1st Advantage MortgageFor Lima, OH rentals, the DSCR test compares rent to the full payment. The Census medians that frame it are $903 rent, $107,200 value and $1,165 in yearly taxes.
Market snapshot for Lima
Median gross rent in Lima: $903, about 13% below the Ohio median of $1,034. Median owner-occupied home value: $107,200, well below the Ohio median of $214,800. Those are citywide medians, so an individual address can sit well on either side of them. Annual median rent is about 10.1% of the median home value in Lima. That is on the high side, which usually points to lower purchase prices relative to rent, but it blends every housing type, so a house on a specific street needs its own rent comparables.
| Indicator | Ohio | Lima | Difference |
|---|---|---|---|
| Annual property tax bill, median | $2,822 | $1,165 | -59% |
| Household income, median | $71,389 | $46,240 | -35% |
| Typical owner-occupied value | $214,800 | $107,200 | -50% |
| Typical monthly rent | $1,034 | $903 | -13% |
| Persons per household | 2.37 | 2.32 | |
| Share in 2-4 unit buildings | 7.9% | 11.4% | +44% |
| Long commuters, 45 min plus | 10.8% | 8.3% | -23% |
| Degree holders, age 25+ | 31.5% | 12.8% | -60% |
| Workers on their own account | 8.1% | 4.3% | -47% |
| Renters paying 30%+ of income | 45.9% | 41.6% | -9% |
| Units sitting vacant | 8.1% | 10.5% | +30% |
| Typical construction year | 1970 | 1955 | |
| Annual rent divided by value | 5.8% | 10.1% | +75% |
| Households that rent | 32.8% | 54.4% | +66% |
| Residents (Census estimate) | 11,810,293 | 35,010 |
The renter share in Lima is 54.4%, well above the Ohio median of 33%, so the rental market is large and competitive. Median household income of $46,240 (well below the Ohio median of $71,389) sets the ceiling for rent growth, and 42% of renters already spend 30 percent or more of income on rent.
Homes, buildings and vacancies in Lima
Detached houses are 71% of all units in Lima. That mix favors single-family rentals and makes small multifamily scarcer and, sometimes, more valuable. Median year built is 1955. Older buildings tend to need more capital work, and insurers notice roof and electrical age.
Vacancy is a quiet driver of rent. 11% of homes are vacant citywide and 1.8% of the rental inventory was listed for rent when the Census surveyed.
Investor takeaways for Lima
At 10.1% gross, Lima sits toward the higher-yield end of the markets we track, which helps the ratio but can signal neighborhoods where condition and turnover need close inspection. Properties built around 1955 often need systems work, so price a capital reserve alongside the payment. Because 54% of households rent, vacancies tend to refill, and the pricing question is how much to charge relative to nearby units.
What costs can do to a Lima ratio
Tax drag is easy to underestimate. Lima owners report a median $1,165 in annual real estate taxes, well below the Ohio median of $2,822, an effective 1.09% of median home value. Set beside the median rent, the tax alone consumes about 11% of annual rent.
Allen County carries a relatively low overall rating in FEMA's National Risk Index, where riverine flooding (relatively moderate), strong wind (relatively moderate) and hail (relatively moderate) rank highest.
| Hazard in Allen County, FEMA index | Level |
|---|---|
| Winter weather exposure | Relatively Moderate |
| Hail exposure | Relatively Moderate |
| Strong wind exposure | Relatively Moderate |
| Riverine flooding exposure | Relatively Moderate |
| Social vulnerability score | Relatively Moderate |
| Annualized loss estimate | Relatively Low |
| Composite risk | Relatively Low |
Many investors meet insurance too late, so get a quote tied to the Lima property's roof age and flood zone before you waive your inspection period.
Rent math for Lima buyers
For a rough fit test, treat $903 as the rent and $97 as the monthly tax. The payment cannot exceed $903 at a 1.00 ratio, so $806 is left after taxes for interest, principal, insurance and any association dues, shrinking to $625 if the lender wants 1.25.
