6201 Garden Rd Apt H135 · Toledo, OH 43537

$49,900

2 bd · 1.0 ba · 933 sqft · Condo public records · 9 Days on market

Built 2001 $245/mo HOA · 22% of rent ↓ 8% 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

THIS LOVELY CONDO IS BRAND NEW. HAS BALCONY, BRIGHT KITCHEN ALL DONE IN LIGHT COLORS. ELECTRICAL FIREPLACE IN LIVINGROOM GIVES A GREAT EFFECT. WASHER DRYER HOOK UP. MUST VIEW TO APPRECIATE-IMMEDIATE VIEWING

Key facts

• $245 HOA
• Parking
• Built 2001

What this means for you Summary

Snapshot

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

Deal economics

• At list price, monthly cash flow is $275 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $50k).
• Cap rate 12.9% vs local median 7.7% 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-, schools D-, crime F.
• Market conditions: 114 active listings in the ZIP; 22 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 415 units permitted in Lucas County in 2024 (122 in 5+ unit buildings).
• This rent is only 16% of the median local income ($83k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

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 ~6 years — after that, you're playing with house money.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 24y 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.

Risks & watch-outs

• Watch-outs: HOA is 22% of rent.

Recommended offer $49,900

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 2.21% ✓
• Cap rate: 12.91%
• Cash-on-cash: 23.65%
• DSCR: 2.05
• GRM: 3.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 17.0%
• Equity multiple: 1.69×
• Total profit: $9,620
• Equity at exit: $7,440

10-year hold

• IRR: 25.7%
• Equity multiple: 3.27×
• Total profit: $31,647
• 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 43537

• Home prices YoY: -29.6%
• Active inventory: 114
• Price-to-rent: 3.8×

Monthly cashflow live

• Estimated rent: $1,101 high
• Mortgage (P&I): −$262
• Tax from tax record: −$67 /mo · $802/yr
• Insurance: −$21
• HOA: −$245
• Vacancy / Maint / Mgmt: −$231
• Net cashflow: $275

Break-even live

Break-even rent $752

Max offer price $49,900

Occupancy floor 70%

Sensitivity live

Price	-10% $304	-5% $289	+0% $275	+5% $261	+10% $247
Rent	-10% $188	-5% $232	+0% $275	+5% $319	+10% $362
Rate	-1.0pp $300	-0.5pp $288	base $275	+0.5pp $262	+1.0pp $249

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 22 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6201 Garden Rd Maumee, OH	1.0	1.0	700	$695	$0.99	25d	1	0.05mi
6325 Garden Rd Maumee, OH	2.0	1.0	872	$999	$1.15	15d	1	0.13mi
6325 Garden Rd Maumee, OH	2.0	1.0	872	$1,034	$1.19	45d	1	0.13mi
2250 Perrysburg Holland Rd Maumee, OH	2.0	1.0	727	$904	$1.24	9d	1	0.32mi
6400 Glenhurst Dr Maumee, OH	1.0	1.0	759	$919	$1.21	9d	1	0.33mi
6400 Glenhurst Dr Maumee, OH	1.0	1.0	759	$919	$1.21	21d	1	0.33mi
6400 Glenhurst Dr Maumee, OH	2.0	1.0	966	$1,009	$1.04	25d	1	0.33mi
6400 Glenhurst Dr Maumee, OH	1.0	1.0	759	$919	$1.21	22d	1	0.33mi
5901 Ryewyck Dr Toledo, OH	2.0	1.0	900	$900	$1.00	13d	1	0.42mi
5648 Ryewyck Dr Toledo, OH	2.0	1.0	1000	$1,000	$1.00	13d	1	0.71mi
5534 Heatherdowns Blvd Unit 5540 Toledo, OH	2.0	1.0	1000	$850	$0.85	25d	1	0.87mi
3141 Manley Rd Apt 203 Maumee, OH	2.0	2.0	900	$1,000	$1.11	21d	1	0.87mi
5526 Heatherdowns Blvd #8 Toledo, OH	2.0	1.5	1115	$950	$0.85	15d	1	0.90mi
5420 Heatherdowns Blvd Toledo, OH	1.0–2.0	1.0–2.0	1050	$1,295	$1.23	13d	1	1.04mi
2425 Cheyenne Blvd Toledo, OH	2.0–3.0	1.0–2.0	1055	$1,029	$0.98	9d	1	1.12mi
5359 Cresthaven Ln Apt 5 Toledo, OH	1.0	1.0	715	$675	$0.94	45d	1	1.13mi
2200 Foxbourne Rd Toledo, OH	1.0	1.0	585	$700	$1.20	45d	1	1.44mi
2223 Foxbourne Rd Toledo, OH	2.0	1.0	887	$885	$1.00	22d	2	1.45mi
5123 Ryan Rd Toledo, OH	1.0–2.0	1.0–2.0	830	$999	$1.20	22d	1	1.47mi
2342 Old Stone Ct Toledo, OH	1.0–2.0	1.0–2.0	881	$995	$1.13	15d	1	1.49mi
1801 Brownstone Blvd Toledo, OH	1.0–2.0	1.0–1.5	1054	$1,199	$1.14	22d	1	1.49mi
1736 Brownstone Blvd Toledo, OH	1.0	1.0	432	$958	$2.22	15d	16	1.50mi

