615 Cuthbert Rd · Toledo, OH 43607

$95,500

3 bd · 1.0 ba · 1,336 sqft · SingleFamily public records · 234 Days on market

Built 1947 7,501 sqft lot $71/sqft · 25% below area Est $128k · 25% under

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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
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.8/10.0
• Rent growth +4.5/5.0
• Livability +3.3/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

NOTICE: We are not considering seller financing or creative financing offers that do not consist of us in recorded first lien position with a minimum of 30% down. Thank you for understanding! This property is being sold as part of an 46-unit portfolio or a 5-unit sub-portfolio. In place cap is ~8.5%, pro forma cap is ~11.0%, and occupancy is 100%. Asking price for the 46-unit portfolio is $3.57M and asking price for the 11-unit sub-portfolio is $1,045,000. The sub-portfolio includes 549 Spencer, 560 Williamsville, 26 Magyar, 3256 Jeannette, 1413 Colburn, 1912 Greenwood, 2074 Price, 4321 Burnham, 4345 Burnham, 615 Cuthbert Rd, and 4228 N Lockwood. The entire 46-unit list can be found in the attachments. Property is occupied and photos are from the last time it was vacant.

Key facts

• 7,501 sq ft lot
• Garage
• Built 1947

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $96k.

Deal economics

• At list price, monthly cash flow is $480 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $96k).
• Recommended offer: $84k (12.0% below list) — sets the bar for market timing.
• Cap rate 12.3% 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 (+8.2%/yr); 83 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 23d 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).
• This rent runs 41% of the median local income ($41k/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 $660 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 + 8.0% rent growth), your $27k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 234 days — a 12% lower offer ($84k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 18y ago; this cycle's ask has dropped $6k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1947 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $84,040 (12.0% below list)

Questions for the listing agent

1. It's been on market 234 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1947 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 1.48% ✓
• Cap rate: 12.32%
• Cash-on-cash: 21.54%
• DSCR: 1.96
• GRM: 5.6

CMA / ARV

• ARV (median comp): $127,596
• List price: $95,500
• Delta: -25.15%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
712 Underwood Ave	0.39mi	3/1.0	1,312 (-2%)	1mo	$80,000	$61	78
823 N Byrne Rd	0.21mi	2/1.0 (-1)	1,245 (-7%)	2mo	$112,500	$90	72
904 Mackow Dr	0.38mi	3/1.0	1,369 (+2%)	9mo	$147,000	$107	70
802 Cuthbert Rd	0.15mi	3/2.0	1,443 (+8%)	7mo	$150,000	$104	70
3226 Inverness Ave	0.40mi	3/2.5	1,266 (-5%)	3mo	$113,300	$89	64
830 N Byrne Rd	0.21mi	3/1.0	1,157 (-13%)	4mo	$105,000	$91	64
732 Moran Ave	0.27mi	3/2.0	1,145 (-14%)	8mo	$152,000	$133	52
539 Independence Rd	0.63mi	3/1.0	1,202 (-10%)	6mo	$115,000	$96	48
729 Southbriar Rd	0.52mi	3/1.5	1,500 (+12%)	9mo	$166,000	$111	46
4053 Nebraska Ave	0.72mi	3/1.0	1,221 (-9%)	9mo	$95,000	$78	45
3811 House Of Stuart Ave	0.54mi	4/2.0 (+1)	1,500 (+12%)	4mo	$193,000	$129	42
914 Turner Ave	0.67mi	2/1.0 (-1)	1,174 (-12%)	9mo	$35,000	$30	36

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 19.5%
• Equity multiple: 1.84×
• Total profit: $22,557
• Equity at exit: $14,239

10-year hold

• IRR: 31.0%
• Equity multiple: 4.48×
• Total profit: $92,987
• Equity at exit: $8,257

Cash invested: $26,740 (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 43607

• Home prices YoY: -27.5%
• Rents YoY: 8.2%
• Active inventory: 83
• Price-to-rent: 5.6×

Monthly cashflow live

• Estimated rent: $1,412 high
• Mortgage (P&I): −$501
• Tax from tax record: −$95 /mo · $1,140/yr
• Insurance: −$40
• HOA: −$0
• Vacancy / Maint / Mgmt: −$297
• Net cashflow: $480

