549 Spencer St · Toledo, OH 43609

$68,000

2 bd · 1.0 ba · 836 sqft · SingleFamily public records · 260 Days on market

Built 1887 3,302 sqft lot $81/sqft · 45% above area Est $47k · 45% over

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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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.1/10.0
• Appreciation +5.4/10.0
• Rent growth +4.5/5.0
• Livability +3.3/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0
• ARV discount +0.0/15.0

Listing remarks MLS

NOTICE: We are not considering seller financing or creative financing offers that do not consist of us in recorded first lien position with a minimum of 30% down. Thank you for understanding! This property is being sold as part of an 46-unit portfolio or a 10-unit sub-portfolio. In place cap is ~8.5%, pro forma cap is ~11.0%, and occupancy is 100%. Asking price for the 46-unit portfolio is $3.57M and asking price for the 5-unit sub-portfolio is $768.5K. The sub-portfolio includes 1820 Marne, 2002 Brame, 343 Heffner, 1215 Woodstock, 323 Champion, 3350 Maple, 811 Collins, 17 E Oakland, and 522 Saint Louis. The entire 46-unit list can be found in the attachments. Property is occupied and photos are from the last time it was vacant.

Key facts

• 3,302 sq ft lot
• 2 garage spots
• Built 1887

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $68k.

Deal economics

• At list price, monthly cash flow is $311 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($957 rent vs $68k).
• Recommended offer: $60k (12.0% below list) — sets the bar for market timing.
• Cap rate 11.8% vs local median 7.6% in Toledo — 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 66/100 on livability (#645 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities C-, schools D-, crime F.
• Toledo City (urban): math 15% / reading 24% proficiency, ranked #634 of 656 in OH (top 97%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 72% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+7.8%/yr); 99 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 56% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 415 units permitted in Lucas County in 2024 (122 in 5+ unit buildings).

Forward outlook

• In year one you build about $980 of equity ($470 loan paydown + $510 appreciation (0.8% local appreciation)).
• Lucas County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (0.8% appreciation + 7.8% rent growth), your $19k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 260 days — a 12% lower offer ($60k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 4y ago; this cycle's ask has dropped $12k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $33k; list at $68k implies a 106% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1887 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $59,840 (12.0% below list)

Questions for the listing agent

1. It's been on market 260 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1887 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. 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?
7. 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.
8. 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.
9. 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: 1.41% ✓
• Cap rate: 11.78%
• Cash-on-cash: 19.59%
• DSCR: 1.87
• GRM: 5.9

CMA / ARV

• ARV (median comp): $46,984
• List price: $68,000
• Delta: 44.73%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
648 Carlton St	0.24mi	2/1.0	880 (+5%)	2mo	$86,000	$98	78
502 Brighton Ave	0.39mi	2/1.0	884 (+6%)	1mo	$123,900	$140	72
713 Geneva Ave	0.56mi	2/1.0	843 (+1%)	5mo	$52,500	$62	69
516 Lodge Ave	0.33mi	2/1.0	873 (+4%)	11mo	$82,000	$94	68
1332 Colburn St	0.07mi	2/1.0	936 (+12%)	12mo	$44,000	$47	67
175 Corinth St	0.46mi	2/1.0	758 (-9%)	2mo	$23,500	$31	62
864 Hampton Ave	0.58mi	2/1.0	878 (+5%)	9mo	$90,000	$103	57
910 Orchard St	0.60mi	2/1.0	888 (+6%)	10mo	$25,000	$28	53
506 Brighton Ave	0.39mi	2/1.0	726 (-13%)	11mo	$117,700	$162	50
605 Wright Ave	0.70mi	3/1.0 (+1)	875 (+5%)	9mo	$75,000	$86	47
517 Toronto Ave	0.59mi	2/1.0	937 (+12%)	12mo	$53,000	$57	42
930 Colburn St	0.54mi	3/1.0 (+1)	938 (+12%)	12mo	$45,000	$48	40

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

0.75% appreciation · 7.8% rent growth · sell at horizon

5-year hold

• IRR: 25.0%
• Equity multiple: 2.32×
• Total profit: $25,086
• Equity at exit: $22,332

10-year hold

• IRR: 30.8%
• Equity multiple: 5.26×
• Total profit: $81,057
• Equity at exit: $29,006

Cash invested: $19,040 (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 43609

• Home prices YoY: 0.3%
• Rents YoY: 7.8%
• Active inventory: 99
• Price-to-rent: 5.9×

