1409 Fulton Rd · Lima, OH 45805

$239,000

2 bd · 2.0 ba · 1,344 sqft · SingleFamily · 126 Days on market

Built 2024 10,454 sqft lot $178/sqft · 53% above area

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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 +21.8/30.0
• ARV discount +7.5/15.0
• DSCR +7.0/10.0
• Schools +6.4/10.0
• 1% rule +5.5/10.0
• 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

Welcome to 1409 Fulton Road! Constructed by KM Contracting in 2024, this ranch home features 2 bedrooms, 2 full bathrooms, and lots of things you'll love! Open concept living room and kitchen has vaulted ceilings, dining space, kitchen island, and more! Spacious master suite with private bathroom and large walk-in closet! Tucked away in a quiet Shawnee neighborhood with no neighbors behind, this location is hard to beat! If you've been looking for an affordable, newer-construction home, look no further! Call today to set up your showing!

Key facts

• Kitchen island
• Private bathroom
• Large walk-in closet

Tags

• OPEN CONCEPT LIVING ROOM
• KITCHEN ISLAND
• PRIVATE BATHROOM
• LARGE WALK-IN CLOSET
• NEWER-CONSTRUCTION HOME

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $239k.

Deal economics

• At list price, monthly cash flow is $372 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $239k).
• Recommended offer: $210k (12.0% below list) — sets the bar for market timing.

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.
• Shawnee Local (suburban): math 71% / reading 77% proficiency, ranked #100 of 656 in OH (top 15%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Elmwood Elementary School (516 students, 30% FRL); Shawnee Middle School (math 67% / reading 77%, grade A, #115 of 654 statewide, top 18%, 727 students, 30% FRL); Shawnee High School (math 67% / reading 82%, grade B+, #69 of 781 statewide, top 10%, 707 students, 19% FRL) — zoned schools at 26% FRL track the district average.
• Market conditions: 106 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 $2,500/mo this rent would consume 45% of the median local household income ($66k/yr) — 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 $2k of loan paydown is wiped out by about $7k 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 126 days — a 12% lower offer ($210k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 11y ago; this cycle's ask has dropped $20k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $91k; list at $239k implies a 163% gain — meaningful room to come down on a strong offer.

Recommended offer $210,320 (12.0% below list)

Questions for the listing agent

1. It's been on market 126 days. Have you received any prior offers? Is the seller open to a 12% 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: 1.05% ✓
• Cap rate: 8.16%
• Cash-on-cash: 6.67%
• DSCR: 1.30
• GRM: 8.0

CMA / ARV

• ARV (median comp): $155,801
• List price: $239,000
• Delta: 53.40%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2390 Baywood Dr	0.64mi	3/1.0 (+1)	1,154 (-14%)	21mo	$168,000	$146	20

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: -6.0%
• Equity multiple: 0.78×
• Total profit: $-15,033
• Equity at exit: $35,636

10-year hold

• IRR: 3.6%
• Equity multiple: 1.26×
• Total profit: $17,442
• Equity at exit: $20,664

Cash invested: $66,920 (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: 8.0×

Monthly cashflow live

• Estimated rent: $2,500 medium
• Mortgage (P&I): −$1,253
• Tax from tax record: −$250 /mo · $3,002/yr
• Insurance: −$100
• HOA: −$0
• Vacancy / Maint / Mgmt: −$525
• Net cashflow: $372

Break-even live

Break-even rent $2,029

Max offer price $239,000

Occupancy floor 80%

Sensitivity live

Price	-10% $507	-5% $440	+0% $372	+5% $304	+10% $237
Rent	-10% $174	-5% $273	+0% $372	+5% $471	+10% $569
Rate	-1.0pp $492	-0.5pp $433	base $372	+0.5pp $310	+1.0pp $247

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: $59,750
• Closing costs: $7,170
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
608 S Primrose Pl Lima, OH	3.0	2.0	1200	$2,500	$2.08	45d	1	0.80mi

Listing history 14 events

1. 2026-05-03
   historical Active Under Contract 543-char remark

   Show marketing remark (543 chars)

   Welcome to 1409 Fulton Road! Constructed by KM Contracting in 2024, this ranch home features 2 bedrooms, 2 full bathrooms, and lots of things you'll love! Open concept living room and kitchen has vaulted ceilings, dining space, kitchen island, and more! Spacious master suite with private bathroom and large walk-in closet! Tucked away in a quiet Shawnee neighborhood with no neighbors behind, this location is hard to beat! If you've been looking for an affordable, newer-construction home, look no further! Call today to set up your showing!

2. 2026-04-11
   status Active 543-char remark

   Show marketing remark (543 chars)

   Welcome to 1409 Fulton Road! Constructed by KM Contracting in 2024, this ranch home features 2 bedrooms, 2 full bathrooms, and lots of things you'll love! Open concept living room and kitchen has vaulted ceilings, dining space, kitchen island, and more! Spacious master suite with private bathroom and large walk-in closet! Tucked away in a quiet Shawnee neighborhood with no neighbors behind, this location is hard to beat! If you've been looking for an affordable, newer-construction home, look no further! Call today to set up your showing!

3. 2026-04-07
   historical Active Under Contract 543-char remark

   Show marketing remark (543 chars)

   Welcome to 1409 Fulton Road! Constructed by KM Contracting in 2024, this ranch home features 2 bedrooms, 2 full bathrooms, and lots of things you'll love! Open concept living room and kitchen has vaulted ceilings, dining space, kitchen island, and more! Spacious master suite with private bathroom and large walk-in closet! Tucked away in a quiet Shawnee neighborhood with no neighbors behind, this location is hard to beat! If you've been looking for an affordable, newer-construction home, look no further! Call today to set up your showing!

