576 W Grand Ave · Lima, OH 45801

$35,000

3 bd · 1.0 ba · 1,249 sqft · SingleFamily public records · 1 Days on market

Built 1922 4,007 sqft lot $28/sqft · 67% below area

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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
• 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

Listing remarks

CALLING ALL INVESTORS! This 3BR 1 BA 2-story home is waiting for you! Located in the West end of Lima. CASH ONLY SOLD AS-IS

Key facts

• 4,007 sq ft lot
• Built 1922

Property features AI

Exterior

• Parking: See remarks for parking details
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Two levels; Residential zoning; Fixer condition
• Construction: Aluminum siding; Block foundation; Built with traditional residential construction
• Exterior features: Covered patio/porch

Interior

• Flooring: Hardwood
• Bathrooms: 1 full bathroom
• Heating & cooling: Natural gas heating; No cooling
• Interior features: Hardwood flooring; 6 total rooms

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $35k.

Deal economics

• At list price, monthly cash flow is $845 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $35k).
• Cap rate 35.3% 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; 8 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 88 units permitted in Allen County in 2024 (0 in 5+ unit buildings).
• This rent runs 33% of the median local income ($52k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $242 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 $10k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $23k; list at $35k implies a 54% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 2.7% of price; built in 1922 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $35,000

Questions for the listing agent

1. Built in 1922 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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: 4.05% ✓
• Cap rate: 35.25%
• Cash-on-cash: 103.42%
• DSCR: 5.60
• GRM: 2.1

CMA / ARV

• ARV (median comp): $105,660
• List price: $35,000
• Delta: -66.87%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
631 Hazel Ave	0.17mi	3/1.0	1,248 (-0%)	2mo	$137,000	$110	90
1118 N Baxter St	0.20mi	3/1.0	1,152 (-8%)	5mo	$55,000	$48	74
610 W Robb Ave	0.58mi	3/1.5	1,240 (-1%)	6mo	$95,000	$77	65
914 W Murphy St	0.34mi	3/2.0	1,144 (-8%)	4mo	$112,000	$98	63
753 Brice Ave	0.43mi	3/1.5	1,108 (-11%)	3mo	$85,000	$77	57
982 W Wayne St	0.57mi	2/1.0 (-1)	1,184 (-5%)	5mo	$21,000	$18	56
606 N West St	0.46mi	3/1.0	1,391 (+11%)	5mo	$82,400	$59	55
812 W Ashton Ave W	0.36mi	2/1.0 (-1)	1,084 (-13%)	5mo	$184,000	$170	52
1809 N Metcalf St	0.72mi	3/2.5	1,176 (-6%)	0mo	$199,900	$170	51
1889 N Metcalf St	0.74mi	3/1.5	1,148 (-8%)	3mo	$175,000	$152	48
1004 Sherman Ave	0.51mi	3/2.0	1,408 (+13%)	4mo	$195,200	$139	47
1245 Latham Ave	0.72mi	3/1.0	1,066 (-15%)	1mo	$145,000	$136	41

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: —
• Equity multiple: 5.91×
• Total profit: $48,164
• Equity at exit: $5,219

10-year hold

• IRR: —
• Equity multiple: 12.37×
• Total profit: $111,381
• Equity at exit: $3,026

Cash invested: $9,800 (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: 2.1×

Monthly cashflow live

• Estimated rent: $1,419 high
• Mortgage (P&I): −$184
• Tax from tax record: −$78 /mo · $941/yr
• Insurance: −$15
• HOA: −$0
• Vacancy / Maint / Mgmt: −$298
• Net cashflow: $845

Break-even live

Break-even rent $350

Max offer price $35,000

Occupancy floor 35%

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: $8,750
• Closing costs: $1,050
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
420 N Baxter St Lima, OH	3.0	2.0	1386	$1,200	$0.87	43d	1	0.44mi
330 W Ashton Ave Lima, OH	3.0	1.0	1288	$2,000	$1.55	43d	1	0.47mi
545 W Market St Unit 340 1/2 Mcpheron Lima, OH	2.0	1.0	900	$800	$0.89	43d	1	0.80mi
405 N Kenilworth Ave Lima, OH	3.0	1.0	1352	$1,795	$1.33	43d	1	0.86mi
1014 W Market St Apt 3 Lima, OH	2.0	1.0	800	$1,400	$1.75	43d	1	0.88mi
43 Town Sq Lima, OH	2.0–3.0	1.0–2.0	1100	$1,413	$1.28	43d	9	0.93mi
1436 W High St Lima, OH	2.0	1.0	1205	$895	$0.74	43d	1	1.08mi
138 Harrison Ave Lima, OH	3.0	1.0	1152	$975	$0.85	43d	1	1.44mi

Listing history 3 events

1. 2026-05-16
   status Pending 127-char remark
2. 2026-05-15
   listed $35,000 Active 127-char remark
3. 1994-06-08
   soldstatus $22,660

ⓘ 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: $941 · $78/mo
• Projected year-2 tax: $941 · $78/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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: $17,031
• − Mortgage interest: −$1,961
• − Property taxes: −$941
• − Insurance: −$175
• − Repairs & maintenance: −$1,362
• − Management: −$1,362
• − Depreciation: −$1,018
• Taxable income: $10,210
• Est. tax owed @ 24.0%: −$2,451
• After-tax cash flow: $7,685/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

+54.5% since first listed

3 events — show timeline

• 2026-05-16 Pending — WCARE
• 2026-05-15 Listed $35,000 WCARE
• 1994-06-08 Sold (Public Records) $22,660 Public Records

Property tax history

+2.8%/yr

Latest (2025): $941 · +48.6% YoY. Source: county tax records.