1201 Reese Ave · Lima, OH 45804

$34,900

3 bd · 1.0 ba · 1,152 sqft · SingleFamily public records · 4 Days on market

Built 1920 6,534 sqft lot Est $61k · 43% 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

Listing remarks

Lima City School district. A Two Story detached dwelling with 3 bedrooms, 1 bathroom, an open covered porch, living room, dining room, kitchen. full basement and a fenced yard. All offers must have a minimum ED of $1000. Plus, proof of funds or pre-qualification letter. Sold ''as is''.

Key facts

• Fenced yard
• Full basement
• Open covered porch

Tags

• OPEN COVERED PORCH
• FULL BASEMENT
• FENCED YARD

Property features AI

Exterior

• Parking: No garage; no off-street garage parking
• Utilities: Public water; Public sewer
• Home design: Single family residence; Two levels
• Construction: Frame construction with vinyl siding; Asphalt components (roofing material); Block foundation; Built with below-grade finished area
• Exterior features: Covered porch; Fenced yard

Interior

• Kitchen: No listed appliances
• Bedrooms: 6 total rooms (bedroom count not specified)
• Bathrooms: 1 full bathroom
• Heating & cooling: Central air conditioning; Forced air heating; Natural gas heating
• Interior features: No listed appliances; Full block basement
• Laundry & utility: Basement provides additional finished space

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 $534 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($975 rent vs $35k).
• Cap rate 24.7% 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: 79 active listings in the ZIP; 4 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; 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 $241 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 4 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $34,900

Questions for the listing agent

1. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 2.79% ✓
• Cap rate: 24.65%
• Cash-on-cash: 65.58%
• DSCR: 3.92
• GRM: 3.0

CMA / ARV

• ARV (on-the-fly): $61,056
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
726 Catalpa Ave	0.37mi	3/1.0	1,161 (+1%)	5mo	$22,000	$19	77
530 Catalpa Ave	0.15mi	3/1.0	1,216 (+6%)	10mo	$110,000	$90	76
516 Catalpa Ave	0.13mi	3/1.0	1,283 (+11%)	4mo	$82,000	$64	71
727 Catalpa Ave	0.38mi	2/1.0 (-1)	1,131 (-2%)	10mo	$60,000	$53	66
1424 S Union St	0.28mi	2/1.0 (-1)	1,028 (-11%)	0mo	$119,200	$116	64
306 E Vine St	0.56mi	2/1.0 (-1)	1,122 (-3%)	7mo	$90,000	$80	59
839 St. John's Ave	0.50mi	3/1.0	1,056 (-8%)	5mo	$24,000	$23	58
519 Franklin St	0.71mi	3/1.0	1,152 (0%)	11mo	$40,000	$35	57
1008 Fairview Ave	0.59mi	3/1.5	1,230 (+7%)	4mo	$30,000	$24	56
600 Dingledine Ave	0.65mi	2/1.0 (-1)	1,104 (-4%)	5mo	$75,000	$68	54
537 Franklin St	0.73mi	3/1.0	1,288 (+12%)	8mo	$25,000	$19	39
807 S Union St	0.64mi	2/1.0 (-1)	1,006 (-13%)	10mo	$24,500	$24	36

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: 64.8%
• Equity multiple: 3.90×
• Total profit: $28,368
• Equity at exit: $5,204

10-year hold

• IRR: 69.1%
• Equity multiple: 8.01×
• Total profit: $68,545
• Equity at exit: $3,018

Cash invested: $9,772 (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: 3.0×

Monthly cashflow live

• Estimated rent: $975 medium
• Mortgage (P&I): −$183
• Tax from tax record: −$39 /mo · $464/yr
• Insurance: −$15
• HOA: −$0
• Vacancy / Maint / Mgmt: −$205
• Net cashflow: $534

Break-even live

Break-even rent $299

Max offer price $34,900

Occupancy floor 40%

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: $8,725
• Closing costs: $1,047
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
521 Hope St Lima, OH	3.0	2.0	1079	$975	$0.90	43d	1	0.13mi
616 Hope St Lima, OH	3.0	2.0	1079	$975	$0.90	43d	1	0.23mi
623 Hope St Lima, OH	3.0	2.0	1079	$975	$0.90	43d	1	0.24mi
138 Harrison Ave Lima, OH	3.0	1.0	1152	$975	$0.85	43d	1	1.44mi

Listing history 5 events

1. 2026-06-19
   days on market $34,900 Active 4 DOM
2. 2026-06-18
   days on market $34,900 Active 3 DOM
3. 2026-06-17
   days on market $34,900 Active 2 DOM
4. 2026-06-16
   remarks 286-char remark
5. 2026-06-16
   listed $34,900 Active 1 DOM

ⓘ 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: $464 · $39/mo
• Projected year-2 tax: $504 · $42/mo
• Expected delta: +$40/yr (+$3/mo · 8.6%)

ⓘ 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 ≥99°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: −$1,955
• − Property taxes: −$464
• − Insurance: −$174
• − Repairs & maintenance: −$936
• − Management: −$936
• − Depreciation: −$1,015
• Taxable income: $6,219
• Est. tax owed @ 24.0%: −$1,493
• After-tax cash flow: $4,916/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): 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

• 2026-06-15 Listed $34,900 WCARE

Property tax history

-1.9%/yr

Latest (2025): $464 · +0.4% YoY. Source: county tax records.