1951 N Summit St · Toledo, OH 43611

$239,900

64 bd · 40.0 ba · 9,304 sqft · MultiFamily public records · 67 Days on market

Built 1900 0.29 ac lot

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Why this score? — see what drove the D 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• 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 (5+ Unit). Listing-text estimate: 8 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Excellent investment opportunity with this five-unit apartment building offering strong income and upside potential. Next month, the building will be fully rented bringing in $3,750 per month! Additional income from on-site coin laundry is not included in the current figures, providing even more revenue potential. Most tenants are long term, and all units have been remodeled in recent years, minimizing immediate capital expenses. The parking lot has been recently redone and offers ample space for residents and guests. Approximately 6,200 of the 9,300 square feet is finished, leaving significant opportunity to expand—potentially converting the remaining space to create a 6-8 unit building. A solid, income-producing property with tremendous value-add potential! Vacant unit is available for showings and other units available with an accepted offer.

Key facts

• 0.29 acre lot
• 6 parking spots
• Built 1900

What this means for you Summary

Snapshot

• This is a 8 × 8-bed/?-bath units multifamily listed at $240k.

Deal economics

• At list price, monthly cash flow is $9k ($103k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($13k rent vs $240k).
• Recommended offer: $226k (6.0% below list) — sets the bar for market timing.
• Cap rate 49.2% 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: 64 active listings in the ZIP; 415 units permitted in Lucas County in 2024 (122 in 5+ unit buildings).
• At $12,902/mo this rent would consume 250% of the median local household income ($62k/yr) (locally 298% 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 $2k of loan paydown is wiped out by about $7k 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 + 3.0% rent growth), your $67k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 67 days — a 6% lower offer ($226k) is reasonable based on typical stale-listing flexibility.
• 12 sale attempts since 24y 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 $115k; list at $240k implies a 109% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $225,506 (6.0% below list)

Questions for the listing agent

1. It's been on market 67 days. Have you received any prior offers? Is the seller open to a 6% 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 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
10. 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.
11. 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.
12. 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: 5.38% ✓
• Cap rate: 49.17%
• Cash-on-cash: 153.12%
• DSCR: 7.81
• GRM: 1.5

CMA / ARV

• ARV (median comp): $53,560
• List price: $239,900
• Delta: 347.91%
• Verdict: OVERPRICED
• Comps: 8 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: —
• Equity multiple: 8.55×
• Total profit: $507,193
• Equity at exit: $35,770

10-year hold

• IRR: —
• Equity multiple: 18.05×
• Total profit: $1,145,281
• Equity at exit: $20,742

Cash invested: $67,172 (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 43611

• Home prices YoY: -24.4%
• Active inventory: 64
• Price-to-rent: 12.4×

Monthly cashflow live

• Estimated rent: $12,902 medium
• Mortgage (P&I): −$1,258
• Tax from tax record: −$264 /mo · $3,162/yr
• Insurance: −$100
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,709
• Net cashflow: $8,571

Break-even live

Break-even rent $2,053

Max offer price $239,900

Occupancy floor 29%

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

Units	Beds	Baths	Est. rent
▸ 8× units	8	—	$12,904
Total (8 units)			$12,902

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: $59,975
• Closing costs: $7,197
• Reserves months: —
• Total cash needed: —

Listing history 43 events

1. 2026-06-18
   days on market $239,900 Active 67 DOM
2. 2026-06-17
   days on market $239,900 Active 66 DOM
3. 2026-06-16
   days on market $239,900 Active 65 DOM
4. 2026-06-15
   days on market $239,900 Active 64 DOM
5. 2026-06-14
   days on market $239,900 Active 62 DOM
6. 2026-06-10
   days on market $239,900 Active 59 DOM
7. 2026-06-09
   days on market $239,900 Active 58 DOM
8. 2026-06-08
   days on market $239,900 Active 57 DOM
9. 2026-06-07
   days on market $239,900 Active 56 DOM
10. 2026-06-05
    days on market $239,900 Active 53 DOM
11. 2026-06-03
    days on market $239,900 Active 52 DOM
12. 2026-06-02
    days on market $239,900 Active 51 DOM
13. 2026-06-01
    days on market $239,900 Active 50 DOM
14. 2026-05-31
    days on market $239,900 Active 49 DOM
15. 2026-05-30
    days on market $239,900 Active 48 DOM
16. 2026-05-13
    status Active 864-char remark

