2249 Pickle Rd · Oregon, OH 43616

$189,900

3 bd · 3.0 ba · 1,954 sqft · MultiFamily public records · 252 Days on market

Built 1907 0.26 ac lot $97/sqft · 148% above area

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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 +29.6/30.0
• DSCR +10.0/10.0
• 1% rule +8.4/10.0
• ARV discount +7.5/15.0
• 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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

GREAT INVESTMENT OPPORTUNITY – fantastic duplex conveniently located to schools, shopping, expressways and more! Lower unit features 1,212 square feet and includes 2 large bedrooms with walk-in closets, 2 full baths, living room, dining room (with convenient washer/dryer closet), kitchen and large basement for storage. Upper unit features 742 square feet and includes 1 bedroom and 1 bath. HUGE 2.5 car garage and large parking lot offers plenty of space for cars, parking and storage. Beautiful lot with mature trees. Live in one and rent the other or rent both – the choice is yours!

Key facts

• Large basement
• Mature trees
• 0.26 acre lot

Tags

• LARGE BASEMENT
• MATURE TREES

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/3.0-bath units multifamily listed at $190k.

Deal economics

• At list price, monthly cash flow is $687 ($8k/yr) — positive. Per door: $344/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $190k).
• Recommended offer: $167k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.6% 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.
• Market conditions: 79 active listings in the ZIP; 4 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 runs 37% of the median local income ($82k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k 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 $53k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 252 days — a 12% lower offer ($167k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y 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 $66k; list at $190k implies a 188% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $167,112 (12.0% below list)

Questions for the listing agent

1. It's been on market 252 days. Have you received any prior offers? Is the seller open to a 12% 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 1907 — 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 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?
8. 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?
9. 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.
10. 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.
11. 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: 1.34% ✓
• Cap rate: 10.64%
• Cash-on-cash: 15.51%
• DSCR: 1.69
• GRM: 6.2

CMA / ARV

• ARV (median comp): $76,515
• List price: $189,900
• Delta: 148.19%
• Verdict: OVERPRICED
• Comps: 3 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 6.3%
• Equity multiple: 1.25×
• Total profit: $13,045
• Equity at exit: $28,315

10-year hold

• IRR: 15.7%
• Equity multiple: 2.28×
• Total profit: $67,906
• Equity at exit: $16,419

Cash invested: $53,172 (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 43616

• Home prices YoY: -20.9%
• Active inventory: 79
• Price-to-rent: 12.4×

Monthly cashflow live

• Estimated rent: $2,544 high
• Mortgage (P&I): −$996
• Tax from tax record: −$248 /mo · $2,970/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$534
• Net cashflow: $687

Break-even live

Break-even rent $1,674

Max offer price $189,900

Occupancy floor 68%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	3	$2,544
Total (2 units)			$2,544

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: $47,475
• Closing costs: $5,697
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2129 Nevada St Toledo, OH	3.0	1.0	1352	$1,200	$0.89	14d	1	0.72mi
1505 Navarre Ave Toledo, OH	3.0	1.0	1331	$1,145	$0.86	44d	1	0.92mi
606 Earl St Toledo, OH	3.0	1.5	1700	$1,150	$0.68	21d	1	1.35mi
245 Plymouth St Toledo, OH	3.0	1.0	1600	$1,125	$0.70	14d	1	1.49mi

Listing history 22 events

1. 2026-06-18
   days on market $189,900 Active 252 DOM
2. 2026-06-17
   days on market $189,900 Active 251 DOM
3. 2026-06-16
   days on market $189,900 Active 250 DOM
4. 2026-06-15
   days on market $189,900 Active 249 DOM
5. 2026-06-14
   days on market $189,900 Active 247 DOM
6. 2026-06-13
   days on market $189,900 Active 246 DOM
7. 2026-06-10
   days on market $189,900 Active 244 DOM
8. 2026-06-09
   days on market $189,900 Active 243 DOM
9. 2026-06-08
   days on market $189,900 Active 242 DOM
10. 2026-06-07
    days on market $189,900 Active 241 DOM
11. 2026-06-03
    days on market $189,900 Active 237 DOM
12. 2026-06-02
    days on market $189,900 Active 236 DOM
13. 2026-06-01
    days on market $189,900 Active 235 DOM
14. 2026-05-31
    days on market $189,900 Active 234 DOM
15. 2026-05-30
    days on market $189,900 Active 233 DOM
16. 2025-10-09
    listed $189,900 Active 599-char remark

    Show marketing remark (599 chars)

    GREAT INVESTMENT OPPORTUNITY – fantastic duplex conveniently located to schools, shopping, expressways and more! Lower unit features 1,212 square feet and includes 2 large bedrooms with walk-in closets, 2 full baths, living room, dining room (with convenient washer/dryer closet), kitchen and large basement for storage. Upper unit features 742 square feet and includes 1 bedroom and 1 bath. HUGE 2.5 car garage and large parking lot offers plenty of space for cars, parking and storage. Beautiful lot with mature trees. Live in one and rent the other or rent both – the choice is yours!

17. 2024-11-11
    status Active
18. 2024-11-11
    historical
19. 2024-10-21
    status Pending
20. 2024-10-03
    price $187,900
21. 2024-08-25
    listed $174,900 Active
22. 2001-03-09
    soldstatus $66,000

ⓘ 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: $2,970 · $248/mo
• Projected year-2 tax: $2,970 · $248/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 ≥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: $30,528
• − Mortgage interest: −$10,637
• − Property taxes: −$2,970
• − Insurance: −$950
• − Repairs & maintenance: −$2,442
• − Management: −$2,442
• − Depreciation: −$5,524
• Taxable income: $5,562
• Est. tax owed @ 24.0%: −$1,335
• After-tax cash flow: $6,912/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

+187.7% since first listed

7 events — show timeline

• 2025-10-09 Listed $189,900 NORIS
• 2024-11-11 Relisted — NORIS
• 2024-11-11 Listing Removed — NORIS
• 2024-10-21 Pending — NORIS
• 2024-10-03 Price Changed $187,900 NORIS
• 2024-08-25 Listed $174,900 NORIS
• 2001-03-09 Sold (Public Records) $66,000 Public Records

Property tax history

+3.0%/yr

Latest (2025): $2,970 · +3.8% YoY. Source: county tax records.