Real Estate Investing in Lima, Ohio (45805)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 45805 (Lima, OH)? Our answer, based on the numbers below.
Solid choice — values are growing steadily and the market is stable enough to buy with confidence.
A middle-of-the-road market. Workable, but the best opportunities may be nearby ZIPs rather than this one.
No major risk flags on the data we track.
What’s happening in Lima, OH (45805)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 45805 Lima
ZIP 45805 inside Allen County looks affordable on the surface — median value of $198K — but the discount exists for reasons that a careful buyer should understand before committing.
The 45805 ZIP can work — but only with a tight operating hand. Remote landlords and passive investors tend to struggle here more than the underwriting suggests.
Stepping back, 45805 offers a low basis, the region around Lima has moved on in ways that the ZIP itself has not fully absorbed. The result is a discount with genuine reasons.
The 45805 ZIP's population of 24,746 has faced economic pressure over the last decade. That pressure shows up in rent delinquency patterns that posts the need for careful underwriting.
Experienced landlords with local relationships tend to find 45805 workable. Turnkey investors from out of state usually find the numbers do not hold up in practice.
Here's what matters if you're considering buying a home in Lima:
Property Strategy for 45805
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $132,223 | $1,160 | 6.3% | +9.7% | $66,112 |
| 3BR | $181,256 | $1,400 | 5.6% | +8.3% | $60,419 |
| 4BR | $274,990 | $1,560 | 4.1% | +8.2% | $68,747 |
| 5BR | $341,261 | — | — | +7.6% | $68,252 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 45805 Compare?
| Metric | 45805 | Lima | Lima, OH | Ohio |
|---|---|---|---|---|
| Home Value | $197,879 | $136,889 | N/A | $237,530 |
| 5-Year CAGR | 6.5% | 5.2% | N/A | 7.4% |
| Avg Rent | $1,354 | $1,137 | N/A | - |
| Cap Rate | 5.3% | 6.1% | - | - |
Similar ZIPs Within 25 Miles
Compare other nearby markets to see if a neighbor offers a better fit.
Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 45805 (Lima, OH). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $197,879 |
| Monthly Rent | $1,354 |
| Price-to-Rent | 12.2:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 8.2% |
| Cap Rate | 5.3% |
| 5-Year IRR | 11.9% |
📈 Home Appreciation
| 1-Year | +8.4% ▲ |
| 3-Year CAGR | +6.1% ▲ |
| 5-Year CAGR | +6.5% ▲ |
| 10-Year CAGR | +7.4% ▲ |
🏠 Rent Trends
| 1-Year | N/A |
| 3-Year CAGR | N/A |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (5.3%). Financing reduces your cash-on-cash return below the cap rate. Markets like this may still make sense as IRR plays — factoring in appreciation, depreciation, and a future refinance when rates drop.
Run an IRR Analysis →⚠️ Risk Signals
Composite view of factors that can impact a ZIP's stability and your downside risk.
Demographics in 45805
Population: 24,746
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 45805
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 does Lima, OH rate as a rental market?
Our data puts Lima, OH at 3.0/5 for investability. Home prices of $198K and rents around $1,354/mo create a solid backdrop for investor activity.
What monthly rent should investors expect in Lima, OH?
Rents in Lima, OH run near $1,354/mo. Compared with median home prices of $198K that produces solid gross yields for typical rentals.
How should investors approach Lima, OH?
Investors usually favor careful cash-flow rentals with hands-on management in Lima, OH. With home values at $198K and rents near $1,354/mo, other strategies can work but produce stable rather than outsized returns.
Does house hacking make sense in Lima, OH?
The a challenging house-hack environment in Lima, OH reflects the rent-to-price spread. Expect meaningful PITI offset at market rents.
How high is vacancy risk in Lima, OH?
Lima, OH sees elevated vacancy, which is reasonable relative to the broader OH rental market.
You know 45805 now. You don’t know where it ranks.
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How 45805 ranks in Lima, OH
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