647 Carlton St · Toledo, OH 43609

$74,000

3 bd · 1.0 ba · 1,155 sqft · SingleFamily public records · 102 Days on market

Built 1922 3,300 sqft lot $64/sqft · 13% above area Est $65k · 13% 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 +9.8/10.0
• 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 +1.4/15.0

Listing remarks MLS

Great opportunity to add a cash flowing property to your portfolio! This 3 bedroom, 1 bathroom home in South Toledo is currently tenant-occupied at $1,000 per month plus utilities, providing immediate rental income from day one. The home features spacious bedrooms, a functional layout, and strong rental demand in the area. With the tenant covering utilities, this property offers low operating costs and solid cash flow potential for investors looking to expand their holdings. Conveniently located near schools, shopping, parks, and major roadways, making it an attractive and practical location for tenants. Come check it out!

Key facts

• 3,300 sq ft lot
• 2 parking spots
• Built 1922

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $74k.

Deal economics

• At list price, monthly cash flow is $327 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $74k).
• Recommended offer: $67k (9.0% below list) — sets the bar for market timing.
• Cap rate 11.6% vs local median 7.5% 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); 100 active listings in the ZIP; 21 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 52% 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).
• This rent runs 31% of the median local income ($42k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $1k of equity ($512 loan paydown + $555 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 $21k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 102 days — a 9% lower offer ($67k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 6y ago 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.
• Current owner paid $42k; list at $74k implies a 78% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1922 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $67,340 (9.0% below list)

Questions for the listing agent

1. It's been on market 102 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1922 — 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: 1.48% ✓
• Cap rate: 11.59%
• Cash-on-cash: 18.92%
• DSCR: 1.84
• GRM: 5.6

CMA / ARV

• ARV (median comp): $65,202
• List price: $74,000
• Delta: 13.49%
• 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
819 Lodge Ave	0.19mi	3/2.0	1,190 (+3%)	1mo	$65,000	$55	81
752 Hampton Ave	0.28mi	2/1.5 (-1)	1,182 (+2%)	2mo	$85,900	$73	75
855 Brighton Ave	0.28mi	3/1.0	1,070 (-7%)	2mo	$97,500	$91	73
819 Geneva Ave	0.38mi	3/1.0	1,212 (+5%)	1mo	$105,000	$87	73
1402 Prouty Ave	0.19mi	3/1.0	1,030 (-11%)	1mo	$50,000	$49	72
624 Carlton St	0.05mi	3/2.0	1,013 (-12%)	2mo	$134,888	$133	72
1023 Shadowlawn Dr	0.46mi	3/1.0	1,193 (+3%)	2mo	$72,000	$60	71
317 Eldred Ave	0.49mi	3/1.5	1,108 (-4%)	1mo	$45,000	$41	68
1152 Colton St	0.53mi	3/1.0	1,046 (-9%)	1mo	$65,000	$62	58
537 Lynnhaven Dr	0.62mi	3/2.0	1,088 (-6%)	1mo	$150,000	$138	57
1039 Wright Ave	0.71mi	3/1.0	1,097 (-5%)	2mo	$15,000	$14	57
219 Storrs	0.65mi	3/1.0	1,056 (-9%)	2mo	$81,800	$77	54

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: 24.5%
• Equity multiple: 2.30×
• Total profit: $26,882
• Equity at exit: $24,302

10-year hold

• IRR: 30.6%
• Equity multiple: 5.26×
• Total profit: $88,338
• Equity at exit: $31,565

Cash invested: $20,720 (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: 100
• Price-to-rent: 5.6×

Monthly cashflow live

• Estimated rent: $1,098 high
• Mortgage (P&I): −$388
• Tax from tax record: −$122 /mo · $1,464/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$231
• Net cashflow: $327

Break-even live

Break-even rent $685

Max offer price $74,000

Occupancy floor 65%

Sensitivity live

Price	-10% $369	-5% $348	+0% $327	+5% $306	+10% $285
Rent	-10% $240	-5% $283	+0% $327	+5% $370	+10% $413
Rate	-1.0pp $364	-0.5pp $345	base $327	+0.5pp $307	+1.0pp $288

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: $18,500
• Closing costs: $2,220
• Reserves months: —
• Total cash needed: —

