1618 Milburn Ave · Toledo, OH 43606

$69,900

2 bd · 2.0 ba · 990 sqft · MultiFamily public records · 16 Days on market

Built 1976 4,500 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
• Livability +3.3/5.0
• Rent growth +3.1/5.0
• 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

Excellent cash-flowing investment opportunity! This all-electric duplex features two 1 bed, 1 bath units and produces approximately $1,077/month in cash flow. Owner pays water. Both residents are on 12-month leases, with one recent move-in and the other in place since 2024, providing stable rental income. Strong rental performance and consistent income make this a great addition to any investor's portfolio. * * Showings only with an accepted offer. * *

Key facts

• 4,500 sq ft lot
• Built 1976
• Listed 15 days

Property features AI

Finance

• Financial info: 2 total units (both currently leased); Tenants pay electricity; Owner pays water, snow removal, and lawn care

Exterior

• Parking: Off-street parking
• Utilities: Electricity connected; Water connected; Public water; Sanitary sewer
• Home design: Residential income property (duplex); Single-story; One building
• Construction: Brick construction; Crawl space foundation; Built as duplex
• Exterior features: Shingle roof

Interior

• Kitchen: Electric Range; Refrigerator
• Flooring: Carpet; Vinyl
• Heating & cooling: Baseboard heating; Window unit cooling
• Interior features: Other

What this means for you Summary

Snapshot

• This is a 2 × 1-bed/1-bath units multifamily listed at $70k.

Deal economics

• At list price, monthly cash flow is $770 ($9k/yr) — positive. Per door: $385/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $70k).
• Recommended offer: $69k (1.5% below list) — sets the bar for market timing.
• Cap rate 19.5% 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: Robinson Elementary School (math 2% / reading 2%, grade F, #1,580 of 1,584 statewide, top 100%, 358 students, 0% FRL); Jesup W. Scott High School (math 8% / reading 17%, grade F, #726 of 781 statewide, top 94%, 736 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.
• Zoned-school proficiency averages 7% at this address vs 20% district-wide (-12 pts) — the specific schools serving this property underperform the Toledo City average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising (+2.3%/yr); 93 active listings in the ZIP; 36 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% of comp listings sitting > 30 days — soft ceiling on asking rent; 415 units permitted in Lucas County in 2024 (122 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $483 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 + 2.3% rent growth), your $20k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($69k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Recommended offer $68,851 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1976 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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: 2.23% ✓
• Cap rate: 19.51%
• Cash-on-cash: 47.22%
• DSCR: 3.10
• GRM: 3.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.29% rent growth · sell at horizon

5-year hold

• IRR: 43.8%
• Equity multiple: 2.87×
• Total profit: $36,625
• Equity at exit: $10,422

10-year hold

• IRR: 49.5%
• Equity multiple: 5.63×
• Total profit: $90,616
• Equity at exit: $6,044

Cash invested: $19,572 (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 43606

• Home prices YoY: -15.5%
• Rents YoY: 2.3%
• Active inventory: 93
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $1,561 medium
• Mortgage (P&I): −$367
• Tax from tax record: −$67 /mo · $809/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$328
• Net cashflow: $770

Break-even live

Break-even rent $586

Max offer price $69,900

Occupancy floor 46%

Sensitivity live

Price	-10% $810	-5% $790	+0% $770	+5% $750	+10% $731
Rent	-10% $647	-5% $708	+0% $770	+5% $832	+10% $893
Rate	-1.0pp $805	-0.5pp $788	base $770	+0.5pp $752	+1.0pp $734

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

Units	Beds	Baths	Est. rent
▸ 2× units	1	1	$1,560
Total (2 units)			$1,561

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: $17,475
• Closing costs: $2,097
• Reserves months: —
• Total cash needed: —

