2010 Airport Hwy · Toledo, OH 43609

$8,000

6 bd · 3.0 ba · 2,178 sqft · MultiFamily public records · 75 Days on market

Built 1912 4,800 sqft 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
• Appreciation +5.4/10.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Rent growth +4.5/5.0
• Livability +3.3/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0

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

Great opportunity for investors or buyers looking to add value. Property is being sold as-is and presents strong potential with the right improvements. Please note the property must be lead certified by 6/18/2026 per health department requirements. The City of Toledo has flagged a significant foundation gap that will need to be addressed promptly. Buyers should perform all due diligence and factor repairs into their plans. A Vetting Form must be completed as part of the transaction in order for title to close. Serious inquiries only—priced accordingly for condition and required improvements.

Key facts

• 4,800 sq ft lot
• Parking
• Built 1912

What this means for you Summary

Snapshot

• This is a 6-bed/3.0-bath multifamily listed at $8k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $8k).
• Recommended offer: $8k (6.0% below list) — sets the bar for market timing.
• Cap rate 182.3% 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-, 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: Grove Patterson Academy Elementary School (math 47% / reading 66%, grade C+, #761 of 1,584 statewide, top 48%, 403 students, 38% FRL); Bowsher High School (math 23% / reading 45%, grade F, #596 of 781 statewide, top 76%, 1,240 students, 49% FRL) — zoned schools average 44% FRL vs 72% district-wide (28 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 45% at this address vs 20% district-wide (+26 pts) — the actual schools serving this property are materially stronger than the Toledo City average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising fast (+7.8%/yr); 100 active listings in the ZIP; 1 comparable units currently listed for rent nearby; lower-income renter base — watch delinquency; 415 units permitted in Lucas County in 2024 (122 in 5+ unit buildings).
• This rent runs 44% 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 $115 of equity ($55 loan paydown + $60 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 $2k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 75 days — a 6% lower offer ($8k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 12y ago; this cycle's ask has dropped $39k (83%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

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

Recommended offer $7,520 (6.0% below list)

Questions for the listing agent

1. It's been on market 75 days. Have you received any prior offers? Is the seller open to a 6% 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. 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. 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?
8. 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.
9. 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.
10. 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: 19.44% ✓
• Cap rate: 182.26%
• Cash-on-cash: 628.44%
• DSCR: 28.96
• GRM: 0.4

CMA / ARV

• ARV (median comp): $78,067
• List price: $8,000
• Delta: -89.75%
• Verdict: UNDERPRICED
• Comps: 16 within 1.0 mi

Projected returns pro-forma

0.75% appreciation · 7.8% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 37.90×
• Total profit: $82,663
• Equity at exit: $2,627

10-year hold

• IRR: —
• Equity multiple: 92.67×
• Total profit: $205,351
• Equity at exit: $3,412

Cash invested: $2,240 (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: 0.4×

Monthly cashflow live

• Estimated rent: $1,555 medium
• Mortgage (P&I): −$42
• Tax est. 1.5%: −$10 /mo · $120/yr
• Insurance: −$3
• HOA: −$0
• Vacancy / Maint / Mgmt: −$327
• Net cashflow: $1,173

Break-even live

Break-even rent $70

Max offer price $8,000

Occupancy floor 20%

Sensitivity live

Price	-10% $1,179	-5% $1,176	+0% $1,173	+5% $1,170	+10% $1,168
Rent	-10% $1,050	-5% $1,112	+0% $1,173	+5% $1,235	+10% $1,296
Rate	-1.0pp $1,177	-0.5pp $1,175	base $1,173	+0.5pp $1,171	+1.0pp $1,169

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: $2,000
• Closing costs: $240
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1420 Addington Rd Toledo, OH	5.0	1.5	1728	$1,500	$0.87	45d	1	1.46mi

Listing history 7 events

1. 2026-04-14
   price $8,000 607-char remark

   Show marketing remark (607 chars)

   Great opportunity for investors or buyers looking to add value. Property is being sold as-is and presents strong potential with the right improvements. Please note the property must be lead certified by 6/18/2026 per health department requirements. The City of Toledo has flagged a significant foundation gap that will need to be addressed promptly. Buyers should perform all due diligence and factor repairs into their plans. A Vetting Form must be completed as part of the transaction in order for title to close. Serious inquiries only—priced accordingly for condition and required improvements.

2. 2026-03-30
   status Active 607-char remark

   Show marketing remark (607 chars)

   Great opportunity for investors or buyers looking to add value. Property is being sold as-is and presents strong potential with the right improvements. Please note the property must be lead certified by 6/18/2026 per health department requirements. The City of Toledo has flagged a significant foundation gap that will need to be addressed promptly. Buyers should perform all due diligence and factor repairs into their plans. A Vetting Form must be completed as part of the transaction in order for title to close. Serious inquiries only—priced accordingly for condition and required improvements.

3. 2025-12-28
   status Pending 607-char remark

   Show marketing remark (607 chars)

   Great opportunity for investors or buyers looking to add value. Property is being sold as-is and presents strong potential with the right improvements. Please note the property must be lead certified by 6/18/2026 per health department requirements. The City of Toledo has flagged a significant foundation gap that will need to be addressed promptly. Buyers should perform all due diligence and factor repairs into their plans. A Vetting Form must be completed as part of the transaction in order for title to close. Serious inquiries only—priced accordingly for condition and required improvements.

4. 2025-11-21
   listed $47,400 Active 607-char remark

   Show marketing remark (607 chars)

   Great opportunity for investors or buyers looking to add value. Property is being sold as-is and presents strong potential with the right improvements. Please note the property must be lead certified by 6/18/2026 per health department requirements. The City of Toledo has flagged a significant foundation gap that will need to be addressed promptly. Buyers should perform all due diligence and factor repairs into their plans. A Vetting Form must be completed as part of the transaction in order for title to close. Serious inquiries only—priced accordingly for condition and required improvements.

5. 2025-08-25
   soldstatus $23,000
6. 2014-10-10
   historical
7. 2014-04-10
   listed $40,000

ⓘ 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: $18,659
• − Mortgage interest: −$448
• − Property taxes: −$120
• − Insurance: −$40
• − Repairs & maintenance: −$1,493
• − Management: −$1,493
• − Depreciation: −$233
• Taxable income: $14,833
• Est. tax owed @ 24.0%: −$3,560
• After-tax cash flow: $10,517/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

-80.0% since first listed

7 events — show timeline

• 2026-04-14 Price Changed $8,000 NORIS
• 2026-03-30 Relisted — NORIS
• 2025-12-28 Pending — NORIS
• 2025-11-21 Listed $47,400 NORIS
• 2025-08-25 Sold (Public Records) $23,000 Public Records
• 2014-10-10 Listing Removed — NORIS
• 2014-04-10 Listed $40,000 NORIS

Property tax history

+0.7%/yr

Latest (2025): $1,776 · +0.4% YoY. Source: county tax records.