2171 Mellwood Ave · Toledo, OH 43613

$129,900

2 bd · 2.0 ba · 1,316 sqft · MultiFamily public records · 30 Days on market

Built 1916 0.28 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 +27.7/30.0
• DSCR +9.8/10.0
• 1% rule +7.5/10.0
• ARV discount +7.5/15.0
• Schools +3.5/10.0
• Rent growth +3.3/5.0
• Livability +3.3/5.0
• Condition / age +2.5/5.0
• 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

GOOD LOOKING DUPLEX IN WASHINGTON LOCAL SCHOOLS! MAIN UNIT HAS HARDWOOD FLOORS IN LARGE LIVING-DINING RM AND BED RM WITH BUILT IN BUREAU, CLOSETS & CUPBOARDS FOR STORAGE. SELLING WITH 6 YEAR LBP CERTIFICATION. UPDATED KITCHEN AND BATH. EACH UNIT HAS DECK. SCREEN PORCH FOR BOTH. NICELY LANDSCAPED, DEEP BACK YARD AND 2 CAR DETACHED GARAGE. LOCATED ABOUT 4 MILES FROM THE UNIVERSITY OF TOLEDO.

Key facts

• Convenient location
• Basement for storage
• Deep backyard

Tags

• CONVENIENT LOCATION
• BASEMENT FOR STORAGE
• DEEP BACKYARD

Property features AI

Finance

• Other: Lot size approximately 0.2847 acres
• Financial info: Property is a two-unit residential income duplex; Both units currently leased; Tenant(s) pay all utilities; Owner pays other expenses (unspecified)
• HOA & community: HOA information not provided

Exterior

• Parking: Detached 2-car garage; Asphalt driveway and off-street parking
• Security: Security features not provided
• Utilities: Electricity connected; Natural gas connected; Public water; Public sewer
• Home design: Residential income duplex; Two-story structure; Entry level configuration not specified; Shingle roof
• Construction: Vinyl siding; Concrete unfinished basement foundation; Year built source: public records
• Exterior features: Deck; Front porch; Level lot; City street frontage; Asphalt road surface

Interior

• Kitchen: Includes other appliances (specifics not provided)
• Bedrooms: Bedrooms located on main levels and/or upper levels (two-story duplex)
• Flooring: Carpet; Hardwood
• Bathrooms: Bathrooms information not provided
• Heating & cooling: Natural gas heating; Window air conditioning units
• Interior features: Eat-in kitchen; Screens on windows; Balcony
• Laundry & utility: Laundry located in the basement

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $130k.

Deal economics

• At list price, monthly cash flow is $392 ($5k/yr) — positive. Per door: $196/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $130k).
• Recommended offer: $128k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.9% 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.
• Washington Local (urban): math 37% / reading 47% proficiency, ranked #528 of 656 in OH (top 80%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Silver Creek Elementary School (math 32% / reading 42%, grade F, #1,087 of 1,584 statewide, top 70%, 653 students, 0% FRL); Whitmer High School (math 38% / reading 48%, grade F, #494 of 781 statewide, top 63%, 2,247 students, 42% FRL) — zoned schools average 21% FRL vs 48% district-wide (28 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; 25 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).
• This rent runs 30% 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 $898 of loan paydown is wiped out by about $4k 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 $36k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 30 days — a 2% lower offer ($128k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 21y 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.
• Current owner paid $64k; list at $130k implies a 105% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1916 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $127,951 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1916 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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: 1.25% ✓
• Cap rate: 9.91%
• Cash-on-cash: 12.93%
• DSCR: 1.58
• GRM: 6.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.3% rent growth · sell at horizon

5-year hold

• IRR: 3.1%
• Equity multiple: 1.12×
• Total profit: $4,414
• Equity at exit: $19,369

10-year hold

• IRR: 13.0%
• Equity multiple: 2.05×
• Total profit: $38,074
• Equity at exit: $11,231

Cash invested: $36,372 (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: 13.4×

Monthly cashflow live

• Estimated rent: $1,619 high
• Mortgage (P&I): −$681
• Tax from tax record: −$152 /mo · $1,822/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$340
• Net cashflow: $392

Break-even live

Break-even rent $1,123

Max offer price $129,900

Occupancy floor 71%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$1,618
Total (2 units)			$1,619

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: $32,475
• Closing costs: $3,897
• Reserves months: —
• Total cash needed: —

