2478 Franklin Ave · Toledo, OH 43620

$55,000

3 bd · 1.0 ba · 1,690 sqft · SingleFamily public records · 9 Days on market

Built 1897 4,100 sqft lot Est $100k · 45% under

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

Listing remarks

Welcome to this charming 1,690-square-foot single-family home offering 3 bedrooms and 1 bathroom in a convenient location close to downtown. Situated on a spacious corner lot, this property provides added privacy with no close neighboring homes on either side. Updates that have already been completed, include a furnace, roof, and windows that are all less than 10 years old, giving buyers peace of mind. Located directly across from the police station and Mercy Health, you'll enjoy easy access to local services and amenities. Full of potential and ready for your personal touch, this home is a great opportunity to create the space you've always envisioned while building equity along the way. N

Key facts

• Corner lot
• 4,100 sq ft lot
• Built 1897

Tags

• CORNER LOT
• NO CLOSE NEIGHBORING HOMES
• FURNACE LESS THAN 10 YEARS OLD
• ROOF LESS THAN 10 YEARS OLD
• WINDOWS LESS THAN 10 YEARS OLD

Property features AI

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer; Other utilities
• Home design: Single-family residence; Two-and-a-half levels; Two stories total; Not attached to other properties; No common walls
• Construction: Vinyl siding; Other foundation
• Exterior features: Shingle roof

Interior

• Kitchen: Kitchen on main level (approx. 10 x 14)
• Bedrooms: Three bedrooms located on the upper level (approx. 12 x 14; 11 x 12; 10 x 12)
• Flooring: Hardwood floors
• Bathrooms: One full bathroom
• Heating & cooling: Forced air heating; Natural gas heating
• Interior features: Six total rooms; Basement present; Other interior features
• Laundry & utility: Laundry in the basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $55k.

Deal economics

• At list price, monthly cash flow is $478 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $55k).
• Cap rate 16.7% 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: Glenwood Elementary School (math 2% / reading 12%, grade F, #1,527 of 1,584 statewide, top 98%, 300 students, 0% FRL); Jesup W. Scott High School (math 8% / reading 17%, grade F, #726 of 781 statewide, top 94%, 736 students, 0% FRL) — zoned schools average 0% FRL vs 72% district-wide (72 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 22 active listings in the ZIP; 29 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 415 units permitted in Lucas County in 2024 (122 in 5+ unit buildings).
• At $1,137/mo this rent would consume 64% of the median local household income ($21k/yr) — 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 $380 of loan paydown is wiped out by about $2k 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 $15k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1897 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $55,000

Questions for the listing agent

1. Built in 1897 — 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 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?
4. 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?
5. 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.
6. 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.
7. 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: 2.07% ✓
• Cap rate: 16.72%
• Cash-on-cash: 37.26%
• DSCR: 2.66
• GRM: 4.0

CMA / ARV

• ARV (on-the-fly): $99,710
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2446 Fulton St	0.26mi	3/2.0	1,572 (-7%)	2mo	$108,500	$69	70
2459 Franklin Ave	0.05mi	3/1.5	1,436 (-15%)	2mo	$100,000	$70	69
298 W Park St	0.62mi	3/1.0	1,626 (-4%)	4mo	$33,000	$20	62
326 Palmer St	0.46mi	3/1.0	1,536 (-9%)	4mo	$45,000	$29	60
141 Dexter St	0.44mi	4/1.0 (+1)	1,596 (-6%)	7mo	$114,900	$72	59
427 W Delaware Ave	0.44mi	3/1.0	1,879 (+11%)	4mo	$6,888	$4	58
324 Moss St	0.45mi	3/1.0	1,440 (-15%)	3mo	$49,000	$34	52
2919 Chestnut St	0.73mi	4/2.0 (+1)	1,726 (+2%)	2mo	$95,000	$55	51
304 Dexter St	0.54mi	4/2.5 (+1)	1,760 (+4%)	7mo	$112,000	$64	51
292 W Park St	0.62mi	3/1.5	1,544 (-9%)	6mo	$56,000	$36	50
207 E Bancroft St	0.49mi	4/1.5 (+1)	1,436 (-15%)	2mo	$85,000	$59	44
127 W Bancroft St	0.52mi	4/1.5 (+1)	1,436 (-15%)	3mo	$130,000	$91	42

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: 33.2%
• Equity multiple: 2.40×
• Total profit: $21,582
• Equity at exit: $8,201

10-year hold

• IRR: 40.2%
• Equity multiple: 4.78×
• Total profit: $58,176
• Equity at exit: $4,755

Cash invested: $15,400 (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 43620

• Home prices YoY: -33.0%
• Active inventory: 22
• Price-to-rent: 4.0×

Monthly cashflow live

• Estimated rent: $1,137 high
• Mortgage (P&I): −$288
• Tax from tax record: −$109 /mo · $1,306/yr
• Insurance: −$23
• HOA: −$0
• Vacancy / Maint / Mgmt: −$239
• Net cashflow: $478

Break-even live

Break-even rent $532

Max offer price $55,000

Occupancy floor 53%

Sensitivity live

Price	-10% $509	-5% $494	+0% $478	+5% $463	+10% $447
Rent	-10% $388	-5% $433	+0% $478	+5% $523	+10% $568
Rate	-1.0pp $506	-0.5pp $492	base $478	+0.5pp $464	+1.0pp $449

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: $13,750
• Closing costs: $1,650
• Reserves months: —
• Total cash needed: —

