1156 Gordon St · Toledo, OH 43609

$89,500

3 bd · 3.0 ba · 1,790 sqft · MultiFamily public records · 37 Days on market

Built 1887 ↓ 40% since listing

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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 +5.4/10.0
• Rent growth +4.5/5.0
• Livability +3.3/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

This home is registered with The National Historic Society---has been recently remodeled with a 1/2 bath--- also updated with home performance improvements including insulation, heating & amp; weatherization in 2019--an extra lot also has been added for additional yard footage--- privacy fence also added in 2025--lot includes a 2 car detached garage with loft--- property has a partially furnished duplex apartment for additional income with an outside entrance --- inside entrance has an operable stair-lift

Key facts

• Extra lot
• Recently remodeled
• Privacy fence

Tags

• RECENTLY REMODELED
• HOME PERFORMANCE IMPROVEMENTS
• EXTRA LOT
• PRIVACY FENCE
• DETACHED GARAGE
• PARTIALLY FURNISHED DUPLEX

Property features AI

Exterior

• Home design: Built in 1887
• Construction: Living area approximately 1790; Historic 1887 construction
• Exterior features: Located in the Southside subdivision

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.5-bath units multifamily listed at $90k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive. Per door: $501/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $90k).
• Recommended offer: $87k (3.0% below list) — sets the bar for market timing.
• Cap rate 19.7% 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-, schools D-, crime 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.
• Market conditions: Rents rising fast (+7.8%/yr); 99 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 44% 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 $2,005/mo this rent would consume 57% of the median local household income ($42k/yr) (locally 1603% 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 ($619 loan paydown + $671 appreciation (0.8% 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 (0.8% appreciation + 7.8% rent growth), your $25k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($87k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1887 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $86,815 (3.0% below list)

Questions for the listing agent

1. It's been on market 37 days. Have you received any prior offers? Is the seller open to a 3% 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 1887 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 2.24% ✓
• Cap rate: 19.72%
• Cash-on-cash: 47.96%
• DSCR: 3.13
• GRM: 3.7

CMA / ARV

• ARV (on-the-fly): $28,640
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1266 Western Ave	0.17mi	3/2.0	1,667 (-7%)	5mo	$26,150	$16	72
825 Colburn St	0.60mi	4/2.0 (+1)	1,999 (+12%)	4mo	$50,000	$25	40
225 Wasaon St	0.68mi	4/2.0 (+1)	2,024 (+13%)	1mo	$18,700	$9	36

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

Projected returns pro-forma

0.75% appreciation · 7.8% rent growth · sell at horizon

5-year hold

• IRR: 54.9%
• Equity multiple: 3.97×
• Total profit: $74,533
• Equity at exit: $29,392

10-year hold

• IRR: 58.6%
• Equity multiple: 9.32×
• Total profit: $208,565
• Equity at exit: $38,177

Cash invested: $25,060 (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 43609

• Home prices YoY: 0.3%
• Rents YoY: 7.8%
• Active inventory: 99
• Price-to-rent: 7.4×

Monthly cashflow live

• Estimated rent: $2,005 high
• Mortgage (P&I): −$469
• Tax from tax record: −$76 /mo · $909/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$421
• Net cashflow: $1,002

Break-even live

Break-even rent $737

Max offer price $89,500

Occupancy floor 45%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2.5	$2,004
Total (2 units)			$2,005

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: $22,375
• Closing costs: $2,685
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1021 Walbridge Ave Toledo, OH	3.0	1.0	1592	$975	$0.61	43d	1	0.20mi
523 Nicholas St Toledo, OH	3.0	1.0	1290	$1,350	$1.05	13d	1	0.59mi
2424 Broadway St Toledo, OH	3.0	1.0	1416	$1,049	$0.74	13d	1	0.77mi
825 Brighton Ave Toledo, OH	3.0	1.0	1533	$1,350	$0.88	43d	1	0.88mi
319 N Detroit Ave Toledo, OH	3.0	1.0	1341	$845	$0.63	43d	1	1.02mi
1122 Pinewood Ave Toledo, OH	3.0	1.0	1559	$1,150	$0.74	13d	1	1.20mi
1140 Palmwood Ave Toledo, OH	3.0	1.0	1292	$1,500	$1.16	43d	1	1.38mi
2802 Broadway St Unit 1 Toledo, OH	3.0	1.0	1650	$1,400	$0.85	13d	1	1.44mi
337 Broadway St Unit 201 Toledo, OH	2.0	1.0	1455	$1,650	$1.13	23d	1	1.45mi

Listing history 17 events

1. 2026-06-18
   days on market $89,500 Active 37 DOM
2. 2026-06-17
   days on market $89,500 Active 36 DOM
3. 2026-06-16
   days on market $89,500 Active 35 DOM
4. 2026-06-15
   days on market $89,500 Active 34 DOM
5. 2026-06-14
   days on market $89,500 Active 32 DOM
6. 2026-06-10
   days on market $89,500 Active 29 DOM
7. 2026-06-09
   days on market $89,500 Active 28 DOM
8. 2026-06-08
   days on market $89,500 Active 27 DOM
9. 2026-06-07
   days on market $89,500 Active 26 DOM
10. 2026-06-05
    days on market $89,500 Active 23 DOM
11. 2026-06-03
    days on market $89,500 Active 22 DOM
12. 2026-06-02
    days on market $89,500 Active 21 DOM
13. 2026-06-01
    days on market $89,500 Active 20 DOM
14. 2026-05-31
    days on market $89,500 Active 19 DOM
15. 2026-05-30
    days on market $89,500 Active 18 DOM
16. 2026-05-13
    price $89,500 511-char remark
17. 2026-05-12
    listed $149,000 Active 511-char remark

ⓘ 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: $909 · $76/mo
• Projected year-2 tax: $1,152 · $96/mo
• Expected delta: +$244/yr (+$20/mo · 26.8%)

ⓘ 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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,060
• − Mortgage interest: −$5,013
• − Property taxes: −$909
• − Insurance: −$448
• − Repairs & maintenance: −$1,925
• − Management: −$1,925
• − Depreciation: −$2,604
• Taxable income: $11,237
• Est. tax owed @ 24.0%: −$2,697
• After-tax cash flow: $9,322/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): 21,404
• Household income: $42,313
• Rent vs Own: 55.7% rent · 44.3% own
• Severe rent burden: 1603.0

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 0.66)
• Race & ethnicity: White 47% Black 29% Hispanic / Latino 17% Two or more races 9%
• Hispanic origin (detail): Mexican 15%
• Common ancestry: Romanian 5% Lithuanian 2% Italian 1%
• Foreign-born: 4% · Canada, China
• Languages at home: 92% English-only · Spanish 5% Arabic 1% 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: ▲ 0.75%
• Current HPI: 235.2515
• Rent YoY: ▲ 7.80%
• 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

-39.9% since first listed

2 events — show timeline

• 2026-05-13 Price Changed $89,500 FSBO.com
• 2026-05-12 Listed $149,000 FSBO.com

Property tax history

+9.3%/yr

Latest (2025): $909 · +15.9% YoY. Source: county tax records.