318 Troy St · Toledo, OH 43611

$49,900

4 bd · 2.0 ba · 1,806 sqft · MultiFamily public records · 34 Days on market

Built 1915 4,100 sqft lot $28/sqft · 16% below area Est $60k · 16% under

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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 +14.9/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0
• 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

This duplex has the bones investors look for — newer hot water tanks, an updated furnace, and two units ready to be turned and leased. A full basement and walk-up attic add meaningful storage without sacrificing usable square footage. The cosmetic work that remains offers solid value-add potential. Schedule your showing today!

Key facts

• Full basement
• Updated furnace
• Walk-up attic

Tags

• NEWER HOT WATER TANKS
• UPDATED FURNACE
• FULL BASEMENT
• WALK-UP ATTIC

Property features AI

Finance

• Other: Living area approximately 1,806; Lot about 0.09 acres
• Financial info: Duplex with 2 total units (both currently vacant); 1 building; Tenant/owner payment responsibilities: other

Exterior

• Parking: 2 parking spaces; Alley access; Off-street parking
• Utilities: Electricity connected; Natural gas available; Public water; Public sewer
• Home design: Residential income property (duplex); Two and one half levels; 2 stories total
• Construction: Shake siding; Raised foundation
• Exterior features: Shingle roof

Interior

• Flooring: Carpet; Hardwood; Laminate
• Heating & cooling: Forced air heating; Natural gas heating
• Interior features: Other interior features
• Laundry & utility: Other laundry features

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $50k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive. Per door: $502/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $50k).
• Recommended offer: $48k (3.0% below list) — sets the bar for market timing.
• Cap rate 30.4% 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: Woodward High School (math 2% / reading 22%, grade F, #726 of 781 statewide, top 94%, 672 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: 64 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 415 units permitted in Lucas County in 2024 (122 in 5+ unit buildings).
• This rent runs 33% of the median local income ($62k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $345 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 + 3.0% rent growth), your $14k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 34 days — a 3% lower offer ($48k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 2y ago; this cycle's ask has dropped $9k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $48,403 (3.0% below list)

Questions for the listing agent

1. It's been on market 34 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 1915 — 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: 3.43% ✓
• Cap rate: 30.44%
• Cash-on-cash: 86.25%
• DSCR: 4.84
• GRM: 2.4

CMA / ARV

• ARV (median comp): $59,659
• List price: $49,900
• Delta: -16.36%
• Verdict: UNDERPRICED
• Comps: 3 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 86.7%
• Equity multiple: 5.00×
• Total profit: $55,901
• Equity at exit: $7,440

10-year hold

• IRR: 89.9%
• Equity multiple: 10.39×
• Total profit: $131,152
• Equity at exit: $4,314

Cash invested: $13,972 (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 43611

• Home prices YoY: -24.4%
• Active inventory: 64
• Price-to-rent: 4.9×

Monthly cashflow live

• Estimated rent: $1,714 high
• Mortgage (P&I): −$262
• Tax from tax record: −$67 /mo · $809/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$360
• Net cashflow: $1,004

Break-even live

Break-even rent $443

Max offer price $49,900

Occupancy floor 36%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$1,714
Total (2 units)			$1,714

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: $12,475
• Closing costs: $1,497
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
601 Chicago St Toledo, OH	3.0	2.0	1924	$1,300	$0.68	23d	1	0.59mi
1536 N Erie St Toledo, OH	4.0	1.0	1600	$1,300	$0.81	43d	1	1.38mi