    Show marketing remark (864 chars)

    Excellent investment opportunity with this five-unit apartment building offering strong income and upside potential. Next month, the building will be fully rented bringing in $3,750 per month! Additional income from on-site coin laundry is not included in the current figures, providing even more revenue potential. Most tenants are long term, and all units have been remodeled in recent years, minimizing immediate capital expenses. The parking lot has been recently redone and offers ample space for residents and guests. Approximately 6,200 of the 9,300 square feet is finished, leaving significant opportunity to expand—potentially converting the remaining space to create a 6-8 unit building. A solid, income-producing property with tremendous value-add potential! Vacant unit is available for showings and other units available with an accepted offer.

17. 2026-04-27
    status Pending 864-char remark

    Show marketing remark (864 chars)

    Excellent investment opportunity with this five-unit apartment building offering strong income and upside potential. Next month, the building will be fully rented bringing in $3,750 per month! Additional income from on-site coin laundry is not included in the current figures, providing even more revenue potential. Most tenants are long term, and all units have been remodeled in recent years, minimizing immediate capital expenses. The parking lot has been recently redone and offers ample space for residents and guests. Approximately 6,200 of the 9,300 square feet is finished, leaving significant opportunity to expand—potentially converting the remaining space to create a 6-8 unit building. A solid, income-producing property with tremendous value-add potential! Vacant unit is available for showings and other units available with an accepted offer.

18. 2026-04-20
    status Active 864-char remark

    Show marketing remark (864 chars)

    Excellent investment opportunity with this five-unit apartment building offering strong income and upside potential. Next month, the building will be fully rented bringing in $3,750 per month! Additional income from on-site coin laundry is not included in the current figures, providing even more revenue potential. Most tenants are long term, and all units have been remodeled in recent years, minimizing immediate capital expenses. The parking lot has been recently redone and offers ample space for residents and guests. Approximately 6,200 of the 9,300 square feet is finished, leaving significant opportunity to expand—potentially converting the remaining space to create a 6-8 unit building. A solid, income-producing property with tremendous value-add potential! Vacant unit is available for showings and other units available with an accepted offer.

19. 2026-04-01
    status Pending 864-char remark

    Show marketing remark (864 chars)

    Excellent investment opportunity with this five-unit apartment building offering strong income and upside potential. Next month, the building will be fully rented bringing in $3,750 per month! Additional income from on-site coin laundry is not included in the current figures, providing even more revenue potential. Most tenants are long term, and all units have been remodeled in recent years, minimizing immediate capital expenses. The parking lot has been recently redone and offers ample space for residents and guests. Approximately 6,200 of the 9,300 square feet is finished, leaving significant opportunity to expand—potentially converting the remaining space to create a 6-8 unit building. A solid, income-producing property with tremendous value-add potential! Vacant unit is available for showings and other units available with an accepted offer.

20. 2026-03-07
    listed $239,900 Active 864-char remark

    Show marketing remark (864 chars)

    Excellent investment opportunity with this five-unit apartment building offering strong income and upside potential. Next month, the building will be fully rented bringing in $3,750 per month! Additional income from on-site coin laundry is not included in the current figures, providing even more revenue potential. Most tenants are long term, and all units have been remodeled in recent years, minimizing immediate capital expenses. The parking lot has been recently redone and offers ample space for residents and guests. Approximately 6,200 of the 9,300 square feet is finished, leaving significant opportunity to expand—potentially converting the remaining space to create a 6-8 unit building. A solid, income-producing property with tremendous value-add potential! Vacant unit is available for showings and other units available with an accepted offer.

