711 College Ave · Lima, OH 45805

$39,900

4 bd · 1.0 ba · 1,714 sqft · SingleFamily public records · 2 Days on market

Built 1921 8,232 sqft lot

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Why this score? — see what drove the D 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• 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

Investor Special! This 4-bedroom, 2-bath home offers 1,714 square feet of potential! Built in 1921, this property of features classic character ready to be restored. Additional highlights include a detached one-car garage, fenced in backyard, and a 728 sq ft partial basement. This home does require significant repairs and updates, but presents a great opportunity for investors or buyers looking to renovate and add value. Being sold as-is.

Key facts

• Fenced in backyard
• Partial basement
• 8,232 sq ft lot

Tags

• DETACHED ONE-CAR GARAGE
• FENCED IN BACKYARD
• PARTIAL BASEMENT

Property features AI

Exterior

• Parking: Detached garage (1 car)
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Two levels; Residential zoning; Property condition: fixer
• Construction: Wood siding; Block foundation; Built with traditional construction materials
• Exterior features: Covered patio/porch; Deck; Porch; Fenced yard; Detached garage structure

Interior

• Flooring: Wood
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central air conditioning; Forced air heating
• Interior features: Wood flooring; Fireplace; Partial basement

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $40k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $40k).
• Cap rate 36.5% 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: 105 active listings in the ZIP; 7 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 31% 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 $276 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 $11k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: property tax is 3.6% of price; built in 1921 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $39,900

Questions for the listing agent

1. Built in 1921 — 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
6. 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.
7. 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.
8. 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: 4.28% ✓
• Cap rate: 36.48%
• Cash-on-cash: 107.80%
• DSCR: 5.80
• GRM: 1.9

CMA / ARV

• ARV (on-the-fly): $133,692
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1206 Rice Ave	0.06mi	3/1.0 (-1)	1,643 (-4%)	4mo	$144,000	$88	82
824 Rice Ave	0.35mi	4/2.0	1,667 (-3%)	4mo	$28,000	$17	72
1120 Richie Ave	0.12mi	3/1.0 (-1)	1,884 (+10%)	3mo	$114,000	$61	70
1600 Leland Ave	0.47mi	3/2.0 (-1)	1,684 (-2%)	1mo	$190,900	$113	66
1150 Brice Ave	0.16mi	4/2.0	1,468 (-14%)	1mo	$114,900	$78	64
956 Rice Ave	0.22mi	4/1.5	1,463 (-15%)	1mo	$107,500	$73	62
1521 Oakland Pkwy	0.50mi	3/1.5 (-1)	1,694 (-1%)	8mo	$225,900	$133	61
974 Richie Ave	0.28mi	3/1.5 (-1)	1,464 (-15%)	2mo	$175,000	$120	54
1541 Oakland Pkwy	0.56mi	4/2.5	1,874 (+9%)	3mo	$142,000	$76	50
735 Brice Ave	0.66mi	3/2.0 (-1)	1,795 (+5%)	3mo	$155,000	$86	50
745 Brice Ave	0.62mi	4/1.5	1,915 (+12%)	6mo	$95,000	$50	45
120 S Woodlawn Ave	0.64mi	3/1.5 (-1)	1,954 (+14%)	5mo	$51,500	$26	35

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: 6.15×
• Total profit: $57,525
• Equity at exit: $5,949

10-year hold

• IRR: —
• Equity multiple: 12.88×
• Total profit: $132,682
• Equity at exit: $3,450

Cash invested: $11,172 (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: 105
• Price-to-rent: 1.9×

Monthly cashflow live

• Estimated rent: $1,709 high
• Mortgage (P&I): −$209
• Tax from tax record: −$121 /mo · $1,449/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$359
• Net cashflow: $1,004

Break-even live

Break-even rent $439

Max offer price $39,900

Occupancy floor 36%

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: $9,975
• Closing costs: $1,197
• Reserves months: —
• Total cash needed: —

Rent comps 7 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	43d	1	0.30mi
555 Haller St Lima, OH	3.0	2.0	1953	$1,700	$0.87	43d	1	0.60mi
420 N Baxter St Lima, OH	3.0	2.0	1386	$1,200	$0.87	43d	1	0.60mi
228 Nye St Lima, OH	4.0	2.0	1686	$675	$0.40	43d	1	0.94mi
330 W Ashton Ave Lima, OH	3.0	1.0	1288	$2,000	$1.55	43d	1	1.06mi
43 Town Sq Lima, OH	2.0–3.0	1.0–2.0	1100	$1,413	$1.28	43d	9	1.25mi
608 S Primrose Pl Lima, OH	3.0	2.0	1200	$2,500	$2.08	43d	1	1.32mi

Listing history 2 events

1. 2026-04-30
   status Pending
2. 2026-04-28
   listed $39,900 Active

ⓘ 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: $1,449 · $121/mo
• Projected year-2 tax: $1,449 · $121/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: $20,510
• − Mortgage interest: −$2,235
• − Property taxes: −$1,449
• − Insurance: −$200
• − Repairs & maintenance: −$1,641
• − Management: −$1,641
• − Depreciation: −$1,161
• Taxable income: $12,184
• Est. tax owed @ 24.0%: −$2,924
• After-tax cash flow: $9,119/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

2 events — show timeline

• 2026-04-30 Pending — WCARE
• 2026-04-28 Listed $39,900 WCARE

Property tax history

+2.6%/yr

Latest (2025): $1,449 · +24.2% YoY. Source: county tax records.