Listing history 35 events

1. 2026-06-18
   price $49,900 Active 34 DOM
2. 2026-06-18
   days on market $52,900 Active 34 DOM
3. 2026-06-17
   days on market $52,900 Active 33 DOM
4. 2026-06-16
   days on market $52,900 Active 32 DOM
5. 2026-06-15
   days on market $52,900 Active 31 DOM
6. 2026-06-14
   days on market $52,900 Active 29 DOM
7. 2026-06-10
   days on market $52,900 Active 26 DOM
8. 2026-06-09
   days on market $52,900 Active 25 DOM
9. 2026-06-08
   days on market $52,900 Active 24 DOM
10. 2026-06-07
    pricedays on market $52,900 Active 23 DOM
11. 2026-06-05
    days on market $54,900 Active 20 DOM
12. 2026-06-03
    days on market $54,900 Active 19 DOM
13. 2026-06-02
    days on market $54,900 Active 18 DOM
14. 2026-06-01
    days on market $54,900 Active 17 DOM
15. 2026-05-31
    days on market $54,900 Active 16 DOM
16. 2026-05-30
    days on market $54,900 Active 15 DOM
17. 2026-05-18
    price $54,900 334-char remark
18. 2026-05-15
    listed $58,900 Active 334-char remark
19. 2026-05-14
    historical
20. 2026-05-12
    price $59,900
21. 2026-05-09
    price $63,900
22. 2026-05-05
    listed $64,900 Active
23. 2025-09-11
    soldstatus $110,000
24. 2025-09-11
    soldstatus $110,000
25. 2025-03-22
    historical $650
26. 2025-03-12
    listed $650
27. 2025-03-10
    historical $950
28. 2025-02-01
    listed $950
29. 2024-11-13
    historical
30. 2024-09-16
    status Active
31. 2024-08-26
    status Pending
32. 2024-02-21
    status Active
33. 2024-02-05
    status Pending
34. 2024-01-15
    listed $59,000 Active
35. 2023-09-13
    soldstatus $25,000

ⓘ 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: $809 · $67/mo
• Projected year-2 tax: $809 · $67/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 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: $20,568
• − Mortgage interest: −$2,795
• − Property taxes: −$809
• − Insurance: −$250
• − Repairs & maintenance: −$1,645
• − Management: −$1,645
• − Depreciation: −$1,452
• Taxable income: $11,972
• Est. tax owed @ 24.0%: −$2,873
• After-tax cash flow: $9,177/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): 18,664
• Household income: $62,042
• Rent vs Own: 28.2% rent · 71.8% own
• Severe rent burden: 298.0

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: Predominantly White (77%)
• Race & ethnicity: White 77% Black 11% Hispanic / Latino 8% Two or more races 6%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Romanian 13% Lithuanian 5% Slovak 2%
• Foreign-born: 1% · Canada
• Languages at home: 96% English-only · Spanish 2% 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: ▼ -79.15%
• Current HPI: 245.2841
• Rent YoY: —
• 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

+111.6% since first listed

20 events — show timeline

• 2026-06-06 Price Changed $52,900 NORIS
• 2026-05-18 Price Changed $54,900 NORIS
• 2026-05-15 Listed $58,900 NORIS
• 2026-05-14 Listing Removed — NORIS
• 2026-05-12 Price Changed $59,900 NORIS
• 2026-05-09 Price Changed $63,900 NORIS
• 2026-05-05 Listed $64,900 NORIS
• 2025-09-11 Sold (Public Records) $110,000 Public Records
• 2025-09-11 Sold (Public Records) $110,000 Public Records
• 2025-03-22 Rental Removed $650 RENTALBEAST
• 2025-03-12 Listed for Rent $650 RENTALBEAST
• 2025-03-10 Rental Removed $950 RENTALBEAST
• 2025-02-01 Listed for Rent $950 RENTALBEAST
• 2024-11-13 Listing Removed — NORIS
• 2024-09-16 Relisted — NORIS
• 2024-08-26 Pending — NORIS
• 2024-02-21 Relisted — NORIS
• 2024-02-05 Pending — NORIS
• 2024-01-15 Listed $59,000 NORIS
• 2023-09-13 Sold (Public Records) $25,000 Public Records

Property tax history

-1.0%/yr

Latest (2025): $809 · -11.1% YoY. Source: county tax records.