4228 N Lockwood Ave · Toledo, OH 43612

$109,000

3 bd · 1.0 ba · 1,493 sqft · SingleFamily public records · 154 Days on market

Built 1920 4,901 sqft lot Est $148k · 26% 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 +24.8/30.0
• ARV discount +15.0/15.0
• DSCR +8.1/10.0
• 1% rule +6.0/10.0
• 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

Listing remarks MLS

Vinyl sided 3 bedroom west Toledo home with 2 full baths also full basement. Formal dining room has hardwood floors kitchen. Fenced in yard and central air. This home is being sold "AS IS". HUD case #412-512177

Key facts

• 4,901 sq ft lot
• Built 1920
• Listed 154 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $109k.

Deal economics

• At list price, monthly cash flow is $232 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $109k).
• Recommended offer: $96k (12.0% below list) — sets the bar for market timing.

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; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 415 units permitted in Lucas County in 2024 (122 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $754 of loan paydown is wiped out by about $3k 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 $31k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 154 days — a 12% lower offer ($96k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 10y ago; this cycle's ask has dropped $8k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $95,920 (12.0% below list)

Questions for the listing agent

1. It's been on market 154 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
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: 1.10% ✓
• Cap rate: 8.85%
• Cash-on-cash: 9.13%
• DSCR: 1.41
• GRM: 7.6

CMA / ARV

• ARV (on-the-fly): $147,807
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4228 N Lockwood Ave	0.00mi	3/2.0	1,493 (0%)	0mo	$85,000	$57	96
4314 N Haven Ave	0.11mi	3/1.0	1,564 (+5%)	0mo	$140,500	$90	86
3938 Berkeley Dr	0.33mi	3/1.0	1,472 (-1%)	1mo	$120,000	$82	82
4407 N Lockwood Ave	0.16mi	3/1.0	1,622 (+9%)	1mo	$160,000	$99	77
4303 Overland Pkwy	0.30mi	3/1.5	1,606 (+8%)	2mo	$180,000	$112	70
1425 Hagley Rd	0.56mi	4/1.5 (+1)	1,436 (-4%)	1mo	$147,000	$102	60
3713 Drexel Dr	0.53mi	3/1.0	1,356 (-9%)	1mo	$115,000	$85	59
3753 Lockwood Ave	0.53mi	3/1.5	1,620 (+8%)	1mo	$162,000	$100	58
1532 Gould Rd	0.71mi	4/2.0 (+1)	1,525 (+2%)	1mo	$172,000	$113	53
3948 Vermaas Ave	0.55mi	3/1.0	1,296 (-13%)	1mo	$60,000	$46	52
4210 Berwick Ave	0.69mi	3/1.5	1,658 (+11%)	0mo	$178,000	$107	47
3514 Willys Pkwy	0.72mi	3/1.5	1,312 (-12%)	1mo	$64,900	$49	44

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 · 6.01% rent growth · sell at horizon

5-year hold

• IRR: 0.7%
• Equity multiple: 1.03×
• Total profit: $859
• Equity at exit: $16,252

10-year hold

• IRR: 13.1%
• Equity multiple: 2.18×
• Total profit: $36,106
• Equity at exit: $9,424

Cash invested: $30,520 (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: 7.6×

Monthly cashflow live

• Estimated rent: $1,200 high
• Mortgage (P&I): −$572
• Tax from tax record: −$99 /mo · $1,188/yr
• Insurance: −$45
• HOA: −$0
• Vacancy / Maint / Mgmt: −$252
• Net cashflow: $232