Break-even live

Break-even rent $805

Max offer price $95,500

Occupancy floor 61%

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: $23,875
• Closing costs: $2,865
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
536 Carver Blvd Toledo, OH	3.0	1.0	1204	$1,195	$0.99	23d	1	0.66mi
932 Turner Ave Toledo, OH	2.0	1.0	960	$1,295	$1.35	13d	1	0.69mi
4021 Hillandale Rd Unit 4 Toledo, OH	2.0	2.0	1750	$1,695	$0.97	13d	1	1.30mi
4033 Hillandale Rd Toledo, OH	2.0	1.0	1170	$1,495	$1.28	23d	1	1.32mi
4012 W Bancroft St Ottawa Hills, OH	2.0	1.0	1008	$972	$0.96	23d	1	1.40mi
2637 Greenway St Toledo, OH	2.0	1.0	1082	$900	$0.83	43d	1	1.40mi
2030 Wyndhurst Rd Toledo, OH	2.0	1.0	1042	$950	$0.91	43d	1	1.47mi
2037 Alvin St Toledo, OH	3.0	1.0	1260	$1,175	$0.93	43d	1	1.49mi
2314 Airline Ave Toledo, OH	3.0	1.0	1123	$1,478	$1.32	23d	1	1.49mi

Listing history 16 events

1. 2026-06-01
   days on market $95,500 Active 234 DOM
2. 2026-05-31
   days on market $95,500 Active 233 DOM
3. 2026-05-30
   days on market $95,500 Active 232 DOM
4. 2026-01-14
   price $95,500 783-char remark

   Show marketing remark (783 chars)

   NOTICE: We are not considering seller financing or creative financing offers that do not consist of us in recorded first lien position with a minimum of 30% down. Thank you for understanding! This property is being sold as part of an 46-unit portfolio or a 5-unit sub-portfolio. In place cap is ~8.5%, pro forma cap is ~11.0%, and occupancy is 100%. Asking price for the 46-unit portfolio is $3.57M and asking price for the 11-unit sub-portfolio is $1,045,000. The sub-portfolio includes 549 Spencer, 560 Williamsville, 26 Magyar, 3256 Jeannette, 1413 Colburn, 1912 Greenwood, 2074 Price, 4321 Burnham, 4345 Burnham, 615 Cuthbert Rd, and 4228 N Lockwood. The entire 46-unit list can be found in the attachments. Property is occupied and photos are from the last time it was vacant.

5. 2025-12-24
   status Active 783-char remark

   Show marketing remark (783 chars)

   NOTICE: We are not considering seller financing or creative financing offers that do not consist of us in recorded first lien position with a minimum of 30% down. Thank you for understanding! This property is being sold as part of an 46-unit portfolio or a 5-unit sub-portfolio. In place cap is ~8.5%, pro forma cap is ~11.0%, and occupancy is 100%. Asking price for the 46-unit portfolio is $3.57M and asking price for the 11-unit sub-portfolio is $1,045,000. The sub-portfolio includes 549 Spencer, 560 Williamsville, 26 Magyar, 3256 Jeannette, 1413 Colburn, 1912 Greenwood, 2074 Price, 4321 Burnham, 4345 Burnham, 615 Cuthbert Rd, and 4228 N Lockwood. The entire 46-unit list can be found in the attachments. Property is occupied and photos are from the last time it was vacant.

6. 2025-12-12
   status Pending 783-char remark

   Show marketing remark (783 chars)

   NOTICE: We are not considering seller financing or creative financing offers that do not consist of us in recorded first lien position with a minimum of 30% down. Thank you for understanding! This property is being sold as part of an 46-unit portfolio or a 5-unit sub-portfolio. In place cap is ~8.5%, pro forma cap is ~11.0%, and occupancy is 100%. Asking price for the 46-unit portfolio is $3.57M and asking price for the 11-unit sub-portfolio is $1,045,000. The sub-portfolio includes 549 Spencer, 560 Williamsville, 26 Magyar, 3256 Jeannette, 1413 Colburn, 1912 Greenwood, 2074 Price, 4321 Burnham, 4345 Burnham, 615 Cuthbert Rd, and 4228 N Lockwood. The entire 46-unit list can be found in the attachments. Property is occupied and photos are from the last time it was vacant.

7. 2025-11-10
   price $100,410 783-char remark

   Show marketing remark (783 chars)

   NOTICE: We are not considering seller financing or creative financing offers that do not consist of us in recorded first lien position with a minimum of 30% down. Thank you for understanding! This property is being sold as part of an 46-unit portfolio or a 5-unit sub-portfolio. In place cap is ~8.5%, pro forma cap is ~11.0%, and occupancy is 100%. Asking price for the 46-unit portfolio is $3.57M and asking price for the 11-unit sub-portfolio is $1,045,000. The sub-portfolio includes 549 Spencer, 560 Williamsville, 26 Magyar, 3256 Jeannette, 1413 Colburn, 1912 Greenwood, 2074 Price, 4321 Burnham, 4345 Burnham, 615 Cuthbert Rd, and 4228 N Lockwood. The entire 46-unit list can be found in the attachments. Property is occupied and photos are from the last time it was vacant.

