1525 Kelsey Ave · Toledo, OH 43605

$80,000

4 bd · 2.0 ba · 2,028 sqft · MultiFamily public records · 259 Days on market

Built 1916 3,598 sqft lot Est $89k · 10% under

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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
• ARV discount +12.2/15.0
• 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
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 34 units. estimate disagrees with records

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 12-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 5-unit sub-portfolio is $672K. The sub-portfolio includes 1441 Prouty, 4139 Walker, 291-295 E Broadway, 1371 Felt St, 1525 Kelsey Ave / 270 Valleywood, 1531 Freedom, and 44 Greenwood. 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

• 3,598 sq ft lot
• 4 garage spots
• Built 1916

What this means for you Summary

Snapshot

• This is a 34 × 1-bed/?-bath units multifamily listed at $80k.

Deal economics

• At list price, monthly cash flow is $23k ($281k/yr) — positive. Per door: $688/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($30k rent vs $80k).
• Recommended offer: $70k (12.0% below list) — sets the bar for market timing.
• Cap rate 357.2% 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; 7 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 $30,268/mo this rent would consume 929% 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 $553 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 + 5.4% rent growth), your $22k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 259 days — a 12% lower offer ($70k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 3y ago; this cycle's ask has dropped $35k (30%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1916 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $70,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 259 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 1916 — 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: 37.84% ✓
• Cap rate: 357.19%
• Cash-on-cash: 1253.19%
• DSCR: 56.76
• GRM: 0.2

CMA / ARV

• ARV (median comp): $89,274
• List price: $80,000
• Delta: -10.39%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
583 Dearborn Ave	0.28mi	4/2.0	2,264 (+12%)	12mo	$112,500	$50	58
425 Arden Pl	0.67mi	4/2.0	1,936 (-4%)	13mo	$60,000	$31	51
130 Licking St	0.56mi	4/2.0	1,800 (-11%)	16mo	$100,000	$56	42
1326 Idaho St	0.57mi	4/2.0	1,854 (-9%)	24mo	$70,000	$38	39
621 Nevada St	0.73mi	5/2.0 (+1)	1,736 (-14%)	11mo	$104,900	$60	28

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: 70.25×
• Total profit: $1,551,265
• Equity at exit: $11,928

10-year hold

• IRR: —
• Equity multiple: 161.24×
• Total profit: $3,589,347
• Equity at exit: $6,917

Cash invested: $22,400 (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: 7.5×

Monthly cashflow live

• Estimated rent: $30,268 high
• Mortgage (P&I): −$420
• Tax from tax record: −$66 /mo · $791/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$6,356
• Net cashflow: $23,393

Break-even live

Break-even rent $657

Max offer price $80,000

Occupancy floor 18%

Sensitivity live

Price	-10% $23,438	-5% $23,416	+0% $23,393	+5% $23,370	+10% $23,348
Rent	-10% $21,002	-5% $22,197	+0% $23,393	+5% $24,589	+10% $25,784
Rate	-1.0pp $23,433	-0.5pp $23,413	base $23,393	+0.5pp $23,372	+1.0pp $23,351

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

Units	Beds	Baths	Est. rent
▸ 34× units	1	—	$30,260
Total (34 units)			$30,268

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: $20,000
• Closing costs: $2,400
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
245 Plymouth St Toledo, OH	3.0	1.0	1600	$1,125	$0.70	14d	1	0.17mi
414 Platt St Unit ST-3 Toledo, OH	3.0	1.0	1500	$1,150	$0.77	24d	1	0.55mi
606 Earl St Toledo, OH	3.0	1.5	1700	$1,150	$0.68	21d	1	1.14mi
20 Greenwood Ave Toledo, OH	3.0	1.0	1496	$1,150	$0.77	14d	1	1.16mi
1449 N Huron St Toledo, OH	4.0	2.0	1430	$1,045	$0.73	14d	1	1.29mi
1536 N Erie St Toledo, OH	4.0	1.0	1600	$1,300	$0.81	44d	1	1.35mi
724 Mulberry St Toledo, OH	4.0	1.0	1530	$995	$0.65	44d	1	1.40mi

