3505 Watson Ave · Toledo, OH 43612

$65,000

2 bd · 1.0 ba · 921 sqft · SingleFamily public records · 1 Days on market

Built 1926 3,300 sqft lot Est $85k · 23% 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +4.0/5.0
• Livability +3.3/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Nice 2 bed 1 bath West Toledo home. Would make a great owner occupant or investment property! Home features large LR, formal DR, nice open front porch, fenced backyard and bsmt with w/d hook-ups. Tenant occupied at $750/mo plus $75/mo for water on lease until 7/31/23.

Key facts

• 3,300 sq ft lot
• 2 parking spots
• Built 1926

🏷️ Possibly a rental listed for sale. The $65,000 price doesn't fit this home's estimated sale value (~$84,732) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $65k.

Deal economics

• At list price, monthly cash flow is $317 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($994 rent vs $65k).
• Cap rate 12.1% 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: Longfellow Elementary School (math 12% / reading 19%, grade F, #1,375 of 1,584 statewide, top 87%, 533 students, 0% FRL); Start High School (math 11% / reading 33%, grade F, #672 of 781 statewide, top 86%, 1,242 students, 50% FRL) — zoned schools average 25% FRL vs 72% district-wide (47 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising fast (+6.0%/yr); 99 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; 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 $449 of loan paydown is wiped out by about $2k 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 + 6.0% rent growth), your $18k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 8 sale attempts since 27y 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 1926 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $65,000

Questions for the listing agent

1. Built in 1926 — 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: 1.53% ✓
• Cap rate: 12.14%
• Cash-on-cash: 20.89%
• DSCR: 1.93
• GRM: 5.5

CMA / ARV

• ARV (on-the-fly): $84,732
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3628 Wallwerth Dr	0.28mi	2/1.0	935 (+2%)	2mo	$123,000	$132	82
3846 Burton Ave	0.34mi	2/1.0	906 (-2%)	4mo	$99,900	$110	78
1734 Barrows St	0.51mi	2/1.0	912 (-1%)	1mo	$90,000	$99	74
1730 Balkan Pl	0.44mi	2/1.0	872 (-5%)	3mo	$80,000	$92	68
3917 Almeda Dr	0.43mi	2/1.0	839 (-9%)	2mo	$103,000	$123	64
1829 Talbot St	0.53mi	2/1.0	864 (-6%)	2mo	$50,000	$58	64
1747 Duncan Rd	0.47mi	3/1.0 (+1)	974 (+6%)	6mo	$80,000	$82	58
1821 Stahlwood Ave	0.62mi	2/1.0	992 (+8%)	5mo	$93,000	$94	54
1751 Georgia Ave	0.53mi	3/1.5 (+1)	1,008 (+9%)	5mo	$70,000	$69	48
1822 Stahlwood Ave	0.61mi	2/1.0	1,047 (+14%)	2mo	$74,000	$71	47
1804 Loxley Rd	0.48mi	3/1.5 (+1)	1,056 (+15%)	1mo	$81,290	$77	45
1804 Duncan Rd	0.50mi	3/1.0 (+1)	1,048 (+14%)	4mo	$55,000	$52	45

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 · 6.01% rent growth · sell at horizon

5-year hold

• IRR: 16.8%
• Equity multiple: 1.70×
• Total profit: $12,776
• Equity at exit: $9,692

10-year hold

• IRR: 27.5%
• Equity multiple: 3.79×
• Total profit: $50,755
• Equity at exit: $5,620

Cash invested: $18,200 (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 43612

• Home prices YoY: -17.5%
• Rents YoY: 6.0%
• Active inventory: 99
• Price-to-rent: 5.5×

Monthly cashflow live

• Estimated rent: $994 high
• Mortgage (P&I): −$341
• Tax from tax record: −$100 /mo · $1,203/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$209
• Net cashflow: $317

Break-even live

Break-even rent $593

Max offer price $65,000

Occupancy floor 63%

Sensitivity live

Price	-10% $354	-5% $335	+0% $317	+5% $298	+10% $280
Rent	-10% $238	-5% $278	+0% $317	+5% $356	+10% $395
Rate	-1.0pp $350	-0.5pp $333	base $317	+0.5pp $300	+1.0pp $283

