4201 Burnham Ave · Toledo, OH 43612

$169,900

4 bd · 3.0 ba · 2,008 sqft · MultiFamily public records · 55 Days on market

Built 1912 4,800 sqft lot Est $116k · 47% over

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Why this score? — see what drove the C+ 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
• Rent growth +4.0/5.0
• Livability +3.3/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Don't miss this cash-flowing four-unit property located in the heart of 43612. This well-performing asset features a desirable unit mix of two 2-bedroom units, one 1-bedroom unit, and one studio, offering flexibility and strong rental demand. The property is currently generating $2,750/month in rental income, with an increase to $2,790/month pending a signed renewal, providing immediate upside. All tenants have demonstrated an excellent payment history, contributing to stable and reliable income. Owner currently covers electric, gas, and water. Whether you're looking to expand your portfolio or secure a solid, income-producing asset, this property offers consistent performance with room for growth.

Key facts

• 4,800 sq ft lot
• 2 parking spots
• Built 1912

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath multifamily listed at $170k.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $170k).
• Recommended offer: $165k (3.0% below list) — sets the bar for market timing.
• Cap rate 16.2% 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: Rents rising fast (+6.0%/yr); 92 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 415 units permitted in Lucas County in 2024 (122 in 5+ unit buildings).
• At $3,242/mo this rent would consume 77% of the median local household income ($51k/yr) (locally 1203% 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 $1k of loan paydown is wiped out by about $5k 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 + 6.0% rent growth), your $48k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 55 days — a 3% lower offer ($165k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 6y ago; this cycle's ask has dropped $10k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $108k; list at $170k implies a 58% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1912 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $164,803 (3.0% below list)

Questions for the listing agent

1. It's been on market 55 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1912 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 1.91% ✓
• Cap rate: 16.21%
• Cash-on-cash: 35.41%
• DSCR: 2.58
• GRM: 4.4

CMA / ARV

• ARV (median comp): $115,836
• List price: $169,900
• Delta: 46.67%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3823 Baltimore St	0.48mi	3/2.0 (-1)	2,000 (-0%)	10mo	$103,000	$52	60
1113 Alcott St	0.51mi	4/2.0	2,200 (+10%)	8mo	$140,000	$64	50
812 Alvison Rd	0.48mi	3/2.0 (-1)	1,778 (-12%)	1mo	$130,000	$73	49
240 Gradolph St	0.51mi	3/3.0 (-1)	2,155 (+7%)	17mo	$40,000	$19	45
1325 Laclede Rd	0.74mi	4/2.0	2,250 (+12%)	21mo	$160,000	$71	24

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

Projected returns pro-forma

-3.0% appreciation · 6.01% rent growth · sell at horizon

5-year hold

• IRR: 34.4%
• Equity multiple: 2.51×
• Total profit: $72,016
• Equity at exit: $25,333

10-year hold

• IRR: 42.8%
• Equity multiple: 5.67×
• Total profit: $222,128
• Equity at exit: $14,690

Cash invested: $47,572 (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 43612

• Home prices YoY: -17.5%
• Rents YoY: 6.0%
• Active inventory: 92
• Price-to-rent: 16.9×

Monthly cashflow live

• Estimated rent: $3,242 high
• Mortgage (P&I): −$891
• Tax from tax record: −$196 /mo · $2,350/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$681
• Net cashflow: $1,404

Break-even live

Break-even rent $1,465

Max offer price $169,900

Occupancy floor 52%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$1,674
1× unit	1	1	$793
1× unit	0	1	$775
Total (4 units)			$3,242

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: $42,475
• Closing costs: $5,097
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3905 Peru St Toledo, OH	4.0	3.0	1548	$1,300	$0.84	21d	1	0.26mi
4459 N Haven Ave Toledo, OH	3.0	1.0	1416	$1,200	$0.85	13d	1	0.58mi
4120 Parrakeet Ave Toledo, OH	3.0	2.0	1410	$1,450	$1.03	43d	1	0.99mi
614 Cadillac Ct Toledo, OH	3.0	1.0	1581	$1,075	$0.68	23d	1	1.01mi
610 Cadillac Ct Toledo, OH	3.0	1.0	1409	$1,050	$0.75	23d	1	1.01mi
1477 W Sylvania Ave Toledo, OH	3.0	1.0	1570	$1,250	$0.80	43d	1	1.04mi
4614 Commonwealth Ave Toledo, OH	3.0	1.5	1459	$1,295	$0.89	13d	1	1.20mi
2907 Rockwood Pl Toledo, OH	3.0	1.0	1494	$1,100	$0.74	13d	1	1.33mi
38 E Central Ave Toledo, OH	5.0	2.0	1510	$1,500	$0.99	43d	1	1.43mi

