122 E 12th St · Lima, OH 45804

$27,476

3 bd · 1.5 ba · 1,404 sqft · SingleFamily public records · 120 Days on market

Built 1956

---

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 +4.1/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Investor special with redevelopment potential. This property was originally a home and later operated as a restaurant before being vacant for more than 30 years. The structure is currently not habitable, and the roof has collapsed, making this a likely tear-down or full restoration project. The value here is in the opportunity -- whether for redevelopment, new construction, or future land use. Buyer to verify zoning, utilities, and permitted uses. This is one of several parcels being offered by the same seller, including vacant land and improved properties, with options to purchase individually or as part of a larger package.

Key facts

• Future land use
• Vacant land
• Built 1956

Tags

• REDEVELOPMENT POTENTIAL
• VACANT LAND
• FUTURE LAND USE

Property features AI

Exterior

• Parking: Other parking
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Residential property
• Exterior features: Residential zoning

Interior

• Bathrooms: 1 full bathroom
• Heating & cooling: Has heating; Other heating type; No central cooling
• Interior features: 6 total rooms

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $27k.

Deal economics

• At list price, monthly cash flow is $592 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($975 rent vs $27k).
• Recommended offer: $25k (9.0% below list) — sets the bar for market timing.
• Cap rate 32.1% 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.
• Perry Local (rural): math 42% / reading 57% proficiency, ranked #460 of 656 in OH (top 70%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 63% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 79 active listings in the ZIP; 3 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 $190 of loan paydown is wiped out by about $824 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 $8k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 120 days — a 9% lower offer ($25k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1956 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $25,003 (9.0% below list)

Questions for the listing agent

1. It's been on market 120 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1956 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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: 3.55% ✓
• Cap rate: 32.14%
• Cash-on-cash: 92.31%
• DSCR: 5.11
• GRM: 2.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 93.1%
• Equity multiple: 5.32×
• Total profit: $33,248
• Equity at exit: $4,097

10-year hold

• IRR: 95.9%
• Equity multiple: 11.08×
• Total profit: $77,519
• Equity at exit: $2,376

Cash invested: $7,693 (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: 2.3×

Monthly cashflow live

• Estimated rent: $975 medium
• Mortgage (P&I): −$144
• Tax from tax record: −$23 /mo · $275/yr
• Insurance: −$11
• HOA: −$0
• Vacancy / Maint / Mgmt: −$205
• Net cashflow: $592

Break-even live

Break-even rent $226

Max offer price $27,476

Occupancy floor 34%

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: $6,869
• Closing costs: $824
• Reserves months: —
• Total cash needed: —

Rent comps 3 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	0.76mi
616 Hope St Lima, OH	3.0	2.0	1079	$975	$0.90	43d	1	0.77mi
623 Hope St Lima, OH	3.0	2.0	1079	$975	$0.90	43d	1	0.79mi

Listing history 15 events

1. 2026-06-18
   days on market $27,476 Active 120 DOM
2. 2026-06-17
   days on market $27,476 Active 119 DOM
3. 2026-06-16
   days on market $27,476 Active 118 DOM
4. 2026-06-15
   days on market $27,476 Active 117 DOM
5. 2026-06-14
   days on market $27,476 Active 115 DOM
6. 2026-06-13
   days on market $27,476 Active 114 DOM
7. 2026-06-10
   days on market $27,476 Active 112 DOM
8. 2026-06-09
   days on market $27,476 Active 111 DOM
9. 2026-06-08
   days on market $27,476 Active 110 DOM
10. 2026-06-07
    days on market $27,476 Active 109 DOM
11. 2026-06-02
    days on market $27,476 Active 104 DOM
12. 2026-06-01
    days on market $27,476 Active 103 DOM
13. 2026-05-31
    days on market $27,476 Active 102 DOM
14. 2026-05-30
    days on market $27,476 Active 101 DOM
15. 2026-02-18
    listed $27,476 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: $275 · $23/mo
• Projected year-2 tax: $352 · $29/mo
• Expected delta: +$77/yr (+$6/mo · 28.0%)

ⓘ 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 ≥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: −$1,539
• − Property taxes: −$275
• − Insurance: −$137
• − Repairs & maintenance: −$936
• − Management: −$936
• − Depreciation: −$799
• Taxable income: $7,077
• Est. tax owed @ 24.0%: −$1,699
• After-tax cash flow: $5,403/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: Perry Local
• NCES district ID: 3904578
• Math proficiency: 42% ▼ -15.00%
• Reading proficiency: 57% ▼ -5.00%
• Median HH income: $39,879
• Composite: 41.34/100
• National rank: #3501
• State rank: #460 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

• 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

• 2026-02-18 Listed $27,476 WCARE

Property tax history

+1.2%/yr

Latest (2025): $275 · -4.0% YoY. Source: county tax records.