649 Curtis St · Toledo, OH 43609

$10,000

2 bd · 1.0 ba · 770 sqft · SingleFamily public records · 57 Days on market

Built 1911 2,700 sqft lot $13/sqft · 74% below area ↓ 56% since listing

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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

Listing remarks MLS

Fire Damaged Home. Ideal for flippers or someone looking for a project. This home is in need of a full renovation. Quiet neighborhood. Motivated Seller. Bring your cash offers.

Key facts

• 2,700 sq ft lot
• Parking
• Built 1911

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $10k.

Deal economics

• At list price, monthly cash flow is $752 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $10k).
• Recommended offer: $10k (3.0% below list) — sets the bar for market timing.
• Cap rate 96.5% 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-, schools D-, crime 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.
• Market conditions: Rents rising fast (+7.8%/yr); 99 active listings in the ZIP; 29 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 52% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 415 units permitted in Lucas County in 2024 (122 in 5+ unit buildings).

Forward outlook

• In year one you build about $144 of equity ($69 loan paydown + $75 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 $3k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 57 days — a 3% lower offer ($10k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 4y ago; this cycle's ask has dropped $2k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1911 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $9,700 (3.0% below list)

Questions for the listing agent

1. It's been on market 57 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1911 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 10.39% ✓
• Cap rate: 96.49%
• Cash-on-cash: 322.15%
• DSCR: 15.33
• GRM: 0.8

CMA / ARV

• ARV (median comp): $39,001
• List price: $10,000
• Delta: -74.36%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
109 Wellington St	0.49mi	2/1.0	859 (+12%)	3mo	$4,500	$5	56
223 Leland Ave	0.73mi	2/1.0	753 (-2%)	13mo	$34,000	$45	51

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: —
• Equity multiple: 20.01×
• Total profit: $53,216
• Equity at exit: $3,284

10-year hold

• IRR: —
• Equity multiple: 48.72×
• Total profit: $133,622
• Equity at exit: $4,266

Cash invested: $2,800 (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: 99
• Price-to-rent: 0.8×

Monthly cashflow live

• Estimated rent: $1,039 high
• Mortgage (P&I): −$52
• Tax est. 1.5%: −$12 /mo · $150/yr
• Insurance: −$4
• HOA: −$0
• Vacancy / Maint / Mgmt: −$218
• Net cashflow: $752

Break-even live

Break-even rent $87

Max offer price $10,000

Occupancy floor 23%

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: $2,500
• Closing costs: $300
• Reserves months: —
• Total cash needed: —

Rent comps 29 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
223 Charles St Toledo, OH	2.0	1.0	612	$875	$1.43	43d	1	0.15mi
416 Maumee Ave Unit D Toledo, OH	1.0	1.0	622	$475	$0.76	43d	1	0.58mi
827 Colburn St Toledo, OH	2.0	1.0	1092	$750	$0.69	43d	1	0.58mi
771 Orchard St Unit 7715 Toledo, OH	2.0	1.0	1086	$645	$0.59	23d	1	0.72mi
400 Nebraska Ave Toledo, OH	1.0	1.0	664	$1,129	$1.70	13d	1	0.73mi
244 Knower St Toledo, OH	3.0	1.0	1120	$995	$0.89	13d	1	0.75mi
1037 Orchard St Toledo, OH	2.0	1.0	696	$820	$1.18	21d	1	0.84mi
1321 Gordon St Toledo, OH	3.0	1.0	1121	$1,050	$0.94	43d	1	0.84mi
1418 Colburn St Toledo, OH	3.0	1.0	992	$1,200	$1.21	13d	1	1.05mi
34 S Erie St Unit 209 Toledo, OH	1.0	1.0	930	$1,375	$1.48	23d	1	1.06mi
34 S Erie St Unit 409 Toledo, OH	1.0	1.0	930	$1,375	$1.48	43d	1	1.06mi
34 S Erie St Unit 107 Toledo, OH	1.0	1.0	1103	$1,300	$1.18	23d	1	1.06mi
34 S Erie St Unit 202 Toledo, OH	1.0	1.0	894	$1,275	$1.43	23d	1	1.06mi
34 S Erie St Unit 611 Toledo, OH	1.0	1.0	990	$1,300	$1.31	43d	1	1.06mi
34 S Erie St Apt 602 Toledo, OH	1.0	1.0	894	$1,315	$1.47	43d	1	1.06mi
1521 Emma St Unit LABS 1521 Emma St, B 43051619729 Toledo, OH	1.0	1.0	975	$900	$0.92	43d	1	1.09mi
15 S Ontario St Apt 409 Toledo, OH	1.0	1.0	984	$1,695	$1.72	43d	1	1.09mi
1 S Erie St Toledo, OH	1.0	1.0	846	$1,410	$1.67	13d	1	1.14mi
538 Nicholas St Unit B Toledo, OH	1.0	1.0	600	$600	$1.00	43d	1	1.26mi
23 N Summit St Toledo, OH	1.0	1.0	838	$1,475	$1.76	13d	2	1.30mi
705 Nicholas St Toledo, OH	2.0	1.0	1037	$900	$0.87	43d	1	1.31mi
1026 Oakwood Ave Toledo, OH	2.0	1.0	1100	$850	$0.77	43d	1	1.38mi
123 Water St Unit 307 Toledo, OH	1.0	1.0	914	$1,445	$1.58	43d	1	1.40mi
123 Water St Unit 411 Toledo, OH	1.0	1.0	747	$1,380	$1.85	23d	1	1.40mi
1825 Collingwood Blvd Toledo, OH	1.0	1.0	710	$850	$1.20	13d	1	1.40mi
142 23rd St Toledo, OH	1.0	1.0–1.5	508	$1,395	$2.75	43d	1	1.40mi
200 N St Clair St Toledo, OH	2.0	1.0–2.0	835	$2,550	$3.05	13d	15	1.45mi
322 14th St Apt 203 Toledo, OH	3.0	1.5	1065	$1,000	$0.94	13d	1	1.47mi
332 14th St Unit 303 Toledo, OH	3.0	1.5	1040	$1,000	$0.96	43d	1	1.48mi

