1432 Pieper Dr · Oregon, OH 43616

$25,000

2 bd · 1.0 ba · 1,152 sqft · SingleFamily public records · 7 Days on market

Built 1907 0.35 ac lot $22/sqft · 84% below area

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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
• Schools +4.6/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

This property offers a unique opportunity for buyers seeking a blank slate to create their dream home. With good bones and a spacious lot, the house needs to be completely gutted down to the studs, allowing you to start fresh and design every detail to your taste. The open canvas is ready for your vision—make it truly yours. Sold As Is Where Is. No utilities connected and will not be reconnected. All buyers and agents must sign a hold harmless prior to gaining access to the home.

Key facts

• 0.35 acre lot
• 2 garage spots
• Built 1907

Property features AI

Exterior

• Parking: Detached garage; Concrete driveway; Total parking for 4 vehicles (2 garage spaces)
• Utilities: Cable available; Electricity available (100 amp service); Natural gas available; Public water; Public sewer (connected)
• Home design: Single-family house; Two levels; No shared/common walls; Located on a city street with asphalt frontage
• Construction: Shake siding; Block foundation; Shingle roof; Built according to public records
• Exterior features: Private yard; Deck; Privacy fencing; Garage(s) structure

Interior

• Kitchen: Kitchen on Main level
• Bedrooms: Bedroom 2 on Upper level
• Flooring: Other flooring
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Ceiling fans; Double-pane windows; 5 total rooms
• Laundry & utility: Laundry in basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $25k.

Deal economics

• At list price, monthly cash flow is $770 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $25k).
• Cap rate 43.3% vs local median 3.2% in Oregon — 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 76/100 on livability (#210 in OH, #3,303 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime D, amenities F, commute F.
• Oregon City (rural): math 48% / reading 59% proficiency, ranked #384 of 656 in OH (top 58%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Starr Elementary School (math 57% / reading 52%, grade C, #788 of 1,584 statewide, top 52%, 438 students, 44% FRL); Clay High School (math 27% / reading 69%, grade D, #429 of 781 statewide, top 55%, 1,139 students, 39% FRL).
• Market conditions: 80 active listings in the ZIP; 25 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 415 units permitted in Lucas County in 2024 (122 in 5+ unit buildings).
• This rent is only 18% of the median local income ($82k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $173 of loan paydown is wiped out by about $750 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 $7k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1907 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $25,000

Questions for the listing agent

1. Built in 1907 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
4. Crime grade is D 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?
5. 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?
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 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: 4.77% ✓
• Cap rate: 43.26%
• Cash-on-cash: 132.02%
• DSCR: 6.87
• GRM: 1.7

CMA / ARV

• ARV (median comp): $152,114
• List price: $25,000
• Delta: -83.56%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2432 Brown Rd	0.23mi	3/1.0 (+1)	1,116 (-3%)	6mo	$140,000	$125	74
2544 Cawdor Rd	0.48mi	3/1.0 (+1)	1,107 (-4%)	3mo	$177,600	$160	64
2011 Oakdale Ave	0.37mi	2/1.0	1,008 (-12%)	1mo	$170,000	$169	61
2432 Rochester Pl	0.65mi	3/1.0 (+1)	1,188 (+3%)	1mo	$199,900	$168	58
1933 Watts Ave	0.46mi	3/1.0 (+1)	1,075 (-7%)	6mo	$176,500	$164	58
1620 Reswick Dr	0.16mi	3/2.0 (+1)	991 (-14%)	6mo	$200,000	$202	55
2097 Maginnis Rd	0.37mi	3/1.0 (+1)	1,267 (+10%)	14mo	$180,000	$142	50
1722 Albert St	0.70mi	3/1.0 (+1)	1,136 (-1%)	13mo	$40,000	$35	49
1638 S Wheeling St	0.41mi	2/1.5	1,018 (-12%)	17mo	$204,000	$200	46
1047 Mambrino Rd	0.55mi	3/1.0 (+1)	1,272 (+10%)	10mo	$126,500	$99	44
932 Cresceus Rd	0.68mi	2/1.0	983 (-15%)	4mo	$118,000	$120	40
1436 Toul Ave	0.42mi	3/2.0 (+1)	1,320 (+15%)	14mo	$180,000	$136	35

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 7.43×
• Total profit: $45,016
• Equity at exit: $3,728

10-year hold

• IRR: —
• Equity multiple: 15.63×
• Total profit: $102,430
• Equity at exit: $2,162

Cash invested: $7,000 (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 43616

• Home prices YoY: -20.9%
• Active inventory: 80
• Price-to-rent: 1.7×

Monthly cashflow live

• Estimated rent: $1,194 high
• Mortgage (P&I): −$131
• Tax est. 1.5%: −$31 /mo · $375/yr
• Insurance: −$10
• HOA: −$0
• Vacancy / Maint / Mgmt: −$251
• Net cashflow: $770

Break-even live

Break-even rent $219

Max offer price $25,000

Occupancy floor 30%

Sensitivity live

Price	-10% $787	-5% $779	+0% $770	+5% $761	+10% $753
Rent	-10% $676	-5% $723	+0% $770	+5% $817	+10% $864
Rate	-1.0pp $783	-0.5pp $776	base $770	+0.5pp $764	+1.0pp $757

