1996 Starr Ave · Toledo, OH 43605

$87,900

None bd · None ba · — sqft · MultiFamily · 72 Days on market

Built 1902 Fair condition Est $89k · at est. ↓ 2% 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 +7.9/15.0
• Rent growth +3.8/5.0
• Livability +3.3/5.0
• Condition / age +2.0/5.0
• 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 MLS

Check out this Duplex in East Toledo on Starr Ave. This is a 4 bedroom 2 bathroom property with 2 bedroom unit up and a 2 bedroom unit down. Upper unit is in the process of eviction and lower unit is rented for $650/month. Owner pays all utilities.

Key facts

• 4 parking spots
• Built 1902
• Listed 71 days

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1-bath units multifamily listed at $88k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $950 ($11k/yr) — positive. Per door: $475/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $88k).
• Recommended offer: $83k (6.0% below list) — sets the bar for market timing.
• Cap rate 19.3% vs local median 7.5% 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); 119 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 45% 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).
• At $1,972/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 $608 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 $25k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 72 days — a 6% lower offer ($83k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1902 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $82,626 (6.0% below list)

Questions for the listing agent

1. It's been on market 72 days. Have you received any prior offers? Is the seller open to a 6% 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 1902 — 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: 2.24% ✓
• Cap rate: 19.27%
• Cash-on-cash: 46.34%
• DSCR: 3.06
• GRM: 3.7

CMA / ARV

• ARV (median comp): $88,768
• List price: $87,900
• Delta: -0.98%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1944 Mason St	0.06mi	—/—	—	9mo	$95,000	—	77
566 Howland Ave	0.24mi	11/4.0	4,256	4mo	$22	—	73
1302 Kelsey Ave	0.50mi	—/—	—	0mo	$42,000	—	64
1326 Kelsey Ave	0.46mi	3/2.0	—	6mo	$82,000	—	61
1418 Nevada St	0.45mi	4/2.0	2,680	6mo	$95,000	$35	61
645 White St	0.52mi	4/2.0	—	3mo	$66,500	—	61
334 Willard St	0.56mi	5/2.0	2,800	2mo	$50,000	$18	59
349 Parker Ave	0.60mi	4/2.0	2,468	2mo	$79,900	$32	58
1207 Nevada St	0.57mi	—/—	—	5mo	$68,000	—	57
457 Parker Ave	0.60mi	6/4.0	—	4mo	$160,000	—	56
826 Greenwood Ave	0.74mi	3/2.0	1,592	1mo	$67,000	$42	52
256 Graham St	0.70mi	4/2.0	1,450	6mo	$95,900	$66	50

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: 46.3%
• Equity multiple: 3.08×
• Total profit: $51,133
• Equity at exit: $13,106

10-year hold

• IRR: 53.1%
• Equity multiple: 6.82×
• Total profit: $143,327
• Equity at exit: $7,600

Cash invested: $24,612 (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: 119
• Price-to-rent: 7.4×

Monthly cashflow live

• Estimated rent: $1,972 high
• Mortgage (P&I): −$461
• Tax est. 1.5%: −$110 /mo · $1,318/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$414
• Net cashflow: $950

Break-even live

Break-even rent $769

Max offer price $87,900

Occupancy floor 47%

Sensitivity live

Price	-10% $1,011	-5% $981	+0% $950	+5% $920	+10% $890
Rent	-10% $795	-5% $873	+0% $950	+5% $1,028	+10% $1,106
Rate	-1.0pp $995	-0.5pp $973	base $950	+0.5pp $928	+1.0pp $904

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$1,972
Total (2 units)			$1,972

