219 Eastern Ave

Toledo, OH 43609

$49,900D+

5 bd · 2.0 ba · 2,206 sqft · Built 1903 · MultiFamily · Active · 128 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,156/mo
• Mortgage (P&I): −$262
• Tax + insurance: −$86
• HOA: −$0
• Vac / Maint / Mgmt: −$453
• Net cashflow: $1,355/mo
• Annual: $16,265/yr
• Cap rate: 38.89%
• Cash-on-cash: 116.41%
• DSCR: 6.18
• 1% rule: 4.32%
• Cash to close: $13,972

Investor read

• This is a 2 × 2-bed/1-bath units multifamily listed at $50k.
• At list price, monthly cash flow is $1k ($16k/yr) — positive. Per door: $678/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $50k).
• It's been on market 128 days — a 12% lower offer ($44k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $44k (12.0% below list) — sets the bar for market timing.
• In year one you build about $719 of equity ($345 loan paydown + $374 appreciation (0.8% local appreciation)).
• 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: Grove Patterson Academy Elementary School (math 47% / reading 66%, grade C+, #761 of 1,584 statewide, top 48%, 403 students, 38% FRL); Toledo Early College High School (math 72% / reading 87%, grade A-, #35 of 781 statewide, top 6%, 334 students, 45% FRL) — zoned schools average 41% FRL vs 72% district-wide (30 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 68% at this address vs 20% district-wide (+48 pts) — the actual schools serving this property are materially stronger than the Toledo City average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: built in 1903 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+7.8%/yr); 100 active listings in the ZIP; lower-income renter base — watch delinquency; 415 units permitted in Lucas County in 2024 (122 in 5+ unit buildings).
• Lucas County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 6 sale attempts since 27y ago; this cycle's ask is 7404% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $33k; list at $50k implies a 51% gain — meaningful room to come down on a strong offer.
• At projected returns (0.8% appreciation + 7.8% rent growth), your $14k cash investment doubles in ~1 year — after that, you're playing with house money.
• Cap rate 38.9% vs local median 7.7% 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.

Questions for listing agent

• It's been on market 128 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1903 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?