812 S Atlantic Ave · Lima, OH 45804

$74,900

2 bd · 1.0 ba · 1,198 sqft · SingleFamily public records · 28 Days on market

Built 1920 Est $83k · 9% 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 +29.0/30.0
• ARV discount +11.7/15.0
• DSCR +10.0/10.0
• 1% rule +8.4/10.0
• 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

This 2-bedroom, 1-bath home is ready for your vision and creativity. Offering solid bones and plenty of opportunity to add value, this property is ideal for investors, flippers, or buyers looking to build equity through renovations. The home features a full basement that has been partially started for conversion into an apartment, creating the potential for additional living space, a guest suite, or future rental income. Outside, you'll find a detached 2-car garage providing ample parking, storage, or workshop space. With some TLC and updates, this property can be transformed into a comfortable residence or profitable investment. Don't miss the chance to unlock the potential of this versati

Key facts

• Full basement
• Future rental income
• 2 garage spots

Tags

• FULL BASEMENT
• DETACHED 2-CAR GARAGE
• FUTURE RENTAL INCOME

Property features AI

Finance

• Other:
• Financial info:
• HOA & community:

Exterior

• Parking: Detached 2-car garage
• Security:
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Residential zoning
• Construction: Block foundation
• Exterior features: Covered porch

Interior

• Kitchen:
• Bedrooms: Total of 5 rooms (includes bedrooms and living spaces)
• Flooring:
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; Window cooling units
• Interior features: Full basement
• Laundry & utility:

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $75k.

Deal economics

• At list price, monthly cash flow is $256 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $75k).
• Recommended offer: $74k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.4% 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; 9 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 $518 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 $21k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 28 days — a 2% lower offer ($74k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $47k; list at $75k implies a 59% 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 $73,776 (1.5% below list)

Questions for the listing agent

1. Built in 1920 — 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: 1.34% ✓
• Cap rate: 10.40%
• Cash-on-cash: 14.66%
• DSCR: 1.65
• GRM: 6.2

CMA / ARV

• ARV (on-the-fly): $82,662
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
418 W Vine St	0.05mi	3/1.0 (+1)	1,205 (+1%)	2mo	$99,000	$82	90
785 Holly St	0.14mi	3/1.0 (+1)	1,191 (-1%)	5mo	$30,000	$25	83
702 W Vine St	0.15mi	2/1.0	1,128 (-6%)	8mo	$65,295	$58	77
726 W Kibby St	0.31mi	2/1.0	1,124 (-6%)	19mo	$21,000	$19	59
567 S Pierce St	0.31mi	3/1.0 (+1)	1,238 (+3%)	20mo	$80,000	$65	58
306 E Vine St	0.64mi	2/1.0	1,122 (-6%)	7mo	$90,000	$80	54
526 S Pine St	0.69mi	3/1.5 (+1)	1,216 (+2%)	8mo	$84,000	$69	51
519 Franklin St	0.72mi	3/1.0 (+1)	1,152 (-4%)	11mo	$40,000	$35	45
825 S Elizabeth St	0.29mi	3/2.0 (+1)	1,364 (+14%)	14mo	$165,000	$121	43
1007 Faurot Ave	0.72mi	3/1.0 (+1)	1,248 (+4%)	14mo	$116,500	$93	43
839 St. John's Ave	0.67mi	3/1.0 (+1)	1,056 (-12%)	5mo	$24,000	$23	40
621 W Eureka St	0.53mi	3/1.0 (+1)	1,326 (+11%)	22mo	$97,700	$74	34

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: 5.2%
• Equity multiple: 1.20×
• Total profit: $4,211
• Equity at exit: $11,168

10-year hold

• IRR: 14.6%
• Equity multiple: 2.18×
• Total profit: $24,786
• Equity at exit: $6,476

Cash invested: $20,972 (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: 6.2×

Monthly cashflow live

• Estimated rent: $1,000 high
• Mortgage (P&I): −$393
• Tax from tax record: −$110 /mo · $1,316/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$210
• Net cashflow: $256

Break-even live

Break-even rent $676

Max offer price $74,900

Occupancy floor 69%

Sensitivity live

Price	-10% $299	-5% $277	+0% $256	+5% $235	+10% $214
Rent	-10% $177	-5% $217	+0% $256	+5% $296	+10% $335
Rate	-1.0pp $294	-0.5pp $275	base $256	+0.5pp $237	+1.0pp $217

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: $18,725
• Closing costs: $2,247
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
545 W Market St Unit 340 1/2 Mcpheron Lima, OH	2.0	1.0	900	$800	$0.89	44d	1	0.88mi
521 Hope St Lima, OH	3.0	2.0	1079	$975	$0.90	44d	1	0.93mi
43 Town Sq Lima, OH	2.0–3.0	1.0–2.0	1100	$956	$0.87	44d	9	0.97mi
623 Hope St Lima, OH	3.0	2.0	1079	$975	$0.90	44d	1	1.03mi
616 Hope St Lima, OH	3.0	2.0	1079	$975	$0.90	44d	1	1.04mi
1014 W Market St Apt 3 Lima, OH	2.0	1.0	800	$1,400	$1.75	44d	1	1.15mi
138 Harrison Ave Lima, OH	3.0	1.0	1152	$975	$0.85	44d	1	1.21mi
420 N Baxter St Lima, OH	3.0	2.0	1386	$1,200	$0.87	44d	1	1.24mi
1436 W High St Lima, OH	2.0	1.0	1205	$895	$0.74	44d	1	1.47mi

Listing history 19 events

1. 2026-06-19
   days on market $74,900 Active 28 DOM
2. 2026-06-18
   days on market $74,900 Active 27 DOM
3. 2026-06-17
   days on market $74,900 Active 26 DOM
4. 2026-06-16
   days on market $74,900 Active 25 DOM
5. 2026-06-15
   days on market $74,900 Active 24 DOM
6. 2026-06-14
   days on market $74,900 Active 22 DOM
7. 2026-06-12
   days on market $74,900 Active 21 DOM
8. 2026-06-09
   days on market $74,900 Active 18 DOM
9. 2026-06-08
   days on market $74,900 Active 17 DOM
10. 2026-06-07
    days on market $74,900 Active 16 DOM
11. 2026-06-07
    days on market $74,900 Active 15 DOM
12. 2026-06-04
    days on market $74,900 Active 12 DOM
13. 2026-06-02
    days on market $74,900 Active 11 DOM
14. 2026-06-01
    days on market $74,900 Active 10 DOM
15. 2026-05-31
    days on market $74,900 Active 9 DOM
16. 2026-05-31
    days on market $74,900 Active 8 DOM
17. 2026-05-22
    listed $84,900 Active
18. 2018-05-23
    soldstatus $47,000
19. 2000-02-28
    soldstatus $32,900

ⓘ 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: $1,316 · $110/mo
• Projected year-2 tax: $1,316 · $110/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 ≥99°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: $11,999
• − Mortgage interest: −$4,196
• − Property taxes: −$1,316
• − Insurance: −$374
• − Repairs & maintenance: −$960
• − Management: −$960
• − Depreciation: −$2,179
• Taxable income: $2,014
• Est. tax owed @ 24.0%: −$483
• After-tax cash flow: $2,592/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

+158.1% since first listed

3 events — show timeline

• 2026-05-22 Listed $84,900 WCARE
• 2018-05-23 Sold (Public Records) $47,000 Public Records
• 2000-02-28 Sold (Public Records) $32,900 Public Records

Property tax history

+6.7%/yr

Latest (2025): $1,316 · +103.5% YoY. Source: county tax records.