451 5th St · Toledo, OH 43605

$89,999

3 bd · 3.0 ba · 1,758 sqft · MultiFamily public records · 260 Days on market

Built 1879 3,267 sqft lot Est $75k · 21% over

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Why this score? — see what drove the D- 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 +15.0/30.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• 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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

Cash buyers only. Triplex generating $1.7k/month. Upper unit fully renovated in 2025; lower units partially updated with value-add potential. Main roof over upper unit replaced Summer 2024. Tenants pay electric (separate meters) and water (two tenants pay 33% each; long-term tenant exempt). Needs half of exterior siding completed and porch roof work. Immediate income with long-term upside.

Key facts

• Kitchen updates
• Newer appliances
• 9 new windows

Tags

• MULTI-FAMILY HOME
• KITCHEN UPDATES
• NEWER APPLIANCES
• 9 NEW WINDOWS
• UPPER ROOF REPLACED
• CLOSE TO SHOPPING

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/3.0-bath units multifamily listed at $90k.

Deal economics

• At list price, monthly cash flow is $3k ($33k/yr) — positive. Per door: $905/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $90k).
• Recommended offer: $79k (12.0% below list) — sets the bar for market timing.
• Cap rate 42.5% 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; 19 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 415 units permitted in Lucas County in 2024 (122 in 5+ unit buildings).
• At $4,184/mo this rent would consume 128% 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 $622 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 ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 260 days — a 12% lower offer ($79k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 6y ago; this cycle's ask has dropped $18k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $34k; list at $90k implies a 165% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1879 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $79,199 (12.0% below list)

Questions for the listing agent

1. It's been on market 260 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. Built in 1879 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 4.65% ✓
• Cap rate: 42.51%
• Cash-on-cash: 129.34%
• DSCR: 6.75
• GRM: 1.8

CMA / ARV

• ARV (median comp): $74,509
• List price: $89,999
• Delta: 20.79%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
826 Greenwood Ave	0.33mi	3/2.0	1,592 (-9%)	1mo	$67,000	$42	64
414 Oswald St	0.22mi	2/2.0 (-1)	1,536 (-13%)	2mo	$96,000	$63	58
425 Arden Pl	0.14mi	4/2.0 (+1)	1,936 (+10%)	13mo	$60,000	$31	57
130 Licking St	0.70mi	4/2.0 (+1)	1,800 (+2%)	16mo	$100,000	$56	41
1326 Idaho St	0.72mi	4/2.0 (+1)	1,854 (+6%)	24mo	$70,000	$38	29
728 Plymouth St	0.70mi	4/2.0 (+1)	1,600 (-9%)	24mo	$46,000	$29	23

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: —
• Equity multiple: 7.69×
• Total profit: $168,660
• Equity at exit: $13,419

10-year hold

• IRR: —
• Equity multiple: 17.42×
• Total profit: $413,784
• Equity at exit: $7,781

Cash invested: $25,200 (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: 5.4×

Monthly cashflow live

• Estimated rent: $4,184 high
• Mortgage (P&I): −$472
• Tax from tax record: −$80 /mo · $958/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$879
• Net cashflow: $2,716

Break-even live

Break-even rent $746

Max offer price $89,999

Occupancy floor 30%

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	3	$4,185
Total (3 units)			$4,184

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: $22,500
• Closing costs: $2,700
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
414 Platt St Unit ST-3 Toledo, OH	3.0	1.0	1500	$1,150	$0.77	23d	1	0.14mi
420 Platt St Toledo, OH	2.0	1.0	1499	$685	$0.46	21d	1	0.14mi
29 Garfield Pl Toledo, OH	4.0	2.0	1300	$1,250	$0.96	14d	1	0.20mi
20 Greenwood Ave Toledo, OH	3.0	1.0	1496	$1,150	$0.77	14d	1	0.51mi
245 Plymouth St Toledo, OH	3.0	1.0	1600	$1,125	$0.70	14d	1	0.52mi
1306 Mott Ave Toledo, OH	3.0	1.5	1282	$1,149	$0.90	44d	1	0.59mi
200 N St Clair St Toledo, OH	2.0	1.0–2.0	835	$2,550	$3.05	14d	15	0.78mi
1505 Navarre Ave Toledo, OH	3.0	1.0	1331	$1,145	$0.86	44d	1	0.87mi
513 Adams St Toledo, OH	1.0–2.0	1.0	1175	$1,424	$1.21	14d	11	0.91mi
606 Earl St Toledo, OH	3.0	1.5	1700	$1,150	$0.68	21d	1	0.92mi
1119 N Summit St Toledo, OH	2.0	2.0	1500	$1,890	$1.26	44d	1	0.92mi
1119 N Summit St Toledo, OH	2.0	2.0	1226	$1,750	$1.43	23d	1	0.92mi
1119 N Summit St Toledo, OH	1.0–2.0	1.0–2.0	1023	$1,750	$1.71	14d	2	0.93mi
337 Broadway St Unit 201 Toledo, OH	2.0	1.0	1455	$1,650	$1.13	23d	1	1.10mi
1449 N Huron St Toledo, OH	4.0	2.0	1430	$1,045	$0.73	14d	1	1.23mi
724 Mulberry St Toledo, OH	4.0	1.0	1530	$995	$0.65	44d	1	1.24mi
1031 N Michigan St Toledo, OH	3.0	2.0	1488	$1,195	$0.80	23d	1	1.25mi
2129 Nevada St Toledo, OH	3.0	1.0	1352	$1,200	$0.89	14d	1	1.29mi
1536 N Erie St Toledo, OH	4.0	1.0	1600	$1,300	$0.81	44d	1	1.34mi