Break-even live

Break-even rent $906

Max offer price $109,000

Occupancy floor 76%

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: $27,250
• Closing costs: $3,270
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4138 N Lockwood Ave Toledo, OH	2.0	1.0	1300	$1,050	$0.81	23d	1	0.10mi
4158 Mayfield Dr Toledo, OH	2.0	1.0	960	$850	$0.89	14d	1	0.14mi
1016 Mallett St Unit 1 Toledo, OH	2.0	1.0	1300	$900	$0.69	43d	1	0.25mi
4459 N Haven Ave Toledo, OH	3.0	1.0	1416	$1,200	$0.85	14d	1	0.26mi
4223 Birchall Rd Toledo, OH	3.0	1.0	1338	$1,395	$1.04	23d	1	0.33mi
3915 Willys Pkwy Unit 3915 Toledo, OH	3.0	1.0	1080	$800	$0.74	21d	1	0.36mi
4120 Parrakeet Ave Toledo, OH	3.0	2.0	1410	$1,450	$1.03	43d	1	0.43mi
4406 Asbury Dr Toledo, OH	4.0	2.0	1089	$1,550	$1.42	14d	1	0.48mi
4129 Vermaas Ave Toledo, OH	3.0	1.5	1385	$1,250	$0.90	43d	1	0.50mi
1014 Berdan Ave Toledo, OH	3.0	1.0	1215	$1,200	$0.99	43d	1	0.51mi
4039 Vermaas Ave Toledo, OH	2.0	1.0	900	$900	$1.00	23d	1	0.51mi
1477 W Sylvania Ave Toledo, OH	3.0	1.0	1570	$1,250	$0.80	43d	1	0.51mi
4124 Vermaas Ave Toledo, OH	2.0	1.0	1245	$997	$0.80	43d	1	0.53mi
4038 Lyman Ave Toledo, OH	3.0	1.0	1175	$1,395	$1.19	43d	1	0.53mi
3805 Hoiles Ave Toledo, OH	3.0	1.0	1370	$1,025	$0.75	23d	1	0.53mi
3725 Hoiles Ave Toledo, OH	3.0	1.0	1180	$1,245	$1.06	23d	1	0.55mi
1338 Crestwood Rd Toledo, OH	3.0	1.0	1000	$1,250	$1.25	14d	1	0.56mi
3713 Hazelhurst Ave Toledo, OH	3.0	1.5	1352	$1,700	$1.26	43d	1	0.61mi
3615 Berkeley Dr Toledo, OH	3.0	1.0	1096	$1,400	$1.28	14d	1	0.61mi
4220 Caroline Ave Toledo, OH	3.0	1.0	944	$1,095	$1.16	43d	1	0.64mi
4140 Caroline Ave Toledo, OH	3.0	1.5	1378	$1,650	$1.20	23d	1	0.64mi
3950 Woodhaven Dr Toledo, OH	2.0	1.0	1072	$745	$0.69	23d	1	0.66mi
3541 Willys Pkwy Toledo, OH	3.0	1.0	1113	$1,400	$1.26	43d	1	0.68mi
3905 Peru St Toledo, OH	4.0	3.0	1548	$1,300	$0.84	21d	1	0.68mi
4614 Commonwealth Ave Toledo, OH	3.0	1.5	1459	$1,295	$0.89	14d	1	0.69mi
1489 Berdan Ave Toledo, OH	3.0	1.0	1068	$1,250	$1.17	43d	1	0.70mi
3606 Revere Dr Toledo, OH	4.0	1.0	1320	$1,500	$1.14	43d	1	0.74mi
4315 Garden Park Dr Toledo, OH	3.0	1.0	1268	$1,423	$1.12	23d	1	0.84mi
1731 Mansfield Rd Toledo, OH	3.0	1.0	1138	$1,195	$1.05	23d	1	1.11mi
1846 Loxley Rd Toledo, OH	2.0	1.0	876	$900	$1.03	43d	1	1.17mi
614 Cadillac Ct Toledo, OH	3.0	1.0	1581	$1,075	$0.68	23d	1	1.19mi
3683 Upton Ave Toledo, OH	3.0	1.0	1119	$1,100	$0.98	43d	1	1.19mi
610 Cadillac Ct Toledo, OH	3.0	1.0	1409	$1,050	$0.75	23d	1	1.19mi
5207 Bennett Rd Toledo, OH	2.0	2.0	1109	$1,200	$1.08	14d	1	1.25mi
927 W Northgate Pkwy Toledo, OH	2.0	1.0	896	$1,100	$1.23	14d	1	1.27mi
1801 Christian Ave Toledo, OH	1.0–2.0	1.0	750	$939	$1.25	14d	1	1.35mi
1718 Giant St Toledo, OH	3.0	1.0	1080	$1,395	$1.29	14d	1	1.37mi
2907 Rockwood Pl Toledo, OH	3.0	1.0	1494	$1,100	$0.74	14d	1	1.45mi
1573 Jermain Dr Toledo, OH	3.0	1.0	1254	$1,195	$0.95	14d	1	1.47mi
1804 Bigelow St Toledo, OH	3.0	1.0	995	$937	$0.94	43d	1	1.47mi

Listing history 22 events

1. 2026-03-16
   status Pending
2. 2026-01-14
   price $109,000
3. 2025-12-24
   status Active
4. 2025-12-12
   status Pending
5. 2025-11-10
   price $114,540
6. 2025-10-14
   price $17,000 221-char remark

   Show marketing remark (221 chars)

   Vinyl sided 3 bedroom west Toledo home with 2 full baths also full basement. Formal dining room has hardwood floors kitchen. Fenced in yard and central air. This home is being sold "AS IS". HUD case #412-512177

7. 2025-09-30
   listed $116,500 Active
8. 2023-07-31
   soldstatus $1,315,000
9. 2023-07-21
   soldstatus $46,964 Closed 221-char remark

   Show marketing remark (221 chars)

   Minimum bid auction $40,000 Tuesday March 21st, 2023, 3:30 PM. 1 of 5 properties being auction this day. Apart of an 8-day caravan auction. You don't want to miss these great investment opportunities! Come bid your price!

