215 W Michigan Ave · Lima, OH 45801

$139,900

3 bd · 2.0 ba · 1,664 sqft · SingleFamily public records · 3 Days on market

Built 1953 4,356 sqft lot Est $185k · 24% 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 +27.5/30.0
• ARV discount +15.0/15.0
• DSCR +9.6/10.0
• 1% rule +6.8/10.0
• 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

Welcome home to this spacious 3-bedroom, 2-bath home offering over 1,600+ square feet of comfortable living space in a convenient location near St. Gerard School. This well-maintained property features two separate living areas, giving you plenty of room to spread out, entertain, or create a home office or play space. You'll appreciate the abundance of closet space and storage throughout, along with fresh paint and new carpet that give the home a clean, updated feel. The layout offers both functionality and flexibility. Close to shopping and major traffic corridors. Outside, the home offers excellent curb appeal and a welcoming presence from the moment you arrive. With generous living space

Key facts

• 4,356 sq ft lot
• Built 1953
• Listed 3 days

Property features AI

Exterior

• Parking: No garage; No designated parking
• Utilities: Public water; Public sewer; Electricity connected; Water connected
• Home design: Single-family residence; Two levels
• Construction: Vinyl siding; Wood siding; Built with a foundation (details not specified)
• Exterior features: Covered patio and porch; Porch; Shed(s)

Interior

• Kitchen: Dishwasher
• Flooring: Carpet; Laminate; Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central air (heat pump); Forced air heating; Electric heating; Wood heating
• Interior features: Dishwasher; Fireplace in the living room; Carpet, laminate and tile flooring; 8 total rooms

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $140k.

Deal economics

• At list price, monthly cash flow is $413 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Cap rate 9.8% vs local median 7.7% in Lima — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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: 74 active listings in the ZIP; 4 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; 88 units permitted in Allen County in 2024 (0 in 5+ unit buildings).
• This rent runs 38% of the median local income ($52k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $967 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 $39k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1953 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $139,900

Questions for the listing agent

1. Built in 1953 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.18% ✓
• Cap rate: 9.84%
• Cash-on-cash: 12.66%
• DSCR: 1.56
• GRM: 7.0

CMA / ARV

• ARV (on-the-fly): $184,704
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1041 N Elizabeth St	0.33mi	3/2.0	1,752 (+5%)	5mo	$100,000	$57	72
716 Ruth Ave	0.45mi	3/1.5	1,714 (+3%)	0mo	$190,000	$111	72
1776 Virginia Ave	0.47mi	3/2.0	1,520 (-9%)	5mo	$192,000	$126	59
635 W Ashton Ave	0.59mi	3/2.0	1,485 (-11%)	2mo	$188,000	$127	53
720 N West St	0.68mi	3/2.0	1,496 (-10%)	0mo	$90,000	$60	51
960 N Elizabeth St	0.42mi	4/2.0 (+1)	1,864 (+12%)	10mo	$175,000	$94	47
1325 Helen Ave	0.52mi	3/2.0	1,418 (-15%)	8mo	$148,000	$104	44
1033 N Main St	0.47mi	4/1.5 (+1)	1,450 (-13%)	8mo	$115,000	$79	43
837 Runyan Ave	0.72mi	4/2.0 (+1)	1,494 (-10%)	9mo	$172,000	$115	37
1236 Belvidere Ave	0.69mi	4/2.0 (+1)	1,842 (+11%)	10mo	$225,000	$122	37
222 W Grand Ave	0.72mi	2/1.0 (-1)	1,440 (-14%)	7mo	$45,000	$31	29
728 Meadowbrook Dr Dr	0.75mi	3/1.0	1,421 (-15%)	10mo	$186,400	$131	29

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: 2.4%
• Equity multiple: 1.09×
• Total profit: $3,630
• Equity at exit: $20,860

10-year hold

• IRR: 12.0%
• Equity multiple: 1.94×
• Total profit: $36,973
• Equity at exit: $12,096

Cash invested: $39,172 (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 45801

• Active inventory: 74
• Price-to-rent: 7.0×

Monthly cashflow live

• Estimated rent: $1,656 medium
• Mortgage (P&I): −$734
• Tax from tax record: −$103 /mo · $1,236/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$348
• Net cashflow: $413

Break-even live

Break-even rent $1,133

Max offer price $139,900

Occupancy floor 70%

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: $34,975
• Closing costs: $4,197
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
330 W Ashton Ave Lima, OH	3.0	1.0	1288	$2,000	$1.55	43d	1	0.37mi
555 Haller St Lima, OH	3.0	2.0	1953	$1,700	$0.87	43d	1	1.01mi
420 N Baxter St Lima, OH	3.0	2.0	1386	$1,200	$0.87	43d	1	1.21mi
43 Town Sq Lima, OH	2.0–3.0	1.0–2.0	1100	$1,413	$1.28	43d	9	1.44mi

Listing history 2 events

1. 2026-05-22
   status Pending
2. 2026-05-18
   listed $139,900 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: $1,236 · $103/mo
• Projected year-2 tax: $1,709 · $142/mo
• Expected delta: +$473/yr (+$39/mo · 38.3%)

ⓘ 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: $19,871
• − Mortgage interest: −$7,837
• − Property taxes: −$1,236
• − Insurance: −$700
• − Repairs & maintenance: −$1,590
• − Management: −$1,590
• − Depreciation: −$4,070
• Taxable income: $2,850
• Est. tax owed @ 24.0%: −$684
• After-tax cash flow: $4,275/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 County · 21,739 people
• City population: 21,739
• Metro: Lima, OH
• Population (ZIP): 21,739
• Household income: $51,731
• Rent vs Own: 45.7% rent · 54.3% own
• Severe rent burden: 1141.0

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 14% Two or more races 8% Hispanic / Latino 6% Asian 1%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Lithuanian 2% Italian 1% Iranian 1%
• Foreign-born: 2% · Canada, China
• Languages at home: 96% English-only · Spanish 2%

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: ▼ -164.79%
• Current HPI: 219.5329
• Rent YoY: —
• Metro: Lima, OH
• 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

2 events — show timeline

• 2026-05-22 Pending — WCARE
• 2026-05-18 Listed $139,900 WCARE

Property tax history

+1.5%/yr

Latest (2025): $1,236 · +0.3% YoY. Source: county tax records.