737-739 Forsythe St · Toledo, OH 43605

$84,900

4 bd · 2.0 ba · 2,036 sqft · MultiFamily public records · 122 Days on market

Built 1907 3,999 sqft lot Est $63k · 35% over

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Why this score? — see what drove the C+ 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
• Rent growth +3.8/5.0
• Livability +3.3/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0
• ARV discount +0.0/15.0
• 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

Amazing East Toledo investment opportunity. This well maintained duplex is fully renovated and ready to bring in $1,300+ in potential rents monthly. (10+ applications received at $650 tenant pays gas/electric). Two 2bed units. Both units have been fully remodeled. Both have new floors, paint, doors, fixtures, brand new furnaces, brand new water heaters, some updated pex plumbing, main water line, +more. There are hook ups for washer/dryer in basement. New electrical in some of the units. Now is the time to grab this one up as the surrounding area is being invested in. Call now before its gone!

Key facts

• 3,999 sq ft lot
• Built 1907
• Listed 122 days

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $85k.

Deal economics

• At list price, monthly cash flow is $891 ($11k/yr) — positive. Per door: $445/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $85k).
• Recommended offer: $75k (12.0% below list) — sets the bar for market timing.
• Cap rate 18.9% 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: East Broadway Elementary School (math 4% / reading 11%, grade F, #1,518 of 1,584 statewide, top 96%, 411 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; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 415 units permitted in Lucas County in 2024 (122 in 5+ unit buildings).
• At $1,855/mo this rent would consume 57% of the median local household income ($39k/yr) (locally 1257% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $587 of loan paydown is wiped out by about $3k 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 $24k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 122 days — a 12% lower offer ($75k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 5y ago; this cycle's ask has dropped $5k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1907 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $74,712 (12.0% below list)

Questions for the listing agent

1. It's been on market 122 days. Have you received any prior offers? Is the seller open to a 12% 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 1907 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 2.18% ✓
• Cap rate: 18.89%
• Cash-on-cash: 44.97%
• DSCR: 3.00
• GRM: 3.8

CMA / ARV

• ARV (on-the-fly): $63,116
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
912 E Broadway St	0.22mi	4/2.0	2,160 (+6%)	14mo	$67,500	$31	68
1030 E Broadway St	0.40mi	4/2.0	2,095 (+3%)	12mo	$105,000	$50	66
425 Arden Pl	0.46mi	4/2.0	1,936 (-5%)	13mo	$60,000	$31	60
507 Walden Ave	0.45mi	4/2.0	2,100 (+3%)	23mo	$53,000	$25	54
1326 Idaho St	0.29mi	4/2.0	1,854 (-9%)	24mo	$70,000	$38	52
702 Clark St	0.53mi	4/2.0	2,242 (+10%)	11mo	$62,500	$28	49
621 Nevada St	0.29mi	5/2.0 (+1)	1,736 (-15%)	11mo	$104,900	$60	48

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: 44.7%
• Equity multiple: 3.00×
• Total profit: $47,535
• Equity at exit: $12,659

10-year hold

• IRR: 51.7%
• Equity multiple: 6.64×
• Total profit: $134,048
• Equity at exit: $7,341

Cash invested: $23,772 (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: 7.6×

Monthly cashflow live

• Estimated rent: $1,855 high
• Mortgage (P&I): −$445
• Tax from tax record: −$94 /mo · $1,127/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$390
• Net cashflow: $891

Break-even live

Break-even rent $727

Max offer price $84,900

Occupancy floor 47%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$1,856
Total (2 units)			$1,855

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: $21,225
• Closing costs: $2,547
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
606 Earl St Toledo, OH	3.0	1.5	1700	$1,150	$0.68	21d	1	0.40mi
414 Platt St Unit ST-3 Toledo, OH	3.0	1.0	1500	$1,150	$0.77	23d	1	0.65mi
245 Plymouth St Toledo, OH	3.0	1.0	1600	$1,125	$0.70	13d	1	0.72mi
20 Greenwood Ave Toledo, OH	3.0	1.0	1496	$1,150	$0.77	13d	1	0.76mi

Listing history 25 events

1. 2026-04-27
   status Pending
2. 2026-04-21
   status Active
3. 2026-03-26
   status Pending
4. 2026-03-19
   status Active
5. 2026-02-17
   status Pending
6. 2026-01-22
   status Active
7. 2025-12-29
   status Pending
8. 2025-12-22
   price $84,900
9. 2025-11-12
   status Active
10. 2025-10-20
    status Pending
11. 2025-10-14
    price $75,000 600-char remark

    Show marketing remark (362 chars)

    MINIMUM BID AUCTION $25,000! Wednesday March 31st, 2021 5:00 PM. Duplex in East Toledo! Each unit features 2-bedrooms and 1 bathroom, living room & dining room. Both units have been redone. Small partially enclosed backyard. Off-street parking with driveway in the rear of property. Currently unoccupied and was rented for $450 each unit.Come bid your price!

12. 2025-10-14
    price $16,500 362-char remark

    Show marketing remark (362 chars)

    MINIMUM BID AUCTION $25,000! Wednesday March 31st, 2021 5:00 PM. Duplex in East Toledo! Each unit features 2-bedrooms and 1 bathroom, living room & dining room. Both units have been redone. Small partially enclosed backyard. Off-street parking with driveway in the rear of property. Currently unoccupied and was rented for $450 each unit.Come bid your price!