Rules a Lima landlord should check
For Lima, treat local rental rules as an open question to close before you offer. Ask the city and Allen County about landlord registration, inspections and short-term rental permits, and check association documents too. Nightly stays carry state tax in Ohio. Ohio's lodging tax covers transient guests who rent for fewer than 30 consecutive days, including Airbnb and VRBO style rentals, and counties may levy an additional lodging tax that operators register for and file under that county's rules.
For a Lima lease, the Ohio deposit rule is No statutory cap, as set out in Ohio Rev. Code § 5321.16. Right of entry in Lima rentals works like this: 24 hours' notice and reasonable times, except emergencies. For month-to-month tenants in Ohio, the landlord's termination notice is 30 days.
How Lima stacks up against its neighbors
Of the cities listed, Fort Wayne is the most expensive ($188,900 median value) and Springfield the least ($116,800); Lima sits at $107,200.
| Market | Renter share | Tax bill | Home value | Residents | Rent |
|---|---|---|---|---|---|
| Fort Wayne | 38% | $1,578 | $188,900 | 268,589 | $999 |
| Springfield | 48% | $1,423 | $116,800 | 58,190 | $851 |
| Lima | 54% | $1,165 | $107,200 | 35,010 | $903 |
Employers and institutions near Lima rentals
Roughly 4.3% of employed people in Lima are self-employed, a base of investors and landlords for whom a rent-based loan is a practical option. Looking at who fills the rentals, government workers are about 8% of employment, 13% of adults hold a bachelor's degree or higher and 8% of commuters travel 45 minutes or more.
University of Northwestern Ohio, Ohio State University at Lima and James A. Rhodes State College are the named colleges for the Lima area, a source of steady tenants but also of a lease cycle that follows the academic calendar. Lima offers interstate access via I-75 and air service through Lima Allen County Airport, details that affect commute times and how easily a distant investor can inspect a property.
Before you make an offer in Lima
A good Lima file has four pieces: rent evidence, a tax estimate, an insurance quote and cash. Preview the ratio in the calculator, then apply or talk to us.
More Ohio markets
Sources
- Deposit statute: Ohio Rev. Code § 5321.16
- Ohio tax source: Ohio Revised Code 5739.09
- State rule cited for Lima hosts: Ohio Administrative Code 5703-9-64
- Census Bureau ACS 5-year 2020 to 2024 tables
- FEMA National Risk Index
- Wikipedia: Lima, Ohio
Lima's figures are ACS estimates covering 2020 to 2024 and are not exact counts. Ohio landlord-tenant summaries draw on the RedFlagLease dataset (CC BY 4.0) and the statutes linked above. Last reviewed October 2026; the city and county have the final word on Lima rules.
A short buyer checklist
Before you commit on a Lima deal, confirm the rent with the lease or a market estimate, price the insurance for the exact address, and check how the taxes may change after the sale, so the ratio you run matches the one the lender calculates.
DSCR loan availability varies by property and lender program and is not an offer to lend. See our disclosures.
Frequently asked questions
What rent number goes into a Lima, OH DSCR calculation?
Underwriters take the lease if one exists and compare it with the appraisal's rent estimate; the lower figure often governs. Lima median rent is $903.
Does the ratio in Lima include taxes and dues?
Yes, the payment includes principal, interest, taxes, insurance and association dues. At the Lima median rent of $903, a 1.25 ratio allows about $722 in total payment, of which roughly $97 a month goes to median taxes.
What tax bill should I expect on a Lima rental?
Median taxes paid are $1,165 a year, or 1.09% of median value, compared with 1.31% statewide. Ask Allen County's tax office what the bill becomes after your sale.
Can nightly stays at a Lima property support a DSCR file?
Yes on programs built for it, once the use is lawful in Lima. Gather twelve months of statements or a third-party projection, and have Ohio tax registration squared away.
When must a Lima landlord return a deposit?
Limit: No statutory cap. Return: 30 days. Statute: Ohio Rev. Code § 5321.16. Confirm current text before you rely on it.
Should I worry about hazards at a Lima property?
The National Risk Index gives the county an overall relatively low rating. Use that as a prompt to get quotes, not as a verdict on one Lima street.
Is an entity required for a OH DSCR loan?
No, but it is common. Entity borrowers supply articles, an operating agreement and an EIN letter, and the owners typically guarantee the loan. A Ohio attorney can advise on structure.