Monthly cashflow live

• Estimated rent: $957 high
• Mortgage (P&I): −$357
• Tax from tax record: −$60 /mo · $723/yr
• Insurance: −$28
• HOA: −$0
• Vacancy / Maint / Mgmt: −$201
• Net cashflow: $311

Break-even live

Break-even rent $564

Max offer price $68,000

Occupancy floor 63%

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: $17,000
• Closing costs: $2,040
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1418 Colburn St Toledo, OH	3.0	1.0	992	$1,200	$1.21	13d	1	0.10mi
705 Nicholas St Toledo, OH	2.0	1.0	1037	$900	$0.87	43d	1	0.28mi
538 Nicholas St Unit B Toledo, OH	1.0	1.0	600	$600	$1.00	43d	1	0.29mi
1321 Gordon St Toledo, OH	3.0	1.0	1121	$1,050	$0.94	43d	1	0.32mi
1037 Orchard St Toledo, OH	2.0	1.0	696	$820	$1.18	21d	1	0.40mi
1521 Emma St Unit LABS 1521 Emma St, B 43051619729 Toledo, OH	1.0	1.0	975	$900	$0.92	43d	1	0.41mi
707 Toronto Ave Toledo, OH	1.0	1.0	750	$775	$1.03	23d	1	0.61mi
2594 Broadway St Toledo, OH	2.0	1.0	1076	$825	$0.77	43d	1	0.65mi
1734 Arlington Ave Toledo, OH	2.0	1.0	700	$800	$1.14	13d	1	0.69mi
827 Colburn St Toledo, OH	2.0	1.0	1092	$750	$0.69	43d	1	0.75mi
771 Orchard St Unit 7715 Toledo, OH	2.0	1.0	1086	$645	$0.59	23d	1	0.80mi
223 Charles St Toledo, OH	2.0	1.0	612	$875	$1.43	43d	1	0.89mi
2044 Arlington Ave Toledo, OH	2.0	1.0	800	$825	$1.03	21d	1	1.07mi
307 Danberry St Toledo, OH	2.0	1.0	988	$950	$0.96	43d	1	1.22mi
416 Maumee Ave Unit D Toledo, OH	1.0	1.0	622	$475	$0.76	43d	1	1.24mi
1785 Tecumseh St Toledo, OH	2.0	1.0	930	$900	$0.97	43d	1	1.24mi
2314 Airline Ave Toledo, OH	3.0	1.0	1123	$1,478	$1.32	23d	1	1.37mi
244 Knower St Toledo, OH	3.0	1.0	1120	$995	$0.89	13d	1	1.45mi

Listing history 28 events

1. 2026-06-18
   days on market $68,000 Active 260 DOM
2. 2026-06-17
   days on market $68,000 Active 259 DOM
3. 2026-06-16
   days on market $68,000 Active 258 DOM
4. 2026-06-15
   days on market $68,000 Active 257 DOM
5. 2026-06-14
   days on market $68,000 Active 255 DOM
6. 2026-06-10
   days on market $68,000 Active 252 DOM
7. 2026-06-09
   days on market $68,000 Active 251 DOM
8. 2026-06-08
   days on market $68,000 Active 250 DOM
9. 2026-06-07
   days on market $68,000 Active 249 DOM
10. 2026-06-05
    days on market $68,000 Active 246 DOM
11. 2026-06-03
    days on market $68,000 Active 245 DOM
12. 2026-06-02
    days on market $68,000 Active 244 DOM
13. 2026-06-01
    days on market $68,000 Active 243 DOM
14. 2026-05-31
    days on market $68,000 Active 242 DOM
15. 2026-05-30
    days on market $68,000 Active 241 DOM
16. 2026-01-14
    price $76,000 738-char remark

    Show marketing remark (738 chars)

    NOTICE: We are not considering seller financing or creative financing offers that do not consist of us in recorded first lien position with a minimum of 30% down. Thank you for understanding! This property is being sold as part of an 46-unit portfolio or a 10-unit sub-portfolio. In place cap is ~8.5%, pro forma cap is ~11.0%, and occupancy is 100%. Asking price for the 46-unit portfolio is $3.57M and asking price for the 5-unit sub-portfolio is $768.5K. The sub-portfolio includes 1820 Marne, 2002 Brame, 343 Heffner, 1215 Woodstock, 323 Champion, 3350 Maple, 811 Collins, 17 E Oakland, and 522 Saint Louis. The entire 46-unit list can be found in the attachments. Property is occupied and photos are from the last time it was vacant.

