4857 Lewis Ave · Toledo, OH 43612

$319,900

36 bd · 36.0 ba · 2,880 sqft · MultiFamily public records · 31 Days on market

Built 1929 0.46 ac lot

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +4.0/5.0
• Livability +3.3/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 6 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

WEST TOLEDO 5 FAMILY INCLUDING 3 EXTRA LOTS ZONED RESIDENTIAL. THE 5TH UNIT IS IN THE BASEMENT AND IS LEASED FOR $365/MONTH

Key facts

• Renovated kitchens
• Updated plumbing
• 0.46 acre lot

Tags

• TURNKEY INVESTMENT OPPORTUNITY
• STRONG CASH FLOW POTENTIAL
• UPDATED PLUMBING
• RENOVATED KITCHENS
• ATTIC STORAGE LOCKERS

Property features AI

Finance

• Other: Corner lot on a city street with asphalt road frontage
• Financial info: 6 total units (1 building) with 4 leased and 2 vacant; Tenants pay electricity; Owner pays common area maintenance, exterior maintenance, HVAC maintenance, repairs, sewer, water, insurance, snow removal, and lawn care
• HOA & community: Pets allowed: cats and dogs

Exterior

• Parking: 6 total parking spaces; Concrete parking; Off-street parking; On-street parking; Parking pad
• Security: Smoke detectors
• Utilities: Electricity connected (circuit breakers); Natural gas connected; Public water; Public sewer
• Home design: Residential income property (apartment, multi-family); Two stories
• Construction: Aluminum siding; Block foundation; Asphalt roof; Built year per public records
• Exterior features: Front porch; Shed(s)

Interior

• Kitchen: Gas oven; Gas range; Refrigerator
• Flooring: Combination flooring; Hardwood floors
• Heating & cooling: Boiler heating; Window air conditioning units
• Interior features: Balcony; Other interior features
• Laundry & utility: Washer; Dryer; In-basement laundry; Coin-operated laundry

What this means for you Summary

Snapshot

• This is a 6 × 6-bed/6.0-bath units multifamily listed at $320k.

Deal economics

• At list price, monthly cash flow is $3k ($41k/yr) — positive. Per door: $564/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $320k).
• Recommended offer: $310k (3.0% below list) — sets the bar for market timing.
• Cap rate 20.6% 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-, 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: Whittier Elementary School (math 6% / reading 13%, grade F, #1,505 of 1,584 statewide, top 95%, 509 students, 0% FRL); Start High School (math 11% / reading 33%, grade F, #672 of 781 statewide, top 86%, 1,242 students, 50% FRL) — zoned schools average 25% FRL vs 72% district-wide (47 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising fast (+6.0%/yr); 92 active listings in the ZIP; 415 units permitted in Lucas County in 2024 (122 in 5+ unit buildings).
• At $7,551/mo this rent would consume 179% 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 $2k of loan paydown is wiped out by about $10k 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 $90k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 31 days — a 3% lower offer ($310k) is reasonable based on typical stale-listing flexibility.
• 16 sale attempts since 24y 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.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; built in 1929 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $310,303 (3.0% below list)

Questions for the listing agent

1. It's been on market 31 days. Have you received any prior offers? Is the seller open to a 3% 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 1929 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
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: 2.36% ✓
• Cap rate: 20.59%
• Cash-on-cash: 51.07%
• DSCR: 3.27
• GRM: 3.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 46.1%
• Equity multiple: 3.10×
• Total profit: $187,670
• Equity at exit: $47,698

10-year hold

• IRR: 53.3%
• Equity multiple: 7.09×
• Total profit: $545,270
• Equity at exit: $27,659

Cash invested: $89,572 (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: 21.2×

Monthly cashflow live

• Estimated rent: $7,551 medium
• Mortgage (P&I): −$1,678
• Tax from tax record: −$343 /mo · $4,111/yr
• Insurance: −$133
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,586
• Net cashflow: $3,385

Break-even live

Break-even rent $3,266

Max offer price $319,900

Occupancy floor 50%

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

Units	Beds	Baths	Est. rent
▸ 6× units	6	6	$7,548
Total (6 units)			$7,551

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: $79,975
• Closing costs: $9,597
• Reserves months: —
• Total cash needed: —