Rent comps 21 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
705 Nicholas St Toledo, OH	2.0	1.0	1037	$900	$0.87	44d	1	0.07mi
724 Spencer St Toledo, OH	3.0	1.5	1127	$1,100	$0.98	44d	1	0.08mi
532 Carlton St Toledo, OH	3.0	1.0	1130	$1,050	$0.93	44d	1	0.12mi
523 Nicholas St Toledo, OH	3.0	1.0	1290	$1,350	$1.05	15d	1	0.15mi
1418 Colburn St Toledo, OH	3.0	1.0	992	$1,200	$1.21	15d	1	0.20mi
1321 Gordon St Toledo, OH	3.0	1.0	1121	$1,050	$0.94	44d	1	0.46mi
2424 Broadway St Toledo, OH	3.0	1.0	1416	$1,049	$0.74	15d	1	0.48mi
1734 Arlington Ave Toledo, OH	2.0	1.0	700	$800	$1.14	15d	1	0.48mi
2594 Broadway St Toledo, OH	2.0	1.0	1076	$825	$0.77	44d	1	0.57mi
2044 Arlington Ave Toledo, OH	2.0	1.0	800	$825	$1.03	22d	1	0.85mi
837 Colburn St Unit 2 Toledo, OH	2.0	1.0	1158	$695	$0.60	24d	1	0.95mi
837 Colburn St Unit 1 Toledo, OH	2.0	1.0	1178	$700	$0.59	44d	1	0.95mi
827 Colburn St Toledo, OH	2.0	1.0	1092	$750	$0.69	44d	1	0.97mi
771 Orchard St Unit 7715 Toledo, OH	2.0	1.0	1086	$645	$0.59	24d	1	1.00mi
307 Danberry St Toledo, OH	2.0	1.0	988	$950	$0.96	44d	1	1.05mi
319 N Detroit Ave Toledo, OH	3.0	1.0	1341	$845	$0.63	44d	1	1.12mi
2314 Airline Ave Toledo, OH	3.0	1.0	1123	$1,478	$1.32	24d	1	1.20mi
1785 Tecumseh St Toledo, OH	2.0	1.0	930	$900	$0.97	44d	1	1.22mi
569 Colima Dr Toledo, OH	3.0	1.0	1253	$1,300	$1.04	24d	1	1.35mi
581 Colima Dr Toledo, OH	2.0	1.0	900	$1,100	$1.22	15d	1	1.35mi
619 Durango Dr Toledo, OH	3.0	1.0	1276	$1,350	$1.06	44d	1	1.41mi

Listing history 23 events

1. 2026-06-17
   days on market $74,000 Active 102 DOM
2. 2026-06-16
   days on market $74,000 Active 101 DOM
3. 2026-06-15
   days on market $74,000 Active 100 DOM
4. 2026-06-14
   days on market $74,000 Active 98 DOM
5. 2026-06-10
   days on market $74,000 Active 95 DOM
6. 2026-06-09
   days on market $74,000 Active 94 DOM
7. 2026-06-08
   days on market $74,000 Active 93 DOM
8. 2026-06-07
   days on market $74,000 Active 92 DOM
9. 2026-06-05
   days on market $74,000 Active 89 DOM
10. 2026-06-03
    days on market $74,000 Active 88 DOM
11. 2026-06-02
    days on market $74,000 Active 87 DOM
12. 2026-06-01
    days on market $74,000 Active 86 DOM
13. 2026-05-31
    days on market $74,000 Active 85 DOM
14. 2026-05-30
    days on market $74,000 Active 84 DOM
15. 2026-03-25
    price $74,000 630-char remark

    Show marketing remark (630 chars)

    Great opportunity to add a cash flowing property to your portfolio! This 3 bedroom, 1 bathroom home in South Toledo is currently tenant-occupied at $1,000 per month plus utilities, providing immediate rental income from day one. The home features spacious bedrooms, a functional layout, and strong rental demand in the area. With the tenant covering utilities, this property offers low operating costs and solid cash flow potential for investors looking to expand their holdings. Conveniently located near schools, shopping, parks, and major roadways, making it an attractive and practical location for tenants. Come check it out!

16. 2026-03-25
    status Active 630-char remark

    Show marketing remark (630 chars)

    Great opportunity to add a cash flowing property to your portfolio! This 3 bedroom, 1 bathroom home in South Toledo is currently tenant-occupied at $1,000 per month plus utilities, providing immediate rental income from day one. The home features spacious bedrooms, a functional layout, and strong rental demand in the area. With the tenant covering utilities, this property offers low operating costs and solid cash flow potential for investors looking to expand their holdings. Conveniently located near schools, shopping, parks, and major roadways, making it an attractive and practical location for tenants. Come check it out!

