2275 N Cable Rd #129 · Lima, OH 45807

$54,900

1 bd · 1.0 ba · 669 sqft · Condo · 3 Days on market

Built 1970 Poor condition $159/mo HOA · 13% of rent

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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
• Appreciation +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 +1.0/5.0

Listing remarks MLS

MAIN FLOOR UNIT. REAR OF COMPLEX. CURRENTLY RENTED MONTH TO MONTH. PLEASE GIVE 24 HOUR NOTICE FOR SHOWINGS. CONDO FEE INCL. WATER.

Key facts

• $159 HOA
• Built 1970
• Listed 3 days

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $55k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $442 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $55k).
• Cap rate 16.0% vs local median 7.6% 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: 53 active listings in the ZIP; 88 units permitted in Allen County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $6k of equity ($380 loan paydown + $5k appreciation (10.0% local appreciation)).
• Allen County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $15k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 12y 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.
• Current owner paid $20k; list at $55k implies a 174% gain — meaningful room to come down on a strong offer.

Recommended offer $54,900

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 2.26% ✓
• Cap rate: 15.95%
• Cash-on-cash: 34.50%
• DSCR: 2.53
• GRM: 3.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 50.8%
• Equity multiple: 4.78×
• Total profit: $58,160
• Equity at exit: $49,458

10-year hold

• IRR: 44.5%
• Equity multiple: 10.72×
• Total profit: $149,372
• Equity at exit: $106,659

Cash invested: $15,372 (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 45807

• Home prices YoY: 8.5%
• Active inventory: 53
• Price-to-rent: 3.7×

Monthly cashflow live

• Estimated rent: $1,241 medium
• Mortgage (P&I): −$288
• Tax est. 1.5%: −$69 /mo · $824/yr
• Insurance: −$23
• HOA: −$159
• Vacancy / Maint / Mgmt: −$261
• Net cashflow: $442

Break-even live

Break-even rent $682

Max offer price $54,900

Occupancy floor 59%

Sensitivity live

Price	-10% $480	-5% $461	+0% $442	+5% $423	+10% $404
Rent	-10% $344	-5% $393	+0% $442	+5% $491	+10% $540
Rate	-1.0pp $470	-0.5pp $456	base $442	+0.5pp $428	+1.0pp $413

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: $13,725
• Closing costs: $1,647
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $159 · $1,908/yr
• Likely covers: water
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 5 events

1. 2026-04-02
   status Pending
2. 2026-03-30
   listed $54,900 Active
3. 2015-04-01
   soldstatus $20,000 130-char remark

   Show marketing remark (130 chars)

   MAIN FLOOR UNIT. REAR OF COMPLEX. CURRENTLY RENTED MONTH TO MONTH. PLEASE GIVE 24 HOUR NOTICE FOR SHOWINGS. CONDO FEE INCL. WATER.

4. 2015-02-03
   listed $23,000 130-char remark

   Show marketing remark (130 chars)

   MAIN FLOOR UNIT. REAR OF COMPLEX. CURRENTLY RENTED MONTH TO MONTH. PLEASE GIVE 24 HOUR NOTICE FOR SHOWINGS. CONDO FEE INCL. WATER.

5. 2014-03-07
   listed $27,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 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: $14,890
• − Mortgage interest: −$3,075
• − Property taxes: −$824
• − Insurance: −$274
• − Repairs & maintenance: −$1,191
• − Management: −$1,191
• − HOA: −$1,908
• − Depreciation: −$1,597
• Taxable income: $4,830
• Est. tax owed @ 24.0%: −$1,159
• After-tax cash flow: $4,144/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.

Condition & rehab AI · 1 photo

Poor 20/100 Extensive rehab

This condo requires extensive repairs and updates to its exterior, interior, and systems, significantly impacting its value. Immediate action is needed to address the deteriorating condition and improve its marketability.

Repairs flagged

• Major exterior siding — Significant wear and tear
• Major roof shingles — Aged and uneven
• Major interior walls/paint — Likely outdated and in need of fresh paint
• Major bathrooms — Likely outdated and in need of updates
• Major kitchen — Likely outdated and in need of updates
• Major systems — Likely outdated and in need of updates

Value-add opportunities

• Both exterior siding replacement — Improves curb appeal and value
• Both roof replacement — Essential for structural integrity and value
• Both interior paint and updates — Enhances living space and appeal
• Both bathroom updates — Modernizes space and increases value
• Both kitchen updates — Modernizes space and increases value
• Both system upgrades — Improves functionality and energy efficiency

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · Significant wear and tear	Major	$15,000–50,000
roof shingles · Aged and uneven	Major	$15,000–50,000
interior walls/paint · Likely outdated and in need of fresh paint	Major	$15,000–50,000
bathrooms · Likely outdated and in need of updates	Major	$15,000–50,000
kitchen · Likely outdated and in need of updates	Major	$15,000–50,000
systems · Likely outdated and in need of updates	Major	$15,000–50,000
Total estimated repair cost · 6 items		$90,000–300,000

Value-add ROI direction

• Both exterior siding replacement — Improves curb appeal and value ↑
• Both roof replacement — Essential for structural integrity and value ↑
• Both interior paint and updates — Enhances living space and appeal ↑
• Both bathroom updates — Modernizes space and increases value ↑
• Both kitchen updates — Modernizes space and increases value ↑
• Both system upgrades — Improves functionality and energy efficiency ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

• County: Allen · 98,169 people
• City population: 21,739
• Metro: Lima, OH
• Population (ZIP): 11,631
• Household income: $74,387
• Rent vs Own: 17.2% rent · 82.8% own
• Severe rent burden: 6.3

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 (90%)
• Race & ethnicity: White 90% Black 5% Two or more races 4% Hispanic / Latino 2%
• Common ancestry: Lithuanian 2% Iranian 1% Romanian 1%
• Foreign-born: 2% · Canada, South Korea
• Languages at home: 98% 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: ▲ 36.64%
• Current HPI: 468.59
• 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

+103.3% since first listed

5 events — show timeline

• 2026-04-02 Pending — WCARE
• 2026-03-30 Listed $54,900 WCARE
• 2015-04-01 Sold (MLS) $20,000 WCARE
• 2015-02-03 Listed $23,000 WCARE
• 2014-03-07 Listed $27,000 WCARE