832 Waverly Ave · Toledo, OH 43607

$15,000

4 bd · 2.0 ba · 1,740 sqft · MultiFamily public records · 35 Days on market

Built 1912 3,300 sqft lot

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +4.5/5.0
• Livability +3.3/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Great investment opportunity with this top-bottom duplex situated on a desirable corner lot! Each unit offers 2 bedrooms and 1 full bath, providing strong rental potential for the right buyer. Property features include a full basement for additional storage, a fenced-in yard, and a balcony for added outdoor space. Both units are in need of updates, making this an ideal project for investors or flippers looking to add value. Minimum Bid Auction of $15,000 on May 28th at 2 PM. Preview and registration will begin at 1 PM. Don't miss this affordable opportunity with great upside potential!

Key facts

• Balcony
• Top-bottom duplex
• Full basement

Tags

• TOP-BOTTOM DUPLEX
• CORNER LOT
• FULL BASEMENT
• FENCED-IN YARD
• BALCONY

Property features AI

Finance

• Other: Living area listed as 1,740; Lot size approximately 0.08 acres (3,300 sq ft)
• Financial info: 2 total units (both currently vacant); Tenant/owner responsibilities: Other (tenants pay other; owner pays other and taxes)

Exterior

• Parking: Concrete driveway
• Utilities: Public water; Public sewer; Sewer connected; Water connected
• Home design: Residential income property — duplex; Two-story; 1 building
• Construction: Wood siding exterior; Block foundation; Shingle roof; Built as duplex
• Exterior features: Balcony; Full fencing; Corner lot

Interior

• Kitchen: Other appliances
• Flooring: Other flooring
• Heating & cooling: Forced air heating; Natural gas heating; Has heating
• Interior features: Other interior features
• Laundry & utility: Laundry located in basement

🔨 Auction listing. The $15,000 list price is a nominal opening bid, not a real ask — every metric below is computed on the estimated value $77,996 (ARV from comps), not the list price.

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $15k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive. Per door: $530/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $15k).
• Recommended offer: $15k (3.0% below list) — sets the bar for market timing.
• Cap rate 22.6% 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-, crime F, commute 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.
• Zoned schools: Keyser Elementary School (math 8% / reading 12%, grade F, #1,471 of 1,584 statewide, top 95%, 306 students, 0% FRL); Rogers High School (math 8% / reading 27%, grade F, #689 of 781 statewide, top 90%, 721 students, 0% FRL) — zoned schools average 0% FRL vs 72% district-wide (72 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising fast (+8.2%/yr); 83 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 64% 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).
• At $2,023/mo this rent would consume 59% of the median local household income ($41k/yr) (locally 1157% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $539 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Lucas County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $22k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 35 days — a 3% lower offer ($15k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 7.8% of price; built in 1912 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $14,550 (3.0% below list)

Questions for the listing agent

1. It's been on market 35 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1912 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 2.59% ✓
• Cap rate: 22.59%
• Cash-on-cash: 58.20%
• DSCR: 3.59
• GRM: 3.2

CMA / ARV

• ARV (median comp): $77,996
• List price: $15,000
• Delta: -80.77%
• Verdict: UNDERPRICED
• Comps: 9 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 62.4%
• Equity multiple: 4.00×
• Total profit: $65,541
• Equity at exit: $11,629

10-year hold

• IRR: 68.6%
• Equity multiple: 9.82×
• Total profit: $192,719
• Equity at exit: $6,744

Cash invested: $21,839 (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 43607

• Home prices YoY: -27.5%
• Rents YoY: 8.2%
• Active inventory: 83
• Price-to-rent: 1.2×

Monthly cashflow live

• Estimated rent: $2,023 high
• Mortgage (P&I): −$409
• Tax est. 1.5%: −$97 /mo · $1,170/yr
• Insurance: −$32
• HOA: −$0
• Vacancy / Maint / Mgmt: −$425
• Net cashflow: $1,059

