514 N Shore Dr · Lima, OH 45801

$39,900

3 bd · 1.0 ba · 1,196 sqft · SingleFamily public records · 27 Days on market

Built 1920 3,049 sqft lot $33/sqft · 28% below area Est $55k · 28% 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 MLS

Great Investment Property or starter home. Ready to rent or move in. Newer roof, new water heater, all new carpet. Close to YMCA and close to schools. Motivated Seller.

Key facts

• New decking
• Flexible bonus room
• Vinyl siding

Tags

• FLEXIBLE BONUS ROOM
• VINYL SIDING
• DIMENSIONAL SHINGLES
• REBUILT COVERED FRONT PORCH
• UPDATED POSTS
• NEW DECKING

Property features AI

Finance

• Other: Property listed by Cowan, Realtors

Exterior

• Parking: No garage
• Utilities: Public water; Public sewer; Natural gas available; Water connected
• Home design: Two-level single-family home; Residential property in under construction condition; Corner lot (approx. 0.07 acres, 89 x 53)
• Construction: Vinyl siding; Other foundation
• Exterior features: Covered patio

Interior

• Flooring: Other flooring
• Bathrooms: 1 full bathroom
• Heating & cooling: Has heating (type: Other — see remarks); No cooling
• Interior features: Other flooring; Concrete basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $40k.

Deal economics

• At list price, monthly cash flow is $686 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $40k).
• Recommended offer: $39k (1.5% below list) — sets the bar for market timing.
• Cap rate 26.9% 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; 11 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).

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

• It's been on market 27 days — a 2% lower offer ($39k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 10y ago; this cycle's ask has dropped $5k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $14k; list at $40k implies a 175% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $39,301 (1.5% below list)

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: 3.09% ✓
• Cap rate: 26.92%
• Cash-on-cash: 73.66%
• DSCR: 4.28
• GRM: 2.7

CMA / ARV

• ARV (median comp): $55,437
• List price: $39,900
• Delta: -28.03%
• 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
785 Holly St	0.49mi	3/1.0	1,191 (-0%)	5mo	$30,000	$25	72
418 W Vine St	0.55mi	3/1.0	1,205 (+1%)	2mo	$99,000	$82	71
254 N Shore Dr	0.15mi	4/1.0 (+1)	1,296 (+8%)	9mo	$95,000	$73	66
1007 Faurot Ave	0.45mi	3/1.0	1,248 (+4%)	14mo	$116,500	$93	60
304 Garfield Ave	0.55mi	2/1.0 (-1)	1,273 (+6%)	4mo	$55,500	$44	56
526 S Pine St	0.72mi	3/1.5	1,216 (+2%)	8mo	$84,000	$69	55
434 N Washington St	0.73mi	3/1.0	1,152 (-4%)	6mo	$30,000	$26	54
702 W Vine St	0.59mi	2/1.0 (-1)	1,128 (-6%)	8mo	$65,295	$58	52
1000 W Elm St	0.75mi	3/2.0	1,296 (+8%)	4mo	$133,000	$103	44
850 W Elm St	0.57mi	3/1.0	1,356 (+13%)	13mo	$30,100	$22	41
825 S Elizabeth St	0.59mi	3/2.0	1,364 (+14%)	14mo	$165,000	$121	34
838 W Elm St	0.54mi	4/2.0 (+1)	1,369 (+14%)	16mo	$35,000	$26	28

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: 73.5%
• Equity multiple: 4.33×
• Total profit: $37,239
• Equity at exit: $5,949

10-year hold

• IRR: 77.3%
• Equity multiple: 8.95×
• Total profit: $88,777
• 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 45801

• Active inventory: 74
• Price-to-rent: 2.7×

Monthly cashflow live

• Estimated rent: $1,234 high
• Mortgage (P&I): −$209
• Tax from tax record: −$63 /mo · $754/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$259
• Net cashflow: $686

Break-even live

Break-even rent $365

Max offer price $39,900

Occupancy floor 39%

Sensitivity live

Price	-10% $708	-5% $697	+0% $686	+5% $674	+10% $663
Rent	-10% $588	-5% $637	+0% $686	+5% $735	+10% $783
Rate	-1.0pp $706	-0.5pp $696	base $686	+0.5pp $675	+1.0pp $665

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 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
545 W Market St Unit 340 1/2 Mcpheron Lima, OH	2.0	1.0	900	$800	$0.89	44d	1	0.33mi
43 Town Sq Lima, OH	2.0–3.0	1.0–2.0	1100	$1,413	$1.28	44d	9	0.46mi
420 N Baxter St Lima, OH	3.0	2.0	1386	$1,200	$0.87	44d	1	0.72mi
1014 W Market St Apt 3 Lima, OH	2.0	1.0	800	$1,400	$1.75	44d	1	0.83mi
138 Harrison Ave Lima, OH	3.0	1.0	1152	$975	$0.85	44d	1	0.90mi
405 N Kenilworth Ave Lima, OH	3.0	1.0	1352	$1,795	$1.33	44d	1	1.16mi
1436 W High St Lima, OH	2.0	1.0	1205	$895	$0.74	44d	1	1.21mi
521 Hope St Lima, OH	3.0	2.0	1079	$975	$0.90	44d	1	1.33mi
623 Hope St Lima, OH	3.0	2.0	1079	$975	$0.90	44d	1	1.41mi
616 Hope St Lima, OH	3.0	2.0	1079	$975	$0.90	44d	1	1.42mi
330 W Ashton Ave Lima, OH	3.0	1.0	1288	$2,000	$1.55	44d	1	1.43mi

Listing history 8 events

1. 2026-06-01
   days on market $39,900 Active 27 DOM
2. 2026-05-31
   days on market $39,900 Active 26 DOM
3. 2026-05-31
   days on market $39,900 Active 25 DOM
4. 2026-05-13
   price $39,900 931-char remark
5. 2026-05-05
   listed $44,900 Active 931-char remark
6. 2016-09-29
   soldstatus $14,500 168-char remark

   Show marketing remark (168 chars)

   Great Investment Property or starter home. Ready to rent or move in. Newer roof, new water heater, all new carpet. Close to YMCA and close to schools. Motivated Seller.

7. 2016-08-08
   listed $19,900 168-char remark

   Show marketing remark (168 chars)

   Great Investment Property or starter home. Ready to rent or move in. Newer roof, new water heater, all new carpet. Close to YMCA and close to schools. Motivated Seller.

8. 1998-02-03
   soldstatus $14,000

ⓘ 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: $754 · $63/mo
• Projected year-2 tax: $754 · $63/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 (shaded) · 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: $14,803
• − Mortgage interest: −$2,235
• − Property taxes: −$754
• − Insurance: −$200
• − Repairs & maintenance: −$1,184
• − Management: −$1,184
• − Depreciation: −$1,161
• Taxable income: $8,085
• Est. tax owed @ 24.0%: −$1,940
• After-tax cash flow: $6,289/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

+185.0% since first listed

5 events — show timeline

• 2026-05-13 Price Changed $39,900 WCARE
• 2026-05-05 Listed $44,900 WCARE
• 2016-09-29 Sold (MLS) $14,500 WCARE
• 2016-08-08 Listed $19,900 WCARE
• 1998-02-03 Sold (Public Records) $14,000 Public Records

Property tax history

+5.4%/yr

Latest (2025): $754 · -27.6% YoY. Source: county tax records.