HOA detail condo

• Monthly dues: $245 · $2,940/yr
• Likely covers: electric
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 11 events

1. 2026-04-20
   status Pending
2. 2026-04-11
   listed $49,900 Active
3. 2026-04-04
   historical $49,900
4. 2009-05-31
   historical
5. 2008-10-24
   listed $39,500
6. 2002-10-24
   soldstatus $51,400
7. 2002-10-18
   soldstatus $51,350 210-char remark

   Show marketing remark (210 chars)

   THIS LOVELY CONDO IS BRAND NEW. HAS BALCONY, BRIGHT KITCHEN ALL DONE IN LIGHT COLORS. ELECTRICAL FIREPLACE IN LIVINGROOM GIVES A GREAT EFFECT. WASHER DRYER HOOK UP. MUST VIEW TO APPRECIATE-IMMEDIATE VIEWING

8. 2002-09-20
   price $51,350 210-char remark

   Show marketing remark (210 chars)

   THIS LOVELY CONDO IS BRAND NEW. HAS BALCONY, BRIGHT KITCHEN ALL DONE IN LIGHT COLORS. ELECTRICAL FIREPLACE IN LIVINGROOM GIVES A GREAT EFFECT. WASHER DRYER HOOK UP. MUST VIEW TO APPRECIATE-IMMEDIATE VIEWING

9. 2002-09-05
   listed $49,900 210-char remark

   Show marketing remark (210 chars)

   THIS LOVELY CONDO IS BRAND NEW. HAS BALCONY, BRIGHT KITCHEN ALL DONE IN LIGHT COLORS. ELECTRICAL FIREPLACE IN LIVINGROOM GIVES A GREAT EFFECT. WASHER DRYER HOOK UP. MUST VIEW TO APPRECIATE-IMMEDIATE VIEWING

10. 2002-04-30
    historical
11. 2002-03-07
    listed $54,500

ⓘ 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: $802 · $67/mo
• Projected year-2 tax: $802 · $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 ≥99°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: $13,209
• − Mortgage interest: −$2,795
• − Property taxes: −$802
• − Insurance: −$250
• − Repairs & maintenance: −$1,057
• − Management: −$1,057
• − HOA: −$2,940
• − Depreciation: −$1,452
• Taxable income: $2,858
• Est. tax owed @ 24.0%: −$686
• After-tax cash flow: $2,618/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)

No district data.

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

• County: Lucas County · 380,724 people
• City population: 280,811
• Metro: Toledo, OH
• Population (ZIP): 30,111
• Household income: $82,752
• Rent vs Own: 31.4% rent · 68.6% own
• Severe rent burden: 592.0

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 (83%)
• Race & ethnicity: White 83% Hispanic / Latino 6% Black 6% Two or more races 6% Asian 1%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Romanian 9% Lithuanian 4% Slovak 2%
• Foreign-born: 3% · Canada
• Languages at home: 95% English-only · Spanish 2% Other Indo-European 1% German/W. Germanic 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: ▼ -85.67%
• Current HPI: 203.8449
• 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

-8.4% since first listed

11 events — show timeline

• 2026-04-20 Pending — NORIS
• 2026-04-11 Listed $49,900 NORIS
• 2026-04-04 Coming Soon $49,900 NORIS
• 2009-05-31 Listing Removed — NORIS
• 2008-10-24 Listed $39,500 NORIS
• 2002-10-24 Sold (Public Records) $51,400 Public Records
• 2002-10-18 Sold (MLS) $51,350 NORIS
• 2002-09-20 Price Changed $51,350 NORIS
• 2002-09-05 Listed $49,900 NORIS
• 2002-04-30 Listing Removed — NORIS
• 2002-03-07 Listed $54,500 NORIS

Property tax history

+0.2%/yr

Latest (2025): $802 · +5.8% YoY. Source: county tax records.