450 2nd St · Toledo, OH 43605

$84,900

3 bd · 1.0 ba · 1,188 sqft · SingleFamily public records · 20 Days on market

Built 1916 4,000 sqft lot Est $64k · 32% 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 +29.4/30.0
• DSCR +10.0/10.0
• 1% rule +8.0/10.0
• 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

Listing remarks MLS

This is a great investment property, 3 bed/ 1 bath home. Features enclosed front porch and back mudroom area. Beautiful woodwork trim on main floor. Updates includes new flooring, paint, Furnace/AC '18. New insulation in various areas of home. Newer block windows in basement. Detached garage has extra storage space with attic space above. Home is occupied by a tenant for $1300. Lease is until 8/31/2024.

Key facts

• Ample storage space
• Fresh paint
• Updated flooring

Tags

• UPDATED FLOORING
• FRESH PAINT
• ENCLOSED FRONT PORCH
• DETACHED GARAGE
• AMPLE STORAGE SPACE

Property features AI

Exterior

• Parking: Detached 2-car garage; Driveway parking
• Utilities: Electricity available; Natural gas available; Public water; Public sewer (connected)
• Home design: Single-family residential home; Two levels (one story listed as total stories)
• Construction: Vinyl siding
• Exterior features: Enclosed porch; Shingle roof

Interior

• Kitchen: Kitchen on main level (approx. 11 x 9)
• Bedrooms: Third bedroom located on the upper level (approx. 11 x 8); Two additional upper-level rooms (approx. 13 x 10 and 12 x 10) — listed room levels indicate upper level
• Flooring: Vinyl flooring
• Bathrooms: One full bathroom
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Seven total rooms; Finished basement; Enclosed porch
• Laundry & utility: Laundry located in the basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $85k.

Deal economics

• At list price, monthly cash flow is $302 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $85k).
• Recommended offer: $84k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.6% 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: Navarre Elementary School (math 12% / reading 14%, grade F, #1,429 of 1,584 statewide, top 90%, 428 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; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 415 units permitted in Lucas County in 2024 (122 in 5+ unit buildings).
• This rent runs 34% of the median local income ($39k/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 $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 ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($84k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 4y 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: built in 1916 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $83,626 (1.5% below list)

Questions for the listing agent

1. Built in 1916 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.30% ✓
• Cap rate: 10.56%
• Cash-on-cash: 15.25%
• DSCR: 1.68
• GRM: 6.4

CMA / ARV

• ARV (on-the-fly): $64,152
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
437 3rd St	0.04mi	3/1.0	1,188 (0%)	5mo	$62,500	$53	94
427 Walden Ave	0.25mi	3/2.0	1,290 (+9%)	1mo	$51,000	$40	70
57 Jay St	0.62mi	3/1.0	1,109 (-7%)	1mo	$50,000	$45	59
31 Nevada St	0.54mi	3/2.0	1,260 (+6%)	2mo	$79,900	$63	59
729 Utah St	0.65mi	3/1.0	1,116 (-6%)	1mo	$60,000	$54	59
150 E Broadway St	0.46mi	3/1.0	1,048 (-12%)	1mo	$20,000	$19	58
302 Parker Ave	0.46mi	3/1.0	1,330 (+12%)	7mo	$93,000	$70	53
136 Steel St	0.73mi	4/1.0 (+1)	1,229 (+4%)	3mo	$95,000	$77	53
635 Milton St	0.67mi	3/1.0	1,096 (-8%)	4mo	$36,500	$33	52
1320 Mott Ave	0.63mi	4/1.0 (+1)	1,299 (+9%)	4mo	$85,400	$66	46
1012 Idaho St	0.72mi	3/1.0	1,041 (-12%)	0mo	$84,900	$82	46
1133 Nevada St	0.68mi	2/1.0 (-1)	1,044 (-12%)	4mo	$36,000	$34	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: 8.5%
• Equity multiple: 1.34×
• Total profit: $8,186
• Equity at exit: $12,659

10-year hold

• IRR: 19.7%
• Equity multiple: 2.83×
• Total profit: $43,556
• 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: 6.4×