17. 2025-10-14
    price $33,000 374-char remark

    Show marketing remark (374 chars)

    MOVE-IN READY!!!! AFFORDABLE housing on a budget with many pluses, central AC, spacious kitchen, Bath with upgrades including Ceramic Walk-in Shower with Glass doors. 2 car garage with opener, wide, Clean alley access to garage & off street parking, alum siding and fenced yard. Close to major transportation and the Zoo. See for yourself, it's the BEST DEAL IN TOWN!!!

18. 2025-09-25
    listed $80,000 Active 738-char remark

    Show marketing remark (738 chars)

    NOTICE: We are not considering seller financing or creative financing offers that do not consist of us in recorded first lien position with a minimum of 30% down. Thank you for understanding! This property is being sold as part of an 46-unit portfolio or a 10-unit sub-portfolio. In place cap is ~8.5%, pro forma cap is ~11.0%, and occupancy is 100%. Asking price for the 46-unit portfolio is $3.57M and asking price for the 5-unit sub-portfolio is $768.5K. The sub-portfolio includes 1820 Marne, 2002 Brame, 343 Heffner, 1215 Woodstock, 323 Champion, 3350 Maple, 811 Collins, 17 E Oakland, and 522 Saint Louis. The entire 46-unit list can be found in the attachments. Property is occupied and photos are from the last time it was vacant.

19. 2022-08-24
    status Pending 374-char remark

    Show marketing remark (374 chars)

    MOVE-IN READY!!!! AFFORDABLE housing on a budget with many pluses, central AC, spacious kitchen, Bath with upgrades including Ceramic Walk-in Shower with Glass doors. 2 car garage with opener, wide, Clean alley access to garage & off street parking, alum siding and fenced yard. Close to major transportation and the Zoo. See for yourself, it's the BEST DEAL IN TOWN!!!

20. 2022-08-19
    soldstatus $33,000 Closed 374-char remark

    Show marketing remark (374 chars)

    MOVE-IN READY!!!! AFFORDABLE housing on a budget with many pluses, central AC, spacious kitchen, Bath with upgrades including Ceramic Walk-in Shower with Glass doors. 2 car garage with opener, wide, Clean alley access to garage & off street parking, alum siding and fenced yard. Close to major transportation and the Zoo. See for yourself, it's the BEST DEAL IN TOWN!!!

21. 2022-07-26
    historical Contingent 374-char remark

    Show marketing remark (374 chars)

    MOVE-IN READY!!!! AFFORDABLE housing on a budget with many pluses, central AC, spacious kitchen, Bath with upgrades including Ceramic Walk-in Shower with Glass doors. 2 car garage with opener, wide, Clean alley access to garage & off street parking, alum siding and fenced yard. Close to major transportation and the Zoo. See for yourself, it's the BEST DEAL IN TOWN!!!

22. 2022-07-12
    price $36,000 374-char remark

    Show marketing remark (374 chars)

    MOVE-IN READY!!!! AFFORDABLE housing on a budget with many pluses, central AC, spacious kitchen, Bath with upgrades including Ceramic Walk-in Shower with Glass doors. 2 car garage with opener, wide, Clean alley access to garage & off street parking, alum siding and fenced yard. Close to major transportation and the Zoo. See for yourself, it's the BEST DEAL IN TOWN!!!

23. 2022-06-24
    price $39,000 374-char remark

    Show marketing remark (374 chars)

    MOVE-IN READY!!!! AFFORDABLE housing on a budget with many pluses, central AC, spacious kitchen, Bath with upgrades including Ceramic Walk-in Shower with Glass doors. 2 car garage with opener, wide, Clean alley access to garage & off street parking, alum siding and fenced yard. Close to major transportation and the Zoo. See for yourself, it's the BEST DEAL IN TOWN!!!

24. 2022-06-09
    price $41,550 374-char remark

    Show marketing remark (374 chars)

    MOVE-IN READY!!!! AFFORDABLE housing on a budget with many pluses, central AC, spacious kitchen, Bath with upgrades including Ceramic Walk-in Shower with Glass doors. 2 car garage with opener, wide, Clean alley access to garage & off street parking, alum siding and fenced yard. Close to major transportation and the Zoo. See for yourself, it's the BEST DEAL IN TOWN!!!

