2658 N Cole St · Lima, OH 45801

$65,000

3 bd · 1.0 ba · 1,064 sqft · SingleFamily public records · 3 Days on market

Built 1978 9,757 sqft lot

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Online Only Real Estate Auction. Minimum Bid $65,000. Bidding opens June 16th and closes June 29th @ 4pm. This brick home offers 3-bedrooms, 1-bathroom, 1,064 square feet of living space, 2-car garage, and a spacious lot! Whether you're a first-time home buyer, downsizing or looking for an investment opportunity, this property has plenty of potential! Open House Event June 24th 4-6pm. Guaranteed clear title, possession at closing. Info & Terms on Auctioneer's website. 10% Buyer's Premium.

Key facts

• 9,757 sq ft lot
• 2 garage spots
• Built 1978

Property features AI

Exterior

• Parking: Attached 2-car garage; Total parking for 2 vehicles
• Utilities: Cable connected; Electricity connected (150 Amp service); Public water; Public sewer
• Home design: Single-family residence (house); One story; No common walls
• Construction: Brick construction; Crawl space foundation
• Exterior features: Shingle roof; Chain link fencing; Shed(s)

Interior

• Kitchen: Electric range; Refrigerator
• Bedrooms: Bedroom 2 on main level (10 x 10); Bedroom 3 on main level (11 x 9)
• Flooring: Carpet; Vinyl
• Bathrooms: 1 full bathroom
• Heating & cooling: Baseboard heating; Window air conditioning units
• Interior features: Double-pane windows; Storm door(s); Other interior features
• Laundry & utility: Washer; Dryer; Laundry located inside

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $65k.

Deal economics

• At list price, monthly cash flow is $653 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $65k).
• Cap rate 18.4% 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.
• Elida Local (rural): math 59% / reading 59% proficiency, ranked #311 of 656 in OH (top 47%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Elida Elementary (math 73% / reading 61%, grade B+, #456 of 1,584 statewide, top 31%, 1,018 students, 56% FRL); Elida Middle School (math 56% / reading 57%, grade B, #313 of 654 statewide, top 48%, 537 students, 59% FRL); Elida High School (math 47% / reading 62%, grade C-, #303 of 781 statewide, top 42%, 628 students, 42% FRL).
• Market conditions: 74 active listings in the ZIP; 88 units permitted in Allen County in 2024 (0 in 5+ unit buildings).
• This rent runs 32% of the median local income ($52k/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 $449 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 $18k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $65,000

Questions for the listing agent

1. Built in 1978 — 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: 2.10% ✓
• Cap rate: 18.36%
• Cash-on-cash: 43.08%
• DSCR: 2.92
• GRM: 4.0

CMA / ARV

• ARV (on-the-fly): $173,432
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2286 N Cole St	0.45mi	3/1.0	1,092 (+3%)	2mo	$205,000	$188	73
2351 Burden Dr	0.49mi	3/1.0	1,044 (-2%)	6mo	$64,000	$61	69
2380 Mandolin Dr	0.40mi	3/2.0	1,120 (+5%)	1mo	$182,900	$163	68
1143 Brower Rd	0.44mi	3/1.0	1,180 (+11%)	3mo	$179,000	$152	59
611 St. Clair Ave	0.63mi	3/1.0	1,190 (+12%)	11mo	$60,000	$50	42
2129 Reinell Ave	0.72mi	3/2.5	1,206 (+13%)	2mo	$280,000	$232	37

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: 39.9%
• Equity multiple: 2.71×
• Total profit: $31,092
• Equity at exit: $9,692

10-year hold

• IRR: 46.2%
• Equity multiple: 5.43×
• Total profit: $80,692
• Equity at exit: $5,620

Cash invested: $18,200 (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: 4.0×

Monthly cashflow live

• Estimated rent: $1,367 medium
• Mortgage (P&I): −$341
• Tax from tax record: −$59 /mo · $707/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$287
• Net cashflow: $653

Break-even live

Break-even rent $540

Max offer price $65,000

Occupancy floor 47%

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: $16,250
• Closing costs: $1,950
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-06-19
   days on market $65,000 Active 3 DOM
2. 2026-06-18
   days on market $65,000 Active 2 DOM
3. 2026-06-16
   statusdays on market $65,000 Active 1 DOM
4. 2026-06-15
   days on market $65,000 Coming Soon 6 DOM
5. 2026-06-14
   days on market $65,000 Coming Soon 4 DOM
6. 2026-06-12
   remarks 495-char remark
7. 2026-06-12
   listed $65,000 Coming Soon 3 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: $707 · $59/mo
• Projected year-2 tax: $861 · $72/mo
• Expected delta: +$153/yr (+$13/mo · 21.7%)

ⓘ 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: $16,410
• − Mortgage interest: −$3,641
• − Property taxes: −$707
• − Insurance: −$325
• − Repairs & maintenance: −$1,313
• − Management: −$1,313
• − Depreciation: −$1,891
• Taxable income: $7,220
• Est. tax owed @ 24.0%: −$1,733
• After-tax cash flow: $6,108/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: Elida Local
• NCES district ID: 3904577
• Math proficiency: 59% ▼ -11.00%
• Reading proficiency: 59% ▼ -7.00%
• Median HH income: $46,632
• Composite: 49.93/100
• National rank: #1934
• State rank: #311 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

1 event — show timeline

• 2026-06-10 Coming Soon $65,000 NORIS

Property tax history

+1.8%/yr

Latest (2025): $707 · -2.8% YoY. Source: county tax records.