Listing history 40 events

1. 2026-06-18
   days on market $169,900 Active 55 DOM
2. 2026-06-17
   days on market $169,900 Active 54 DOM
3. 2026-06-16
   days on market $169,900 Active 53 DOM
4. 2026-06-15
   days on market $169,900 Active 52 DOM
5. 2026-06-14
   days on market $169,900 Active 50 DOM
6. 2026-06-10
   days on market $169,900 Active 47 DOM
7. 2026-06-09
   days on market $169,900 Active 46 DOM
8. 2026-06-08
   days on market $169,900 Active 45 DOM
9. 2026-06-07
   days on market $169,900 Active 44 DOM
10. 2026-06-05
    days on market $169,900 Active 41 DOM
11. 2026-06-03
    days on market $169,900 Active 40 DOM
12. 2026-06-02
    days on market $169,900 Active 39 DOM
13. 2026-06-01
    days on market $169,900 Active 38 DOM
14. 2026-05-31
    days on market $169,900 Active 37 DOM
15. 2026-05-30
    days on market $169,900 Active 36 DOM
16. 2026-05-11
    price $169,900 711-char remark

    Show marketing remark (711 chars)

    Don't miss this cash-flowing four-unit property located in the heart of 43612. This well-performing asset features a desirable unit mix of two 2-bedroom units, one 1-bedroom unit, and one studio, offering flexibility and strong rental demand. The property is currently generating $2,750/month in rental income, with an increase to $2,790/month pending a signed renewal, providing immediate upside. All tenants have demonstrated an excellent payment history, contributing to stable and reliable income. Owner currently covers electric, gas, and water. Whether you're looking to expand your portfolio or secure a solid, income-producing asset, this property offers consistent performance with room for growth.

17. 2026-04-24
    listed $179,900 Active 711-char remark

    Show marketing remark (711 chars)

    Don't miss this cash-flowing four-unit property located in the heart of 43612. This well-performing asset features a desirable unit mix of two 2-bedroom units, one 1-bedroom unit, and one studio, offering flexibility and strong rental demand. The property is currently generating $2,750/month in rental income, with an increase to $2,790/month pending a signed renewal, providing immediate upside. All tenants have demonstrated an excellent payment history, contributing to stable and reliable income. Owner currently covers electric, gas, and water. Whether you're looking to expand your portfolio or secure a solid, income-producing asset, this property offers consistent performance with room for growth.

18. 2026-04-18
    historical $179,900 711-char remark

    Show marketing remark (711 chars)

    Don't miss this cash-flowing four-unit property located in the heart of 43612. This well-performing asset features a desirable unit mix of two 2-bedroom units, one 1-bedroom unit, and one studio, offering flexibility and strong rental demand. The property is currently generating $2,750/month in rental income, with an increase to $2,790/month pending a signed renewal, providing immediate upside. All tenants have demonstrated an excellent payment history, contributing to stable and reliable income. Owner currently covers electric, gas, and water. Whether you're looking to expand your portfolio or secure a solid, income-producing asset, this property offers consistent performance with room for growth.

19. 2025-10-14
    price $107,500 290-char remark

    Show marketing remark (290 chars)

    Here is your rare opportunity to own a 4 unit multi family in West Toledo! All 4 units are ready for new tenants! Updates include: majority of windows updated in 2022, new carpet/flooring throughout, updated paint, updated kitchens, interior and exterior doors. Schedule your showings soon!

20. 2025-10-14
    price $74,900

    Show marketing remark (290 chars)

    Here is your rare opportunity to own a 4 unit multi family in West Toledo! All 4 units are ready for new tenants! Updates include: majority of windows updated in 2022, new carpet/flooring throughout, updated paint, updated kitchens, interior and exterior doors. Schedule your showings soon!

21. 2025-09-30
    historical
22. 2025-09-15
    price $166,000
23. 2025-08-06
    price $169,000
24. 2025-06-20
    status Active
25. 2025-05-10
    historical Contingent
26. 2025-05-06
    status Active
27. 2025-04-28
    historical Contingent
28. 2025-02-28
    listed $179,000 Active
29. 2023-08-20
    historical $600
30. 2023-08-15
    listed $600
31. 2023-02-09
    soldstatus $107,500
32. 2023-02-01
    soldstatus $107,500 Closed 290-char remark

    Show marketing remark (290 chars)

    Here is your rare opportunity to own a 4 unit multi family in West Toledo! All 4 units are ready for new tenants! Updates include: majority of windows updated in 2022, new carpet/flooring throughout, updated paint, updated kitchens, interior and exterior doors. Schedule your showings soon!

