Real Estate Investing in Lima, Ohio (45804)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 45804 (Lima, OH)? Our answer, based on the numbers below.
Solid choice — stable market with a reasonable entry point and good rental backup if you ever need to move.
A cash-flow market — rent-to-price math works from day one, though value growth is modest. Great for income-focused investors.
- High vacancy: 15.8% of homes vacant — above national norms.
- Elevated poverty: 20.3% poverty rate — can affect rent collection.
What’s happening in Lima, OH (45804)?
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Market Analysis: 45804 Lima
The 45804 ZIP records an healthy value-add profile — below-median pricing at $81K, a renter base of 44%, and room for operational improvement.
Flippers and value-add operators have treated 45804 as a working ZIP for a reason. Entry prices around $81K and a deep rental base of 44% renters underpin the exit strategy on both the sale and rent sides.
In Allen County, 45804 is part of the operational map, not the passive one. The spread between median price and renovated comp reflects the work available.
Household income in 45804 supports the rent-lift thesis. 14,197 residents, deep working-age cohort, and the kind of tenant profile that responds to upgraded stock.
Value-add plays pencil in 45804 when three things line up: a sub-median purchase, a realistic rehab budget, and a post-rehab rent comp that stands up. All three are present in this ZIP.
Here's what matters if you're considering buying a home in Lima:
Property Strategy for 45804
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $63,075 | $1,090 | 12.4% | +5.5% | $31,538 |
| 3BR | $83,467 | $1,320 | 11.4% | +4.0% | $27,822 |
| 4BR | $108,670 | $1,470 | 9.7% | +5.4% | $27,168 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 45804 Compare?
| Metric | 45804 | Lima | Lima, OH | Ohio |
|---|---|---|---|---|
| Home Value | $80,985 | $136,889 | N/A | $237,530 |
| 5-Year CAGR | 2.2% | 5.2% | N/A | 7.4% |
| Avg Rent | $1,000 | $1,137 | N/A | - |
| Cap Rate | 9.6% | 6.1% | - | - |
Similar ZIPs Within 25 Miles
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Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 45804 (Lima, OH). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $80,985 |
| Monthly Rent | $1,000 |
| Price-to-Rent | 6.8:1 |
| 1% Rule | ✓ Passes |
💰 Return Metrics
| Gross Yield | 14.8% |
| Cap Rate | 9.6% |
| 5-Year IRR | 11.9% |
📈 Home Appreciation
| 1-Year | +8.6% ▲ |
| 3-Year CAGR | +3.8% ▲ |
| 5-Year CAGR | +2.2% ▲ |
| 10-Year CAGR | +5.0% ▲ |
🏠 Rent Trends
| 1-Year | N/A |
| 3-Year CAGR | N/A |
| 5-Year CAGR | N/A |
The estimated cap rate (9.6%) exceeds the current 30-yr mortgage rate (6.8%). When borrowing costs less than a property yields, leverage can increase your cash-on-cash return above the cap rate.
⚠️ Risk Signals
Composite view of factors that can impact a ZIP's stability and your downside risk.
Demographics in 45804
Population: 14,197
Crime & Safety
Crime & Safety Data Coming Soon
We're integrating comprehensive crime statistics including violent crime rates, property crime, and safety scores to help you make informed investment decisions.
Expected: Q1 2025
🎓 Schools in 45804
Schools in This ZIP Code
About Repit School Scores
Traditional school ratings rely heavily on standardized test scores, which often reflect family income more than school quality. Repit takes a different approach.
We evaluate schools based on factors that research shows actually impact educational outcomes:
- Class Size — Smaller classes mean more individual attention
- School Funding — Resources available for programs, staff, and facilities
- Community Factors — Neighborhood characteristics that influence student success
- School Environment — Size, type, and structure
Scores are updated annually using federal education data.
🎓 Nearby Colleges & Universities
Investor Insight: With 1,790 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
How strong are rents in Lima, OH?
Expect rents around $1,000/mo per month in Lima, OH. With home values at $81K, the yield math works out to reasonable levels for rental investors.
Does BRRRR pencil out in Lima, OH?
BRRRR viability in Lima, OH is a strong. Disciplined acquisition and rehab can hit the 75% LTV refinance target at market comps.
What type of investing works in Lima, OH?
Most investors in Lima, OH run a value-add and BRRRR deals strategy. It aligns with the 5.0/5 investability profile and the market fundamentals.
Can you find 1% rule deals in Lima, OH?
Lima, OH delivers a 1.23% rent-to-price ratio on average. Investors targeting the 1% rule will find solid opportunities.
Does house hacking make sense in Lima, OH?
The an attractive house-hack environment in Lima, OH reflects the rent-to-price spread. Expect meaningful PITI offset at market rents.
You know 45804 now. You don’t know where it ranks.
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