proficiency: 74% ▼ -3.00%
• Median HH income: $49,204
• Composite: 61.36/100
• National rank: #770
• State rank: #129 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): 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

1 event — show timeline

• 2026-04-03 Listed $46,700 Zillow