1401 Liberty St · Toledo, OH 43605

$87,500

4 bd · 2.0 ba · 1,958 sqft · MultiFamily · 160 Days on market

Built 1925 Fair condition $45/sqft · 19% above area Est $74k · 19% over ↓ 3% since listing

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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 +2.2/5.0
• 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

PRICED TO SELL FAST IN AS-IS CONDITION! THIS DUPLEX MAKES FOR A GOOD PROPERTY TO ADD TO THE PORTFOLIO BRINGING IN GOOD RENT. PROPERTY NEEDS SOME MAINTENANCE WORK AND IS PRICED WITH THAT IN MIND. THIS ONE SHOULD NOT LAST LONG.

Key facts

• 4 parking spots
• Built 1925
• Listed 160 days

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $88k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $930 ($11k/yr) — positive. Per door: $465/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $88k).
• Recommended offer: $77k (12.0% below list) — sets the bar for market timing.
• Cap rate 19.1% 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-, schools D-, crime 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.
• Market conditions: Rents rising fast (+5.4%/yr); 117 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 415 units permitted in Lucas County in 2024 (122 in 5+ unit buildings).
• At $1,943/mo this rent would consume 60% 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 $605 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 160 days — a 12% lower offer ($77k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $77,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 160 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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 2.22% ✓
• Cap rate: 19.05%
• Cash-on-cash: 45.56%
• DSCR: 3.03
• GRM: 3.8

CMA / ARV

• ARV (median comp): $73,776
• List price: $87,500
• Delta: 18.60%
• Verdict: OVERPRICED
• Comps: 14 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1030 E Broadway St	0.33mi	4/2.0	2,095 (+7%)	12mo	$105,000	$50	63
912 E Broadway St	0.46mi	4/2.0	2,160 (+10%)	14mo	$67,500	$31	50
1326 Idaho St	0.66mi	4/2.0	1,854 (-5%)	24mo	$70,000	$38	40

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: 45.4%
• Equity multiple: 3.03×
• Total profit: $49,843
• Equity at exit: $13,047

10-year hold

• IRR: 52.3%
• Equity multiple: 6.72×
• Total profit: $140,246
• Equity at exit: $7,565

Cash invested: $24,500 (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: 7.5×

Monthly cashflow live

• Estimated rent: $1,943 high
• Mortgage (P&I): −$459
• Tax est. 1.5%: −$109 /mo · $1,312/yr
• Insurance: −$36
• HOA: −$0
• Vacancy / Maint / Mgmt: −$408
• Net cashflow: $930

Break-even live

Break-even rent $765

Max offer price $87,500

Occupancy floor 47%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$1,942
Total (2 units)			$1,943

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: $21,875
• Closing costs: $2,625
• Reserves months: —
• Total cash needed: —

Rent comps 7 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	0.58mi
1505 Navarre Ave Toledo, OH	3.0	1.0	1331	$1,145	$0.86	43d	1	0.59mi
2129 Nevada St Toledo, OH	3.0	1.0	1352	$1,200	$0.89	13d	1	1.03mi
29 Garfield Pl Toledo, OH	4.0	2.0	1300	$1,250	$0.96	13d	1	1.13mi
245 Plymouth St Toledo, OH	3.0	1.0	1600	$1,125	$0.70	13d	1	1.30mi
414 Platt St Unit ST-3 Toledo, OH	3.0	1.0	1500	$1,150	$0.77	23d	1	1.35mi
20 Greenwood Ave Toledo, OH	3.0	1.0	1496	$1,150	$0.77	13d	1	1.40mi

Listing history 17 events

1. 2026-06-18
   days on market $87,500 Active 160 DOM
2. 2026-06-17
   days on market $87,500 Active 159 DOM
3. 2026-06-16
   days on market $87,500 Active 158 DOM
4. 2026-06-15
   days on market $87,500 Active 157 DOM
5. 2026-06-14
   days on market $87,500 Active 155 DOM
6. 2026-06-10
   days on market $87,500 Active 152 DOM
7. 2026-06-09
   days on market $87,500 Active 151 DOM
8. 2026-06-08
   days on market $87,500 Active 150 DOM
9. 2026-06-07
   days on market $87,500 Active 149 DOM
10. 2026-06-05
    days on market $87,500 Active 146 DOM
11. 2026-06-03
    days on market $87,500 Active 145 DOM
12. 2026-06-02
    days on market $87,500 Active 144 DOM
13. 2026-06-01
    days on market $87,500 Active 143 DOM
14. 2026-05-31
    days on market $87,500 Active 142 DOM
15. 2026-05-30
    days on market $87,500 Active 141 DOM
16. 2026-04-23
    price $87,500 225-char remark

    Show marketing remark (225 chars)

    PRICED TO SELL FAST IN AS-IS CONDITION! THIS DUPLEX MAKES FOR A GOOD PROPERTY TO ADD TO THE PORTFOLIO BRINGING IN GOOD RENT. PROPERTY NEEDS SOME MAINTENANCE WORK AND IS PRICED WITH THAT IN MIND. THIS ONE SHOULD NOT LAST LONG.

17. 2026-01-09
    listed $89,900 Active 225-char remark

    Show marketing remark (225 chars)

    PRICED TO SELL FAST IN AS-IS CONDITION! THIS DUPLEX MAKES FOR A GOOD PROPERTY TO ADD TO THE PORTFOLIO BRINGING IN GOOD RENT. PROPERTY NEEDS SOME MAINTENANCE WORK AND IS PRICED WITH THAT IN MIND. THIS ONE SHOULD NOT LAST LONG.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $23,316
• − Mortgage interest: −$4,901
• − Property taxes: −$1,312
• − Insurance: −$438
• − Repairs & maintenance: −$1,865
• − Management: −$1,865
• − Depreciation: −$2,545
• Taxable income: $10,389
• Est. tax owed @ 24.0%: −$2,493
• After-tax cash flow: $8,670/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.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab

This two-unit property requires moderate renovations to improve its condition and increase its value. Exterior and interior updates, along with kitchen and bathroom upgrades, would significantly enhance its appeal and marketability.

Repairs flagged

• Major exterior siding — Significant wear and tear
• Major roof — Aged appearance
• Major interior walls — Visible wear and tear
• Moderate bathrooms — Dated fixtures and paint
• Moderate kitchen — Basic appliances and cabinetry

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and value
• Both Replace carpet — Improves comfort and value
• Both Paint interior walls — Enhances interior appearance and value
• Both Update bathrooms — Modernizes and increases value
• Both Upgrade kitchen — Modernizes and increases value

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · Significant wear and tear	Major	$15,000–50,000
roof · Aged appearance	Major	$15,000–50,000
interior walls · Visible wear and tear	Major	$15,000–50,000
bathrooms · Dated fixtures and paint	Moderate	$3,000–15,000
kitchen · Basic appliances and cabinetry	Moderate	$3,000–15,000
Total estimated repair cost · 5 items		$51,000–180,000

Value-add ROI direction

• Both Paint exterior — Enhances curb appeal and value ↑
• Both Replace carpet — Improves comfort and value ↑
• Both Paint interior walls — Enhances interior appearance and value ↑
• Both Update bathrooms — Modernizes and increases value ↑
• Both Upgrade kitchen — Modernizes and increases value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

-2.7% since first listed

2 events — show timeline

• 2026-04-23 Price Changed $87,500 NORIS
• 2026-01-09 Listed $89,900 NORIS