Monthly cashflow live

• Estimated rent: $1,106 high
• Mortgage (P&I): −$445
• Tax from tax record: −$91 /mo · $1,091/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$232
• Net cashflow: $302

Break-even live

Break-even rent $723

Max offer price $84,900

Occupancy floor 68%

Sensitivity live

Price	-10% $350	-5% $326	+0% $302	+5% $278	+10% $254
Rent	-10% $215	-5% $258	+0% $302	+5% $346	+10% $389
Rate	-1.0pp $345	-0.5pp $324	base $302	+0.5pp $280	+1.0pp $258

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 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
470 2nd St Unit 1 Toledo, OH	2.0	1.0	950	$799	$0.84	44d	1	0.06mi
414 Platt St Unit ST-3 Toledo, OH	3.0	1.0	1500	$1,150	$0.77	24d	1	0.22mi
420 Platt St Toledo, OH	2.0	1.0	1499	$685	$0.46	21d	1	0.23mi
29 Garfield Pl Toledo, OH	4.0	2.0	1300	$1,250	$0.96	14d	1	0.31mi
625 Riverside Dr Toledo, OH	1.0–2.0	1.0–2.0	860	$1,767	$2.05	14d	37	0.38mi
537 Potter St Toledo, OH	2.0	1.0	1200	$625	$0.52	24d	1	0.38mi
653 Oswald St Toledo, OH	2.0	1.0	920	$800	$0.87	44d	1	0.42mi
20 Greenwood Ave Toledo, OH	3.0	1.0	1496	$1,150	$0.77	14d	1	0.47mi
1305 Mott Ave Toledo, OH	3.0	1.0	1080	$1,000	$0.93	44d	1	0.62mi
1306 Mott Ave Toledo, OH	3.0	1.5	1282	$1,149	$0.90	44d	1	0.62mi
200 N St Clair St Toledo, OH	2.0	1.0–2.0	835	$2,550	$3.05	14d	15	0.65mi
1123 Nevada St Toledo, OH	2.0	1.0	792	$900	$1.14	14d	1	0.67mi
221 Licking St Unit 2 Toledo, OH	3.0	1.0	1048	$1,099	$1.05	24d	1	0.71mi
834 Oak St Toledo, OH	3.0	1.0	1064	$900	$0.85	44d	1	0.75mi
513 Adams St Toledo, OH	1.0–2.0	1.0	1175	$1,424	$1.21	14d	11	0.78mi
128 Carbon St Toledo, OH	3.0	1.0	1113	$1,200	$1.08	24d	1	0.79mi
223 Valleywood Dr Toledo, OH	2.0	1.0	1098	$1,099	$1.00	24d	1	0.80mi
724 Plymouth St Toledo, OH	2.0	1.0	819	$750	$0.92	44d	1	0.84mi
1119 N Summit St Toledo, OH	2.0	2.0	1226	$1,750	$1.43	24d	1	0.85mi
1119 N Summit St Toledo, OH	2.0	2.0	1500	$1,890	$1.26	44d	1	0.85mi
1119 N Summit St Toledo, OH	1.0–2.0	1.0–2.0	1023	$1,750	$1.71	14d	2	0.85mi
557 Valleywood Dr Toledo, OH	3.0	1.0	848	$1,100	$1.30	44d	1	0.89mi
908 Forsythe St Unit Upstairs Toledo, OH	2.0	1.0	1164	$900	$0.77	14d	1	0.91mi
908 Forsythe St Unit Downstairs Toledo, OH	3.0	1.0	1164	$950	$0.82	44d	1	0.91mi
946 Butler St Toledo, OH	2.0	1.0	944	$650	$0.69	44d	1	0.92mi
626 Walnut St Toledo, OH	3.0	1.0	1088	$995	$0.91	44d	1	0.92mi
921 Berry St Toledo, OH	4.0	1.0	1204	$1,350	$1.12	14d	1	0.93mi
950 Oak St Unit 1 Toledo, OH	2.0	1.0	725	$700	$0.97	44d	1	0.94mi
1614 Nevada St Toledo, OH	2.0	1.0	1172	$1,000	$0.85	21d	1	0.94mi
1505 Navarre Ave Toledo, OH	3.0	1.0	1331	$1,145	$0.86	44d	1	1.00mi
948 White St Toledo, OH	3.0	1.0	1024	$1,135	$1.11	14d	1	1.01mi
508 Howland Ave Toledo, OH	3.0	1.0	840	$1,000	$1.19	44d	1	1.02mi
337 Broadway St Unit 201 Toledo, OH	2.0	1.0	1455	$1,650	$1.13	24d	1	1.03mi
571 Howland Ave Toledo, OH	2.0	1.0	874	$875	$1.00	44d	1	1.07mi
1106 White St Toledo, OH	3.0	1.0	1200	$1,015	$0.85	14d	1	1.09mi
630 Mulberry St Toledo, OH	2.0	1.0	1000	$950	$0.95	24d	1	1.11mi
1031 N Michigan St Toledo, OH	3.0	2.0	1488	$1,195	$0.80	24d	1	1.16mi
1449 N Huron St Toledo, OH	4.0	2.0	1430	$1,045	$0.73	14d	1	1.18mi
332 14th St Unit 303 Toledo, OH	3.0	1.5	1040	$1,000	$0.96	44d	1	1.21mi
322 14th St Apt 203 Toledo, OH	3.0	1.5	1065	$1,000	$0.94	14d	1	1.22mi