Rent comps 25 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1801 Christian Ave Toledo, OH	1.0–2.0	1.0	750	$939	$1.25	14d	1	0.50mi
4315 Garden Park Dr Toledo, OH	3.0	1.0	1268	$1,423	$1.12	23d	1	0.75mi
1732 Newport Ave Toledo, OH	3.0	1.0	896	$1,350	$1.51	23d	1	0.75mi
2347 Bucklew Dr Toledo, OH	3.0	2.0	1200	$1,600	$1.33	14d	1	0.81mi
4614 Commonwealth Ave Toledo, OH	3.0	1.5	1459	$1,295	$0.89	14d	1	0.81mi
2527 Arletta St Toledo, OH	2.0	1.0	1100	$1,100	$1.00	44d	1	0.82mi
2338 Bodette Ave Toledo, OH	3.0	2.0	1150	$1,800	$1.57	21d	1	0.99mi
1338 Crestwood Rd Toledo, OH	3.0	1.0	1000	$1,250	$1.25	14d	1	1.12mi
4038 Lyman Ave Toledo, OH	3.0	1.0	1175	$1,395	$1.19	44d	1	1.16mi
4223 Birchall Rd Toledo, OH	3.0	1.0	1338	$1,395	$1.04	23d	1	1.19mi
4120 Parrakeet Ave Toledo, OH	3.0	2.0	1410	$1,450	$1.03	44d	1	1.19mi
5834 Yermo Dr Toledo, OH	1.0–2.0	1.0–2.0	870	$909	$1.04	14d	12	1.23mi
4030 Elmhurst Rd Apt 2 Toledo, OH	2.0	1.0	875	$900	$1.03	44d	1	1.24mi
1477 W Sylvania Ave Toledo, OH	3.0	1.0	1570	$1,250	$0.80	44d	1	1.27mi
3683 Upton Ave Toledo, OH	3.0	1.0	1119	$1,100	$0.98	44d	1	1.29mi
3716 Rushland Ave Unit NA Toledo, OH	3.0	1.5	1559	$1,650	$1.06	14d	1	1.33mi
2132 Stirrup Ln Toledo, OH	2.0	1.0	900	$1,035	$1.15	44d	3	1.33mi
1846 Loxley Rd Toledo, OH	2.0	1.0	876	$900	$1.03	44d	1	1.34mi
3644 Harley Rd Toledo, OH	2.0	1.0	1025	$975	$0.95	23d	1	1.34mi
5941 Tetherwood Dr Toledo, OH	3.0	1.5	1364	$1,695	$1.24	23d	1	1.36mi
1489 Berdan Ave Toledo, OH	3.0	1.0	1068	$1,250	$1.17	44d	1	1.42mi
4459 N Haven Ave Toledo, OH	3.0	1.0	1416	$1,200	$0.85	14d	1	1.44mi
1731 Mansfield Rd Toledo, OH	3.0	1.0	1138	$1,195	$1.05	23d	1	1.46mi
3065 Tremainsville Rd Toledo, OH	1.0–2.0	1.0	800	$929	$1.16	14d	1	1.46mi
1417 Primrose Ave Toledo, OH	3.0	1.0	1411	$1,625	$1.15	14d	1	1.47mi

Listing history 28 events

1. 2026-06-18
   days on market $129,900 Active 30 DOM
2. 2026-06-17
   days on market $129,900 Active 29 DOM
3. 2026-06-16
   days on market $129,900 Active 28 DOM
4. 2026-06-15
   days on market $129,900 Active 27 DOM
5. 2026-06-14
   days on market $129,900 Active 25 DOM
6. 2026-06-13
   remarks 510-char remark
7. 2026-06-13
   days on market $129,900 Active 24 DOM
8. 2026-06-10
   days on market $129,900 Active 22 DOM
9. 2026-06-09
   days on market $129,900 Active 21 DOM
10. 2026-06-08
    days on market $129,900 Active 20 DOM
11. 2026-06-07
    days on market $129,900 Active 19 DOM
12. 2026-06-03
    days on market $129,900 Active 15 DOM
13. 2026-06-02
    days on market $129,900 Active 14 DOM
14. 2026-06-01
    days on market $129,900 Active 13 DOM
15. 2026-05-31
    days on market $129,900 Active 12 DOM
16. 2026-05-30
    days on market $129,900 Active 11 DOM
17. 2026-05-14
    listed $129,900 Active
18. 2025-10-14
    price $63,500 396-char remark

    Show marketing remark (236 chars)

    GREAT INCOME POTENTIAL. VINYL SIDING. NEWER WINDOWS. BEAUTIFULLY UPDATED LOWER KITCHEN/BATH. IMMACULATE. HARDWOOD FLOORS, COVED CEILING, BAY WINDOW, MINI BLINDS. 2 CAR GARAGE. DECKS UPPER & LOWER. SEPARATE ENTRANCES. DEEP, DEEP LOT.

19. 2025-10-14
    price $79,000 236-char remark

    Show marketing remark (236 chars)

    GREAT INCOME POTENTIAL. VINYL SIDING. NEWER WINDOWS. BEAUTIFULLY UPDATED LOWER KITCHEN/BATH. IMMACULATE. HARDWOOD FLOORS, COVED CEILING, BAY WINDOW, MINI BLINDS. 2 CAR GARAGE. DECKS UPPER & LOWER. SEPARATE ENTRANCES. DEEP, DEEP LOT.

