1927 Nevada St · Toledo, OH 43605

$39,900

1 bd · 1.0 ba · 836 sqft · SingleFamily public records · 12 Days on market

Built 1887 5,000 sqft lot $48/sqft · 31% below area Est $58k · 31% under ↓ 5% 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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +3.8/5.0
• Livability +3.3/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0
• Appreciation +0.0/10.0

Listing remarks

SUPER VALUE ON THIS 2, POSSIBLE 3 BEDROOM RANCH HOME. SOME NEWER WINDOWS, NEW HOT WATER TANK, NEWER ROOF ON MAIN HOME. NICE FRONT PORCH AND LARGE REAR YARD. PART BASEMENT. LONG-TERM TENANT IS MONTH TO MONTH. SHOWINGS WITH ACCEPTED OFFER.

Key facts

• New hot water tank
• Newer roof
• Nice front porch

Tags

• NEW HOT WATER TANK
• NEWER ROOF
• LARGE REAR YARD
• NICE FRONT PORCH

Property features AI

Exterior

• Parking: Driveway
• Utilities: Electricity connected (fuses); Natural gas connected; Public water; Public sewer
• Home design: Single-family residence (house); One story
• Construction: Wood siding; Block foundation and crawl space
• Exterior features: Front patio; Shingle roof

Interior

• Kitchen: Kitchen on main level (approx. 10 x 9); Appliances: Other
• Bedrooms: Bedroom on main level (approx. 8 x 9); Second bedroom on main level (approx. 11 x 9)
• Flooring: Carpet flooring
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating
• Interior features: 6 total rooms; Other interior features
• Laundry & utility: Laundry located in basement

🏷️ Possibly a rental listed for sale. The $39,900 price doesn't fit this home's estimated sale value (~$57,950) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $40k.

Deal economics

• At list price, monthly cash flow is $386 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($862 rent vs $40k).
• Cap rate 17.9% 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.
• 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: Raymer Elementary School (math 14% / reading 16%, grade F, #1,377 of 1,584 statewide, top 87%, 424 students, 0% FRL); Waite High School (math 12% / reading 24%, grade F, #687 of 781 statewide, top 88%, 997 students, 0% FRL) — zoned schools average 0% FRL vs 72% district-wide (72 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising fast (+5.4%/yr); 117 active listings in the ZIP; 27 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 48% 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $276 of loan paydown is wiped out by about $1k 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 + 5.4% rent growth), your $11k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

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

Recommended offer $39,900

Questions for the listing agent

1. Built in 1887 — 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: 2.16% ✓
• Cap rate: 17.90%
• Cash-on-cash: 41.45%
• DSCR: 2.84
• GRM: 3.9

CMA / ARV

• ARV (median comp): $57,950
• List price: $39,900
• Delta: -31.15%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
651 Dearborn Ave	0.28mi	2/1.0 (+1)	858 (+3%)	1mo	$41,000	$48	76
1915 Navarre Ave	0.24mi	2/1.0 (+1)	872 (+4%)	10mo	$65,000	$75	68
319 White St	0.48mi	2/1.0 (+1)	848 (+1%)	4mo	$40,000	$47	67
318 Heffner St	0.37mi	2/1.0 (+1)	798 (-4%)	10mo	$72,500	$91	62
567 Dearborn Ave	0.36mi	2/1.0 (+1)	779 (-7%)	10mo	$67,100	$86	59
2121 Nevada St	0.28mi	2/1.0 (+1)	731 (-13%)	4mo	$69,000	$94	58
2325 Wilkes Rd	0.69mi	2/1.0 (+1)	844 (+1%)	5mo	$123,750	$147	57
218 Midvale Ave	0.49mi	2/1.0 (+1)	864 (+3%)	12mo	$89,900	$104	56
2023 Navarre Ave	0.28mi	2/1.0 (+1)	760 (-9%)	12mo	$78,000	$103	56
643 Willard St	0.49mi	2/1.0 (+1)	912 (+9%)	7mo	$39,500	$43	51
531 Plymouth St	0.41mi	2/1.0 (+1)	720 (-14%)	11mo	$6,000	$8	43
325 E Broadway St	0.69mi	2/1.0 (+1)	919 (+10%)	8mo	$67,000	$73	39

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 · 5.37% rent growth · sell at horizon

5-year hold

• IRR: 40.8%
• Equity multiple: 2.81×
• Total profit: $20,243
• Equity at exit: $5,949

10-year hold

• IRR: 48.2%
• Equity multiple: 6.23×
• Total profit: $58,439
• Equity at exit: $3,450

Cash invested: $11,172 (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 43605

• Home prices YoY: -25.6%
• Rents YoY: 5.4%
• Active inventory: 117
• Price-to-rent: 3.9×

Monthly cashflow live

• Estimated rent: $862 high
• Mortgage (P&I): −$209
• Tax from tax record: −$69 /mo · $826/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$181
• Net cashflow: $386