Listing history 50 events

1. 2026-06-18
   days on market $319,900 Active 31 DOM
2. 2026-06-17
   days on market $319,900 Active 30 DOM
3. 2026-06-16
   days on market $319,900 Active 29 DOM
4. 2026-06-15
   days on market $319,900 Active 28 DOM
5. 2026-06-14
   days on market $319,900 Active 26 DOM
6. 2026-06-10
   days on market $319,900 Active 23 DOM
7. 2026-06-09
   days on market $319,900 Active 22 DOM
8. 2026-06-08
   days on market $319,900 Active 21 DOM
9. 2026-06-07
   days on market $319,900 Active 20 DOM
10. 2026-06-05
    days on market $319,900 Active 17 DOM
11. 2026-06-03
    days on market $319,900 Active 16 DOM
12. 2026-06-02
    days on market $319,900 Active 15 DOM
13. 2026-06-01
    days on market $319,900 Active 14 DOM
14. 2026-05-31
    days on market $319,900 Active 13 DOM
15. 2026-05-30
    days on market $319,900 Active 12 DOM
16. 2026-05-18
    listed $319,900 Active
17. 2025-10-14
    price $130,000 124-char remark

    Show marketing remark (374 chars)

    Extremely well maintained and turn key 6 unit apartment complex with tons of upgrades including full unit turns, plumbing, many new kitchens, flooring, and carpets. Rental income of $4125.00, this property offers a terrific investment opportunity. All tenants are up to date with their rent payments and have a positive rental history. Sale includes parcels 4857/4845/4849

18. 2025-10-14
    price $289,000 374-char remark

    Show marketing remark (374 chars)

    Extremely well maintained and turn key 6 unit apartment complex with tons of upgrades including full unit turns, plumbing, many new kitchens, flooring, and carpets. Rental income of $4125.00, this property offers a terrific investment opportunity. All tenants are up to date with their rent payments and have a positive rental history. Sale includes parcels 4857/4845/4849

19. 2025-10-14
    price $204,000

    Show marketing remark (374 chars)

    Extremely well maintained and turn key 6 unit apartment complex with tons of upgrades including full unit turns, plumbing, many new kitchens, flooring, and carpets. Rental income of $4125.00, this property offers a terrific investment opportunity. All tenants are up to date with their rent payments and have a positive rental history. Sale includes parcels 4857/4845/4849

20. 2025-10-14
    price $98,000

    Show marketing remark (374 chars)

    Extremely well maintained and turn key 6 unit apartment complex with tons of upgrades including full unit turns, plumbing, many new kitchens, flooring, and carpets. Rental income of $4125.00, this property offers a terrific investment opportunity. All tenants are up to date with their rent payments and have a positive rental history. Sale includes parcels 4857/4845/4849

21. 2024-11-14
    soldstatus $289,000
22. 2024-07-31
    soldstatus $289,000 Closed 374-char remark

    Show marketing remark (374 chars)

    Extremely well maintained and turn key 6 unit apartment complex with tons of upgrades including full unit turns, plumbing, many new kitchens, flooring, and carpets. Rental income of $4125.00, this property offers a terrific investment opportunity. All tenants are up to date with their rent payments and have a positive rental history. Sale includes parcels 4857/4845/4849

23. 2024-06-14
    historical $650
24. 2024-06-12
    historical $650
25. 2024-06-12
    listed $650
26. 2024-05-30
    historical Contingent 374-char remark

    Show marketing remark (374 chars)

    Extremely well maintained and turn key 6 unit apartment complex with tons of upgrades including full unit turns, plumbing, many new kitchens, flooring, and carpets. Rental income of $4125.00, this property offers a terrific investment opportunity. All tenants are up to date with their rent payments and have a positive rental history. Sale includes parcels 4857/4845/4849

27. 2024-05-30
    listed $650

    Show marketing remark (374 chars)

    Extremely well maintained and turn key 6 unit apartment complex with tons of upgrades including full unit turns, plumbing, many new kitchens, flooring, and carpets. Rental income of $4125.00, this property offers a terrific investment opportunity. All tenants are up to date with their rent payments and have a positive rental history. Sale includes parcels 4857/4845/4849

28. 2024-05-30
    historical $650

    Show marketing remark (374 chars)

    Extremely well maintained and turn key 6 unit apartment complex with tons of upgrades including full unit turns, plumbing, many new kitchens, flooring, and carpets. Rental income of $4125.00, this property offers a terrific investment opportunity. All tenants are up to date with their rent payments and have a positive rental history. Sale includes parcels 4857/4845/4849

29. 2024-05-23
    status Active 374-char remark

    Show marketing remark (374 chars)

    Extremely well maintained and turn key 6 unit apartment complex with tons of upgrades including full unit turns, plumbing, many new kitchens, flooring, and carpets. Rental income of $4125.00, this property offers a terrific investment opportunity. All tenants are up to date with their rent payments and have a positive rental history. Sale includes parcels 4857/4845/4849

30. 2024-05-16
    historical Contingent 374-char remark

    Show marketing remark (374 chars)