17. 2026-03-16
    historical Contingent 630-char remark

    Show marketing remark (630 chars)

    Great opportunity to add a cash flowing property to your portfolio! This 3 bedroom, 1 bathroom home in South Toledo is currently tenant-occupied at $1,000 per month plus utilities, providing immediate rental income from day one. The home features spacious bedrooms, a functional layout, and strong rental demand in the area. With the tenant covering utilities, this property offers low operating costs and solid cash flow potential for investors looking to expand their holdings. Conveniently located near schools, shopping, parks, and major roadways, making it an attractive and practical location for tenants. Come check it out!

18. 2026-03-07
    listed $74,900 Active 630-char remark

    Show marketing remark (630 chars)

    Great opportunity to add a cash flowing property to your portfolio! This 3 bedroom, 1 bathroom home in South Toledo is currently tenant-occupied at $1,000 per month plus utilities, providing immediate rental income from day one. The home features spacious bedrooms, a functional layout, and strong rental demand in the area. With the tenant covering utilities, this property offers low operating costs and solid cash flow potential for investors looking to expand their holdings. Conveniently located near schools, shopping, parks, and major roadways, making it an attractive and practical location for tenants. Come check it out!

19. 2026-03-05
    historical $74,900 630-char remark

    Show marketing remark (630 chars)

    Great opportunity to add a cash flowing property to your portfolio! This 3 bedroom, 1 bathroom home in South Toledo is currently tenant-occupied at $1,000 per month plus utilities, providing immediate rental income from day one. The home features spacious bedrooms, a functional layout, and strong rental demand in the area. With the tenant covering utilities, this property offers low operating costs and solid cash flow potential for investors looking to expand their holdings. Conveniently located near schools, shopping, parks, and major roadways, making it an attractive and practical location for tenants. Come check it out!

20. 2025-10-14
    price $41,500 206-char remark

    Show marketing remark (206 chars)

    MOVE-IN READY HOME WITH 3 BEDROOMS AND 1 BATH. LARGE KITCHEN WITH LOTS OF CUPBOARD SPACE. FORMAL DINING ROOM. HARDWOOD FLOORS THROUGHOUT WHICH COULD BE BROUGHT BACK TO LIFE. NICE AIRING DECK. DRY BASEMENT.

21. 2020-11-02
    soldstatus $41,500 206-char remark

    Show marketing remark (206 chars)

    MOVE-IN READY HOME WITH 3 BEDROOMS AND 1 BATH. LARGE KITCHEN WITH LOTS OF CUPBOARD SPACE. FORMAL DINING ROOM. HARDWOOD FLOORS THROUGHOUT WHICH COULD BE BROUGHT BACK TO LIFE. NICE AIRING DECK. DRY BASEMENT.

22. 2020-10-08
    listed $44,900 206-char remark

    Show marketing remark (206 chars)

    MOVE-IN READY HOME WITH 3 BEDROOMS AND 1 BATH. LARGE KITCHEN WITH LOTS OF CUPBOARD SPACE. FORMAL DINING ROOM. HARDWOOD FLOORS THROUGHOUT WHICH COULD BE BROUGHT BACK TO LIFE. NICE AIRING DECK. DRY BASEMENT.

23. 1985-03-12
    soldstatus $15,000

ⓘ 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: $1,464 · $122/mo
• Projected year-2 tax: $1,464 · $122/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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: $13,178
• − Mortgage interest: −$4,145
• − Property taxes: −$1,464
• − Insurance: −$370
• − Repairs & maintenance: −$1,054
• − Management: −$1,054
• − Depreciation: −$2,153
• Taxable income: $2,938
• Est. tax owed @ 24.0%: −$705
• After-tax cash flow: $3,215/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

+393.3% since first listed

9 events — show timeline

• 2026-03-25 Price Changed $74,000 NORIS
• 2026-03-25 Relisted — NORIS
• 2026-03-16 Contingent — NORIS
• 2026-03-07 Listed $74,900 NORIS
• 2026-03-05 Coming Soon $74,900 NORIS
• 2025-10-14 Price Changed $41,500 NORIS
• 2020-11-02 Sold (MLS) $41,500 NORIS
• 2020-10-08 Listed $44,900 NORIS
• 1985-03-12 Sold (Public Records) $15,000 Public Records

Property tax history

+3.3%/yr

Latest (2025): $1,464 · +0.6% YoY. Source: county tax records.