623 E 4th St · Lima, OH 45804

$28,900

2 bd · 1.0 ba · 720 sqft · SingleFamily public records · 42 Days on market

Built 1941 $40/sqft · 54% below area ↓ 3% since listing

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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
• 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

This Fannie Mae homepath property is a solid property offering a value-add opportunity for renovation or investment. This 2-bedroom, 1.5-bath home features 720 square feet and includes a full basement. The interior offers a traditional layout with a living area, kitchen space, and main-level bedrooms. Basement provides additional space with a half bath and utility area. Exterior features a simple footprint with off-street access. Built in 1941, this property is being sold as-is and is great for investors or buyers ready to take on a project and bring it back to life.

Key facts

• Garage
• Built 1941
• Listed 41 days

Property features AI

Exterior

• Parking: 1-car garage; Asphalt parking
• Utilities: Public water; Public sewer
• Home design: Single-family residence; One story
• Construction: Aluminum siding; Vinyl siding
• Exterior features: Level lot; Composition roof

Interior

• Kitchen: Gas water heater
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Forced air heating; Natural gas heating
• Interior features: Eat-in kitchen
• Laundry & utility: Laundry in basement; Full basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $29k.

Deal economics

• At list price, monthly cash flow is $597 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $29k).
• Recommended offer: $28k (3.0% below list) — sets the bar for market timing.
• Cap rate 31.1% 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.
• 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; 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 $200 of loan paydown is wiped out by about $867 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 42 days — a 3% lower offer ($28k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 1941 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $28,033 (3.0% below list)

Questions for the listing agent

1. It's been on market 42 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 1941 — 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: 3.48% ✓
• Cap rate: 31.06%
• Cash-on-cash: 88.46%
• DSCR: 4.94
• GRM: 2.4

CMA / ARV

• ARV (median comp): $63,230
• List price: $28,900
• Delta: -54.29%
• Verdict: UNDERPRICED
• Comps: 18 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
861 E 4th St	0.31mi	2/1.0	806 (+12%)	4mo	$99,500	$123	62
1680 S Union St	0.48mi	2/1.0	825 (+15%)	22mo	$21,500	$26	35

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: 89.1%
• Equity multiple: 5.12×
• Total profit: $33,323
• Equity at exit: $4,309

10-year hold

• IRR: 92.1%
• Equity multiple: 10.64×
• Total profit: $77,993
• Equity at exit: $2,499

Cash invested: $8,092 (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: 2.4×

Monthly cashflow live

• Estimated rent: $1,005 medium
• Mortgage (P&I): −$152
• Tax from tax record: −$33 /mo · $402/yr
• Insurance: −$12
• HOA: −$0
• Vacancy / Maint / Mgmt: −$211
• Net cashflow: $597

Break-even live

Break-even rent $249

Max offer price $28,900

Occupancy floor 36%

Sensitivity live

Price	-10% $613	-5% $605	+0% $597	+5% $588	+10% $580
Rent	-10% $517	-5% $557	+0% $597	+5% $636	+10% $676
Rate	-1.0pp $611	-0.5pp $604	base $597	+0.5pp $589	+1.0pp $581

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: $7,225
• Closing costs: $867
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-19
   days on market $28,900 Active 42 DOM
2. 2026-06-18
   days on market $28,900 Active 41 DOM
3. 2026-06-17
   days on market $28,900 Active 40 DOM
4. 2026-06-16
   days on market $28,900 Active 39 DOM
5. 2026-06-15
   days on market $28,900 Active 38 DOM
6. 2026-06-14
   days on market $28,900 Active 36 DOM
7. 2026-06-12
   days on market $28,900 Active 35 DOM
8. 2026-06-09
   days on market $28,900 Active 32 DOM
9. 2026-06-09
   price $28,900 Active 31 DOM
10. 2026-06-08
    days on market $29,900 Active 31 DOM

    Show marketing remark (573 chars)

    This Fannie Mae homepath property is a solid property offering a value-add opportunity for renovation or investment. This 2-bedroom, 1.5-bath home features 720 square feet and includes a full basement. The interior offers a traditional layout with a living area, kitchen space, and main-level bedrooms. Basement provides additional space with a half bath and utility area. Exterior features a simple footprint with off-street access. Built in 1941, this property is being sold as-is and is great for investors or buyers ready to take on a project and bring it back to life.

11. 2026-06-07
    days on market $29,900 Active 30 DOM
12. 2026-06-07
    days on market $29,900 Active 29 DOM
13. 2026-06-04
    days on market $29,900 Active 26 DOM
14. 2026-06-02
    days on market $29,900 Active 25 DOM
15. 2026-06-01
    days on market $29,900 Active 24 DOM
16. 2026-05-31
    days on market $29,900 Active 23 DOM
17. 2026-05-31
    days on market $29,900 Active 22 DOM
18. 2026-05-08
    listed $29,900 Active 793-char remark
19. 2026-05-07
    listed $29,900 Active 573-char remark

    Show marketing remark (573 chars)

    This Fannie Mae homepath property is a solid property offering a value-add opportunity for renovation or investment. This 2-bedroom, 1.5-bath home features 720 square feet and includes a full basement. The interior offers a traditional layout with a living area, kitchen space, and main-level bedrooms. Basement provides additional space with a half bath and utility area. Exterior features a simple footprint with off-street access. Built in 1941, this property is being sold as-is and is great for investors or buyers ready to take on a project and bring it back to life.

ⓘ 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: $402 · $33/mo
• Projected year-2 tax: $426 · $36/mo
• Expected delta: +$25/yr (+$2/mo · 6.1%)

ⓘ 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: $12,054
• − Mortgage interest: −$1,619
• − Property taxes: −$402
• − Insurance: −$144
• − Repairs & maintenance: −$964
• − Management: −$964
• − Depreciation: −$841
• Taxable income: $7,120
• Est. tax owed @ 24.0%: −$1,709
• After-tax cash flow: $5,449/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

-3.3% since first listed

4 events — show timeline

• 2026-06-08 Price Changed $28,900 WCARE
• 2026-06-08 Price Changed $28,900 MARMLS
• 2026-05-08 Listed $29,900 MARMLS
• 2026-05-07 Listed $29,900 WCARE

Property tax history

+12.0%/yr

Latest (2025): $402 · -20.0% YoY. Source: county tax records.