754 Spencer St · Toledo, OH 43609

$74,900

3 bd · 1.0 ba · 1,183 sqft · SingleFamily public records · 6 Days on market

Built 1909 3,485 sqft lot Est $86k · 13% under

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Why this score? — see what drove the A- 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
• ARV discount +13.5/15.0
• DSCR +10.0/10.0
• 1% rule +9.4/10.0
• 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

Listing remarks MLS

NEWER FORCED AIR FURNACE, UPDATED ELECTRICAL, YOUR REPAIRS COULD INCREASE VALUE! - GREAT FOR INVESTMENT!

Key facts

• Generous room sizes
• Fenced backyard
• Spacious layout

Tags

• LARGE COVERED FRONT PORCH
• FENCED BACKYARD
• SPACIOUS LAYOUT
• GENEROUS ROOM SIZES

Property features AI

Exterior

• Parking: Detached garage with alley access; Off-street parking (total 1 space)
• Utilities: Public water; Sanitary sewer; Electricity connected (circuit breakers); Natural gas connected; Cable connected
• Home design: Single-family house; One and a half levels (2 stories total); Not attached to other structures; No common walls
• Construction: Vinyl siding; Wood siding; Block foundation; Shingle roof; Built as a residential single-family home
• Exterior features: Storage; Level lot

Interior

• Kitchen: Kitchen (main) approximately 12 x 12
• Bedrooms: Bedroom (upper) approximately 10 x 12; Bedroom (upper) approximately 9 x 11
• Flooring: Plank flooring; Tile flooring
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; Natural gas heating
• Interior features: Storage; 6 total rooms; Full unfinished basement
• Laundry & utility: Laundry on main level and in basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $75k.

Deal economics

• At list price, monthly cash flow is $348 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $75k).
• Cap rate 11.9% vs local median 7.5% 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: Walbridge Elementary School (math 8% / reading 22%, grade F, #1,382 of 1,584 statewide, top 88%, 280 students, 0% FRL); Bowsher High School (math 23% / reading 45%, grade F, #596 of 781 statewide, top 76%, 1,240 students, 49% 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 (+7.8%/yr); 100 active listings in the ZIP; 21 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 52% 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).
• This rent runs 31% of the median local income ($42k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $1k of equity ($518 loan paydown + $561 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 $21k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 10 sale attempts since 19y 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 $12k; list at $75k implies a 524% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1909 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $74,900

Questions for the listing agent

1. Built in 1909 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 1.44% ✓
• Cap rate: 11.87%
• Cash-on-cash: 19.91%
• DSCR: 1.89
• GRM: 5.8

CMA / ARV

• ARV (on-the-fly): $86,359
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
819 Lodge Ave	0.11mi	3/2.0	1,190 (+1%)	1mo	$65,000	$55	89
752 Hampton Ave	0.23mi	2/1.5 (-1)	1,182 (-0%)	2mo	$85,900	$73	80
1023 Shadowlawn Dr	0.37mi	3/1.0	1,193 (+1%)	2mo	$72,000	$60	80
819 Geneva Ave	0.33mi	3/1.0	1,212 (+2%)	1mo	$105,000	$87	79
855 Brighton Ave	0.20mi	3/1.0	1,070 (-10%)	2mo	$97,500	$91	74
1402 Prouty Ave	0.27mi	3/1.0	1,030 (-13%)	1mo	$50,000	$49	65
624 Carlton St	0.14mi	3/2.0	1,013 (-14%)	2mo	$134,888	$133	64
317 Eldred Ave	0.57mi	3/1.5	1,108 (-6%)	1mo	$45,000	$41	60
1039 Wright Ave	0.64mi	3/1.0	1,097 (-7%)	2mo	$15,000	$14	57
537 Lynnhaven Dr	0.62mi	3/2.0	1,088 (-8%)	1mo	$150,000	$138	53
1152 Colton St	0.61mi	3/1.0	1,046 (-12%)	1mo	$65,000	$62	52
219 Storrs	0.70mi	3/1.0	1,056 (-11%)	2mo	$81,800	$77	48

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: 25.4%
• Equity multiple: 2.34×
• Total profit: $28,116
• Equity at exit: $24,598

10-year hold

• IRR: 31.2%
• Equity multiple: 5.33×
• Total profit: $90,733
• Equity at exit: $31,949

Cash invested: $20,972 (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: 100
• Price-to-rent: 5.8×

Monthly cashflow live

• Estimated rent: $1,077 high
• Mortgage (P&I): −$393
• Tax from tax record: −$79 /mo · $950/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$226
• Net cashflow: $348

Break-even live

Break-even rent $637

Max offer price $74,900

Occupancy floor 63%

Sensitivity live

Price	-10% $390	-5% $369	+0% $348	+5% $327	+10% $306
Rent	-10% $263	-5% $305	+0% $348	+5% $391	+10% $433
Rate	-1.0pp $386	-0.5pp $367	base $348	+0.5pp $329	+1.0pp $309