21. 2026-03-03
    historical $239,900 864-char remark

    Show marketing remark (864 chars)

    Excellent investment opportunity with this five-unit apartment building offering strong income and upside potential. Next month, the building will be fully rented bringing in $3,750 per month! Additional income from on-site coin laundry is not included in the current figures, providing even more revenue potential. Most tenants are long term, and all units have been remodeled in recent years, minimizing immediate capital expenses. The parking lot has been recently redone and offers ample space for residents and guests. Approximately 6,200 of the 9,300 square feet is finished, leaving significant opportunity to expand—potentially converting the remaining space to create a 6-8 unit building. A solid, income-producing property with tremendous value-add potential! Vacant unit is available for showings and other units available with an accepted offer.

22. 2024-09-19
    soldstatus $115,000
23. 2024-03-06
    historical
24. 2023-10-06
    listed $259,500 Active
25. 2022-07-13
    historical
26. 2022-06-14
    price $260,000
27. 2022-05-27
    listed $275,000 Active
28. 2018-08-01
    soldstatus $115,000
29. 2018-04-19
    listed $115,000
30. 2018-04-04
    historical
31. 2017-10-04
    listed $117,500
32. 2012-02-28
    historical
33. 2011-02-28
    listed $139,000
34. 2010-06-10
    historical
35. 2009-06-09
    listed $149,900
36. 2008-04-30
    historical
37. 2007-10-30
    listed $189,900
38. 2004-04-27
    soldstatus $100,000
39. 2004-04-23
    historical
40. 2003-10-30
    listed $112,500
41. 2002-11-11
    historical
42. 2002-01-28
    listed $129,500
43. 1999-03-17
    soldstatus $59,500

ⓘ 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: $3,162 · $264/mo
• Projected year-2 tax: $3,452 · $288/mo
• Expected delta: +$290/yr (+$24/mo · 9.2%)

ⓘ 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 ≥100°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: $154,824
• − Mortgage interest: −$13,438
• − Property taxes: −$3,162
• − Insurance: −$1,200
• − Repairs & maintenance: −$12,386
• − Management: −$12,386
• − Depreciation: −$6,979
• Taxable income: $105,273
• Est. tax owed @ 24.0%: −$25,266
• After-tax cash flow: $77,587/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): 18,664
• Household income: $62,042
• Rent vs Own: 28.2% rent · 71.8% own
• Severe rent burden: 298.0

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: Predominantly White (77%)
• Race & ethnicity: White 77% Black 11% Hispanic / Latino 8% Two or more races 6%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Romanian 13% Lithuanian 5% Slovak 2%
• Foreign-born: 1% · Canada
• Languages at home: 96% English-only · Spanish 2% 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: ▼ -79.15%
• Current HPI: 245.2841
• Rent YoY: —
• 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

+303.2% since first listed

28 events — show timeline

• 2026-05-13 Relisted — NORIS
• 2026-04-27 Pending — NORIS
• 2026-04-20 Relisted — NORIS
• 2026-04-01 Pending — NORIS
• 2026-03-07 Listed $239,900 NORIS
• 2026-03-03 Coming Soon $239,900 NORIS
• 2024-09-19 Sold (Public Records) $115,000 Public Records
• 2024-03-06 Listing Removed — NORIS
• 2023-10-06 Listed $259,500 NORIS
• 2022-07-13 Listing Removed — NORIS
• 2022-06-14 Price Changed $260,000 NORIS
• 2022-05-27 Listed $275,000 NORIS
• 2018-08-01 Sold (MLS) $115,000 NORIS
• 2018-04-19 Listed $115,000 NORIS
• 2018-04-04 Listing Removed — NORIS
• 2017-10-04 Listed $117,500 NORIS
• 2012-02-28 Listing Removed — NORIS
• 2011-02-28 Listed $139,000 NORIS
• 2010-06-10 Listing Removed — NORIS
• 2009-06-09 Listed $149,900 NORIS
• 2008-04-30 Listing Removed — NORIS
• 2007-10-30 Listed $189,900 NORIS
• 2004-04-27 Sold (Public Records) $100,000 Public Records
• 2004-04-23 Listing Removed — NORIS
• 2003-10-30 Listed $112,500 NORIS
• 2002-11-11 Listing Removed — NORIS
• 2002-01-28 Listed $129,500 NORIS
• 1999-03-17 Sold (Public Records) $59,500 Public Records

Property tax history

+0.2%/yr

Latest (2025): $3,162 · +2.4% YoY. Source: county tax records.