824 E 2nd St · Lima, OH 45804

$39,990

3 bd · 1.0 ba · 1,474 sqft · SingleFamily public records · 34 Days on market

Built 1920 6,098 sqft lot $27/sqft · 30% below area Est $57k · 30% 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

Investor Opportunity: This oversized 1,474 sq. ft. conventional two-story at 824 E 2nd St is a prime candidate for a renovation. Offering a rare 7-room layout (3BR/1BA) and a massive 1,082 sq. ft. main floor, this property significantly outperforms the smaller neighborhood average. Already equipped with Central Air—a major value-add for 1920s builds—and situated on a deep 152' lot near Unity Elementary, it is priced for a quick close and ready for a professional flip or a high-cap-rate addition to your portfolio.

Key facts

• Deep lot
• Massive main floor
• Central air

Tags

• RARE 7-ROOM LAYOUT
• MASSIVE MAIN FLOOR
• CENTRAL AIR
• DEEP LOT

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 $491 ($6k/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 (3.0% below list) — sets the bar for market timing.
• Cap rate 21.0% 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; 5 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; 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 $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 ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 34 days — a 3% lower offer ($39k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $15k (27%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $20k; list at $40k implies a 100% 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 $38,790 (3.0% below list)

Questions for the listing agent

1. It's been on market 34 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 2.51% ✓
• Cap rate: 21.02%
• Cash-on-cash: 52.58%
• DSCR: 3.34
• GRM: 3.3

CMA / ARV

• ARV (median comp): $57,186
• List price: $39,990
• Delta: -30.07%
• 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
824 E 2nd St	0.00mi	3/1.0	1,474 (0%)	1mo	$37,000	$25	100
815 Catalpa Ave	0.12mi	3/1.5	1,512 (+3%)	1mo	$55,000	$36	87
865 E 4th St	0.34mi	3/2.0	1,500 (+2%)	3mo	$140,000	$93	74
818 Madison Ave	0.45mi	2/1.0 (-1)	1,476 (+0%)	3mo	$14,000	$9	71
721 E Albert St	0.55mi	3/1.0	1,386 (-6%)	4mo	$18,000	$13	61
516 Catalpa Ave	0.30mi	3/1.0	1,283 (-13%)	4mo	$82,000	$64	61
525 Franklin St	0.52mi	3/1.0	1,508 (+2%)	14mo	$25,000	$17	61
1124 Taft Ave	0.14mi	3/1.0	1,256 (-15%)	15mo	$70,000	$56	56
537 Franklin St	0.51mi	3/1.0	1,288 (-13%)	8mo	$25,000	$19	48
617 E Kibby St E	0.64mi	2/1.0 (-1)	1,314 (-11%)	3mo	$20,000	$15	45
638 Harrison Ave	0.69mi	3/1.0	1,256 (-15%)	4mo	$27,000	$21	39
616 Harrison Ave	0.73mi	4/1.0 (+1)	1,656 (+12%)	10mo	$95,000	$57	32

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: 50.6%
• Equity multiple: 3.21×
• Total profit: $24,802
• Equity at exit: $5,963

10-year hold

• IRR: 56.0%
• Equity multiple: 6.53×
• Total profit: $61,965
• Equity at exit: $3,458

Cash invested: $11,197 (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: 3.3×

Monthly cashflow live

• Estimated rent: $1,005 high
• Mortgage (P&I): −$210
• Tax from tax record: −$77 /mo · $921/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$211
• Net cashflow: $491

Break-even live

Break-even rent $384

Max offer price $39,990

Occupancy floor 46%

Sensitivity live

Price	-10% $513	-5% $502	+0% $491	+5% $479	+10% $468
Rent	-10% $411	-5% $451	+0% $491	+5% $530	+10% $570
Rate	-1.0pp $511	-0.5pp $501	base $491	+0.5pp $480	+1.0pp $470

