1015 N Cole Ave · Lima, OH 45801

$59,000

2 bd · 1.0 ba · 1,368 sqft · SingleFamily public records · 111 Days on market

Built 1920 7,666 sqft lot $43/sqft · 55% below area

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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

Investors! Finish off this value add property to your liking! Flip this home easily! Already lots of great space! This 3 bedroom, one full bath home offers 1368 square feet and a 90 x 150 lot! Fantastic ARV value! Roof unknown. Corner Lot! Bonus: Detached one car garage offers a large front space that can be converted to a unit, extra space, she shed/man cave! Updates include: Newer furnace, hot water tank, electrical panel and wiring to home, updated bathroom! Nice hardwood floors in some rooms! Bring your finishing touches! Selling AS IS, Where Is. No Seller financing. No utilities will be turned on for inspections/appraisals. Do your diligence before presenting an offer! Quiet Street! Close to downtown Lima, parks, restaurants, shopping, hospital, freeway access and more! There are 27 other single family home properties for sale that are either tenant occupied or value add investments! Reach out to listing agent via email for info.

Key facts

• Hot water tank
• Newer furnace
• Corner lot

Tags

• CORNER LOT
• DETACHED ONE CAR GARAGE
• UPDATED BATHROOM
• NEWER FURNACE
• HOT WATER TANK
• ELECTRICAL PANEL AND WIRING

🏷️ Possibly a rental listed for sale. The $59,000 price doesn't fit this home's estimated sale value (~$130,903) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $59k.

Deal economics

• At list price, monthly cash flow is $610 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $59k).
• Recommended offer: $54k (9.0% below list) — sets the bar for market timing.
• Cap rate 18.7% 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: 74 active listings in the ZIP; 7 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 30% 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 $408 of loan paydown is wiped out by about $2k 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 $17k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 111 days — a 9% lower offer ($54k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 23y ago; this cycle's ask has dropped $8k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

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

Recommended offer $53,690 (9.0% below list)

Questions for the listing agent

1. It's been on market 111 days. Have you received any prior offers? Is the seller open to a 9% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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 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: 2.22% ✓
• Cap rate: 18.69%
• Cash-on-cash: 44.28%
• DSCR: 2.97
• GRM: 3.8

CMA / ARV

• ARV (median comp): $130,903
• List price: $59,000
• Delta: -54.93%
• 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
910 N Dale Dr	0.63mi	2/1.0	1,323 (-3%)	2mo	$153,000	$116	63
1004 Sherman Ave	0.42mi	3/2.0 (+1)	1,408 (+3%)	4mo	$195,200	$139	63
974 Richie Ave	0.45mi	3/1.5 (+1)	1,464 (+7%)	2mo	$175,000	$120	58
1721 Rice Ave	0.69mi	3/1.0 (+1)	1,440 (+5%)	1mo	$174,500	$121	53
631 Hazel Ave	0.55mi	3/1.0 (+1)	1,248 (-9%)	2mo	$137,000	$110	53
410 N Glenwood Ave	0.65mi	3/1.0 (+1)	1,306 (-4%)	6mo	$190,000	$145	52
1032 Woodland Dr	0.72mi	3/2.0 (+1)	1,404 (+3%)	1mo	$125,000	$89	52
982 W Wayne St	0.56mi	2/1.0	1,184 (-14%)	5mo	$21,000	$18	48
1408 W Robb Ave	0.56mi	3/2.0 (+1)	1,248 (-9%)	6mo	$150,000	$120	45
1607 W Wayne St	0.67mi	2/1.5	1,176 (-14%)	0mo	$125,000	$106	43
635 W Ashton Ave	0.73mi	3/2.0 (+1)	1,485 (+9%)	2mo	$188,000	$127	41
1044 Woodland Dr	0.70mi	3/2.0 (+1)	1,558 (+14%)	0mo	$233,000	$150	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: 41.3%
• Equity multiple: 2.77×
• Total profit: $29,296
• Equity at exit: $8,797