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: $16,250
• Closing costs: $1,950
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1489 Berdan Ave Toledo, OH	3.0	1.0	1068	$1,250	$1.17	44d	1	0.26mi
3817 Burton Ave Toledo, OH	3.0	1.0	754	$1,015	$1.35	22d	1	0.32mi
3541 Willys Pkwy Toledo, OH	3.0	1.0	1113	$1,400	$1.26	44d	1	0.33mi
1705 Marlow Rd Toledo, OH	2.0	1.0	738	$1,000	$1.36	24d	1	0.35mi
3801 Torrance Dr Unit 3801 4 Toledo, OH	1.0	1.0	750	$600	$0.80	24d	1	0.36mi
3901 Leybourn Ave Toledo, OH	3.0	1.0	840	$1,150	$1.37	24d	1	0.39mi
1732 Talbot St Toledo, OH	2.0	1.0	840	$995	$1.18	24d	1	0.43mi
3915 Willys Pkwy Unit 3915 Toledo, OH	3.0	1.0	1080	$800	$0.74	22d	1	0.51mi
1718 Giant St Toledo, OH	3.0	1.0	1080	$1,395	$1.29	15d	1	0.52mi
1846 Loxley Rd Toledo, OH	2.0	1.0	876	$900	$1.03	44d	1	0.56mi
3940 Jackman Rd Unit B Toledo, OH	1.0	1.0	600	$650	$1.08	44d	1	0.56mi
3615 Berkeley Dr Toledo, OH	3.0	1.0	1096	$1,400	$1.28	15d	1	0.60mi
3683 Upton Ave Toledo, OH	3.0	1.0	1119	$1,100	$0.98	44d	1	0.62mi
3812 Drexel Dr Apt 2 Toledo, OH	1.0	1.0	950	$773	$0.81	24d	1	0.62mi
1804 Bigelow St Toledo, OH	3.0	1.0	995	$937	$0.94	44d	1	0.62mi
3805 Berkeley Unit 3 Toledo, OH	1.0	1.0	700	$735	$1.05	15d	1	0.64mi
1838 Giant St Toledo, OH	3.0	1.0	962	$1,200	$1.25	15d	1	0.64mi
1951 Loxley Rd Toledo, OH	2.0	1.0	804	$975	$1.21	24d	1	0.69mi
2027 Berkshire Pl Toledo, OH	2.0	1.0	600	$845	$1.41	24d	1	0.84mi
4158 Mayfield Dr Toledo, OH	2.0	1.0	960	$850	$0.89	15d	1	0.89mi
3803 Monroe St Toledo, OH	2.0	1.0	942	$850	$0.90	44d	1	1.01mi
3835 Monroe St Toledo, OH	2.0	1.0	1002	$950	$0.95	44d	1	1.02mi
2716 Hoehler Dr Toledo, OH	1.0	1.0	720	$600	$0.83	44d	1	1.02mi
4435 Jackman Rd Toledo, OH	1.0–2.0	1.0	725	$922	$1.27	15d	3	1.05mi
4039 Vermaas Ave Toledo, OH	2.0	1.0	900	$900	$1.00	24d	1	1.09mi
4039 Vermaas Ave Toledo, OH	1.0	1.0	612	$675	$1.10	44d	1	1.09mi
3950 Woodhaven Dr Toledo, OH	2.0	1.0	1072	$745	$0.69	24d	1	1.13mi
3160 Matson Apt 27 Toledo, OH	1.0	1.0	567	$725	$1.28	22d	1	1.13mi
3150 Matson Unit 17 Toledo, OH	1.0	1.0	567	$799	$1.41	22d	1	1.14mi
2244 W Sylvania Ave Unit 6 Toledo, OH	2.0	1.0	800	$795	$0.99	44d	1	1.17mi
4013 Caroline Ave Toledo, OH	1.0	1.0	840	$800	$0.95	22d	1	1.18mi
2347 Rosedale Ave Toledo, OH	2.0	1.0	767	$875	$1.14	44d	1	1.26mi
1338 Crestwood Rd Toledo, OH	3.0	1.0	1000	$1,250	$1.25	15d	1	1.28mi
4220 Caroline Ave Toledo, OH	3.0	1.0	944	$1,095	$1.16	44d	1	1.30mi
1919 Ottawa Dr Unit 7 Toledo, OH	2.0	1.0	900	$800	$0.89	44d	1	1.30mi
1738 Milburn Ave Toledo, OH	2.0	1.0	1016	$650	$0.64	24d	1	1.31mi
2802 Gunckel Blvd Toledo, OH	2.0	1.0	860	$1,100	$1.28	44d	1	1.31mi
3640 Douglas Rd Toledo, OH	1.0	1.0	720	$784	$1.09	44d	1	1.32mi
2356 Torrey Hill Dr Unit 11 Toledo, OH	2.0	1.0	1050	$800	$0.76	44d	1	1.34mi
2322 Upton Ave Toledo, OH	3.0	1.0	1000	$1,300	$1.30	44d	1	1.34mi

Listing history 25 events

1. 2025-11-24
   soldstatus $65,000
2. 2025-10-30
   status Pending
3. 2025-10-30
   listed $65,000 Active
4. 2025-10-24
   historical $65,000
5. 2025-10-14
   price $52,500 268-char remark

   Show marketing remark (268 chars)

   Nice 2 bed 1 bath West Toledo home. Would make a great owner occupant or investment property! Home features large LR, formal DR, nice open front porch, fenced backyard and bsmt with w/d hook-ups. Tenant occupied at $750/mo plus $75/mo for water on lease until 7/31/23.

6. 2022-11-10
   soldstatus $52,500
7. 2022-11-03
   soldstatus $52,500 Closed 268-char remark

   Show marketing remark (268 chars)

   Nice 2 bed 1 bath West Toledo home. Would make a great owner occupant or investment property! Home features large LR, formal DR, nice open front porch, fenced backyard and bsmt with w/d hook-ups. Tenant occupied at $750/mo plus $75/mo for water on lease until 7/31/23.