Listing history 35 events

1. 2026-06-18
   days on market $89,999 Active 260 DOM
2. 2026-06-17
   days on market $89,999 Active 259 DOM
3. 2026-06-16
   days on market $89,999 Active 258 DOM
4. 2026-06-15
   days on market $89,999 Active 257 DOM
5. 2026-06-14
   days on market $89,999 Active 255 DOM
6. 2026-06-10
   days on market $89,999 Active 252 DOM
7. 2026-06-09
   days on market $89,999 Active 251 DOM
8. 2026-06-08
   days on market $89,999 Active 250 DOM
9. 2026-06-07
   days on market $89,999 Active 249 DOM
10. 2026-06-05
    days on market $89,999 Active 246 DOM
11. 2026-06-03
    days on market $89,999 Active 245 DOM
12. 2026-06-02
    days on market $89,999 Active 244 DOM
13. 2026-06-01
    days on market $89,999 Active 243 DOM
14. 2026-05-31
    days on market $89,999 Active 242 DOM
15. 2026-05-30
    days on market $89,999 Active 241 DOM
16. 2026-05-15
    status Pending 392-char remark

    Show marketing remark (392 chars)

    Cash buyers only. Triplex generating $1.7k/month. Upper unit fully renovated in 2025; lower units partially updated with value-add potential. Main roof over upper unit replaced Summer 2024. Tenants pay electric (separate meters) and water (two tenants pay 33% each; long-term tenant exempt). Needs half of exterior siding completed and porch roof work. Immediate income with long-term upside.

17. 2026-03-02
    price $89,999 392-char remark

    Show marketing remark (392 chars)

    Cash buyers only. Triplex generating $1.7k/month. Upper unit fully renovated in 2025; lower units partially updated with value-add potential. Main roof over upper unit replaced Summer 2024. Tenants pay electric (separate meters) and water (two tenants pay 33% each; long-term tenant exempt). Needs half of exterior siding completed and porch roof work. Immediate income with long-term upside.

18. 2025-12-08
    price $105,900 392-char remark

    Show marketing remark (392 chars)

    Cash buyers only. Triplex generating $1.7k/month. Upper unit fully renovated in 2025; lower units partially updated with value-add potential. Main roof over upper unit replaced Summer 2024. Tenants pay electric (separate meters) and water (two tenants pay 33% each; long-term tenant exempt). Needs half of exterior siding completed and porch roof work. Immediate income with long-term upside.

19. 2025-10-14
    price $34,000 350-char remark

    Show marketing remark (350 chars)

    Fully rented-three unit property. Improvements in the last 4 years include, paint, flooring, kitchen updated with new appliances, 9 new windows replaced, upper roof replaced August 2024. All electric units with separate electric bills for each tenant. Close to shopping, bus routes, dining and entertainment. Walking distance to Metropark waterfront.

20. 2025-09-19
    listed $107,900 Active 392-char remark

    Show marketing remark (392 chars)

    Cash buyers only. Triplex generating $1.7k/month. Upper unit fully renovated in 2025; lower units partially updated with value-add potential. Main roof over upper unit replaced Summer 2024. Tenants pay electric (separate meters) and water (two tenants pay 33% each; long-term tenant exempt). Needs half of exterior siding completed and porch roof work. Immediate income with long-term upside.

21. 2024-12-12
    soldstatus $34,000
22. 2024-11-18
    soldstatus $34,000 Closed 350-char remark

    Show marketing remark (350 chars)

    Fully rented-three unit property. Improvements in the last 4 years include, paint, flooring, kitchen updated with new appliances, 9 new windows replaced, upper roof replaced August 2024. All electric units with separate electric bills for each tenant. Close to shopping, bus routes, dining and entertainment. Walking distance to Metropark waterfront.