10-year hold

• IRR: 47.5%
• Equity multiple: 5.58×
• Total profit: $75,627
• Equity at exit: $5,101

Cash invested: $16,520 (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: 3.8×

Monthly cashflow live

• Estimated rent: $1,308 high
• Mortgage (P&I): −$309
• Tax from tax record: −$90 /mo · $1,077/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$275
• Net cashflow: $610

Break-even live

Break-even rent $536

Max offer price $59,000

Occupancy floor 48%

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: $14,750
• Closing costs: $1,770
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
405 N Kenilworth Ave Lima, OH	3.0	1.0	1352	$1,795	$1.33	43d	1	0.48mi
1436 W High St Lima, OH	2.0	1.0	1205	$895	$0.74	43d	1	0.69mi
420 N Baxter St Lima, OH	3.0	2.0	1386	$1,200	$0.87	43d	1	0.75mi
330 W Ashton Ave Lima, OH	3.0	1.0	1288	$2,000	$1.55	43d	1	1.02mi
545 W Market St Unit 340 1/2 Mcpheron Lima, OH	2.0	1.0	900	$800	$0.89	43d	1	1.14mi
43 Town Sq Lima, OH	2.0–3.0	1.0–2.0	1100	$956	$0.87	43d	9	1.40mi
608 S Primrose Pl Lima, OH	3.0	2.0	1200	$2,500	$2.08	43d	1	1.45mi

Listing history 14 events

1. 2026-04-25
   price $59,000 948-char remark

   Show marketing remark (948 chars)

   Investors! Finish off this value add property to your liking! Flip this home easily! Already lots of great space! This 3 bedroom, one full bath home offers 1368 square feet and a 90 x 150 lot! Fantastic ARV value! Roof unknown. Corner Lot! Bonus: Detached one car garage offers a large front space that can be converted to a unit, extra space, she shed/man cave! Updates include: Newer furnace, hot water tank, electrical panel and wiring to home, updated bathroom! Nice hardwood floors in some rooms! Bring your finishing touches! Selling AS IS, Where Is. No Seller financing. No utilities will be turned on for inspections/appraisals. Do your diligence before presenting an offer! Quiet Street! Close to downtown Lima, parks, restaurants, shopping, hospital, freeway access and more! There are 27 other single family home properties for sale that are either tenant occupied or value add investments! Reach out to listing agent via email for info.

2. 2026-03-03
   price $63,000 948-char remark

   Show marketing remark (948 chars)

   Investors! Finish off this value add property to your liking! Flip this home easily! Already lots of great space! This 3 bedroom, one full bath home offers 1368 square feet and a 90 x 150 lot! Fantastic ARV value! Roof unknown. Corner Lot! Bonus: Detached one car garage offers a large front space that can be converted to a unit, extra space, she shed/man cave! Updates include: Newer furnace, hot water tank, electrical panel and wiring to home, updated bathroom! Nice hardwood floors in some rooms! Bring your finishing touches! Selling AS IS, Where Is. No Seller financing. No utilities will be turned on for inspections/appraisals. Do your diligence before presenting an offer! Quiet Street! Close to downtown Lima, parks, restaurants, shopping, hospital, freeway access and more! There are 27 other single family home properties for sale that are either tenant occupied or value add investments! Reach out to listing agent via email for info.

3. 2026-02-21
   price $65,000 948-char remark

   Show marketing remark (948 chars)

   Investors! Finish off this value add property to your liking! Flip this home easily! Already lots of great space! This 3 bedroom, one full bath home offers 1368 square feet and a 90 x 150 lot! Fantastic ARV value! Roof unknown. Corner Lot! Bonus: Detached one car garage offers a large front space that can be converted to a unit, extra space, she shed/man cave! Updates include: Newer furnace, hot water tank, electrical panel and wiring to home, updated bathroom! Nice hardwood floors in some rooms! Bring your finishing touches! Selling AS IS, Where Is. No Seller financing. No utilities will be turned on for inspections/appraisals. Do your diligence before presenting an offer! Quiet Street! Close to downtown Lima, parks, restaurants, shopping, hospital, freeway access and more! There are 27 other single family home properties for sale that are either tenant occupied or value add investments! Reach out to listing agent via email for info.