10. 2023-03-17
    status Pending 221-char remark

    Show marketing remark (221 chars)

    Minimum bid auction $40,000 Tuesday March 21st, 2023, 3:30 PM. 1 of 5 properties being auction this day. Apart of an 8-day caravan auction. You don't want to miss these great investment opportunities! Come bid your price!

11. 2023-03-17
    price $46,964 221-char remark

    Show marketing remark (221 chars)

    Minimum bid auction $40,000 Tuesday March 21st, 2023, 3:30 PM. 1 of 5 properties being auction this day. Apart of an 8-day caravan auction. You don't want to miss these great investment opportunities! Come bid your price!

12. 2023-02-19
    listed $40,000 Active 221-char remark

    Show marketing remark (221 chars)

    Minimum bid auction $40,000 Tuesday March 21st, 2023, 3:30 PM. 1 of 5 properties being auction this day. Apart of an 8-day caravan auction. You don't want to miss these great investment opportunities! Come bid your price!

13. 2016-09-23
    soldstatus $17,000 221-char remark

    Show marketing remark (221 chars)

    Vinyl sided 3 bedroom west Toledo home with 2 full baths also full basement. Formal dining room has hardwood floors kitchen. Fenced in yard and central air. This home is being sold "AS IS". HUD case #412-512177

14. 2016-08-04
    price $21,068 221-char remark

    Show marketing remark (221 chars)

    Vinyl sided 3 bedroom west Toledo home with 2 full baths also full basement. Formal dining room has hardwood floors kitchen. Fenced in yard and central air. This home is being sold "AS IS". HUD case #412-512177

15. 2016-05-20
    historical
16. 2016-05-10
    listed $21,068 221-char remark

    Show marketing remark (221 chars)

    Vinyl sided 3 bedroom west Toledo home with 2 full baths also full basement. Formal dining room has hardwood floors kitchen. Fenced in yard and central air. This home is being sold "AS IS". HUD case #412-512177

17. 2016-01-12
    listed $28,900
18. 2002-04-12
    soldstatus $69,000
19. 1998-05-08
    soldstatus $55,245
20. 1995-02-08
    soldstatus $39,000
21. 1986-10-23
    soldstatus $28,500
22. 1955-05-09
    soldstatus $28,000

ⓘ 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: $1,188 · $99/mo
• Projected year-2 tax: $1,444 · $120/mo
• Expected delta: +$256/yr (+$21/mo · 21.6%)

ⓘ 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 ≥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: $14,402
• − Mortgage interest: −$6,106
• − Property taxes: −$1,188
• − Insurance: −$545
• − Repairs & maintenance: −$1,152
• − Management: −$1,152
• − Depreciation: −$3,171
• Taxable income: $1,088
• Est. tax owed @ 24.0%: −$261
• After-tax cash flow: $2,524/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

+289.3% since first listed

22 events — show timeline

• 2026-03-16 Pending — NORIS
• 2026-01-14 Price Changed $109,000 NORIS
• 2025-12-24 Relisted — NORIS
• 2025-12-12 Pending — NORIS
• 2025-11-10 Price Changed $114,540 NORIS
• 2025-10-14 Price Changed $17,000 NORIS
• 2025-09-30 Listed $116,500 NORIS
• 2023-07-31 Sold (Public Records) $1,315,000 Public Records
• 2023-07-21 Sold (MLS) $46,964 NORIS
• 2023-03-17 Pending — NORIS
• 2023-03-17 Price Changed $46,964 NORIS
• 2023-02-19 Listed $40,000 NORIS
• 2016-09-23 Sold (MLS) $17,000 NORIS
• 2016-08-04 Price Changed $21,068 NORIS
• 2016-05-20 Listing Removed — NORIS
• 2016-05-10 Listed $21,068 NORIS
• 2016-01-12 Listed $28,900 NORIS
• 2002-04-12 Sold (Public Records) $69,000 Public Records
• 1998-05-08 Sold (Public Records) $55,245 Public Records
• 1995-02-08 Sold (Public Records) $39,000 Public Records
• 1986-10-23 Sold (Public Records) $28,500 Public Records
• 1955-05-09 Sold (Public Records) $28,000 Public Records

Property tax history

-1.2%/yr

Latest (2025): $1,188 · +6.4% YoY. Source: county tax records.