    Extremely well maintained and turn key 6 unit apartment complex with tons of upgrades including full unit turns, plumbing, many new kitchens, flooring, and carpets. Rental income of $4125.00, this property offers a terrific investment opportunity. All tenants are up to date with their rent payments and have a positive rental history. Sale includes parcels 4857/4845/4849

31. 2024-05-08
    listed $650
32. 2024-05-02
    listed $315,000 Active 374-char remark

    Show marketing remark (374 chars)

    Extremely well maintained and turn key 6 unit apartment complex with tons of upgrades including full unit turns, plumbing, many new kitchens, flooring, and carpets. Rental income of $4125.00, this property offers a terrific investment opportunity. All tenants are up to date with their rent payments and have a positive rental history. Sale includes parcels 4857/4845/4849

33. 2023-11-02
    historical $695
34. 2023-10-24
    listed $695
35. 2022-05-12
    soldstatus $204,000 Closed
36. 2022-05-03
    status Pending
37. 2022-04-19
    listed $250,000 Active
38. 2020-08-06
    soldstatus $110,000
39. 2017-12-13
    soldstatus $98,000
40. 2017-12-08
    soldstatus $98,000
41. 2017-10-20
    listed $99,900
42. 2016-12-12
    historical
43. 2013-04-17
    listed $97,500
44. 2012-10-25
    historical
45. 2011-10-25
    listed $140,000
46. 2011-07-30
    historical
47. 2011-05-03
    historical
48. 2011-05-02
    listed $140,000
49. 2010-03-05
    listed $159,900
50. 2004-03-02
    soldstatus $130,000

ⓘ 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: $4,111 · $343/mo
• Projected year-2 tax: $4,551 · $379/mo
• Expected delta: +$440/yr (+$37/mo · 10.7%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone AE · 74% 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: $90,612
• − Mortgage interest: −$17,919
• − Property taxes: −$4,111
• − Insurance: −$6,718
• − Repairs & maintenance: −$7,249
• − Management: −$7,249
• − Depreciation: −$9,306
• Taxable income: $38,059
• Est. tax owed @ 24.0%: −$9,134
• After-tax cash flow: $31,489/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

+94.0% since first listed

41 events — show timeline

• 2026-05-18 Listed $319,900 NORIS
• 2025-10-14 Price Changed $130,000 NORIS
• 2025-10-14 Price Changed $289,000 NORIS
• 2025-10-14 Price Changed $204,000 NORIS
• 2025-10-14 Price Changed $98,000 NORIS
• 2024-11-14 Sold (Public Records) $289,000 Public Records
• 2024-07-31 Sold (MLS) $289,000 NORIS
• 2024-06-14 Rental Removed $650 LEASESTAR
• 2024-06-12 Rental Removed $650 LEASESTAR
• 2024-06-12 Listed for Rent $650 LEASESTAR
• 2024-05-30 Contingent — NORIS
• 2024-05-30 Listed for Rent $650 LEASESTAR
• 2024-05-30 Rental Removed $650 LEASESTAR
• 2024-05-23 Relisted — NORIS
• 2024-05-16 Contingent — NORIS
• 2024-05-08 Listed for Rent $650 LEASESTAR
• 2024-05-02 Listed $315,000 NORIS
• 2023-11-02 Rental Removed $695 LEASESTAR
• 2023-10-24 Listed for Rent $695 LEASESTAR
• 2022-05-12 Sold (MLS) $204,000 NORIS
• 2022-05-03 Pending — NORIS
• 2022-04-19 Listed $250,000 NORIS
• 2020-08-06 Sold (Public Records) $110,000 Public Records
• 2017-12-13 Sold (Public Records) $98,000 Public Records
• 2017-12-08 Sold (MLS) $98,000 NORIS
• 2017-10-20 Listed $99,900 NORIS
• 2016-12-12 Listing Removed — NORIS
• 2013-04-17 Listed $97,500 NORIS
• 2012-10-25 Listing Removed — NORIS
• 2011-10-25 Listed $140,000 NORIS
• 2011-07-30 Listing Removed — NORIS
• 2011-05-03 Listing Removed — NORIS
• 2011-05-02 Listed $140,000 NORIS
• 2010-03-05 Listed $159,900 NORIS
• 2004-03-02 Sold (Public Records) $130,000 Public Records
• 2004-02-27 Sold (MLS) $130,000 NORIS
• 2004-02-05 Listing Removed — NORIS
• 2003-12-15 Listed $129,900 NORIS
• 2003-06-25 Listed $159,900 NORIS
• 2003-06-12 Listing Removed — NORIS
• 2002-11-20 Listed $164,900 NORIS

Property tax history

+3.4%/yr

Latest (2025): $4,111 · +2.2% YoY. Source: county tax records.