23. 2024-11-13
    status Pending 350-char remark

    Show marketing remark (350 chars)

    Fully rented-three unit property. Improvements in the last 4 years include, paint, flooring, kitchen updated with new appliances, 9 new windows replaced, upper roof replaced August 2024. All electric units with separate electric bills for each tenant. Close to shopping, bus routes, dining and entertainment. Walking distance to Metropark waterfront.

24. 2024-10-27
    historical Contingent 350-char remark

    Show marketing remark (350 chars)

    Fully rented-three unit property. Improvements in the last 4 years include, paint, flooring, kitchen updated with new appliances, 9 new windows replaced, upper roof replaced August 2024. All electric units with separate electric bills for each tenant. Close to shopping, bus routes, dining and entertainment. Walking distance to Metropark waterfront.

25. 2024-09-19
    price $72,888 350-char remark

    Show marketing remark (350 chars)

    Fully rented-three unit property. Improvements in the last 4 years include, paint, flooring, kitchen updated with new appliances, 9 new windows replaced, upper roof replaced August 2024. All electric units with separate electric bills for each tenant. Close to shopping, bus routes, dining and entertainment. Walking distance to Metropark waterfront.

26. 2024-09-13
    status Active 350-char remark

    Show marketing remark (350 chars)

    Fully rented-three unit property. Improvements in the last 4 years include, paint, flooring, kitchen updated with new appliances, 9 new windows replaced, upper roof replaced August 2024. All electric units with separate electric bills for each tenant. Close to shopping, bus routes, dining and entertainment. Walking distance to Metropark waterfront.

27. 2024-09-03
    historical Contingent 350-char remark

    Show marketing remark (350 chars)

    Fully rented-three unit property. Improvements in the last 4 years include, paint, flooring, kitchen updated with new appliances, 9 new windows replaced, upper roof replaced August 2024. All electric units with separate electric bills for each tenant. Close to shopping, bus routes, dining and entertainment. Walking distance to Metropark waterfront.

28. 2024-08-17
    listed $78,888 Active 350-char remark

    Show marketing remark (350 chars)

    Fully rented-three unit property. Improvements in the last 4 years include, paint, flooring, kitchen updated with new appliances, 9 new windows replaced, upper roof replaced August 2024. All electric units with separate electric bills for each tenant. Close to shopping, bus routes, dining and entertainment. Walking distance to Metropark waterfront.

29. 2021-12-15
    historical
30. 2021-12-14
    status Active
31. 2021-11-30
    historical Contingent
32. 2021-09-27
    price $39,888
33. 2021-06-10
    listed $44,888 Active
34. 2021-01-01
    soldstatus $8,000
35. 2020-08-14
    listed $8,000

ⓘ 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: $958 · $80/mo
• Projected year-2 tax: $1,181 · $98/mo
• Expected delta: +$223/yr (+$19/mo · 23.3%)

ⓘ 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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $50,208
• − Mortgage interest: −$5,041
• − Property taxes: −$958
• − Insurance: −$450
• − Repairs & maintenance: −$4,017
• − Management: −$4,017
• − Depreciation: −$2,618
• Taxable income: $33,107
• Est. tax owed @ 24.0%: −$7,946
• After-tax cash flow: $24,647/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

+1025.0% since first listed

20 events — show timeline

• 2026-05-15 Pending — NORIS
• 2026-03-02 Price Changed $89,999 NORIS
• 2025-12-08 Price Changed $105,900 NORIS
• 2025-10-14 Price Changed $34,000 NORIS
• 2025-09-19 Listed $107,900 NORIS
• 2024-12-12 Sold (Public Records) $34,000 Public Records
• 2024-11-18 Sold (MLS) $34,000 NORIS
• 2024-11-13 Pending — NORIS
• 2024-10-27 Contingent — NORIS
• 2024-09-19 Price Changed $72,888 NORIS
• 2024-09-13 Relisted — NORIS
• 2024-09-03 Contingent — NORIS
• 2024-08-17 Listed $78,888 NORIS
• 2021-12-15 Listing Removed — NORIS
• 2021-12-14 Relisted — NORIS
• 2021-11-30 Contingent — NORIS
• 2021-09-27 Price Changed $39,888 NORIS
• 2021-06-10 Listed $44,888 NORIS
• 2021-01-01 Sold (MLS) $8,000 NORIS
• 2020-08-14 Listed $8,000 NORIS

Property tax history

+6.7%/yr

Latest (2025): $958 · -11.7% YoY. Source: county tax records.