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: $9,998
• Closing costs: $1,200
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
623 Hope St Lima, OH	3.0	2.0	1079	$975	$0.90	44d	1	0.31mi
616 Hope St Lima, OH	3.0	2.0	1079	$975	$0.90	44d	1	0.33mi
521 Hope St Lima, OH	3.0	2.0	1079	$975	$0.90	44d	1	0.35mi
138 Harrison Ave Lima, OH	3.0	1.0	1152	$975	$0.85	44d	1	1.12mi
43 Town Sq Lima, OH	2.0–3.0	1.0–2.0	1100	$1,413	$1.28	44d	9	1.39mi

Listing history 12 events

1. 2026-05-05
   status Pending 530-char remark

   Show marketing remark (520 chars)

   Investor Opportunity: This oversized 1,474 sq. ft. conventional two-story at 824 E 2nd St is a prime candidate for a renovation. Offering a rare 7-room layout (3BR/1BA) and a massive 1,082 sq. ft. main floor, this property significantly outperforms the smaller neighborhood average. Already equipped with Central Air--a major value-add for 1920s builds--and situated on a deep 152' lot near Unity Elementary, it is priced for a quick close and ready for a professional flip or a high-cap-rate addition to your portfolio.

2. 2026-05-05
   status Pending 520-char remark

   Show marketing remark (520 chars)

   Investor Opportunity: This oversized 1,474 sq. ft. conventional two-story at 824 E 2nd St is a prime candidate for a renovation. Offering a rare 7-room layout (3BR/1BA) and a massive 1,082 sq. ft. main floor, this property significantly outperforms the smaller neighborhood average. Already equipped with Central Air--a major value-add for 1920s builds--and situated on a deep 152' lot near Unity Elementary, it is priced for a quick close and ready for a professional flip or a high-cap-rate addition to your portfolio.

3. 2026-04-28
   price $39,990 530-char remark

   Show marketing remark (520 chars)

   Investor Opportunity: This oversized 1,474 sq. ft. conventional two-story at 824 E 2nd St is a prime candidate for a renovation. Offering a rare 7-room layout (3BR/1BA) and a massive 1,082 sq. ft. main floor, this property significantly outperforms the smaller neighborhood average. Already equipped with Central Air--a major value-add for 1920s builds--and situated on a deep 152' lot near Unity Elementary, it is priced for a quick close and ready for a professional flip or a high-cap-rate addition to your portfolio.

4. 2026-04-28
   price $39,990 520-char remark

   Show marketing remark (520 chars)

   Investor Opportunity: This oversized 1,474 sq. ft. conventional two-story at 824 E 2nd St is a prime candidate for a renovation. Offering a rare 7-room layout (3BR/1BA) and a massive 1,082 sq. ft. main floor, this property significantly outperforms the smaller neighborhood average. Already equipped with Central Air--a major value-add for 1920s builds--and situated on a deep 152' lot near Unity Elementary, it is priced for a quick close and ready for a professional flip or a high-cap-rate addition to your portfolio.

5. 2026-04-20
   price $44,990 530-char remark

   Show marketing remark (520 chars)

   Investor Opportunity: This oversized 1,474 sq. ft. conventional two-story at 824 E 2nd St is a prime candidate for a renovation. Offering a rare 7-room layout (3BR/1BA) and a massive 1,082 sq. ft. main floor, this property significantly outperforms the smaller neighborhood average. Already equipped with Central Air--a major value-add for 1920s builds--and situated on a deep 152' lot near Unity Elementary, it is priced for a quick close and ready for a professional flip or a high-cap-rate addition to your portfolio.

6. 2026-04-20
   price $44,990 520-char remark

   Show marketing remark (520 chars)

   Investor Opportunity: This oversized 1,474 sq. ft. conventional two-story at 824 E 2nd St is a prime candidate for a renovation. Offering a rare 7-room layout (3BR/1BA) and a massive 1,082 sq. ft. main floor, this property significantly outperforms the smaller neighborhood average. Already equipped with Central Air--a major value-add for 1920s builds--and situated on a deep 152' lot near Unity Elementary, it is priced for a quick close and ready for a professional flip or a high-cap-rate addition to your portfolio.