Rent comps 29 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
152 Austin St Toledo, OH	4.0	1.5	1370	$1,150	$0.84	24d	1	0.24mi
119 Winthrop St Toledo, OH	3.0	1.0	1734	$1,350	$0.78	24d	1	0.27mi
2131 Franklin Ave Toledo, OH	2.0	2.0	1255	$900	$0.72	45d	1	0.52mi
2621 Chestnut St Toledo, OH	3.0	1.0	1444	$1,250	$0.87	45d	1	0.56mi
425 Boston Pl Unit A Toledo, OH	2.0	1.0	1200	$895	$0.75	24d	1	0.59mi
31 W Oakland St Toledo, OH	4.0	1.0	1188	$1,249	$1.05	24d	1	0.77mi
1337 Moore St Toledo, OH	3.0	1.5	1194	$995	$0.83	22d	1	0.79mi
2907 Rockwood Pl Toledo, OH	3.0	1.0	1494	$1,100	$0.74	15d	1	0.81mi
59 E Hudson St Toledo, OH	3.0	1.0	1368	$1,100	$0.80	45d	1	0.85mi
610 Cadillac Ct Toledo, OH	3.0	1.0	1409	$1,050	$0.75	24d	1	0.97mi
614 Cadillac Ct Toledo, OH	3.0	1.0	1581	$1,075	$0.68	24d	1	0.98mi
2447 Maplewood Ave Toledo, OH	2.0	1.0	1538	$897	$0.58	45d	1	0.98mi
516 E Hudson St Toledo, OH	3.0	1.0	1204	$1,098	$0.91	15d	1	1.02mi
322 14th St Apt 203 Toledo, OH	3.0	1.5	1065	$1,000	$0.94	15d	1	1.03mi
1031 N Michigan St Toledo, OH	3.0	2.0	1488	$1,195	$0.80	24d	1	1.03mi
524 E Hudson St Toledo, OH	3.0	1.0	1150	$895	$0.78	22d	1	1.04mi
524 E Hudson St Toledo, OH	2.0	1.0	1050	$825	$0.79	45d	1	1.04mi
424 E Lake St Toledo, OH	3.0	1.0	1228	$1,075	$0.88	15d	1	1.08mi
626 Walnut St Toledo, OH	3.0	1.0	1088	$995	$0.91	45d	1	1.14mi
960 W Delaware Ave Toledo, OH	3.0	1.0	1224	$1,050	$0.86	24d	1	1.15mi
724 Mulberry St Toledo, OH	4.0	1.0	1530	$995	$0.65	45d	1	1.22mi
710 E Lake St Toledo, OH	3.0	1.0	1242	$1,000	$0.81	15d	1	1.28mi
513 Adams St Toledo, OH	1.0–2.0	1.0	1175	$1,424	$1.21	15d	11	1.32mi
830 Homer Ave Toledo, OH	3.0	1.0	1208	$895	$0.74	45d	1	1.38mi
1119 N Summit St Toledo, OH	1.0–2.0	1.0–2.0	1023	$1,750	$1.71	15d	2	1.40mi
1119 N Summit St Toledo, OH	2.0	2.0	1226	$1,750	$1.43	24d	1	1.40mi
1119 N Summit St Toledo, OH	2.0	2.0	1500	$1,890	$1.26	45d	1	1.40mi
1449 N Huron St Toledo, OH	4.0	2.0	1430	$1,045	$0.73	15d	1	1.42mi
1536 N Erie St Toledo, OH	4.0	1.0	1600	$1,300	$0.81	45d	1	1.45mi

Listing history 7 events

1. 2026-06-14
   statusdays on market $55,000 Pending 9 DOM
2. 2026-06-10
   days on market $55,000 Active 6 DOM
3. 2026-06-09
   days on market $55,000 Active 5 DOM
4. 2026-06-08
   days on market $55,000 Active 4 DOM
5. 2026-06-07
   days on market $55,000 Active 3 DOM
6. 2026-06-05
   remarks 699-char remark
7. 2026-06-05
   listed $55,000 Active 1 DOM

ⓘ 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: $1,306 · $109/mo
• Projected year-2 tax: $1,306 · $109/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 6/10 Major FEMA zone X (unshaded) · 74% 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: $13,646
• − Mortgage interest: −$3,081
• − Property taxes: −$1,306
• − Insurance: −$275
• − Repairs & maintenance: −$1,092
• − Management: −$1,092
• − Depreciation: −$1,600
• Taxable income: $5,200
• Est. tax owed @ 24.0%: −$1,248
• After-tax cash flow: $4,490/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 · 437,818 people
• City population: 280,811
• Metro: Toledo, OH
• Population (ZIP): 5,039
• Household income: $21,405
• Rent vs Own: 70.9% rent · 29.1% own
• Severe rent burden: 2.1

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 0.60)
• Race & ethnicity: Black 51% White 36% Hispanic / Latino 9% Two or more races 7%
• Hispanic origin (detail): Mexican 8% Puerto Rican 1%
• Common ancestry: Romanian 4% Lithuanian 2% Italian 2%
• Foreign-born: 2% · Canada
• Languages at home: 98% English-only · Other Indo-European 1% Tagalog/Filipino 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: ▼ -63.87%
• Current HPI: 129.7922
• Rent YoY: —
• Metro: —
• 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

1 event — show timeline

• 2026-06-04 Listed $55,000 NORIS

Property tax history

+13.7%/yr

Latest (2025): $1,306 · +2.2% YoY. Source: county tax records.