522 E Eureka St · Lima, OH 45804

$132,900

3 bd · 2.0 ba · 2,315 sqft · MultiFamily public records · 24 Days on market

Built 1920 7,405 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
• DSCR +10.0/10.0
• 1% rule +9.9/10.0
• ARV discount +7.5/15.0
• 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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Well-maintained duplex offering immediate cash flow with $2,100/month in rental income. Both units are currently occupied with month-to-month tenants, providing flexibility for investors or future owner-occupants. The upstairs unit has been mostly remodeled, while the lower unit has been partially remodeled with a bathroom renovation already started. Work on the lower bathroom was paused due to the unit being tenant occupied. The lower unit features a two-car attached garage with a brand new garage door installed in 2026. Recent improvements also include repaired stairs leading to the upstairs unit. Both units offer washer and dryer hookups, and all kitchen appliances including refrigerator

Key facts

• Mostly remodeled
• Partially remodeled
• Cash flow

Tags

• CASH FLOW
• RENTAL INCOME
• MOSTLY REMODELED
• PARTIALLY REMODELED
• BATHROOM RENOVATION
• TWO-CAR ATTACHED GARAGE

Property features AI

Exterior

• Parking: Attached garage
• Utilities: Public sewer; Municipal water supply
• Home design: Multi-family property; Built in 1920; Lot roughly 50 x 150 (0.17 acres); Subdivision: C J Brothertons First Add
• Construction: Vinyl siding construction; Built in 1920
• Exterior features: Two-unit multi-family property; Vinyl siding; Public sewer; Supplied water

Interior

• Bathrooms: Five total bathrooms (three full, two half)
• Heating & cooling: Forced air heating
• Interior features: Partial basement

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $133k.

Deal economics

• At list price, monthly cash flow is $761 ($9k/yr) — positive. Per door: $380/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $133k).
• Recommended offer: $131k (1.5% below list) — sets the bar for market timing.
• Cap rate 13.2% 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: 79 active listings in the ZIP; 2 comparable units currently listed for rent nearby; lower-income renter base — watch delinquency; 88 units permitted in Allen County in 2024 (0 in 5+ unit buildings).
• At $1,983/mo this rent would consume 56% of the median local household income ($43k/yr) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $919 of loan paydown is wiped out by about $4k 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 $37k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 24 days — a 2% lower offer ($131k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 3y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

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

Recommended offer $130,906 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.49% ✓
• Cap rate: 13.16%
• Cash-on-cash: 24.53%
• DSCR: 2.09
• GRM: 5.6

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: 17.9%
• Equity multiple: 1.72×
• Total profit: $26,870
• Equity at exit: $19,816

10-year hold

• IRR: 26.3%
• Equity multiple: 3.30×
• Total profit: $85,618
• Equity at exit: $11,491

Cash invested: $37,212 (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: 11.2×

Monthly cashflow live

• Estimated rent: $1,983 high
• Mortgage (P&I): −$697
• Tax from tax record: −$54 /mo · $644/yr
• Insurance: −$55
• HOA: −$0
• Vacancy / Maint / Mgmt: −$416
• Net cashflow: $761

Break-even live

Break-even rent $1,020

Max offer price $132,900

Occupancy floor 57%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$1,982
Total (2 units)			$1,983

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: $33,225
• Closing costs: $3,987
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
228 Nye St Lima, OH	4.0	2.0	1686	$675	$0.40	43d	1	0.92mi
555 Haller St Lima, OH	3.0	2.0	1953	$1,700	$0.87	43d	1	1.27mi

Listing history 21 events

1. 2026-06-19
   days on market $132,900 Active 24 DOM
2. 2026-06-18
   days on market $132,900 Active 23 DOM
3. 2026-06-17
   days on market $132,900 Active 22 DOM
4. 2026-06-16
   days on market $132,900 Active 21 DOM
5. 2026-06-15
   days on market $132,900 Active 20 DOM
6. 2026-06-14
   days on market $132,900 Active 18 DOM
7. 2026-06-12
   days on market $132,900 Active 17 DOM
8. 2026-06-09
   days on market $132,900 Active 14 DOM
9. 2026-06-08
   days on market $132,900 Active 13 DOM
10. 2026-06-07
    days on market $132,900 Active 12 DOM
11. 2026-06-07
    days on market $132,900 Active 11 DOM
12. 2026-06-04
    days on market $132,900 Active 8 DOM
13. 2026-06-02
    days on market $132,900 Active 7 DOM
14. 2026-06-01
    days on market $132,900 Active 6 DOM
15. 2026-05-31
    days on market $132,900 Active 5 DOM
16. 2026-05-31
    days on market $132,900 Active 4 DOM
17. 2026-05-26
    listed $132,900 Active
18. 2023-10-06
    listed $99,800 Active
19. 2023-04-03
    soldstatus $160,000
20. 2017-10-31
    soldstatus $18,000
21. 2013-03-18
    soldstatus $25,000

ⓘ 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: $644 · $54/mo
• Projected year-2 tax: $1,358 · $113/mo
• Expected delta: +$715/yr (+$60/mo · 111.1%)

ⓘ 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: $23,796
• − Mortgage interest: −$7,444
• − Property taxes: −$644
• − Insurance: −$664
• − Repairs & maintenance: −$1,904
• − Management: −$1,904
• − Depreciation: −$3,866
• Taxable income: $7,370
• Est. tax owed @ 24.0%: −$1,769
• After-tax cash flow: $7,359/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): 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

+431.6% since first listed

5 events — show timeline

• 2026-05-26 Listed $132,900 WRIST
• 2023-10-06 Listed $99,800 WCARE
• 2023-04-03 Sold (Public Records) $160,000 Public Records
• 2017-10-31 Sold (Public Records) $18,000 Public Records
• 2013-03-18 Sold (Public Records) $25,000 Public Records

Property tax history

-3.1%/yr

Latest (2025): $644 · +0.3% YoY. Source: county tax records.