Listing history 16 events

1. 2026-06-18
   days on market $84,900 Active 20 DOM
2. 2026-06-17
   days on market $84,900 Active 19 DOM
3. 2026-06-16
   days on market $84,900 Active 18 DOM
4. 2026-06-15
   days on market $84,900 Active 17 DOM
5. 2026-06-14
   days on market $84,900 Active 15 DOM
6. 2026-06-10
   days on market $84,900 Active 12 DOM
7. 2026-06-09
   days on market $84,900 Active 11 DOM
8. 2026-06-08
   days on market $84,900 Active 10 DOM
9. 2026-06-07
   days on market $84,900 Active 9 DOM
10. 2026-06-05
    days on market $84,900 Active 6 DOM
11. 2026-06-03
    days on market $84,900 Active 5 DOM
12. 2026-06-02
    days on market $84,900 Active 4 DOM
13. 2026-06-01
    days on market $84,900 Active 3 DOM
14. 2026-05-31
    days on market $84,900 Active 2 DOM
15. 2026-05-30
    remarks 373-char remark
16. 2026-05-30
    listed $84,900 Active 1 DOM

ⓘ 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: $1,091 · $91/mo
• Projected year-2 tax: $1,208 · $101/mo
• Expected delta: +$117/yr (+$10/mo · 10.7%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 74% 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: $13,269
• − Mortgage interest: −$4,756
• − Property taxes: −$1,091
• − Insurance: −$424
• − Repairs & maintenance: −$1,062
• − Management: −$1,062
• − Depreciation: −$2,470
• Taxable income: $2,405
• Est. tax owed @ 24.0%: −$577
• After-tax cash flow: $3,047/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

+239.6% since first listed

17 events — show timeline

• 2026-05-29 Listed $84,900 NORIS
• 2026-02-28 Rental Removed $1,145 TENANTTURNER2
• 2026-02-21 Price Changed $1,145 TENANTTURNER2
• 2026-01-15 Listed for Rent $1,345 TENANTTURNER2
• 2025-10-14 Price Changed $76,000 NORIS
• 2024-02-07 Sold (Public Records) $76,000 Public Records
• 2024-02-05 Sold (MLS) $76,000 NORIS
• 2024-01-30 Pending — NORIS
• 2024-01-23 Contingent — NORIS
• 2024-01-17 Listed $79,900 NORIS
• 2022-09-22 Sold (Public Records) $54,000 Public Records
• 2022-09-12 Sold (MLS) $54,000 NORIS
• 2022-09-12 Price Changed $54,000 NORIS
• 2022-07-25 Contingent — NORIS
• 2022-07-20 Price Changed $52,000 NORIS
• 2022-07-20 Listed $51,000 NORIS
• 2013-07-16 Sold (Public Records) $25,000 Public Records

Property tax history

+3.7%/yr

Latest (2025): $1,091 · +3.0% YoY. Source: county tax records.