8. 2025-09-25
   listed $102,000 Active 783-char remark

   Show marketing remark (783 chars)

   NOTICE: We are not considering seller financing or creative financing offers that do not consist of us in recorded first lien position with a minimum of 30% down. Thank you for understanding! This property is being sold as part of an 46-unit portfolio or a 5-unit sub-portfolio. In place cap is ~8.5%, pro forma cap is ~11.0%, and occupancy is 100%. Asking price for the 46-unit portfolio is $3.57M and asking price for the 11-unit sub-portfolio is $1,045,000. The sub-portfolio includes 549 Spencer, 560 Williamsville, 26 Magyar, 3256 Jeannette, 1413 Colburn, 1912 Greenwood, 2074 Price, 4321 Burnham, 4345 Burnham, 615 Cuthbert Rd, and 4228 N Lockwood. The entire 46-unit list can be found in the attachments. Property is occupied and photos are from the last time it was vacant.

9. 2023-07-31
   soldstatus $1,315,000
10. 2023-07-21
    soldstatus $46,964 Closed 183-char remark

    Show marketing remark (183 chars)

    Cute 3 bedroom near UT. Perfect investment opportunity to add to your portfolio! MINIMUM BID AUCTION $39,000 on Thurs. March 16th at 4 PM. Preview and registration will begin at 3 PM.

11. 2023-03-15
    status Pending 183-char remark

    Show marketing remark (183 chars)

    Cute 3 bedroom near UT. Perfect investment opportunity to add to your portfolio! MINIMUM BID AUCTION $39,000 on Thurs. March 16th at 4 PM. Preview and registration will begin at 3 PM.

12. 2023-03-15
    price $46,964 183-char remark

    Show marketing remark (183 chars)

    Cute 3 bedroom near UT. Perfect investment opportunity to add to your portfolio! MINIMUM BID AUCTION $39,000 on Thurs. March 16th at 4 PM. Preview and registration will begin at 3 PM.

13. 2023-02-19
    listed $39,000 Active 183-char remark

    Show marketing remark (183 chars)

    Cute 3 bedroom near UT. Perfect investment opportunity to add to your portfolio! MINIMUM BID AUCTION $39,000 on Thurs. March 16th at 4 PM. Preview and registration will begin at 3 PM.

14. 2008-10-06
    soldstatus $13,150
15. 2008-09-17
    price $13,150
16. 2008-05-27
    listed $12,900

ⓘ 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: $1,140 · $95/mo
• Projected year-2 tax: $1,315 · $110/mo
• Expected delta: +$175/yr (+$15/mo · 15.3%)

ⓘ 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 ≥101°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: $16,944
• − Mortgage interest: −$5,349
• − Property taxes: −$1,140
• − Insurance: −$478
• − Repairs & maintenance: −$1,356
• − Management: −$1,356
• − Depreciation: −$2,778
• Taxable income: $4,488
• Est. tax owed @ 24.0%: −$1,077
• After-tax cash flow: $4,681/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): 19,469
• Household income: $41,335
• Rent vs Own: 50.8% rent · 49.2% own
• Severe rent burden: 1157.0

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 0.57)
• Race & ethnicity: Black 59% White 27% Two or more races 6% Hispanic / Latino 6% Asian 3%
• Hispanic origin (detail): Mexican 3% Puerto Rican 2%
• Common ancestry: Lithuanian 2% Romanian 2% Slovak 1%
• Foreign-born: 4% · Canada
• Languages at home: 94% English-only · Other Indo-European 1% Spanish 1% Russian/Polish/Slavic 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: ▼ -66.58%
• Current HPI: 175.2772
• Rent YoY: ▲ 8.19%
• 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

+640.3% since first listed

13 events — show timeline

• 2026-01-14 Price Changed $95,500 NORIS
• 2025-12-24 Relisted — NORIS
• 2025-12-12 Pending — NORIS
• 2025-11-10 Price Changed $100,410 NORIS
• 2025-09-25 Listed $102,000 NORIS
• 2023-07-31 Sold (Public Records) $1,315,000 Public Records
• 2023-07-21 Sold (MLS) $46,964 NORIS
• 2023-03-15 Pending — NORIS
• 2023-03-15 Price Changed $46,964 NORIS
• 2023-02-19 Listed $39,000 NORIS
• 2008-10-06 Sold (MLS) $13,150 NORIS
• 2008-09-17 Price Changed $13,150 NORIS
• 2008-05-27 Listed $12,900 NORIS

Property tax history

+5.2%/yr

Latest (2025): $1,140 · +15.1% YoY. Source: county tax records.