This 299 home SFR investment portfolio opportunity located in Lima Ohio offers an investor immediate cash flow in the growing Lima market. With 37,414 people, 14,051 houses or apartments, and a median cost of homes of $69,943, house prices in Lima are some of the most affordable in Ohio as well as the nation. Even though Lima is just below the national average over the past 10 years, they have seen a 5.45% home value growth over the past year and are predicting a 9.98% increase over the next year. The average vintage of homes in this portfolio is 1920 but offers spacious square footage of 1413 per home. There is a large variety of homes consisting of 2 to 6 bedrooms and 1 to 3 baths. These spacious floor plans range from 676-2,944 livable square feet. Rental rates throughout the portfolio are roughly 21% below market rates, which are continuing to climb in this submarket and will continue bringing increased cash flow to investors bottom line over the next few years.
Residents of the city have the good fortune of having one of the shortest daily commutes compared to the rest of the country. On average, they spend only 18.86 minutes getting to work every day. Many people in Lima take advantage of public transportation to get around. In fact, for the size of the city, the number of people who use the bus to commute to work is quite high. This helps to fill a need among Lima citizens for affordable transportation. The benefits include reduced air pollution and load on the road network.
Single-family detached homes are the single most common housing type in Lima, accounting for 66.21% of the city's housing units. Other types of housing that are prevalent in Lima include duplexes, homes converted to apartments or other small apartment buildings ( 15.38%), large apartment complexes or high rise apartments (14.66%), and a few mobile homes or trailers ( 2.12%).
