1431 N Michigan St · Toledo, OH 43604

$39,900

1 bd · 1.0 ba · 678 sqft · SingleFamily public records · 1 Days on market

Built 1897 2,900 sqft 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
• Appreciation +6.2/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0

Listing remarks MLS

Tiny home with over 125 years of history. Needs work but a great investment! Call now!

Key facts

• Tenant occupied
• Off-street parking
• 2,900 sq ft lot

Tags

• INVESTMENT OPPORTUNITY
• TENANT OCCUPIED
• IMMEDIATE RENTAL INCOME
• OFF-STREET PARKING
• ESTABLISHED RENTAL HISTORY
• STEADY INCOME POTENTIAL

Property features AI

Exterior

• Parking: Off-street parking for 1 vehicle
• Utilities: Electricity connected (100 Amp service); Natural gas connected; Public water; Public sewer
• Home design: Single-family residence; One story
• Construction: Brick and other construction materials; Other foundation details
• Exterior features: Shingle roof

Interior

• Kitchen: Main-level kitchen (approximately 8 x 10)
• Bedrooms: Bedroom 2 on the main level (approximately 10 x 12)
• Flooring: Other flooring
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; Natural gas heating
• Interior features: Five total rooms; Other interior details
• Laundry & utility: Accessible utilities or laundry

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $40k.

Deal economics

• At list price, monthly cash flow is $581 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $40k).
• Cap rate 23.8% 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: Riverside Elementary School (math 8% / reading 12%, grade F, #1,471 of 1,584 statewide, top 95%, 361 students, 0% FRL); Woodward High School (math 2% / reading 22%, grade F, #726 of 781 statewide, top 94%, 672 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: 16 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 40% 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).
• At $1,076/mo this rent would consume 62% of the median local household income ($21k/yr) (locally 693% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $1k of equity ($276 loan paydown + $938 appreciation (2.4% 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 (2.4% appreciation + 3.0% rent growth), your $11k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 2y ago; this cycle's ask has dropped $5k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $10k; list at $40k implies a 299% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1897 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $39,900

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: 2.70% ✓
• Cap rate: 23.75%
• Cash-on-cash: 62.35%
• DSCR: 3.77
• GRM: 3.1

CMA / ARV

• ARV (on-the-fly): $16,950
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1431 N Michigan St	0.00mi	1/1.0	678 (0%)	18mo	$10,000	$15	85
703 Ashwood Ave	0.75mi	2/1.0 (+1)	680 (+0%)	1mo	$36,000	$53	59
1142 Page St	0.62mi	1/1.0	772 (+14%)	12mo	$19,500	$25	38

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

Projected returns pro-forma

2.35% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 66.5%
• Equity multiple: 4.62×
• Total profit: $40,439
• Equity at exit: $16,502

10-year hold

• IRR: 66.6%
• Equity multiple: 9.40×
• Total profit: $93,895
• Equity at exit: $24,364

Cash invested: $11,172 (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 43604

• Home prices YoY: 2.1%
• Active inventory: 16
• Price-to-rent: 3.1×

Monthly cashflow live

• Estimated rent: $1,076 high
• Mortgage (P&I): −$209
• Tax from tax record: −$44 /mo · $526/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$226
• Net cashflow: $581

Break-even live

Break-even rent $341

Max offer price $39,900

Occupancy floor 41%

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: $9,975
• Closing costs: $1,197
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1007 N Summit St Unit 1010 Toledo, OH	1.0	1.0	468	$797	$1.70	44d	1	0.53mi
1007 N Summit St Unit 1010 Toledo, OH	1.0	1.0	420	$697	$1.66	23d	1	0.53mi
426 Beacon St Toledo, OH	1.0–2.0	1.0–1.5	809	$750	$0.93	14d	10	0.90mi
2807 Chestnut St Unit 2 Toledo, OH	1.0	1.0	745	$495	$0.66	21d	1	0.93mi
625 Riverside Dr Toledo, OH	1.0–2.0	1.0–2.0	860	$1,205	$1.40	14d	37	0.94mi
251 Graham St Apt A Toledo, OH	2.0	1.0	625	$850	$1.36	44d	1	1.11mi
200 N St Clair St Toledo, OH	2.0	1.0–2.0	835	$1,762	$2.11	14d	15	1.20mi
21 Magyar St Toledo, OH	2.0	1.0	680	$1,050	$1.54	44d	1	1.25mi
2039 Genesee St Toledo, OH	1.0	1.0	660	$625	$0.95	44d	1	1.25mi
123 Water St Unit 411 Toledo, OH	1.0	1.0	747	$1,380	$1.85	23d	1	1.29mi

Listing history 2 events

1. 2026-06-18
   remarks 699-char remark
2. 2026-06-18
   listed $39,900 Coming Soon 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: $526 · $44/mo
• Projected year-2 tax: $574 · $48/mo
• Expected delta: +$48/yr (+$4/mo · 9.2%)

ⓘ 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 · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,915
• − Mortgage interest: −$2,235
• − Property taxes: −$526
• − Insurance: −$200
• − Repairs & maintenance: −$1,033
• − Management: −$1,033
• − Depreciation: −$1,161
• Taxable income: $6,727
• Est. tax owed @ 24.0%: −$1,614
• After-tax cash flow: $5,352/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): 9,594
• Household income: $20,734
• Rent vs Own: 80.5% rent · 19.5% own
• Severe rent burden: 693.0

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 0.61)
• Race & ethnicity: Black 51% White 34% Two or more races 9% Hispanic / Latino 9%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Romanian 2% Slovak 1% Lithuanian 1%
• Foreign-born: 4% · Canada, South Korea, China
• Languages at home: 95% English-only · Spanish 3% Arabic 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: ▲ 2.35%
• Current HPI: 111.6154
• 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

+59.6% since first listed

12 events — show timeline

• 2026-06-18 Coming Soon $39,900 NORIS
• 2026-02-04 Listing Removed — NORIS
• 2025-10-31 Listed $44,900 NORIS
• 2025-10-24 Coming Soon — NORIS
• 2025-10-14 Price Changed $10,000 NORIS
• 2024-12-09 Sold (MLS) $10,000 NORIS
• 2024-11-03 Pending — NORIS
• 2024-10-08 Price Changed $17,500 NORIS
• 2024-09-24 Price Changed $19,900 NORIS
• 2024-07-22 Price Changed $24,500 NORIS
• 2024-06-18 Listed $25,000 NORIS
• 2024-06-13 Coming Soon $25,000 NORIS

Property tax history

+13.4%/yr

Latest (2025): $526 · +7.2% YoY. Source: county tax records.