4. 2026-01-30
   listed $67,000 Active 948-char remark

   Show marketing remark (948 chars)

   Investors! Finish off this value add property to your liking! Flip this home easily! Already lots of great space! This 3 bedroom, one full bath home offers 1368 square feet and a 90 x 150 lot! Fantastic ARV value! Roof unknown. Corner Lot! Bonus: Detached one car garage offers a large front space that can be converted to a unit, extra space, she shed/man cave! Updates include: Newer furnace, hot water tank, electrical panel and wiring to home, updated bathroom! Nice hardwood floors in some rooms! Bring your finishing touches! Selling AS IS, Where Is. No Seller financing. No utilities will be turned on for inspections/appraisals. Do your diligence before presenting an offer! Quiet Street! Close to downtown Lima, parks, restaurants, shopping, hospital, freeway access and more! There are 27 other single family home properties for sale that are either tenant occupied or value add investments! Reach out to listing agent via email for info.

5. 2025-10-14
   price $25,000 241-char remark

   Show marketing remark (241 chars)

   HUD CASE # 413-29900 Home sold as is,hud will make no repairs, electronic bidding via phone or internet only...MCB makes no warranty as to the existence of mold in this property, and is not liable forthe potentially harmful effects there of.

6. 2025-07-09
   price $70,750
7. 2025-05-21
   price $35,000
8. 2025-04-29
   listed $45,000 Active
9. 2022-03-29
   soldstatus $224,000
10. 2022-03-22
    soldstatus $45,281
11. 2021-06-23
    listed $44,500
12. 2003-05-27
    soldstatus $25,000 241-char remark

    Show marketing remark (241 chars)

    HUD CASE # 413-29900 Home sold as is,hud will make no repairs, electronic bidding via phone or internet only...MCB makes no warranty as to the existence of mold in this property, and is not liable forthe potentially harmful effects there of.

13. 2003-03-21
    listed $26,000 241-char remark

    Show marketing remark (241 chars)

    HUD CASE # 413-29900 Home sold as is,hud will make no repairs, electronic bidding via phone or internet only...MCB makes no warranty as to the existence of mold in this property, and is not liable forthe potentially harmful effects there of.

14. 1996-04-26
    soldstatus $39,900

ⓘ 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: $1,077 · $90/mo
• Projected year-2 tax: $1,077 · $90/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: $15,696
• − Mortgage interest: −$3,305
• − Property taxes: −$1,077
• − Insurance: −$295
• − Repairs & maintenance: −$1,256
• − Management: −$1,256
• − Depreciation: −$1,716
• Taxable income: $6,792
• Est. tax owed @ 24.0%: −$1,630
• After-tax cash flow: $5,685/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

+47.9% since first listed

14 events — show timeline

• 2026-04-25 Price Changed $59,000 MLSNOW
• 2026-03-03 Price Changed $63,000 MLSNOW
• 2026-02-21 Price Changed $65,000 MLSNOW
• 2026-01-30 Listed $67,000 MLSNOW
• 2025-10-14 Price Changed $25,000 NORIS
• 2025-07-09 Price Changed $70,750 MARMLS
• 2025-05-21 Price Changed $35,000 MARMLS
• 2025-04-29 Listed $45,000 MARMLS
• 2022-03-29 Sold (Public Records) $224,000 Public Records
• 2022-03-22 Sold (MLS) $45,281 WCARE
• 2021-06-23 Listed $44,500 WCARE
• 2003-05-27 Sold (MLS) $25,000 NORIS
• 2003-03-21 Listed $26,000 NORIS
• 1996-04-26 Sold (Public Records) $39,900 Public Records

Property tax history

+0.5%/yr

Latest (2025): $1,077 · +0.0% YoY. Source: county tax records.