Listing history 21 events

1. 2026-06-18
   days on market $10,000 Active 57 DOM
2. 2026-06-17
   days on market $10,000 Active 56 DOM
3. 2026-06-16
   days on market $10,000 Active 55 DOM
4. 2026-06-15
   days on market $10,000 Active 54 DOM
5. 2026-06-14
   days on market $10,000 Active 52 DOM
6. 2026-06-10
   days on market $10,000 Active 49 DOM
7. 2026-06-09
   days on market $10,000 Active 48 DOM
8. 2026-06-08
   days on market $10,000 Active 47 DOM
9. 2026-06-07
   days on market $10,000 Active 46 DOM
10. 2026-06-05
    days on market $10,000 Active 43 DOM
11. 2026-06-03
    days on market $10,000 Active 42 DOM
12. 2026-06-02
    days on market $10,000 Active 41 DOM
13. 2026-06-01
    days on market $10,000 Active 40 DOM
14. 2026-05-31
    days on market $10,000 Active 39 DOM
15. 2026-05-30
    days on market $10,000 Active 38 DOM
16. 2026-04-25
    price $10,000 176-char remark

    Show marketing remark (176 chars)

    Fire Damaged Home. Ideal for flippers or someone looking for a project. This home is in need of a full renovation. Quiet neighborhood. Motivated Seller. Bring your cash offers.

17. 2026-04-17
    listed $12,000 Active 176-char remark

    Show marketing remark (176 chars)

    Fire Damaged Home. Ideal for flippers or someone looking for a project. This home is in need of a full renovation. Quiet neighborhood. Motivated Seller. Bring your cash offers.

18. 2025-10-13
    price $20,000 124-char remark

    Show marketing remark (124 chars)

    TWO (2) BED BASEMENT RANCH IN FAIR CONDITION. HOME NEEDS SOME UPDATING. GARAGE NEEDS TO BE TOTALLY RENOVATED OR DEMOLISHED.

19. 2022-07-26
    soldstatus $20,000 Closed 124-char remark

    Show marketing remark (124 chars)

    TWO (2) BED BASEMENT RANCH IN FAIR CONDITION. HOME NEEDS SOME UPDATING. GARAGE NEEDS TO BE TOTALLY RENOVATED OR DEMOLISHED.

20. 2022-06-23
    status Pending 124-char remark

    Show marketing remark (124 chars)

    TWO (2) BED BASEMENT RANCH IN FAIR CONDITION. HOME NEEDS SOME UPDATING. GARAGE NEEDS TO BE TOTALLY RENOVATED OR DEMOLISHED.

21. 2022-06-09
    listed $22,500 Active 124-char remark

    Show marketing remark (124 chars)

    TWO (2) BED BASEMENT RANCH IN FAIR CONDITION. HOME NEEDS SOME UPDATING. GARAGE NEEDS TO BE TOTALLY RENOVATED OR DEMOLISHED.

ⓘ 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 ≥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: $12,468
• − Mortgage interest: −$560
• − Property taxes: −$150
• − Insurance: −$50
• − Repairs & maintenance: −$997
• − Management: −$997
• − Depreciation: −$291
• Taxable income: $9,422
• Est. tax owed @ 24.0%: −$2,261
• After-tax cash flow: $6,759/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

-55.6% since first listed

6 events — show timeline

• 2026-04-25 Price Changed $10,000 NORIS
• 2026-04-17 Listed $12,000 NORIS
• 2025-10-13 Price Changed $20,000 NORIS
• 2022-07-26 Sold (MLS) $20,000 NORIS
• 2022-06-23 Pending — NORIS
• 2022-06-09 Listed $22,500 NORIS

Property tax history

+14.9%/yr

Latest (2025): $537 · +3.3% YoY. Source: county tax records.