3433 Upton Ave · Toledo, OH 43613

$106,900

3 bd · 1.5 ba · 1,232 sqft · MultiFamily public records · 154 Days on market

Built 1924 3,300 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
• Rent growth +3.3/5.0
• 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 (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Can you say $500 a month positive cash flow!? That's more than your mortgage back. 2 car garage converted to apartment that is currently rented. House has new roof, new carpet, newer furnace, centralair, great opportunity. Can buy for investment with only 10% down. Call for details.

Key facts

• 3,300 sq ft lot
• 3 parking spots
• Built 1924

Property features AI

Finance

• Other: Living area reported as 1,232 (source: Assessor); Below-grade finished area: 560; Lot size approximately 0.08 acres (3,300 sq ft)
• Financial info: Property is residential income with 2 total units across 2 buildings; Both units currently vacant; Tenants are responsible for all utilities, cable TV, electricity, exterior maintenance, gas, grounds care, internet, pest control, sewer, trash, water, snow removal and lawn care; Owner is responsible for common area maintenance, HVAC maintenance, repairs, insurance and taxes
• HOA & community: Pets policy: Call; Community features include curbs and street lights

Exterior

• Parking: Assigned parking; Accessible parking; Driveway; Off-street parking; Shared driveway; Total 3 parking spaces
• Security: Security features not specified (other)
• Utilities: Electricity connected (100 amp service, circuit breakers); Natural gas connected; Public sewer; Public water; WiFi and internet available
• Home design: Residential income property — duplex; Two levels / 2 stories; Main building identified; Entry level not specified; Facing direction not specified
• Construction: Built year source: Assessor; Construction includes asphalt, aluminum siding, brick, vinyl siding and blown-in insulation; Block foundation; Asphalt shingle roof; Fencing: Other
• Exterior features: Private entrance; Front porch; Guest house; Level lot; City street frontage; Concrete road surface

Interior

• Kitchen: Dishwasher
• Bedrooms: Bedrooms information not provided
• Flooring: Carpet; Luxury vinyl; Tile
• Bathrooms: Bathrooms information not provided
• Heating & cooling: Central heating (forced air, natural gas); Central air; Electric cooling; Window unit(s)
• Interior features: Primary bathroom; Double pane windows
• Laundry & utility: Laundry in basement

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/2.0-bath units multifamily listed at $107k.

Deal economics

• At list price, monthly cash flow is $604 ($7k/yr) — positive. Per door: $302/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $107k).
• Recommended offer: $94k (12.0% below list) — sets the bar for market timing.
• Cap rate 13.1% 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: Mckinley Stemm Academy (math 2% / reading 12%, grade F, #1,527 of 1,584 statewide, top 98%, 279 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 (+3.3%/yr); 111 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 415 units permitted in Lucas County in 2024 (122 in 5+ unit buildings).
• This rent runs 32% of the median local income ($64k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $739 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 + 3.3% rent growth), your $30k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 154 days — a 12% lower offer ($94k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 27y ago; this cycle's ask has dropped $23k (18%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $60k; list at $107k implies a 78% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1924 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $94,072 (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. 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 1924 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 1.62% ✓
• Cap rate: 13.07%
• Cash-on-cash: 24.22%
• DSCR: 2.08
• GRM: 5.2

CMA / ARV

• ARV (on-the-fly): $68,992
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1725 Mansfield Rd	0.21mi	2/2.0 (-1)	1,348 (+9%)	14mo	$75,000	$56	55

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 · 3.3% rent growth · sell at horizon

5-year hold

• IRR: 17.9%
• Equity multiple: 1.73×
• Total profit: $21,712
• Equity at exit: $15,939

10-year hold

• IRR: 26.5%
• Equity multiple: 3.36×
• Total profit: $70,764
• Equity at exit: $9,243

Cash invested: $29,932 (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 43613

• Home prices YoY: -20.7%
• Rents YoY: 3.3%
• Active inventory: 111
• Price-to-rent: 10.3×

Monthly cashflow live

• Estimated rent: $1,727 high
• Mortgage (P&I): −$561
• Tax from tax record: −$155 /mo · $1,862/yr
• Insurance: −$45
• HOA: −$0
• Vacancy / Maint / Mgmt: −$363
• Net cashflow: $604

Break-even live

Break-even rent $962

Max offer price $106,900

Occupancy floor 60%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	2	$1,726
Total (2 units)			$1,727

