1224 State St · Lima, OH 45805

$199,900

4 bd · 1.5 ba · 3,067 sqft · SingleFamily public records · 29 Days on market

Built 1918 10,280 sqft lot Est $331k · 40% under

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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 +15.2/30.0
• ARV discount +15.0/15.0
• DSCR +4.7/10.0
• 1% rule +4.0/10.0
• 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

Step into timeless character and endless potential at this spacious 4-bedroom, 1.5 bath home. This classic property offers over 3,000 square feet of living space, showcasing unique architectural details and craftsmanship that are hard to find today. From the moment you enter, you'll notice the generous room sizes, original features, and beautiful natural light throughout. The home offers multiple living area, a formal dining space, and plenty of room to create a layout that fits your lifestyle. Upstairs you'll find four well-sized bedrooms and a convenient half bath, while the main level provides ample space for everyday living and entertaining. With its solid structure and character- fille

Key facts

• Formal dining space
• Original features
• Multiple living area

Tags

• UNIQUE ARCHITECTURAL DETAILS
• ORIGINAL FEATURES
• MULTIPLE LIVING AREA
• FORMAL DINING SPACE
• SOLID STRUCTURE

Property features AI

Exterior

• Parking: Detached 2-car garage
• Utilities: Public water; Public sewer
• Home design: Single family residence (Residential property)
• Construction: Brick construction; Block foundation
• Exterior features: Shed(s) on property

Interior

• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Has heating (type: Other); Window unit(s) for cooling
• Interior features: Basement with block foundation

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $200k.

Deal economics

• At list price, monthly cash flow is $69 ($830/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $179k (10.5% below list).
• Recommended offer: $179k (10.5% below list) — sets the bar for 1% rule.

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; 88 units permitted in Allen County in 2024 (0 in 5+ unit buildings).
• This rent runs 33% 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 $1k of loan paydown is wiped out by about $6k 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 29 days — a 2% lower offer ($197k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1918 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $178,974 (10.5% below list)

Questions for the listing agent

1. Built in 1918 — 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. 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?
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: 0.90% ✗
• Cap rate: 6.71%
• Cash-on-cash: 1.48%
• DSCR: 1.07
• GRM: 9.3

CMA / ARV

• ARV (on-the-fly): $331,236
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
422 S Kenilworth Ave	0.08mi	4/3.5	3,031 (-1%)	22mo	$190,000	$63	68
1459 W Market St W	0.36mi	4/3.5	3,220 (+5%)	6mo	$412,500	$128	62
402 S Woodlawn Ave	0.13mi	5/3.5 (+1)	2,817 (-8%)	10mo	$170,000	$60	58
1634 W High St	0.55mi	4/3.5	2,957 (-4%)	8mo	$320,000	$108	54
1454 W Market St	0.40mi	4/2.5	3,329 (+8%)	13mo	$367,500	$110	52
1935 W Market St	0.74mi	3/2.5 (-1)	2,738 (-11%)	18mo	$185,000	$68	23

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: -13.9%
• Equity multiple: 0.50×
• Total profit: $-27,981
• Equity at exit: $29,806

10-year hold

• IRR: -5.1%
• Equity multiple: 0.67×
• Total profit: $-18,673
• Equity at exit: $17,284

Cash invested: $55,972 (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: 9.3×

Monthly cashflow live

• Estimated rent: $1,790 medium
• Mortgage (P&I): −$1,048
• Tax from tax record: −$213 /mo · $2,557/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$376
• Net cashflow: $69

Break-even live

Break-even rent $1,702

Max offer price $199,900

Occupancy floor 91%

Sensitivity live

Price	-10% $182	-5% $126	+0% $69	+5% $13	+10% $-44
Rent	-10% $-72	-5% $-2	+0% $69	+5% $140	+10% $211
Rate	-1.0pp $170	-0.5pp $120	base $69	+0.5pp $17	+1.0pp $-35

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: $49,975
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-19
   days on market $199,900 Active 29 DOM
2. 2026-06-18
   days on market $199,900 Active 28 DOM
3. 2026-06-17
   days on market $199,900 Active 27 DOM
4. 2026-06-16
   days on market $199,900 Active 26 DOM
5. 2026-06-15
   days on market $199,900 Active 25 DOM
6. 2026-06-14
   days on market $199,900 Active 23 DOM
7. 2026-06-12
   days on market $199,900 Active 22 DOM
8. 2026-06-09
   days on market $199,900 Active 19 DOM
9. 2026-06-08
   days on market $199,900 Active 18 DOM
10. 2026-06-07
    days on market $199,900 Active 17 DOM
11. 2026-06-07
    days on market $199,900 Active 16 DOM
12. 2026-06-04
    days on market $199,900 Active 13 DOM
13. 2026-06-02
    days on market $199,900 Active 12 DOM
14. 2026-06-01
    days on market $199,900 Active 11 DOM
15. 2026-05-31
    days on market $199,900 Active 10 DOM
16. 2026-05-31
    days on market $199,900 Active 9 DOM
17. 2026-05-21
    listed $199,900 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: $2,557 · $213/mo
• Projected year-2 tax: $2,838 · $236/mo
• Expected delta: +$281/yr (+$23/mo · 11.0%)

ⓘ 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: $21,477
• − Mortgage interest: −$11,198
• − Property taxes: −$2,557
• − Insurance: −$1,000
• − Repairs & maintenance: −$1,718
• − Management: −$1,718
• − Depreciation: −$5,815
• Taxable loss: −$2,529
• Est. tax savings @ 24.0%: +$607
• After-tax cash flow: $1,437/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

1 event — show timeline

• 2026-05-21 Listed $199,900 WCARE

Property tax history

+0.8%/yr

Latest (2025): $2,557 · +2.8% YoY. Source: county tax records.