1323 W Elm St · Lima, OH 45805

$74,000

2 bd · 2.0 ba · 1,952 sqft · MultiFamily public records · 151 Days on market

Built 1920 9,757 sqft lot $38/sqft · 42% below area Est $128k · 42% under

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Investors! Duplex! Look at this value add investment project property ready for your renovations! This 4 bedroom, 2 full bath Duplex offers 91952 square feet on a long 48 x 203 lot! Improvements include: Newer siding, gutters, kitchen cabinets, tile flooring, and hot water tank! Year on Roof and mechanics unknown but in good order. Down unit in decent condition, Up unit in need of full renovation. Priced to sell, no seller financing. Ask us about the OTHER 16 value add properties for sale in the area that are similar and can be bundled for purchase in groups or portfolio! AS IS. Great area and ARV! Hurry this will not last long!

Key facts

• Newer siding
• Kitchen cabinets
• Tile flooring

Tags

• DUPLEX
• VALUE ADD INVESTMENT PROJECT
• NEWER SIDING
• NEWER GUTTERS
• KITCHEN CABINETS
• TILE FLOORING

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $74k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $597/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $74k).
• Recommended offer: $65k (12.0% below list) — sets the bar for market timing.
• Cap rate 25.6% 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.
• 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: 106 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 45d 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 42% of the median local income ($66k/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 $512 of loan paydown is wiped out by about $2k 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 $21k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 151 days — a 12% lower offer ($65k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $15k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $40k; list at $74k implies a 85% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 3.8% of price; built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $65,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 151 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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.
10. 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.
11. 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: 3.16% ✓
• Cap rate: 25.64%
• Cash-on-cash: 69.10%
• DSCR: 4.07
• GRM: 2.6

CMA / ARV

• ARV (median comp): $127,925
• List price: $74,000
• Delta: -42.15%
• Verdict: UNDERPRICED
• Comps: 4 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 68.6%
• Equity multiple: 4.09×
• Total profit: $64,121
• Equity at exit: $11,034

10-year hold

• IRR: 72.7%
• Equity multiple: 8.44×
• Total profit: $154,178
• Equity at exit: $6,398

Cash invested: $20,720 (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: 5.3×

Monthly cashflow live

• Estimated rent: $2,335 medium
• Mortgage (P&I): −$388
• Tax from tax record: −$233 /mo · $2,792/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$490
• Net cashflow: $1,193

Break-even live

Break-even rent $825

Max offer price $74,000

Occupancy floor 44%

Sensitivity live

Price	-10% $1,235	-5% $1,214	+0% $1,193	+5% $1,172	+10% $1,151
Rent	-10% $1,009	-5% $1,101	+0% $1,193	+5% $1,285	+10% $1,378
Rate	-1.0pp $1,230	-0.5pp $1,212	base $1,193	+0.5pp $1,174	+1.0pp $1,154

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,334
Total (2 units)			$2,335

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: $18,500
• Closing costs: $2,220
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
405 N Kenilworth Ave Lima, OH	3.0	1.0	1352	$1,795	$1.33	45d	1	0.51mi
420 N Baxter St Lima, OH	3.0	2.0	1386	$1,200	$0.87	45d	1	0.97mi
555 Haller St Lima, OH	3.0	2.0	1953	$1,700	$0.87	45d	1	1.13mi

Listing history 28 events

1. 2026-06-19
   days on market $74,000 Active 151 DOM
2. 2026-06-18
   days on market $74,000 Active 150 DOM
3. 2026-06-17
   days on market $74,000 Active 149 DOM
4. 2026-06-16
   days on market $74,000 Active 148 DOM
5. 2026-06-15
   days on market $74,000 Active 147 DOM
6. 2026-06-14
   days on market $74,000 Active 145 DOM
7. 2026-06-12
   days on market $74,000 Active 144 DOM
8. 2026-06-09
   days on market $74,000 Active 141 DOM
9. 2026-06-08
   days on market $74,000 Active 140 DOM
10. 2026-06-07
    days on market $74,000 Active 139 DOM
11. 2026-06-07
    days on market $74,000 Active 138 DOM
12. 2026-06-04
    days on market $74,000 Active 135 DOM
13. 2026-06-02
    days on market $74,000 Active 134 DOM
14. 2026-06-01
    days on market $74,000 Active 133 DOM
15. 2026-05-31
    days on market $74,000 Active 132 DOM
16. 2026-05-31
    days on market $74,000 Active 131 DOM
17. 2026-04-25
    price $74,000 636-char remark

    Show marketing remark (636 chars)

    Investors! Duplex! Look at this value add investment project property ready for your renovations! This 4 bedroom, 2 full bath Duplex offers 91952 square feet on a long 48 x 203 lot! Improvements include: Newer siding, gutters, kitchen cabinets, tile flooring, and hot water tank! Year on Roof and mechanics unknown but in good order. Down unit in decent condition, Up unit in need of full renovation. Priced to sell, no seller financing. Ask us about the OTHER 16 value add properties for sale in the area that are similar and can be bundled for purchase in groups or portfolio! AS IS. Great area and ARV! Hurry this will not last long!

