338 Kenilworth Ave · Toledo, OH 43610

$169,900

16 bd · 16.0 ba · 4,665 sqft · MultiFamily public records · 22 Days on market

Built 1897 8,202 sqft lot

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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 +7.3/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

LENDER OWNED-SOLD AS IS-ADDENDUM REQUIRED WITH OFFER - OWNER MAKES NO REPRESENTATION AS TO UTILITY SERVICES - OWNER WILL MAKE NO REPAIRS.

Key facts

• 8,202 sq ft lot
• 4 garage spots
• Built 1897

Property features AI

Finance

• Financial info: Residential income property with 4 total units (3 leased, 1 vacant); Tenant pays electricity; owner pays gas, sewer, water, insurance, and taxes
• HOA & community: Cats allowed

Exterior

• Parking: Detached garage; Concrete driveway; Total parking for 8 vehicles; 4 garage spaces
• Utilities: Electricity connected; Natural gas connected; Public sewer; Public water
• Home design: Residential income property (quadruplex); Two-and-a-half level structure; Two stories total
• Construction: Brick and wood siding construction; Block foundation; Full unfinished block basement
• Exterior features: Asphalt roof; Level lot

Interior

• Kitchen: Electric oven; Electric range; Refrigerator
• Flooring: Hardwood
• Heating & cooling: Electric heating; Boiler heating; Window unit cooling
• Interior features: Other
• Laundry & utility: Laundry in basement

What this means for you Summary

Snapshot

• This is a 4 × 4-bed/4.0-bath units multifamily listed at $170k.

Deal economics

• At list price, monthly cash flow is $3k ($31k/yr) — positive. Per door: $637/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $170k).
• Recommended offer: $167k (1.5% below list) — sets the bar for market timing.
• Cap rate 24.3% 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: Rosa Parks Elementary School (math 2% / reading 8%, grade F, #1,554 of 1,584 statewide, top 100%, 263 students, 0% FRL); Jesup W. Scott High School (math 8% / reading 17%, grade F, #726 of 781 statewide, top 94%, 736 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: 30 active listings in the ZIP; lower-income renter base — watch delinquency; 415 units permitted in Lucas County in 2024 (122 in 5+ unit buildings).

Forward outlook

• In year one you build about $9k of equity ($1k loan paydown + $8k appreciation (4.7% 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 (4.7% appreciation + 3.0% rent growth), your $48k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 22 days — a 2% lower offer ($167k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 28y 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 $121k; 40% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1897 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $167,351 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1897 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 2.69% ✓
• Cap rate: 24.30%
• Cash-on-cash: 64.31%
• DSCR: 3.86
• GRM: 3.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

4.65% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 70.7%
• Equity multiple: 5.16×
• Total profit: $198,135
• Equity at exit: $92,660

10-year hold

• IRR: 68.9%
• Equity multiple: 10.68×
• Total profit: $460,281
• Equity at exit: $157,001

Cash invested: $47,572 (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 43610

• Home prices YoY: 3.8%
• Active inventory: 30
• Price-to-rent: 12.4×

Monthly cashflow live

• Estimated rent: $4,569 high
• Mortgage (P&I): −$891
• Tax from tax record: −$98 /mo · $1,179/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$959
• Net cashflow: $2,550

Break-even live

Break-even rent $1,342

Max offer price $169,900

Occupancy floor 39%

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

Units	Beds	Baths	Est. rent
▸ 4× units	4	4	$4,568
Total (4 units)			$4,569

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: $42,475
• Closing costs: $5,097
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-04-24
   status Pending
2. 2026-04-15
   status Active
3. 2026-04-08
   historical Contingent
4. 2026-04-02
   listed $169,900 Active
5. 2026-03-30
   historical $169,900
6. 2025-10-14
   price $45,000 137-char remark

   Show marketing remark (137 chars)

   LENDER OWNED-SOLD AS IS-ADDENDUM REQUIRED WITH OFFER - OWNER MAKES NO REPRESENTATION AS TO UTILITY SERVICES - OWNER WILL MAKE NO REPAIRS.

7. 2023-08-21
   soldstatus $121,000
8. 2023-07-24
   soldstatus $121,000 Closed
9. 2023-05-26
   status Pending
10. 2023-05-26
    price $121,000
11. 2023-05-19
    listed $120,000 Active
12. 2004-09-28
    soldstatus $56,300
13. 2004-06-11
    soldstatus $45,000 137-char remark

    Show marketing remark (137 chars)

    LENDER OWNED-SOLD AS IS-ADDENDUM REQUIRED WITH OFFER - OWNER MAKES NO REPRESENTATION AS TO UTILITY SERVICES - OWNER WILL MAKE NO REPAIRS.

14. 2004-04-14
    listed $45,500 137-char remark

    Show marketing remark (137 chars)

    LENDER OWNED-SOLD AS IS-ADDENDUM REQUIRED WITH OFFER - OWNER MAKES NO REPRESENTATION AS TO UTILITY SERVICES - OWNER WILL MAKE NO REPAIRS.

15. 2000-01-31
    historical
16. 1998-09-02
    listed $81,900
17. 1995-09-01
    soldstatus $36,000

ⓘ 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: $1,179 · $98/mo
• Projected year-2 tax: $1,915 · $160/mo
• Expected delta: +$736/yr (+$61/mo · 62.4%)

ⓘ 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 · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $54,828
• − Mortgage interest: −$9,517
• − Property taxes: −$1,179
• − Insurance: −$850
• − Repairs & maintenance: −$4,386
• − Management: −$4,386
• − Depreciation: −$4,943
• Taxable income: $29,568
• Est. tax owed @ 24.0%: −$7,096
• After-tax cash flow: $23,498/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 · 437,818 people
• City population: 280,811
• Metro: Toledo, OH
• Population (ZIP): 4,057
• Household income: $38,369
• Rent vs Own: 41.4% rent · 58.6% own
• Severe rent burden: 15.7

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: Majority Black (64%)
• Race & ethnicity: Black 64% White 29% Hispanic / Latino 4% Two or more races 4%
• Common ancestry: Romanian 5% Iranian 3% Slovak 1%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 2%

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: ▲ 4.65%
• Current HPI: 126.1457
• Rent YoY: —
• Metro: —
• 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

+371.9% since first listed

17 events — show timeline

• 2026-04-24 Pending — NORIS
• 2026-04-15 Relisted — NORIS
• 2026-04-08 Contingent — NORIS
• 2026-04-02 Listed $169,900 NORIS
• 2026-03-30 Coming Soon $169,900 NORIS
• 2025-10-14 Price Changed $45,000 NORIS
• 2023-08-21 Sold (Public Records) $121,000 Public Records
• 2023-07-24 Sold (MLS) $121,000 NORIS
• 2023-05-26 Pending — NORIS
• 2023-05-26 Price Changed $121,000 NORIS
• 2023-05-19 Listed $120,000 NORIS
• 2004-09-28 Sold (Public Records) $56,300 Public Records
• 2004-06-11 Sold (MLS) $45,000 NORIS
• 2004-04-14 Listed $45,500 NORIS
• 2000-01-31 Listing Removed — NORIS
• 1998-09-02 Listed $81,900 NORIS
• 1995-09-01 Sold (Public Records) $36,000 Public Records

Property tax history

-1.5%/yr

Latest (2025): $1,179 · +4.7% YoY. Source: county tax records.