13. 2025-10-09
    status Active
14. 2025-09-12
    status Pending
15. 2025-08-18
    listed $89,900 Active
16. 2023-02-20
    historical
17. 2022-08-20
    listed $92,000 Active
18. 2022-02-25
    price $750
19. 2021-11-09
    soldstatus $75,000
20. 2021-11-01
    soldstatus $75,000 Closed 600-char remark

    Show marketing remark (600 chars)

    Amazing East Toledo investment opportunity. This well maintained duplex is fully renovated and ready to bring in $1,300+ in potential rents monthly. (10+ applications received at $650 tenant pays gas/electric). Two 2bed units. Both units have been fully remodeled. Both have new floors, paint, doors, fixtures, brand new furnaces, brand new water heaters, some updated pex plumbing, main water line, +more. There are hook ups for washer/dryer in basement. New electrical in some of the units. Now is the time to grab this one up as the surrounding area is being invested in. Call now before its gone!

21. 2021-09-08
    historical Contingent 600-char remark

    Show marketing remark (600 chars)

    Amazing East Toledo investment opportunity. This well maintained duplex is fully renovated and ready to bring in $1,300+ in potential rents monthly. (10+ applications received at $650 tenant pays gas/electric). Two 2bed units. Both units have been fully remodeled. Both have new floors, paint, doors, fixtures, brand new furnaces, brand new water heaters, some updated pex plumbing, main water line, +more. There are hook ups for washer/dryer in basement. New electrical in some of the units. Now is the time to grab this one up as the surrounding area is being invested in. Call now before its gone!

22. 2021-09-01
    listed $79,900 Active 600-char remark

    Show marketing remark (600 chars)

    Amazing East Toledo investment opportunity. This well maintained duplex is fully renovated and ready to bring in $1,300+ in potential rents monthly. (10+ applications received at $650 tenant pays gas/electric). Two 2bed units. Both units have been fully remodeled. Both have new floors, paint, doors, fixtures, brand new furnaces, brand new water heaters, some updated pex plumbing, main water line, +more. There are hook ups for washer/dryer in basement. New electrical in some of the units. Now is the time to grab this one up as the surrounding area is being invested in. Call now before its gone!

23. 2021-04-09
    soldstatus $16,500 362-char remark

    Show marketing remark (362 chars)

    MINIMUM BID AUCTION $25,000! Wednesday March 31st, 2021 5:00 PM. Duplex in East Toledo! Each unit features 2-bedrooms and 1 bathroom, living room & dining room. Both units have been redone. Small partially enclosed backyard. Off-street parking with driveway in the rear of property. Currently unoccupied and was rented for $450 each unit.Come bid your price!

24. 2021-03-03
    listed $25,000 362-char remark

    Show marketing remark (362 chars)

    MINIMUM BID AUCTION $25,000! Wednesday March 31st, 2021 5:00 PM. Duplex in East Toledo! Each unit features 2-bedrooms and 1 bathroom, living room & dining room. Both units have been redone. Small partially enclosed backyard. Off-street parking with driveway in the rear of property. Currently unoccupied and was rented for $450 each unit.Come bid your price!

25. 1999-10-15
    soldstatus $22,166

ⓘ 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: $1,127 · $94/mo
• Projected year-2 tax: $1,226 · $102/mo
• Expected delta: +$99/yr (+$8/mo · 8.8%)

ⓘ 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 ≥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: $22,260
• − Mortgage interest: −$4,756
• − Property taxes: −$1,127
• − Insurance: −$424
• − Repairs & maintenance: −$1,781
• − Management: −$1,781
• − Depreciation: −$2,470
• Taxable income: $9,921
• Est. tax owed @ 24.0%: −$2,381
• After-tax cash flow: $8,310/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

+283.0% since first listed

25 events — show timeline

• 2026-04-27 Pending — NORIS
• 2026-04-21 Relisted — NORIS
• 2026-03-26 Pending — NORIS
• 2026-03-19 Relisted — NORIS
• 2026-02-17 Pending — NORIS
• 2026-01-22 Relisted — NORIS
• 2025-12-29 Pending — NORIS
• 2025-12-22 Price Changed $84,900 NORIS
• 2025-11-12 Relisted — NORIS
• 2025-10-20 Pending — NORIS
• 2025-10-14 Price Changed $75,000 NORIS
• 2025-10-14 Price Changed $16,500 NORIS
• 2025-10-09 Relisted — NORIS
• 2025-09-12 Pending — NORIS
• 2025-08-18 Listed $89,900 NORIS
• 2023-02-20 Listing Removed — NORIS
• 2022-08-20 Listed $92,000 NORIS
• 2022-02-25 Price Changed $750 RENT.
• 2021-11-09 Sold (Public Records) $75,000 Public Records
• 2021-11-01 Sold (MLS) $75,000 NORIS
• 2021-09-08 Contingent — NORIS
• 2021-09-01 Listed $79,900 NORIS
• 2021-04-09 Sold (MLS) $16,500 NORIS
• 2021-03-03 Listed $25,000 NORIS
• 1999-10-15 Sold (Public Records) $22,166 Public Records

Property tax history

+1.2%/yr

Latest (2025): $1,127 · +2.5% YoY. Source: county tax records.