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: $21,975
• Closing costs: $2,637
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
578 Dearborn Ave Unit 2 Toledo, OH	1.0	1.0	660	$750	$1.14	24d	1	0.09mi
2074 Starr Ave Toledo, OH	3.0	1.0	1115	$1,025	$0.92	24d	1	0.15mi
508 Howland Ave Toledo, OH	3.0	1.0	840	$1,000	$1.19	44d	1	0.21mi
419 Clyde St Toledo, OH	2.0	1.0	—	$1,100	—	15d	1	0.26mi
571 Howland Ave Toledo, OH	2.0	1.0	874	$875	$1.00	44d	1	0.27mi
557 Valleywood Dr Toledo, OH	3.0	1.0	848	$1,100	$1.30	44d	1	0.36mi
223 Valleywood Dr Toledo, OH	2.0	1.0	1098	$1,099	$1.00	24d	1	0.37mi
2129 Nevada St Toledo, OH	3.0	1.0	1352	$1,200	$0.89	15d	1	0.38mi
1614 Nevada St Toledo, OH	2.0	1.0	1172	$1,000	$0.85	22d	1	0.38mi
1311 Mason St Unit 2 Toledo, OH	1.0	1.0	950	$703	$0.74	15d	1	0.45mi
722 Coyne Ave Toledo, OH	2.0	1.0	900	$1,000	$1.11	15d	1	0.51mi
245 Plymouth St Toledo, OH	3.0	1.0	1600	$1,125	$0.70	15d	1	0.51mi
732 Coyne Ave Toledo, OH	3.0	1.0	968	$1,145	$1.18	15d	1	0.53mi
315 Parker Ave Unit 3 Toledo, OH	1.0	1.0	1029	$799	$0.78	24d	1	0.60mi
1505 Navarre Ave Toledo, OH	3.0	1.0	1331	$1,145	$0.86	44d	1	0.61mi
1123 Nevada St Toledo, OH	2.0	1.0	792	$900	$1.14	15d	1	0.61mi
1104 Nevada St Toledo, OH	2.0	1.0	—	$900	—	44d	1	0.66mi
724 Plymouth St Toledo, OH	2.0	1.0	819	$750	$0.92	44d	1	0.67mi
724 Plymouth St Toledo, OH	1.0	1.0	850	$750	$0.88	15d	1	0.67mi
251 Graham St Apt A Toledo, OH	2.0	1.0	625	$850	$1.36	44d	1	0.68mi
653 Oswald St Toledo, OH	2.0	1.0	920	$800	$0.87	44d	1	0.68mi
221 Licking St Unit 2 Toledo, OH	3.0	1.0	1048	$1,099	$1.05	24d	1	0.73mi
948 White St Toledo, OH	3.0	1.0	1024	$1,135	$1.11	15d	1	0.75mi
1306 Mott Ave Toledo, OH	3.0	1.5	1282	$1,149	$0.90	44d	1	0.77mi
1305 Mott Ave Toledo, OH	3.0	1.0	1080	$1,000	$0.93	44d	1	0.79mi
1106 White St Toledo, OH	3.0	1.0	1200	$1,015	$0.85	15d	1	0.84mi
128 Carbon St Toledo, OH	3.0	1.0	1113	$1,200	$1.08	24d	1	0.85mi
420 Platt St Toledo, OH	2.0	1.0	1499	$685	$0.46	22d	1	0.87mi
752 Euclid Ave Toledo, OH	3.0	1.0	—	$850	—	44d	1	0.87mi
414 Platt St Unit ST-1 Toledo, OH	1.0	1.0	800	$800	$1.00	44d	1	0.88mi
414 Platt St Unit ST-3 Toledo, OH	3.0	1.0	1500	$1,150	$0.77	24d	1	0.88mi
21 Magyar St Toledo, OH	2.0	1.0	680	$1,050	$1.54	44d	1	0.90mi
1848 Genesee St Toledo, OH	3.0	1.0	1069	$1,200	$1.12	44d	1	0.97mi
1848 Genesee St Toledo, OH	3.0	1.0	1069	$1,300	$1.22	24d	1	0.97mi
451 5th St Apt 1 Toledo, OH	1.0	1.0	850	$650	$0.76	44d	1	0.98mi
146 Esther St Toledo, OH	3.0	1.0	—	$1,200	—	15d	1	0.99mi
908 Forsythe St Unit Upstairs Toledo, OH	2.0	1.0	1164	$900	$0.77	15d	1	1.01mi
908 Forsythe St Unit Downstairs Toledo, OH	3.0	1.0	1164	$950	$0.82	44d	1	1.01mi
1964 Burr St Toledo, OH	3.0	1.0	1159	$1,250	$1.08	44d	1	1.02mi
470 2nd St Unit 1 Toledo, OH	2.0	1.0	950	$799	$0.84	44d	1	1.05mi