18. 2026-03-24
    status Active 636-char remark

    Show marketing remark (636 chars)

    Investors! Duplex! Look at this value add investment project property ready for your renovations! This 4 bedroom, 2 full bath Duplex offers 91952 square feet on a long 48 x 203 lot! Improvements include: Newer siding, gutters, kitchen cabinets, tile flooring, and hot water tank! Year on Roof and mechanics unknown but in good order. Down unit in decent condition, Up unit in need of full renovation. Priced to sell, no seller financing. Ask us about the OTHER 16 value add properties for sale in the area that are similar and can be bundled for purchase in groups or portfolio! AS IS. Great area and ARV! Hurry this will not last long!

19. 2026-03-10
    historical Contingent 636-char remark

    Show marketing remark (636 chars)

    Investors! Duplex! Look at this value add investment project property ready for your renovations! This 4 bedroom, 2 full bath Duplex offers 91952 square feet on a long 48 x 203 lot! Improvements include: Newer siding, gutters, kitchen cabinets, tile flooring, and hot water tank! Year on Roof and mechanics unknown but in good order. Down unit in decent condition, Up unit in need of full renovation. Priced to sell, no seller financing. Ask us about the OTHER 16 value add properties for sale in the area that are similar and can be bundled for purchase in groups or portfolio! AS IS. Great area and ARV! Hurry this will not last long!

20. 2026-03-03
    price $79,000 636-char remark

    Show marketing remark (636 chars)

    Investors! Duplex! Look at this value add investment project property ready for your renovations! This 4 bedroom, 2 full bath Duplex offers 91952 square feet on a long 48 x 203 lot! Improvements include: Newer siding, gutters, kitchen cabinets, tile flooring, and hot water tank! Year on Roof and mechanics unknown but in good order. Down unit in decent condition, Up unit in need of full renovation. Priced to sell, no seller financing. Ask us about the OTHER 16 value add properties for sale in the area that are similar and can be bundled for purchase in groups or portfolio! AS IS. Great area and ARV! Hurry this will not last long!

21. 2026-02-21
    price $85,000 636-char remark

    Show marketing remark (636 chars)

    Investors! Duplex! Look at this value add investment project property ready for your renovations! This 4 bedroom, 2 full bath Duplex offers 91952 square feet on a long 48 x 203 lot! Improvements include: Newer siding, gutters, kitchen cabinets, tile flooring, and hot water tank! Year on Roof and mechanics unknown but in good order. Down unit in decent condition, Up unit in need of full renovation. Priced to sell, no seller financing. Ask us about the OTHER 16 value add properties for sale in the area that are similar and can be bundled for purchase in groups or portfolio! AS IS. Great area and ARV! Hurry this will not last long!

22. 2026-01-19
    listed $89,000 Active 636-char remark

    Show marketing remark (636 chars)

    Investors! Duplex! Look at this value add investment project property ready for your renovations! This 4 bedroom, 2 full bath Duplex offers 91952 square feet on a long 48 x 203 lot! Improvements include: Newer siding, gutters, kitchen cabinets, tile flooring, and hot water tank! Year on Roof and mechanics unknown but in good order. Down unit in decent condition, Up unit in need of full renovation. Priced to sell, no seller financing. Ask us about the OTHER 16 value add properties for sale in the area that are similar and can be bundled for purchase in groups or portfolio! AS IS. Great area and ARV! Hurry this will not last long!

23. 2025-07-09
    price $1
24. 2025-05-20
    price $30,000
25. 2025-04-29
    listed $40,000 Active
26. 2023-08-29
    soldstatus $40,000
27. 2002-05-06
    soldstatus $28,000
28. 2000-09-12
    soldstatus $60,000

ⓘ 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: $2,792 · $233/mo
• Projected year-2 tax: $2,792 · $233/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: $28,020
• − Mortgage interest: −$4,145
• − Property taxes: −$2,792
• − Insurance: −$370
• − Repairs & maintenance: −$2,242
• − Management: −$2,242
• − Depreciation: −$2,153
• Taxable income: $14,077
• Est. tax owed @ 24.0%: −$3,379
• After-tax cash flow: $10,939/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 · 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

+23.3% since first listed

12 events — show timeline

• 2026-04-25 Price Changed $74,000 MLSNOW
• 2026-03-24 Relisted — MLSNOW
• 2026-03-10 Contingent — MLSNOW
• 2026-03-03 Price Changed $79,000 MLSNOW
• 2026-02-21 Price Changed $85,000 MLSNOW
• 2026-01-19 Listed $89,000 MLSNOW
• 2025-07-09 Price Changed $1 MARMLS
• 2025-05-20 Price Changed $30,000 MARMLS
• 2025-04-29 Listed $40,000 MARMLS
• 2023-08-29 Sold (Public Records) $40,000 Public Records
• 2002-05-06 Sold (Public Records) $28,000 Public Records
• 2000-09-12 Sold (Public Records) $60,000 Public Records

Property tax history

+8.1%/yr

Latest (2025): $2,792 · +114.8% YoY. Source: county tax records.