Rent comps 36 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2347 Rosedale Ave Toledo, OH	2.0	1.0	767	$875	$1.14	44d	1	0.09mi
1738 Milburn Ave Toledo, OH	2.0	1.0	1016	$650	$0.64	24d	1	0.15mi
2322 Upton Ave Toledo, OH	3.0	1.0	1000	$1,300	$1.30	44d	1	0.34mi
1919 Ottawa Dr Unit 7 Toledo, OH	2.0	1.0	900	$800	$0.89	44d	1	0.41mi
2356 Torrey Hill Dr Unit 11 Toledo, OH	2.0	1.0	1050	$800	$0.76	44d	1	0.47mi
2250 Torrey Hill Dr Unit 2254-5 Toledo, OH	1.0	1.0	563	$770	$1.37	44d	1	0.48mi
2716 Hoehler Dr Toledo, OH	1.0	1.0	720	$600	$0.83	44d	1	0.65mi
3803 Monroe St Toledo, OH	2.0	1.0	942	$850	$0.90	44d	1	0.68mi
3835 Monroe St Toledo, OH	2.0	1.0	1002	$950	$0.95	44d	1	0.76mi
1804 Bigelow St Toledo, OH	3.0	1.0	995	$937	$0.94	44d	1	0.86mi
1718 Giant St Toledo, OH	3.0	1.0	1080	$1,395	$1.29	14d	1	0.89mi
1838 Giant St Toledo, OH	3.0	1.0	962	$1,200	$1.25	14d	1	0.94mi
2802 Gunckel Blvd Toledo, OH	2.0	1.0	860	$1,100	$1.28	44d	1	1.00mi
1026 Oakwood Ave Toledo, OH	2.0	1.0	1100	$850	$0.77	44d	1	1.04mi
2445 W Bancroft St Unit 2445-15 Toledo, OH	1.0	1.0	557	$625	$1.12	44d	1	1.08mi
2535 W Bancroft St Unit 8 Toledo, OH	2.0	1.0	900	$895	$0.99	44d	1	1.17mi
2030 Wyndhurst Rd Toledo, OH	2.0	1.0	1042	$950	$0.91	44d	1	1.19mi
3150 Matson Unit 17 Toledo, OH	1.0	1.0	567	$799	$1.41	21d	1	1.20mi
3160 Matson Apt 27 Toledo, OH	1.0	1.0	567	$725	$1.28	21d	1	1.21mi
1705 Marlow Rd Toledo, OH	2.0	1.0	738	$1,000	$1.36	24d	1	1.22mi
625 Virginia St Toledo, OH	2.0	1.0	1000	$850	$0.85	14d	1	1.24mi
625 Virginia St Toledo, OH	2.0	1.0	1000	$800	$0.80	44d	1	1.24mi
1133 Parkside Blvd Toledo, OH	2.0	1.0	960	$850	$0.89	44d	1	1.26mi
1919 Kensington Rd Toledo, OH	1.0	1.0	680	$775	$1.14	21d	1	1.28mi
2637 Greenway St Toledo, OH	2.0	1.0	1082	$900	$0.83	44d	1	1.30mi
3022 Letchworth Pkwy Toledo, OH	2.0	1.0	800	$970	$1.21	44d	1	1.31mi
2650 Christie St Toledo, OH	1.0–2.0	1.0	800	$849	$1.06	44d	1	1.37mi
1846 Loxley Rd Toledo, OH	2.0	1.0	876	$900	$1.03	44d	1	1.38mi
2115 Collingwood Blvd Toledo, OH	2.0	1.0	676	$765	$1.13	24d	1	1.39mi
1732 Talbot St Toledo, OH	2.0	1.0	840	$995	$1.18	24d	1	1.41mi
1951 Loxley Rd Toledo, OH	2.0	1.0	804	$975	$1.21	24d	1	1.41mi
3541 Willys Pkwy Toledo, OH	3.0	1.0	1113	$1,400	$1.26	44d	1	1.43mi
3683 Upton Ave Toledo, OH	3.0	1.0	1119	$1,100	$0.98	44d	1	1.43mi
2704 Kenwood Blvd Toledo, OH	1.0–3.0	1.0	825	$1,196	$1.45	14d	71	1.47mi
425 W Bancroft St Toledo, OH	1.0	1.0	711	$725	$1.02	44d	1	1.49mi
1489 Berdan Ave Toledo, OH	3.0	1.0	1068	$1,250	$1.17	44d	1	1.50mi

Listing history 12 events

1. 2026-06-18
   days on market $69,900 Active 16 DOM
2. 2026-06-17
   days on market $69,900 Active 15 DOM
3. 2026-06-16
   days on market $69,900 Active 14 DOM
4. 2026-06-15
   days on market $69,900 Active 13 DOM
5. 2026-06-14
   statusdays on market $69,900 Active 11 DOM
6. 2026-06-10
   days on market $69,900 Contingent 8 DOM
7. 2026-06-09
   days on market $69,900 Contingent 7 DOM
8. 2026-06-08
   days on market $69,900 Contingent 6 DOM
9. 2026-06-07
   days on market $69,900 Contingent 5 DOM
10. 2026-06-05
    statusdays on market $69,900 Contingent 2 DOM
11. 2026-06-03
    remarks 458-char remark
12. 2026-06-03
    listed $69,900 Active 1 DOM

ⓘ 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: $809 · $67/mo
• Projected year-2 tax: $950 · $79/mo
• Expected delta: +$141/yr (+$12/mo · 17.4%)

ⓘ 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 · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,732
• − Mortgage interest: −$3,915
• − Property taxes: −$809
• − Insurance: −$350
• − Repairs & maintenance: −$1,499
• − Management: −$1,499
• − Depreciation: −$2,033
• Taxable income: $8,628
• Est. tax owed @ 24.0%: −$2,071
• After-tax cash flow: $7,171/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): 24,898
• Household income: $66,917
• Rent vs Own: 44.1% rent · 55.9% own
• Severe rent burden: 843.0

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: White 59% Black 29% Two or more races 7% Hispanic / Latino 4% Asian 3%
• Common ancestry: Romanian 6% Italian 2% Lithuanian 1%
• Foreign-born: 7% · Canada, China, South Korea
• Languages at home: 92% English-only · Arabic 2% Other Indo-European 2% Spanish 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: ▼ -41.19%
• Current HPI: 224.695
• Rent YoY: ▲ 2.29%
• 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

+242.6% since first listed

10 events — show timeline

• 2026-06-02 Listed $69,900 NORIS
• 2026-04-13 Rental Removed $547 APPFOLIO
• 2026-02-26 Listed for Rent $547 APPFOLIO
• 2025-05-03 Rental Removed $570 APPFOLIO
• 2025-04-02 Price Changed $570 APPFOLIO
• 2025-02-12 Price Changed $600 APPFOLIO
• 2025-01-04 Listed for Rent $650 APPFOLIO
• 2024-11-20 Sold (Public Records) $67,500 Public Records
• 2019-02-22 Sold (Public Records) $30,000 Public Records
• 1985-07-01 Sold (Public Records) $20,400 Public Records

Property tax history

+2.2%/yr

Latest (2025): $809 · +3.5% YoY. Source: county tax records.