Break-even live

Break-even rent $682

Max offer price $77,996

Occupancy floor 43%

Sensitivity live

Price	-10% $1,113	-5% $1,086	+0% $1,059	+5% $1,032	+10% $1,005
Rent	-10% $899	-5% $979	+0% $1,059	+5% $1,139	+10% $1,219
Rate	-1.0pp $1,098	-0.5pp $1,079	base $1,059	+0.5pp $1,039	+1.0pp $1,018

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,024
Total (2 units)			$2,023

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: $19,499
• Closing costs: $2,340
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
915 Woodstock Ave Toledo, OH	3.0	1.5	1500	$1,100	$0.73	24d	1	0.15mi
1420 Addington Rd Toledo, OH	5.0	1.5	1728	$1,500	$0.87	44d	1	0.37mi
319 N Detroit Ave Toledo, OH	3.0	1.0	1341	$845	$0.63	44d	1	0.49mi
2117 Clinton St Toledo, OH	3.0	1.0	1256	$1,115	$0.89	44d	1	0.95mi
1122 Pinewood Ave Toledo, OH	3.0	1.0	1559	$1,150	$0.74	14d	1	1.01mi
2037 Alvin St Toledo, OH	3.0	1.0	1260	$1,175	$0.93	44d	1	1.03mi
1140 Palmwood Ave Toledo, OH	3.0	1.0	1292	$1,500	$1.16	44d	1	1.03mi
2314 Airline Ave Toledo, OH	3.0	1.0	1123	$1,478	$1.32	24d	1	1.10mi
1321 Gordon St Toledo, OH	3.0	1.0	1121	$1,050	$0.94	44d	1	1.38mi
523 Nicholas St Toledo, OH	3.0	1.0	1290	$1,350	$1.05	14d	1	1.43mi
532 Carlton St Toledo, OH	3.0	1.0	1130	$1,050	$0.93	44d	1	1.46mi

Listing history 12 events

1. 2026-06-10
   status $15,000 Pending 35 DOM
2. 2026-06-09
   days on market $15,000 Active 35 DOM
3. 2026-06-08
   days on market $15,000 Active 34 DOM
4. 2026-06-07
   days on market $15,000 Active 33 DOM
5. 2026-06-05
   days on market $15,000 Active 30 DOM
6. 2026-06-03
   days on market $15,000 Active 29 DOM
7. 2026-06-02
   days on market $15,000 Active 28 DOM
8. 2026-06-01
   days on market $15,000 Active 27 DOM
9. 2026-05-31
   days on market $15,000 Active 26 DOM
10. 2026-05-30
    days on market $15,000 Active 25 DOM
11. 2026-05-04
    listed $15,000 Active 592-char remark
12. 1996-07-22
    soldstatus $14,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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: $24,276
• − Mortgage interest: −$4,369
• − Property taxes: −$1,170
• − Insurance: −$390
• − Repairs & maintenance: −$1,942
• − Management: −$1,942
• − Depreciation: −$2,269
• Taxable income: $12,194
• Est. tax owed @ 24.0%: −$2,927
• After-tax cash flow: $9,783/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): 19,469
• Household income: $41,335
• Rent vs Own: 50.8% rent · 49.2% own
• Severe rent burden: 1157.0

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 0.57)
• Race & ethnicity: Black 59% White 27% Two or more races 6% Hispanic / Latino 6% Asian 3%
• Hispanic origin (detail): Mexican 3% Puerto Rican 2%
• Common ancestry: Lithuanian 2% Romanian 2% Slovak 1%
• Foreign-born: 4% · Canada
• Languages at home: 94% English-only · Other Indo-European 1% Spanish 1% Russian/Polish/Slavic 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: ▼ -66.58%
• Current HPI: 175.2772
• Rent YoY: ▲ 8.19%
• 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

+7.1% since first listed

3 events — show timeline

• 2026-06-09 Pending — NORIS
• 2026-05-04 Listed $15,000 NORIS
• 1996-07-22 Sold (Public Records) $14,000 Public Records

Property tax history

+2.1%/yr

Latest (2025): $1,035 · +1.5% YoY. Source: county tax records.