Break-even live

Break-even rent $373

Max offer price $39,900

Occupancy floor 50%

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: $9,975
• Closing costs: $1,197
• Reserves months: —
• Total cash needed: —

Rent comps 27 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
571 Howland Ave Toledo, OH	2.0	1.0	874	$875	$1.00	43d	1	0.04mi
578 Dearborn Ave Unit 2 Toledo, OH	1.0	1.0	660	$750	$1.14	23d	1	0.34mi
722 Coyne Ave Toledo, OH	2.0	1.0	900	$1,000	$1.11	13d	1	0.37mi
1311 Mason St Unit 2 Toledo, OH	1.0	1.0	950	$703	$0.74	13d	1	0.44mi
724 Plymouth St Toledo, OH	2.0	1.0	819	$750	$0.92	43d	1	0.47mi
724 Plymouth St Toledo, OH	1.0	1.0	850	$750	$0.88	13d	1	0.47mi
1123 Nevada St Toledo, OH	2.0	1.0	792	$900	$1.14	13d	1	0.50mi
223 Valleywood Dr Toledo, OH	2.0	1.0	1098	$1,099	$1.00	23d	1	0.57mi
315 Parker Ave Unit 3 Toledo, OH	1.0	1.0	1029	$799	$0.78	23d	1	0.66mi
653 Oswald St Toledo, OH	2.0	1.0	920	$800	$0.87	43d	1	0.71mi
251 Graham St Apt A Toledo, OH	2.0	1.0	625	$850	$1.36	43d	1	0.91mi
414 Platt St Unit ST-1 Toledo, OH	1.0	1.0	800	$800	$1.00	43d	1	0.92mi
912 Willow Ave Toledo, OH	1.0	1.0	900	$850	$0.94	43d	1	0.96mi
451 5th St Apt 1 Toledo, OH	1.0	1.0	850	$650	$0.76	43d	1	0.98mi
537 Potter St Toledo, OH	1.0	1.0	1000	$600	$0.60	43d	1	1.04mi
946 Butler St Toledo, OH	2.0	1.0	944	$650	$0.69	43d	1	1.05mi
470 2nd St Unit 1 Toledo, OH	2.0	1.0	950	$799	$0.84	43d	1	1.09mi
1103 S Wheeling St Oregon, OH	2.0	1.0	825	$1,049	$1.27	43d	1	1.17mi
21 Magyar St Toledo, OH	2.0	1.0	680	$1,050	$1.54	43d	1	1.18mi
950 Oak St Unit 1 Toledo, OH	2.0	1.0	725	$700	$0.97	43d	1	1.22mi
1537 Carlyle St Toledo, OH	2.0	1.0	800	$800	$1.00	23d	1	1.23mi
625 Riverside Dr Toledo, OH	1.0–2.0	1.0–2.0	860	$1,205	$1.40	13d	37	1.34mi
1411 Oakmont St Toledo, OH	1.0	1.0	750	$800	$1.07	13d	1	1.34mi
2750 Pickle Rd Oregon, OH	2.0	1.0	800	$953	$1.19	13d	1	1.40mi
2750 Pickle Rd Oregon, OH	2.0	1.0	800	$1,434	$1.79	23d	1	1.40mi
2337 Burnside Ave Oregon, OH	2.0	1.0	1025	$1,150	$1.12	13d	1	1.43mi
2401 Burnside Ave Oregon, OH	2.0	1.0	1025	$1,150	$1.12	13d	1	1.45mi

Listing history 2 events

1. 2026-05-17
   historical Contingent 237-char remark
2. 2026-05-15
   listed $39,900 Active 237-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: $826 · $69/mo
• Projected year-2 tax: $826 · $69/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 4/10 Moderate FEMA zone X (unshaded) · 20% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥100°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: $10,339
• − Mortgage interest: −$2,235
• − Property taxes: −$826
• − Insurance: −$200
• − Repairs & maintenance: −$827
• − Management: −$827
• − Depreciation: −$1,161
• Taxable income: $4,263
• Est. tax owed @ 24.0%: −$1,023
• After-tax cash flow: $3,608/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): 24,441
• Household income: $39,118
• Rent vs Own: 51.9% rent · 48.1% own
• Severe rent burden: 1257.0

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 0.61)
• Race & ethnicity: White 57% Hispanic / Latino 21% Black 14% Two or more races 14%
• Hispanic origin (detail): Mexican 17% Puerto Rican 2%
• Common ancestry: Romanian 3% Lithuanian 2% Portuguese 1%
• Foreign-born: 3% · Canada
• Languages at home: 91% English-only · Spanish 7% 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: ▼ -47.85%
• Current HPI: 138.6894
• Rent YoY: ▲ 5.37%
• 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

-4.8% since first listed

4 events — show timeline

• 2026-06-05 Sold (MLS) $38,000 NORIS
• 2026-05-27 Pending — NORIS
• 2026-05-17 Contingent — NORIS
• 2026-05-15 Listed $39,900 NORIS

Property tax history

-0.1%/yr

Latest (2025): $826 · +1.9% YoY. Source: county tax records.