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: $26,725
• Closing costs: $3,207
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1951 Loxley Rd Toledo, OH	2.0	1.0	804	$975	$1.21	23d	1	0.17mi
1846 Loxley Rd Toledo, OH	2.0	1.0	876	$900	$1.03	43d	1	0.18mi
3683 Upton Ave Toledo, OH	3.0	1.0	1119	$1,100	$0.98	43d	1	0.21mi
1731 Mansfield Rd Toledo, OH	3.0	1.0	1138	$1,195	$1.05	23d	1	0.23mi
1705 Marlow Rd Toledo, OH	2.0	1.0	738	$1,000	$1.36	23d	1	0.27mi
1838 Giant St Toledo, OH	3.0	1.0	962	$1,200	$1.25	14d	1	0.31mi
1732 Talbot St Toledo, OH	2.0	1.0	840	$995	$1.18	23d	1	0.31mi
1804 Bigelow St Toledo, OH	3.0	1.0	995	$937	$0.94	43d	1	0.39mi
1718 Giant St Toledo, OH	3.0	1.0	1080	$1,395	$1.29	14d	1	0.39mi
3817 Burton Ave Toledo, OH	3.0	1.0	754	$1,015	$1.35	21d	1	0.63mi
1489 Berdan Ave Toledo, OH	3.0	1.0	1068	$1,250	$1.17	43d	1	0.63mi
3430 Anderson Pkwy Toledo, OH	3.0	2.0	1372	$1,650	$1.20	23d	1	0.64mi
1573 Jermain Dr Toledo, OH	3.0	1.0	1254	$1,195	$0.95	14d	1	0.64mi
2301 Portsmouth Ave Toledo, OH	4.0	1.0	1335	$1,395	$1.04	23d	1	0.65mi
3835 Monroe St Toledo, OH	2.0	1.0	1002	$950	$0.95	43d	1	0.65mi
3803 Monroe St Toledo, OH	2.0	1.0	942	$850	$0.90	43d	1	0.68mi
3901 Leybourn Ave Toledo, OH	3.0	1.0	840	$1,150	$1.37	23d	1	0.72mi
3606 Revere Dr Toledo, OH	4.0	1.0	1320	$1,500	$1.14	43d	1	0.72mi
2244 W Sylvania Ave Unit 6 Toledo, OH	2.0	1.0	800	$795	$0.99	43d	1	0.73mi
3644 Harley Rd Toledo, OH	2.0	1.0	1025	$975	$0.95	23d	1	0.78mi
3713 Hazelhurst Ave Toledo, OH	3.0	1.5	1352	$1,700	$1.26	43d	1	0.80mi
2802 Gunckel Blvd Toledo, OH	2.0	1.0	860	$1,100	$1.28	43d	1	0.82mi
4038 Lyman Ave Toledo, OH	3.0	1.0	1175	$1,395	$1.19	43d	1	0.84mi
3022 Letchworth Pkwy Toledo, OH	2.0	1.0	800	$970	$1.21	43d	1	0.87mi
3725 Hoiles Ave Toledo, OH	3.0	1.0	1180	$1,245	$1.06	23d	1	0.87mi
3805 Hoiles Ave Toledo, OH	3.0	1.0	1370	$1,025	$0.75	23d	1	0.88mi
2734 Powhattan Pkwy Toledo, OH	2.0	1.0	1144	$900	$0.79	43d	1	0.91mi
4315 Garden Park Dr Toledo, OH	3.0	1.0	1268	$1,423	$1.12	23d	1	0.91mi
4120 Parrakeet Ave Toledo, OH	3.0	2.0	1410	$1,450	$1.03	43d	1	0.94mi
3541 Willys Pkwy Toledo, OH	3.0	1.0	1113	$1,400	$1.26	43d	1	0.95mi
3915 Willys Pkwy Unit 3915 Toledo, OH	3.0	1.0	1080	$800	$0.74	21d	1	1.05mi
4435 Jackman Rd Toledo, OH	1.0–2.0	1.0	725	$922	$1.27	14d	3	1.05mi
4223 Birchall Rd Toledo, OH	3.0	1.0	1338	$1,395	$1.04	23d	1	1.08mi
1919 Ottawa Dr Unit 7 Toledo, OH	2.0	1.0	900	$800	$0.89	43d	1	1.09mi
2356 Torrey Hill Dr Unit 11 Toledo, OH	2.0	1.0	1050	$800	$0.76	43d	1	1.09mi
2650 Christie St Toledo, OH	1.0–2.0	1.0	800	$849	$1.06	43d	1	1.15mi
2322 Upton Ave Toledo, OH	3.0	1.0	1000	$1,300	$1.30	43d	1	1.16mi
2347 Rosedale Ave Toledo, OH	2.0	1.0	767	$875	$1.14	43d	1	1.20mi
3615 Berkeley Dr Toledo, OH	3.0	1.0	1096	$1,400	$1.28	14d	1	1.22mi
1738 Milburn Ave Toledo, OH	2.0	1.0	1016	$650	$0.64	23d	1	1.22mi