4. 2026-03-27
   price $239,000 543-char remark

   Show marketing remark (543 chars)

   Welcome to 1409 Fulton Road! Constructed by KM Contracting in 2024, this ranch home features 2 bedrooms, 2 full bathrooms, and lots of things you'll love! Open concept living room and kitchen has vaulted ceilings, dining space, kitchen island, and more! Spacious master suite with private bathroom and large walk-in closet! Tucked away in a quiet Shawnee neighborhood with no neighbors behind, this location is hard to beat! If you've been looking for an affordable, newer-construction home, look no further! Call today to set up your showing!

5. 2026-02-27
   price $245,000 543-char remark

   Show marketing remark (543 chars)

   Welcome to 1409 Fulton Road! Constructed by KM Contracting in 2024, this ranch home features 2 bedrooms, 2 full bathrooms, and lots of things you'll love! Open concept living room and kitchen has vaulted ceilings, dining space, kitchen island, and more! Spacious master suite with private bathroom and large walk-in closet! Tucked away in a quiet Shawnee neighborhood with no neighbors behind, this location is hard to beat! If you've been looking for an affordable, newer-construction home, look no further! Call today to set up your showing!

6. 2026-02-02
   price $250,000 543-char remark

   Show marketing remark (543 chars)

   Welcome to 1409 Fulton Road! Constructed by KM Contracting in 2024, this ranch home features 2 bedrooms, 2 full bathrooms, and lots of things you'll love! Open concept living room and kitchen has vaulted ceilings, dining space, kitchen island, and more! Spacious master suite with private bathroom and large walk-in closet! Tucked away in a quiet Shawnee neighborhood with no neighbors behind, this location is hard to beat! If you've been looking for an affordable, newer-construction home, look no further! Call today to set up your showing!

7. 2026-01-14
   listed $259,000 Active 543-char remark

   Show marketing remark (543 chars)

   Welcome to 1409 Fulton Road! Constructed by KM Contracting in 2024, this ranch home features 2 bedrooms, 2 full bathrooms, and lots of things you'll love! Open concept living room and kitchen has vaulted ceilings, dining space, kitchen island, and more! Spacious master suite with private bathroom and large walk-in closet! Tucked away in a quiet Shawnee neighborhood with no neighbors behind, this location is hard to beat! If you've been looking for an affordable, newer-construction home, look no further! Call today to set up your showing!

8. 2021-09-02
   soldstatus $90,900
9. 2021-09-01
   soldstatus $90,900 323-char remark

   Show marketing remark (323 chars)

   Great starter home or perfect to down size. Spacious living room, 2 bedrooms, 1 full bath that is updated, galley kitchen leading the full block basement. New carpet in both bedrooms, newer windows, siding, boiler system for baseboard hot water heat. Located on a quiet street with a fenced rear lot. 1 car detached garage.

10. 2021-05-26
    listed $87,900 323-char remark

    Show marketing remark (323 chars)

    Great starter home or perfect to down size. Spacious living room, 2 bedrooms, 1 full bath that is updated, galley kitchen leading the full block basement. New carpet in both bedrooms, newer windows, siding, boiler system for baseboard hot water heat. Located on a quiet street with a fenced rear lot. 1 car detached garage.

11. 2015-09-08
    soldstatus $22,540
12. 2015-07-28
    listed $20,600
13. 2005-06-03
    soldstatus $71,000
14. 1992-02-18
    soldstatus $49,000

ⓘ 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: $3,002 · $250/mo
• Projected year-2 tax: $3,365 · $280/mo
• Expected delta: +$363/yr (+$30/mo · 12.1%)

ⓘ 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: $30,000
• − Mortgage interest: −$13,388
• − Property taxes: −$3,002
• − Insurance: −$1,195
• − Repairs & maintenance: −$2,400
• − Management: −$2,400
• − Depreciation: −$6,953
• Taxable income: $663
• Est. tax owed @ 24.0%: −$159
• After-tax cash flow: $4,304/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: Shawnee Local
• NCES district ID: 3904579
• Math proficiency: 71% ▼ -9.00%
• Reading proficiency: 77% ▼ -4.00%
• Median HH income: $61,634
• Composite: 63.78/100
• National rank: #597
• State rank: #100 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

+387.8% since first listed

14 events — show timeline

• 2026-05-03 Contingent — WCARE
• 2026-04-11 Relisted — WCARE
• 2026-04-07 Contingent — WCARE
• 2026-03-27 Price Changed $239,000 WCARE
• 2026-02-27 Price Changed $245,000 WCARE
• 2026-02-02 Price Changed $250,000 WCARE
• 2026-01-14 Listed $259,000 WCARE
• 2021-09-02 Sold (Public Records) $90,900 Public Records
• 2021-09-01 Sold (MLS) $90,900 WCARE
• 2021-05-26 Listed $87,900 WCARE
• 2015-09-08 Sold (MLS) $22,540 WCARE
• 2015-07-28 Listed $20,600 WCARE
• 2005-06-03 Sold (Public Records) $71,000 Public Records
• 1992-02-18 Sold (Public Records) $49,000 Public Records

Property tax history

+4.5%/yr

Latest (2025): $3,002 · +1182.3% YoY. Source: county tax records.