33. 2023-01-31
    status Pending 290-char remark

    Show marketing remark (290 chars)

    Here is your rare opportunity to own a 4 unit multi family in West Toledo! All 4 units are ready for new tenants! Updates include: majority of windows updated in 2022, new carpet/flooring throughout, updated paint, updated kitchens, interior and exterior doors. Schedule your showings soon!

34. 2022-12-29
    historical Contingent 290-char remark

    Show marketing remark (290 chars)

    Here is your rare opportunity to own a 4 unit multi family in West Toledo! All 4 units are ready for new tenants! Updates include: majority of windows updated in 2022, new carpet/flooring throughout, updated paint, updated kitchens, interior and exterior doors. Schedule your showings soon!

35. 2022-12-27
    listed $119,900 Active 290-char remark

    Show marketing remark (290 chars)

    Here is your rare opportunity to own a 4 unit multi family in West Toledo! All 4 units are ready for new tenants! Updates include: majority of windows updated in 2022, new carpet/flooring throughout, updated paint, updated kitchens, interior and exterior doors. Schedule your showings soon!

36. 2022-12-20
    historical $119,900 290-char remark

    Show marketing remark (290 chars)

    Here is your rare opportunity to own a 4 unit multi family in West Toledo! All 4 units are ready for new tenants! Updates include: majority of windows updated in 2022, new carpet/flooring throughout, updated paint, updated kitchens, interior and exterior doors. Schedule your showings soon!

37. 2020-03-06
    soldstatus $74,900
38. 2020-01-21
    listed $84,900
39. 2005-03-08
    soldstatus $127,500
40. 1997-05-20
    soldstatus $44,000

ⓘ 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: $2,350 · $196/mo
• Projected year-2 tax: $2,500 · $208/mo
• Expected delta: +$150/yr (+$13/mo · 6.4%)

ⓘ 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: $38,904
• − Mortgage interest: −$9,517
• − Property taxes: −$2,350
• − Insurance: −$850
• − Repairs & maintenance: −$3,112
• − Management: −$3,112
• − Depreciation: −$4,943
• Taxable income: $15,020
• Est. tax owed @ 24.0%: −$3,605
• After-tax cash flow: $13,238/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): 28,480
• Household income: $50,728
• Rent vs Own: 45.4% rent · 54.6% own
• Severe rent burden: 1203.0

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: Majority White (63%)
• Race & ethnicity: White 63% Black 23% Two or more races 10% Hispanic / Latino 9%
• Hispanic origin (detail): Mexican 6% Puerto Rican 2%
• Common ancestry: Romanian 9% Lithuanian 3% Italian 1%
• Foreign-born: 2% · 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: ▼ -50.05%
• Current HPI: 235.5389
• Rent YoY: ▲ 6.01%
• 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

+286.1% since first listed

25 events — show timeline

• 2026-05-11 Price Changed $169,900 NORIS
• 2026-04-24 Listed $179,900 NORIS
• 2026-04-18 Coming Soon $179,900 NORIS
• 2025-10-14 Price Changed $107,500 NORIS
• 2025-10-14 Price Changed $74,900 NORIS
• 2025-09-30 Listing Removed — NORIS
• 2025-09-15 Price Changed $166,000 NORIS
• 2025-08-06 Price Changed $169,000 NORIS
• 2025-06-20 Relisted — NORIS
• 2025-05-10 Contingent — NORIS
• 2025-05-06 Relisted — NORIS
• 2025-04-28 Contingent — NORIS
• 2025-02-28 Listed $179,000 NORIS
• 2023-08-20 Rental Removed $600 APPFOLIO
• 2023-08-15 Listed for Rent $600 APPFOLIO
• 2023-02-09 Sold (Public Records) $107,500 Public Records
• 2023-02-01 Sold (MLS) $107,500 NORIS
• 2023-01-31 Pending — NORIS
• 2022-12-29 Contingent — NORIS
• 2022-12-27 Listed $119,900 NORIS
• 2022-12-20 Coming Soon $119,900 NORIS
• 2020-03-06 Sold (MLS) $74,900 NORIS
• 2020-01-21 Listed $84,900 NORIS
• 2005-03-08 Sold (Public Records) $127,500 Public Records
• 1997-05-20 Sold (Public Records) $44,000 Public Records

Property tax history

+2.1%/yr

Latest (2025): $2,350 · -0.3% YoY. Source: county tax records.