Listing history 31 events

1. 2026-06-18
   days on market $106,900 Active 154 DOM
2. 2026-06-17
   days on market $106,900 Active 153 DOM
3. 2026-06-16
   days on market $106,900 Active 152 DOM
4. 2026-06-15
   days on market $106,900 Active 151 DOM
5. 2026-06-14
   days on market $106,900 Active 149 DOM
6. 2026-06-10
   days on market $106,900 Active 146 DOM
7. 2026-06-09
   days on market $106,900 Active 145 DOM
8. 2026-06-08
   days on market $106,900 Active 144 DOM
9. 2026-06-07
   pricestatusdays on market $106,900 Active 143 DOM
10. 2026-05-14
    status Pending
11. 2026-04-14
    historical Contingent
12. 2026-02-25
    price $114,900
13. 2026-02-09
    status Active
14. 2026-02-06
    historical Contingent
15. 2026-01-22
    price $124,900
16. 2026-01-22
    status Active
17. 2026-01-20
    status Pending
18. 2025-12-22
    listed $129,900 Active
19. 2025-10-14
    price $37,000 283-char remark

    Show marketing remark (283 chars)

    Can you say $500 a month positive cash flow!? That's more than your mortgage back. 2 car garage converted to apartment that is currently rented. House has new roof, new carpet, newer furnace, centralair, great opportunity. Can buy for investment with only 10% down. Call for details.

20. 2022-10-12
    soldstatus $60,000
21. 2002-05-21
    soldstatus $37,000 283-char remark

    Show marketing remark (283 chars)

    Can you say $500 a month positive cash flow!? That's more than your mortgage back. 2 car garage converted to apartment that is currently rented. House has new roof, new carpet, newer furnace, centralair, great opportunity. Can buy for investment with only 10% down. Call for details.

22. 2002-05-21
    soldstatus $37,000

    Show marketing remark (283 chars)

    Can you say $500 a month positive cash flow!? That's more than your mortgage back. 2 car garage converted to apartment that is currently rented. House has new roof, new carpet, newer furnace, centralair, great opportunity. Can buy for investment with only 10% down. Call for details.

23. 2001-10-11
    listed $39,900 283-char remark

    Show marketing remark (283 chars)

    Can you say $500 a month positive cash flow!? That's more than your mortgage back. 2 car garage converted to apartment that is currently rented. House has new roof, new carpet, newer furnace, centralair, great opportunity. Can buy for investment with only 10% down. Call for details.

24. 2000-10-25
    historical
25. 2000-06-25
    listed $49,900
26. 2000-05-17
    historical
27. 1999-11-17
    listed $49,900
28. 1995-11-20
    soldstatus $40,000
29. 1994-11-28
    soldstatus $23,000
30. 1991-10-15
    soldstatus $273,000
31. 1988-01-13
    soldstatus $27,500

ⓘ 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: $1,862 · $155/mo
• Projected year-2 tax: $1,862 · $155/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 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: $20,724
• − Mortgage interest: −$5,988
• − Property taxes: −$1,862
• − Insurance: −$534
• − Repairs & maintenance: −$1,658
• − Management: −$1,658
• − Depreciation: −$3,110
• Taxable income: $5,914
• Est. tax owed @ 24.0%: −$1,419
• After-tax cash flow: $5,829/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): 30,780
• Household income: $64,384
• Rent vs Own: 32.5% rent · 67.5% own
• Severe rent burden: 917.0

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: Predominantly White (71%)
• Race & ethnicity: White 71% Black 15% Two or more races 10% Hispanic / Latino 7%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Romanian 9% Lithuanian 3% Slovak 1%
• Foreign-born: 2% · Canada
• 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: ▼ -62.37%
• Current HPI: 239.1345
• Rent YoY: ▲ 3.30%
• 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

+317.8% since first listed

22 events — show timeline

• 2026-05-14 Pending — NORIS
• 2026-04-14 Contingent — NORIS
• 2026-02-25 Price Changed $114,900 NORIS
• 2026-02-09 Relisted — NORIS
• 2026-02-06 Contingent — NORIS
• 2026-01-22 Price Changed $124,900 NORIS
• 2026-01-22 Relisted — NORIS
• 2026-01-20 Pending — NORIS
• 2025-12-22 Listed $129,900 NORIS
• 2025-10-14 Price Changed $37,000 NORIS
• 2022-10-12 Sold (Public Records) $60,000 Public Records
• 2002-05-21 Sold (Public Records) $37,000 Public Records
• 2002-05-21 Sold (MLS) $37,000 NORIS
• 2001-10-11 Listed $39,900 NORIS
• 2000-10-25 Listing Removed — NORIS
• 2000-06-25 Listed $49,900 NORIS
• 2000-05-17 Listing Removed — NORIS
• 1999-11-17 Listed $49,900 NORIS
• 1995-11-20 Sold (Public Records) $40,000 Public Records
• 1994-11-28 Sold (Public Records) $23,000 Public Records
• 1991-10-15 Sold (Public Records) $273,000 Public Records
• 1988-01-13 Sold (Public Records) $27,500 Public Records

Property tax history

+4.9%/yr

Latest (2025): $1,862 · +22.3% YoY. Source: county tax records.