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: $18,725
• Closing costs: $2,247
• Reserves months: —
• Total cash needed: —

Rent comps 21 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
724 Spencer St Toledo, OH	3.0	1.5	1127	$1,100	$0.98	45d	1	0.07mi
705 Nicholas St Toledo, OH	2.0	1.0	1037	$900	$0.87	45d	1	0.10mi
532 Carlton St Toledo, OH	3.0	1.0	1130	$1,050	$0.93	45d	1	0.26mi
523 Nicholas St Toledo, OH	3.0	1.0	1290	$1,350	$1.05	15d	1	0.28mi
1418 Colburn St Toledo, OH	3.0	1.0	992	$1,200	$1.21	15d	1	0.31mi
2424 Broadway St Toledo, OH	3.0	1.0	1416	$1,049	$0.74	15d	1	0.39mi
1734 Arlington Ave Toledo, OH	2.0	1.0	700	$800	$1.14	15d	1	0.41mi
2594 Broadway St Toledo, OH	2.0	1.0	1076	$825	$0.77	45d	1	0.43mi
1321 Gordon St Toledo, OH	3.0	1.0	1121	$1,050	$0.94	45d	1	0.58mi
2044 Arlington Ave Toledo, OH	2.0	1.0	800	$825	$1.03	22d	1	0.81mi
837 Colburn St Unit 2 Toledo, OH	2.0	1.0	1158	$695	$0.60	24d	1	0.97mi
837 Colburn St Unit 1 Toledo, OH	2.0	1.0	1178	$700	$0.59	45d	1	0.97mi
827 Colburn St Toledo, OH	2.0	1.0	1092	$750	$0.69	45d	1	0.99mi
771 Orchard St Unit 7715 Toledo, OH	2.0	1.0	1086	$645	$0.59	24d	1	1.00mi
307 Danberry St Toledo, OH	2.0	1.0	988	$950	$0.96	45d	1	1.11mi
319 N Detroit Ave Toledo, OH	3.0	1.0	1341	$845	$0.63	45d	1	1.25mi
2314 Airline Ave Toledo, OH	3.0	1.0	1123	$1,478	$1.32	24d	1	1.26mi
1785 Tecumseh St Toledo, OH	2.0	1.0	930	$900	$0.97	45d	1	1.35mi
581 Colima Dr Toledo, OH	2.0	1.0	900	$1,100	$1.22	15d	1	1.36mi
569 Colima Dr Toledo, OH	3.0	1.0	1253	$1,300	$1.04	24d	1	1.37mi
619 Durango Dr Toledo, OH	3.0	1.0	1276	$1,350	$1.06	45d	1	1.41mi

Listing history 5 events

1. 2026-06-21
   days on market $74,900 Active 6 DOM
2. 2026-06-18
   days on market $74,900 Active 3 DOM
3. 2026-06-17
   days on market $74,900 Active 2 DOM
4. 2026-06-15
   remarks 699-char remark
5. 2026-06-15
   listed $74,900 Active 1 DOM

ⓘ 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: $950 · $79/mo
• Projected year-2 tax: $1,059 · $88/mo
• Expected delta: +$109/yr (+$9/mo · 11.5%)

ⓘ 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: $12,929
• − Mortgage interest: −$4,196
• − Property taxes: −$950
• − Insurance: −$374
• − Repairs & maintenance: −$1,034
• − Management: −$1,034
• − Depreciation: −$2,179
• Taxable income: $3,162
• Est. tax owed @ 24.0%: −$759
• After-tax cash flow: $3,418/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

+149.7% since first listed

23 events — show timeline

• 2026-06-15 Listed $74,900 NORIS
• 2025-10-14 Price Changed $12,000 NORIS
• 2019-05-24 Listing Removed — NORIS
• 2018-11-16 Listed $44,900 NORIS
• 2017-09-03 Listing Removed — NORIS
• 2017-03-16 Listing Removed — NORIS
• 2017-03-03 Listed $29,900 NORIS
• 2016-02-08 Listed — NORIS
• 2013-08-23 Listing Removed — NORIS
• 2012-03-02 Listed $23,900 NORIS
• 2012-01-19 Listing Removed — NORIS
• 2011-07-18 Listed $33,900 NORIS
• 2011-07-12 Listing Removed — NORIS
• 2010-07-17 Listed $34,900 NORIS
• 2008-09-18 Listing Removed — NORIS
• 2008-03-20 Listing Removed — NORIS
• 2008-03-18 Listed $64,900 NORIS
• 2007-09-27 Listed $64,900 NORIS
• 2007-09-11 Sold (MLS) $12,000 NORIS
• 2007-08-09 Listed $16,900 NORIS
• 2005-12-09 Sold (Public Records) $64,900 Public Records
• 2003-07-24 Sold (Public Records) $68,000 Public Records
• 1992-05-18 Sold (Public Records) $30,000 Public Records

Property tax history

+3.5%/yr

Latest (2025): $950 · +1.5% YoY. Source: county tax records.