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: $6,250
• Closing costs: $750
• Reserves months: —
• Total cash needed: —

Rent comps 25 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2337 Burnside Ave Oregon, OH	2.0	1.0	1025	$1,150	$1.12	15d	1	0.19mi
2401 Burnside Ave Oregon, OH	2.0	1.0	1025	$1,150	$1.12	15d	1	0.21mi
2750 Pickle Rd Oregon, OH	2.0	1.0	800	$1,434	$1.79	24d	1	0.63mi
2750 Pickle Rd Oregon, OH	2.0	1.0	800	$953	$1.19	15d	1	0.63mi
1103 S Wheeling St Oregon, OH	2.0	1.0	825	$1,049	$1.27	44d	1	0.63mi
1537 Carlyle St Toledo, OH	2.0	1.0	800	$800	$1.00	24d	1	0.85mi
732 Coyne Ave Toledo, OH	3.0	1.0	968	$1,145	$1.18	15d	1	0.96mi
722 Coyne Ave Toledo, OH	2.0	1.0	900	$1,000	$1.11	15d	1	0.98mi
1205 Liberty St Unit NA Toledo, OH	3.0	1.0	864	$1,195	$1.38	44d	1	1.07mi
2129 Nevada St Toledo, OH	3.0	1.0	1352	$1,200	$0.89	15d	1	1.13mi
1106 White St Toledo, OH	3.0	1.0	1200	$1,015	$0.85	15d	1	1.14mi
948 White St Toledo, OH	3.0	1.0	1024	$1,135	$1.11	15d	1	1.21mi
1505 Navarre Ave Toledo, OH	3.0	1.0	1331	$1,145	$0.86	44d	1	1.21mi
571 Howland Ave Toledo, OH	2.0	1.0	874	$875	$1.00	44d	1	1.28mi
3101 Navarre Ave Oregon, OH	1.0	1.0	707	$825	$1.17	15d	1	1.33mi
1614 Nevada St Toledo, OH	2.0	1.0	1172	$1,000	$0.85	22d	1	1.33mi
508 Howland Ave Toledo, OH	3.0	1.0	840	$1,000	$1.19	44d	1	1.36mi
724 Plymouth St Toledo, OH	1.0	1.0	850	$750	$0.88	15d	1	1.37mi
724 Plymouth St Toledo, OH	2.0	1.0	819	$750	$0.92	44d	1	1.37mi
557 Valleywood Dr Toledo, OH	3.0	1.0	848	$1,100	$1.30	44d	1	1.40mi
2074 Starr Ave Toledo, OH	3.0	1.0	1115	$1,025	$0.92	24d	1	1.40mi
908 Forsythe St Unit Downstairs Toledo, OH	3.0	1.0	1164	$950	$0.82	44d	1	1.42mi
908 Forsythe St Unit Upstairs Toledo, OH	2.0	1.0	1164	$900	$0.77	15d	1	1.42mi
1411 Oakmont St Toledo, OH	1.0	1.0	750	$800	$1.07	15d	1	1.43mi
1537 Remington St Toledo, OH	3.0	1.0	1064	$1,095	$1.03	44d	1	1.49mi

Listing history 2 events

1. 2026-05-13
   status Pending 493-char remark
2. 2026-05-05
   listed $25,000 Active 493-char remark

ⓘ 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 3/10 Moderate FEMA zone X (unshaded) · 20% 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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,322
• − Mortgage interest: −$1,400
• − Property taxes: −$375
• − Insurance: −$125
• − Repairs & maintenance: −$1,146
• − Management: −$1,146
• − Depreciation: −$727
• Taxable income: $9,403
• Est. tax owed @ 24.0%: −$2,257
• After-tax cash flow: $6,985/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: Oregon City
• NCES district ID: 3904460
• Math proficiency: 48% ▼ -20.00%
• Reading proficiency: 59% ▼ -7.00%
• Median HH income: $53,972
• Composite: 46.03/100
• National rank: #2524
• State rank: #384 of 656 in OH

Livability — Oregon

• Score: 76/100
• State rank: #210
• US rank: #3303

Category grades

Amenities F Commute F Cost of living A+ Crime D Employment C+ Housing A+ Health & safety A+ User ratings A-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Oregon, OH
• County: Lucas County · 380,724 people
• City population: 20,309
• Metro: Toledo, OH
• Population (ZIP): 20,309
• Household income: $81,829
• Rent vs Own: 24.1% rent · 75.9% own
• Severe rent burden: 395.0

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 (86%)
• Race & ethnicity: White 86% Hispanic / Latino 8% Two or more races 6% Asian 2% Black 1%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Romanian 8% Lithuanian 6% Slovak 2%
• Foreign-born: 3% · Canada, Vietnam, China
• Languages at home: 95% English-only · Spanish 2% Vietnamese 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: ▼ -56.90%
• Current HPI: 214.6328
• 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

+18.0% since first listed

4 events — show timeline

• 2026-05-29 Sold (Public Records) $29,500 Public Records
• 2026-05-26 Sold (MLS) $29,500 NORIS
• 2026-05-13 Pending — NORIS
• 2026-05-05 Listed $25,000 NORIS

Property tax history

+6.7%/yr

Latest (2025): $1,628 · +2.1% YoY. Source: county tax records.