2803 N Summit St · Toledo, OH 43611

$43,000

3 bd · 1.0 ba · 1,916 sqft · SingleFamily public records · 33 Days on market

Built 1917 5,700 sqft lot $22/sqft · at area comps Est $45k · at est.

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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 +9.4/15.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

GREAT PRICE FOR QUICK SALE. SOLD AS-IS. SELLER HAS NO KNOWLEDGE OF PROPERTY CONDITION. SELLERS ADDENDUM TO BE MADE PART OF CONTRACT. SELLER TO SELECT TITLE COMPANY.

Key facts

• 5,700 sq ft lot
• 2 garage spots
• Built 1917

Property features AI

Finance

• HOA & community: Nearby park and playground

Exterior

• Parking: Detached garage; Concrete driveway; Total parking for 3 vehicles; 2-car garage
• Utilities: Public water; Public sewer; Sewer connected; Cable available; Internet available
• Home design: Single-family house; Two levels (three stories total); Not attached to other structures; Living area approximately 1,916
• Construction: Brick and wood siding exterior; Block foundation; Shingle roof
• Exterior features: Private yard; Private entrance; Front porch; Corner lot; City street frontage; Paved road

Interior

• Kitchen: Kitchen on main level (approx. 17x11); Water heater
• Bedrooms: Three upper-level bedrooms (approx. 13x12, 13x11, 14x9); Sun room on upper level (approx. 11x8)
• Flooring: Carpet; Vinyl; Wood
• Bathrooms: One full bathroom
• Heating & cooling: Forced air heating (natural gas); Window air conditioning units
• Interior features: Storage; Full basement
• Laundry & utility: Washer hookup; Electric dryer hookup

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $43k.

Deal economics

• At list price, monthly cash flow is $714 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $43k).
• Recommended offer: $42k (3.0% below list) — sets the bar for market timing.
• Cap rate 26.2% 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-, 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: Ottawa River Elementary School (math 22% / reading 32%, grade F, #1,193 of 1,584 statewide, top 76%, 321 students, 0% FRL); Woodward High School (math 2% / reading 22%, grade F, #726 of 781 statewide, top 94%, 672 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: 65 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 415 units permitted in Lucas County in 2024 (122 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $297 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 $12k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 33 days — a 3% lower offer ($42k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 24y ago; this cycle's ask has dropped $7k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $11k; list at $43k implies a 295% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 2.6% of price; built in 1917 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $41,710 (3.0% below list)

Questions for the listing agent

1. It's been on market 33 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1917 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 3.09% ✓
• Cap rate: 26.22%
• Cash-on-cash: 71.17%
• DSCR: 4.17
• GRM: 2.7

CMA / ARV

• ARV (median comp): $44,917
• List price: $43,000
• Delta: -4.27%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2401 N Summit St	0.36mi	3/1.0	1,846 (-4%)	11mo	$30,000	$16	68
2912 N Michigan St	0.26mi	3/1.0	1,758 (-8%)	17mo	$28,500	$16	60
417 Troy St	0.10mi	4/1.0 (+1)	1,706 (-11%)	15mo	$92,000	$54	60

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 70.8%
• Equity multiple: 4.20×
• Total profit: $38,555
• Equity at exit: $6,411

10-year hold

• IRR: 74.8%
• Equity multiple: 8.67×
• Total profit: $92,315
• Equity at exit: $3,718

Cash invested: $12,040 (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 43611

• Home prices YoY: -24.4%
• Active inventory: 65
• Price-to-rent: 2.7×

Monthly cashflow live

• Estimated rent: $1,330 medium
• Mortgage (P&I): −$225
• Tax from tax record: −$93 /mo · $1,120/yr
• Insurance: −$18
• HOA: −$0
• Vacancy / Maint / Mgmt: −$279
• Net cashflow: $714

Break-even live

Break-even rent $426

Max offer price $43,000

Occupancy floor 41%

Sensitivity live

Price	-10% $738	-5% $726	+0% $714	+5% $702	+10% $690
Rent	-10% $609	-5% $662	+0% $714	+5% $767	+10% $819
Rate	-1.0pp $736	-0.5pp $725	base $714	+0.5pp $703	+1.0pp $692

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: $10,750
• Closing costs: $1,290
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
601 Chicago St Toledo, OH	3.0	2.0	1924	$1,300	$0.68	25d	1	0.55mi
1536 N Erie St Toledo, OH	4.0	1.0	1600	$1,300	$0.81	45d	1	1.34mi
1449 N Huron St Toledo, OH	4.0	2.0	1430	$1,045	$0.73	15d	1	1.46mi