8. 2022-10-11
   status Pending 268-char remark

   Show marketing remark (268 chars)

   Nice 2 bed 1 bath West Toledo home. Would make a great owner occupant or investment property! Home features large LR, formal DR, nice open front porch, fenced backyard and bsmt with w/d hook-ups. Tenant occupied at $750/mo plus $75/mo for water on lease until 7/31/23.

9. 2022-09-30
   price $58,900 268-char remark

   Show marketing remark (268 chars)

   Nice 2 bed 1 bath West Toledo home. Would make a great owner occupant or investment property! Home features large LR, formal DR, nice open front porch, fenced backyard and bsmt with w/d hook-ups. Tenant occupied at $750/mo plus $75/mo for water on lease until 7/31/23.

10. 2022-07-18
    price $750
11. 2022-06-17
    status Active 268-char remark

    Show marketing remark (268 chars)

    Nice 2 bed 1 bath West Toledo home. Would make a great owner occupant or investment property! Home features large LR, formal DR, nice open front porch, fenced backyard and bsmt with w/d hook-ups. Tenant occupied at $750/mo plus $75/mo for water on lease until 7/31/23.

12. 2022-06-08
    historical Contingent 268-char remark

    Show marketing remark (268 chars)

    Nice 2 bed 1 bath West Toledo home. Would make a great owner occupant or investment property! Home features large LR, formal DR, nice open front porch, fenced backyard and bsmt with w/d hook-ups. Tenant occupied at $750/mo plus $75/mo for water on lease until 7/31/23.

13. 2022-06-06
    listed $62,500 Active 268-char remark

    Show marketing remark (268 chars)

    Nice 2 bed 1 bath West Toledo home. Would make a great owner occupant or investment property! Home features large LR, formal DR, nice open front porch, fenced backyard and bsmt with w/d hook-ups. Tenant occupied at $750/mo plus $75/mo for water on lease until 7/31/23.

14. 2017-03-22
    historical
15. 2016-11-21
    listed $30,000
16. 2008-08-12
    historical
17. 2008-06-05
    listed $31,700
18. 2008-03-27
    historical
19. 2007-09-27
    listed $48,200
20. 2000-03-17
    soldstatus $37,000
21. 2000-03-08
    soldstatus $60,000
22. 1999-11-05
    listed $37,000
23. 1999-11-05
    historical
24. 1999-08-05
    listed $48,250
25. 1997-07-24
    soldstatus $25,500

ⓘ 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: $1,203 · $100/mo
• Projected year-2 tax: $1,203 · $100/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 ≥101°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: $11,925
• − Mortgage interest: −$3,641
• − Property taxes: −$1,203
• − Insurance: −$325
• − Repairs & maintenance: −$954
• − Management: −$954
• − Depreciation: −$1,891
• Taxable income: $2,957
• Est. tax owed @ 24.0%: −$710
• After-tax cash flow: $3,093/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): 28,480
• Household income: $50,728
• Rent vs Own: 45.4% rent · 54.6% own
• Severe rent burden: 1203.0

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: Majority White (63%)
• Race & ethnicity: White 63% Black 23% Two or more races 10% Hispanic / Latino 9%
• Hispanic origin (detail): Mexican 6% Puerto Rican 2%
• Common ancestry: Romanian 9% Lithuanian 3% Italian 1%
• Foreign-born: 2% · 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: ▼ -50.05%
• Current HPI: 235.5389
• Rent YoY: ▲ 6.01%
• 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

+154.9% since first listed

25 events — show timeline

• 2025-11-24 Sold (Public Records) $65,000 Public Records
• 2025-10-30 Pending — NORIS
• 2025-10-30 Listed $65,000 NORIS
• 2025-10-24 Coming Soon $65,000 NORIS
• 2025-10-14 Price Changed $52,500 NORIS
• 2022-11-10 Sold (Public Records) $52,500 Public Records
• 2022-11-03 Sold (MLS) $52,500 NORIS
• 2022-10-11 Pending — NORIS
• 2022-09-30 Price Changed $58,900 NORIS
• 2022-07-18 Price Changed $750 RENT.
• 2022-06-17 Relisted — NORIS
• 2022-06-08 Contingent — NORIS
• 2022-06-06 Listed $62,500 NORIS
• 2017-03-22 Listing Removed — NORIS
• 2016-11-21 Listed $30,000 NORIS
• 2008-08-12 Listing Removed — NORIS
• 2008-06-05 Listed $31,700 NORIS
• 2008-03-27 Listing Removed — NORIS
• 2007-09-27 Listed $48,200 NORIS
• 2000-03-17 Sold (MLS) $37,000 NORIS
• 2000-03-08 Sold (Public Records) $60,000 Public Records
• 1999-11-05 Listing Removed — NORIS
• 1999-11-05 Listed $37,000 NORIS
• 1999-08-05 Listed $48,250 NORIS
• 1997-07-24 Sold (Public Records) $25,500 Public Records

Property tax history

+1.5%/yr

Latest (2025): $1,203 · -7.2% YoY. Source: county tax records.