25. 2022-05-14
    price $44,550 374-char remark

    Show marketing remark (374 chars)

    MOVE-IN READY!!!! AFFORDABLE housing on a budget with many pluses, central AC, spacious kitchen, Bath with upgrades including Ceramic Walk-in Shower with Glass doors. 2 car garage with opener, wide, Clean alley access to garage & off street parking, alum siding and fenced yard. Close to major transportation and the Zoo. See for yourself, it's the BEST DEAL IN TOWN!!!

26. 2022-05-02
    listed $49,900 Active 374-char remark

    Show marketing remark (374 chars)

    MOVE-IN READY!!!! AFFORDABLE housing on a budget with many pluses, central AC, spacious kitchen, Bath with upgrades including Ceramic Walk-in Shower with Glass doors. 2 car garage with opener, wide, Clean alley access to garage & off street parking, alum siding and fenced yard. Close to major transportation and the Zoo. See for yourself, it's the BEST DEAL IN TOWN!!!

27. 1992-10-01
    soldstatus $23,000
28. 1973-01-22
    soldstatus $10,500

ⓘ 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: $723 · $60/mo
• Projected year-2 tax: $892 · $74/mo
• Expected delta: +$169/yr (+$14/mo · 23.3%)

ⓘ 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 ≥101°F today · 16 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: $11,485
• − Mortgage interest: −$3,809
• − Property taxes: −$723
• − Insurance: −$340
• − Repairs & maintenance: −$919
• − Management: −$919
• − Depreciation: −$1,978
• Taxable income: $2,796
• Est. tax owed @ 24.0%: −$671
• After-tax cash flow: $3,059/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: Toledo City
• NCES district ID: 3904490
• Math proficiency: 15% ▼ -16.00%
• Reading proficiency: 24% ▼ -13.00%
• Median HH income: $32,137
• Composite: 15.76/100
• National rank: #9276
• State rank: #634 of 656 in OH

Livability — Toledo

• Score: 66/100
• State rank: #645
• US rank: #11442

Category grades

Amenities C- Commute F Cost of living A+ Crime F Employment F Housing A+ Health & safety A+ User ratings D-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Toledo, OH
• County: Lucas County · 380,724 people
• City population: 280,811
• Metro: Toledo, OH
• Population (ZIP): 21,404
• Household income: $42,313
• Rent vs Own: 55.7% rent · 44.3% own
• Severe rent burden: 1603.0

Population outlook (Lucas County) Hauer SSP2

• Today (2025): 420,751 people
• By 2030: 410,187 · -2.5%
• By 2040: 384,019 · -8.7%
• By 2050: 355,125 · -15.6%
• By 2075: 291,683 · -30.7%
• By 2100: 233,670 · -44.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.66)
• Race & ethnicity: White 47% Black 29% Hispanic / Latino 17% Two or more races 9%
• Hispanic origin (detail): Mexican 15%
• Common ancestry: Romanian 5% Lithuanian 2% Italian 1%
• Foreign-born: 4% · Canada, China
• Languages at home: 92% English-only · Spanish 5% Arabic 1% French/Haitian/Cajun 1%

Political lean MEDSL · Lucas

• 2024 margin: D (+12.6) · D 55.8% · R 43.2%
• 2008→2024 swing: -18.9pp toward R · 2008: 31.4pp · 2024: 12.6pp
• All cycles: 2024: D+12.6 2020: D+16.8 2016: D+17.4 2012: D+30.4 2008: D+31.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 0.75%
• Current HPI: 235.2515
• Rent YoY: ▲ 7.80%
• Metro: Toledo, OH
• 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

+623.8% since first listed

13 events — show timeline

• 2026-01-14 Price Changed $76,000 NORIS
• 2025-10-14 Price Changed $33,000 NORIS
• 2025-09-25 Listed $80,000 NORIS
• 2022-08-24 Pending — NORIS
• 2022-08-19 Sold (MLS) $33,000 NORIS
• 2022-07-26 Contingent — NORIS
• 2022-07-12 Price Changed $36,000 NORIS
• 2022-06-24 Price Changed $39,000 NORIS
• 2022-06-09 Price Changed $41,550 NORIS
• 2022-05-14 Price Changed $44,550 NORIS
• 2022-05-02 Listed $49,900 NORIS
• 1992-10-01 Sold (Public Records) $23,000 Public Records
• 1973-01-22 Sold (Public Records) $10,500 Public Records

Property tax history

+17.4%/yr

Latest (2025): $723 · +2.2% YoY. Source: county tax records.