20. 2018-08-28
    soldstatus $63,500
21. 2018-08-20
    soldstatus $63,500 396-char remark

    Show marketing remark (396 chars)

    GOOD LOOKING DUPLEX IN WASHINGTON LOCAL SCHOOLS! MAIN UNIT HAS HARDWOOD FLOORS IN LARGE LIVING-DINING RM AND BED RM WITH BUILT IN BUREAU, CLOSETS & CUPBOARDS FOR STORAGE. SELLING WITH 6 YEAR LBP CERTIFICATION. UPDATED KITCHEN AND BATH. EACH UNIT HAS DECK. SCREEN PORCH FOR BOTH. NICELY LANDSCAPED, DEEP BACK YARD AND 2 CAR DETACHED GARAGE. LOCATED ABOUT 4 MILES FROM THE UNIVERSITY OF TOLEDO.

22. 2017-09-26
    listed $71,900 396-char remark

    Show marketing remark (396 chars)

    GOOD LOOKING DUPLEX IN WASHINGTON LOCAL SCHOOLS! MAIN UNIT HAS HARDWOOD FLOORS IN LARGE LIVING-DINING RM AND BED RM WITH BUILT IN BUREAU, CLOSETS & CUPBOARDS FOR STORAGE. SELLING WITH 6 YEAR LBP CERTIFICATION. UPDATED KITCHEN AND BATH. EACH UNIT HAS DECK. SCREEN PORCH FOR BOTH. NICELY LANDSCAPED, DEEP BACK YARD AND 2 CAR DETACHED GARAGE. LOCATED ABOUT 4 MILES FROM THE UNIVERSITY OF TOLEDO.

23. 2006-05-09
    soldstatus $79,000
24. 2006-05-08
    soldstatus $79,000 236-char remark

    Show marketing remark (236 chars)

    GREAT INCOME POTENTIAL. VINYL SIDING. NEWER WINDOWS. BEAUTIFULLY UPDATED LOWER KITCHEN/BATH. IMMACULATE. HARDWOOD FLOORS, COVED CEILING, BAY WINDOW, MINI BLINDS. 2 CAR GARAGE. DECKS UPPER & LOWER. SEPARATE ENTRANCES. DEEP, DEEP LOT.

25. 2005-09-14
    listed $81,900 236-char remark

    Show marketing remark (236 chars)

    GREAT INCOME POTENTIAL. VINYL SIDING. NEWER WINDOWS. BEAUTIFULLY UPDATED LOWER KITCHEN/BATH. IMMACULATE. HARDWOOD FLOORS, COVED CEILING, BAY WINDOW, MINI BLINDS. 2 CAR GARAGE. DECKS UPPER & LOWER. SEPARATE ENTRANCES. DEEP, DEEP LOT.

26. 1998-08-03
    soldstatus $45,000
27. 1987-06-29
    soldstatus $40,900
28. 1973-03-19
    soldstatus $20,000

ⓘ 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: $1,822 · $152/mo
• Projected year-2 tax: $1,924 · $160/mo
• Expected delta: +$102/yr (+$9/mo · 5.6%)

ⓘ 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: $19,428
• − Mortgage interest: −$7,276
• − Property taxes: −$1,822
• − Insurance: −$650
• − Repairs & maintenance: −$1,554
• − Management: −$1,554
• − Depreciation: −$3,779
• Taxable income: $2,792
• Est. tax owed @ 24.0%: −$670
• After-tax cash flow: $4,032/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: Washington Local
• NCES district ID: 3904823
• Math proficiency: 37% ▼ -20.00%
• Reading proficiency: 47% ▼ -11.00%
• Median HH income: $42,105
• Composite: 35.36/100
• National rank: #4957
• State rank: #528 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

+549.5% since first listed

12 events — show timeline

• 2026-05-14 Listed $129,900 NORIS
• 2025-10-14 Price Changed $63,500 NORIS
• 2025-10-14 Price Changed $79,000 NORIS
• 2018-08-28 Sold (Public Records) $63,500 Public Records
• 2018-08-20 Sold (MLS) $63,500 NORIS
• 2017-09-26 Listed $71,900 NORIS
• 2006-05-09 Sold (Public Records) $79,000 Public Records
• 2006-05-08 Sold (MLS) $79,000 NORIS
• 2005-09-14 Listed $81,900 NORIS
• 1998-08-03 Sold (Public Records) $45,000 Public Records
• 1987-06-29 Sold (Public Records) $40,900 Public Records
• 1973-03-19 Sold (Public Records) $20,000 Public Records

Property tax history

+1.6%/yr

Latest (2025): $1,822 · +1.6% YoY. Source: county tax records.