Listing history 27 events

1. 2026-06-14
   status $43,000 Pending 33 DOM
2. 2026-06-10
   days on market $43,000 Active 33 DOM
3. 2026-06-09
   days on market $43,000 Active 32 DOM
4. 2026-06-08
   days on market $43,000 Active 31 DOM
5. 2026-06-07
   days on market $43,000 Active 30 DOM
6. 2026-06-05
   days on market $43,000 Active 27 DOM
7. 2026-06-03
   days on market $43,000 Active 26 DOM
8. 2026-06-02
   days on market $43,000 Active 25 DOM
9. 2026-06-01
   days on market $43,000 Active 24 DOM
10. 2026-05-31
    days on market $43,000 Active 23 DOM
11. 2026-05-30
    days on market $43,000 Active 22 DOM
12. 2026-05-04
    listed $50,000 Active 543-char remark
13. 2025-11-07
    historical
14. 2025-10-14
    price $10,880

    Show marketing remark (165 chars)

    GREAT PRICE FOR QUICK SALE. SOLD AS-IS. SELLER HAS NO KNOWLEDGE OF PROPERTY CONDITION. SELLERS ADDENDUM TO BE MADE PART OF CONTRACT. SELLER TO SELECT TITLE COMPANY.

15. 2025-10-09
    price $20,900
16. 2025-09-04
    price $50,000
17. 2025-08-18
    price $58,000
18. 2025-08-08
    listed $63,000 Active
19. 2008-12-06
    soldstatus $10,880

    Show marketing remark (165 chars)

    GREAT PRICE FOR QUICK SALE. SOLD AS-IS. SELLER HAS NO KNOWLEDGE OF PROPERTY CONDITION. SELLERS ADDENDUM TO BE MADE PART OF CONTRACT. SELLER TO SELECT TITLE COMPANY.

20. 2008-10-10
    listed $12,200

    Show marketing remark (165 chars)

    GREAT PRICE FOR QUICK SALE. SOLD AS-IS. SELLER HAS NO KNOWLEDGE OF PROPERTY CONDITION. SELLERS ADDENDUM TO BE MADE PART OF CONTRACT. SELLER TO SELECT TITLE COMPANY.

21. 2005-02-08
    soldstatus $58,500
22. 2003-08-27
    soldstatus $59,900
23. 2003-03-21
    soldstatus $20,900
24. 2003-02-17
    price $24,500
25. 2002-12-19
    listed $24,500
26. 1998-11-09
    soldstatus $19,000
27. 1995-02-06
    soldstatus $37,000

ⓘ 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: $1,120 · $93/mo
• Projected year-2 tax: $1,120 · $93/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 ≥100°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,961
• − Mortgage interest: −$2,409
• − Property taxes: −$1,120
• − Insurance: −$215
• − Repairs & maintenance: −$1,277
• − Management: −$1,277
• − Depreciation: −$1,251
• Taxable income: $8,413
• Est. tax owed @ 24.0%: −$2,019
• After-tax cash flow: $6,550/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): 18,664
• Household income: $62,042
• Rent vs Own: 28.2% rent · 71.8% own
• Severe rent burden: 298.0

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 (77%)
• Race & ethnicity: White 77% Black 11% Hispanic / Latino 8% Two or more races 6%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Romanian 13% Lithuanian 5% Slovak 2%
• Foreign-born: 1% · Canada
• Languages at home: 96% English-only · Spanish 2% French/Haitian/Cajun 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: ▼ -79.15%
• Current HPI: 245.2841
• 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

+16.2% since first listed

19 events — show timeline

• 2026-06-10 Pending — NORIS
• 2026-05-26 Price Changed $43,000 NORIS
• 2026-05-04 Listed $50,000 NORIS
• 2025-11-07 Listing Removed — NORIS
• 2025-10-14 Price Changed $10,880 NORIS
• 2025-10-09 Price Changed $20,900 NORIS
• 2025-09-04 Price Changed $50,000 NORIS
• 2025-08-18 Price Changed $58,000 NORIS
• 2025-08-08 Listed $63,000 NORIS
• 2008-12-06 Sold (MLS) $10,880 NORIS
• 2008-11-11 Price Changed $12,200 NORIS
• 2008-10-10 Listed $12,200 NORIS
• 2005-02-08 Sold (Public Records) $58,500 Public Records
• 2003-08-27 Sold (Public Records) $59,900 Public Records
• 2003-03-21 Sold (MLS) $20,900 NORIS
• 2003-02-17 Price Changed $24,500 NORIS
• 2002-12-19 Listed $24,500 NORIS
• 1998-11-09 Sold (Public Records) $19,000 Public Records
• 1995-02-06 Sold (Public Records) $37,000 Public Records

Property tax history

+1.4%/yr

Latest (2025): $1,120 · +1.3% YoY. Source: county tax records.