7. 2026-04-13
   price $49,990 530-char remark

   Show marketing remark (520 chars)

   Investor Opportunity: This oversized 1,474 sq. ft. conventional two-story at 824 E 2nd St is a prime candidate for a renovation. Offering a rare 7-room layout (3BR/1BA) and a massive 1,082 sq. ft. main floor, this property significantly outperforms the smaller neighborhood average. Already equipped with Central Air--a major value-add for 1920s builds--and situated on a deep 152' lot near Unity Elementary, it is priced for a quick close and ready for a professional flip or a high-cap-rate addition to your portfolio.

8. 2026-04-13
   price $49,990 520-char remark

   Show marketing remark (520 chars)

   Investor Opportunity: This oversized 1,474 sq. ft. conventional two-story at 824 E 2nd St is a prime candidate for a renovation. Offering a rare 7-room layout (3BR/1BA) and a massive 1,082 sq. ft. main floor, this property significantly outperforms the smaller neighborhood average. Already equipped with Central Air--a major value-add for 1920s builds--and situated on a deep 152' lot near Unity Elementary, it is priced for a quick close and ready for a professional flip or a high-cap-rate addition to your portfolio.

9. 2026-04-01
   listed $55,000 Active 530-char remark

   Show marketing remark (520 chars)

   Investor Opportunity: This oversized 1,474 sq. ft. conventional two-story at 824 E 2nd St is a prime candidate for a renovation. Offering a rare 7-room layout (3BR/1BA) and a massive 1,082 sq. ft. main floor, this property significantly outperforms the smaller neighborhood average. Already equipped with Central Air--a major value-add for 1920s builds--and situated on a deep 152' lot near Unity Elementary, it is priced for a quick close and ready for a professional flip or a high-cap-rate addition to your portfolio.

10. 2026-04-01
    listed $55,000 Active 520-char remark

    Show marketing remark (520 chars)

    Investor Opportunity: This oversized 1,474 sq. ft. conventional two-story at 824 E 2nd St is a prime candidate for a renovation. Offering a rare 7-room layout (3BR/1BA) and a massive 1,082 sq. ft. main floor, this property significantly outperforms the smaller neighborhood average. Already equipped with Central Air--a major value-add for 1920s builds--and situated on a deep 152' lot near Unity Elementary, it is priced for a quick close and ready for a professional flip or a high-cap-rate addition to your portfolio.

11. 1996-08-30
    soldstatus $20,000
12. 1991-10-24
    soldstatus $24,300

ⓘ 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: $921 · $77/mo
• Projected year-2 tax: $921 · $77/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 (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: $12,057
• − Mortgage interest: −$2,240
• − Property taxes: −$921
• − Insurance: −$200
• − Repairs & maintenance: −$965
• − Management: −$965
• − Depreciation: −$1,163
• Taxable income: $5,604
• Est. tax owed @ 24.0%: −$1,345
• After-tax cash flow: $4,543/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

+64.6% since first listed

12 events — show timeline

• 2026-05-05 Pending — Dayton MLS
• 2026-05-05 Pending — CBRMLS
• 2026-04-28 Price Changed $39,990 Dayton MLS
• 2026-04-28 Price Changed $39,990 CBRMLS
• 2026-04-20 Price Changed $44,990 Dayton MLS
• 2026-04-20 Price Changed $44,990 CBRMLS
• 2026-04-13 Price Changed $49,990 Dayton MLS
• 2026-04-13 Price Changed $49,990 CBRMLS
• 2026-04-01 Listed $55,000 CBRMLS
• 2026-04-01 Listed $55,000 Dayton MLS
• 1996-08-30 Sold (Public Records) $20,000 Public Records
• 1991-10-24 Sold (Public Records) $24,300 Public Records

Property tax history

+5.5%/yr

Latest (2025): $921 · +28.4% YoY. Source: county tax records.