Listing history 19 events

1. 2026-06-21
   days on market $87,900 Active 72 DOM
2. 2026-06-18
   days on market $87,900 Active 69 DOM
3. 2026-06-17
   days on market $87,900 Active 68 DOM
4. 2026-06-16
   days on market $87,900 Active 67 DOM
5. 2026-06-15
   days on market $87,900 Active 66 DOM
6. 2026-06-14
   days on market $87,900 Active 64 DOM
7. 2026-06-10
   days on market $87,900 Active 61 DOM
8. 2026-06-09
   days on market $87,900 Active 60 DOM
9. 2026-06-08
   days on market $87,900 Active 59 DOM
10. 2026-06-07
    days on market $87,900 Active 58 DOM
11. 2026-06-05
    days on market $87,900 Active 55 DOM
12. 2026-06-03
    days on market $87,900 Active 54 DOM
13. 2026-06-02
    days on market $87,900 Active 53 DOM
14. 2026-06-01
    days on market $87,900 Active 52 DOM
15. 2026-05-31
    days on market $87,900 Active 51 DOM
16. 2026-05-30
    days on market $87,900 Active 50 DOM
17. 2026-05-15
    price $87,900 248-char remark

    Show marketing remark (248 chars)

    Check out this Duplex in East Toledo on Starr Ave. This is a 4 bedroom 2 bathroom property with 2 bedroom unit up and a 2 bedroom unit down. Upper unit is in the process of eviction and lower unit is rented for $650/month. Owner pays all utilities.

18. 2026-04-23
    price $99,900 248-char remark

    Show marketing remark (248 chars)

    Check out this Duplex in East Toledo on Starr Ave. This is a 4 bedroom 2 bathroom property with 2 bedroom unit up and a 2 bedroom unit down. Upper unit is in the process of eviction and lower unit is rented for $650/month. Owner pays all utilities.

19. 2026-04-10
    listed $89,900 Active 248-char remark

    Show marketing remark (248 chars)

    Check out this Duplex in East Toledo on Starr Ave. This is a 4 bedroom 2 bathroom property with 2 bedroom unit up and a 2 bedroom unit down. Upper unit is in the process of eviction and lower unit is rented for $650/month. Owner pays all utilities.

ⓘ 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: $23,664
• − Mortgage interest: −$4,924
• − Property taxes: −$1,318
• − Insurance: −$440
• − Repairs & maintenance: −$1,893
• − Management: −$1,893
• − Depreciation: −$2,557
• Taxable income: $10,639
• Est. tax owed @ 24.0%: −$2,553
• After-tax cash flow: $8,852/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 · 1 photo

Fair 40/100 Moderate rehab

This 4-bedroom, 2-bathroom duplex requires significant repairs and updates to improve its condition and value.

Repairs flagged

• Major exterior siding — Significant wear and tear
• Major roof — No visible damage, but age is implied
• Major flooring — No visible flooring, but age is implied
• Major interior walls/paint — No visible interior, but age is implied
• Major windows — No visible windows, but age is implied
• Major HVAC/mechanicals — No visible systems, but age is implied
• Major landscaping — No visible landscaping, but age is implied

Value-add opportunities

• Both exterior siding and roof repair — Improves both appearance and functionality
• Both interior painting and updates — Enhances both appearance and rental appeal
• Both HVAC system replacement — Improves comfort and energy efficiency
• Both landscaping and curb appeal — Enhances both appearance and rental appeal

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · Significant wear and tear	Major	$15,000–50,000
roof · No visible damage, but age is implied	Major	$15,000–50,000
flooring · No visible flooring, but age is implied	Major	$15,000–50,000
interior walls/paint · No visible interior, but age is implied	Major	$15,000–50,000
windows · No visible windows, but age is implied	Major	$15,000–50,000
HVAC/mechanicals · No visible systems, but age is implied	Major	$15,000–50,000
landscaping · No visible landscaping, but age is implied	Major	$15,000–50,000
Total estimated repair cost · 7 items		$105,000–350,000

Value-add ROI direction

• Both exterior siding and roof repair — Improves both appearance and functionality ↑
• Both interior painting and updates — Enhances both appearance and rental appeal ↑
• Both HVAC system replacement — Improves comfort and energy efficiency ↑
• Both landscaping and curb appeal — Enhances both appearance and rental appeal ↑

ⓘ 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

-2.2% since first listed

3 events — show timeline

• 2026-05-15 Price Changed $87,900 NORIS
• 2026-04-23 Price Changed $99,900 NORIS
• 2026-04-10 Listed $89,900 NORIS