Listing history 24 events

1. 2026-06-18
   days on market $80,000 Active 259 DOM
2. 2026-06-17
   days on market $80,000 Active 258 DOM
3. 2026-06-16
   days on market $80,000 Active 257 DOM
4. 2026-06-15
   days on market $80,000 Active 256 DOM
5. 2026-06-14
   days on market $80,000 Active 254 DOM
6. 2026-06-10
   days on market $80,000 Active 251 DOM
7. 2026-06-09
   days on market $80,000 Active 250 DOM
8. 2026-06-08
   days on market $80,000 Active 249 DOM
9. 2026-06-07
   days on market $80,000 Active 248 DOM
10. 2026-06-05
    days on market $80,000 Active 245 DOM
11. 2026-06-03
    days on market $80,000 Active 244 DOM
12. 2026-06-02
    days on market $80,000 Active 243 DOM
13. 2026-06-01
    days on market $80,000 Active 242 DOM
14. 2026-05-31
    days on market $80,000 Active 241 DOM
15. 2026-05-30
    days on market $80,000 Active 240 DOM
16. 2026-01-14
    price $89,000 736-char remark

    Show marketing remark (736 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 12-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 5-unit sub-portfolio is $672K. The sub-portfolio includes 1441 Prouty, 4139 Walker, 291-295 E Broadway, 1371 Felt St, 1525 Kelsey Ave / 270 Valleywood, 1531 Freedom, and 44 Greenwood. The entire 46-unit list can be found in the attachments. Property is occupied and photos are from the last time it was vacant.

17. 2025-11-10
    price $102,000 736-char remark

    Show marketing remark (736 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 12-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 5-unit sub-portfolio is $672K. The sub-portfolio includes 1441 Prouty, 4139 Walker, 291-295 E Broadway, 1371 Felt St, 1525 Kelsey Ave / 270 Valleywood, 1531 Freedom, and 44 Greenwood. The entire 46-unit list can be found in the attachments. Property is occupied and photos are from the last time it was vacant.

18. 2025-09-30
    listed $115,000 Active 736-char remark

    Show marketing remark (736 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 12-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 5-unit sub-portfolio is $672K. The sub-portfolio includes 1441 Prouty, 4139 Walker, 291-295 E Broadway, 1371 Felt St, 1525 Kelsey Ave / 270 Valleywood, 1531 Freedom, and 44 Greenwood. The entire 46-unit list can be found in the attachments. Property is occupied and photos are from the last time it was vacant.

19. 2023-07-31
    soldstatus $1,315,000
20. 2023-07-21
    soldstatus $46,964 Closed 223-char remark

    Show marketing remark (223 chars)

    Minimum bid auction $25,000 Monday March 27th, 2023, @ 2:00 PM. 1 of 3 properties being auction this day. A part of an 8-day caravan auction. You don't want to miss these great investment opportunities! Come bid your price!

21. 2023-03-17
    status Pending 223-char remark

    Show marketing remark (223 chars)

    Minimum bid auction $25,000 Monday March 27th, 2023, @ 2:00 PM. 1 of 3 properties being auction this day. A part of an 8-day caravan auction. You don't want to miss these great investment opportunities! Come bid your price!

22. 2023-03-17
    price $46,964 223-char remark

    Show marketing remark (223 chars)

    Minimum bid auction $25,000 Monday March 27th, 2023, @ 2:00 PM. 1 of 3 properties being auction this day. A part of an 8-day caravan auction. You don't want to miss these great investment opportunities! Come bid your price!

23. 2023-02-20
    listed $25,000 Active 223-char remark

    Show marketing remark (223 chars)

    Minimum bid auction $25,000 Monday March 27th, 2023, @ 2:00 PM. 1 of 3 properties being auction this day. A part of an 8-day caravan auction. You don't want to miss these great investment opportunities! Come bid your price!

24. 2018-05-09
    soldstatus $9,100

ⓘ 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: $791 · $66/mo
• Projected year-2 tax: $1,019 · $85/mo
• Expected delta: +$229/yr (+$19/mo · 28.9%)

ⓘ 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: $363,216
• − Mortgage interest: −$4,481
• − Property taxes: −$791
• − Insurance: −$400
• − Repairs & maintenance: −$29,057
• − Management: −$29,057
• − Depreciation: −$2,327
• Taxable income: $297,102
• Est. tax owed @ 24.0%: −$71,305
• After-tax cash flow: $209,411/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

+878.0% since first listed

9 events — show timeline

• 2026-01-14 Price Changed $89,000 NORIS
• 2025-11-10 Price Changed $102,000 NORIS
• 2025-09-30 Listed $115,000 NORIS
• 2023-07-31 Sold (Public Records) $1,315,000 Public Records
• 2023-07-21 Sold (MLS) $46,964 NORIS
• 2023-03-17 Pending — NORIS
• 2023-03-17 Price Changed $46,964 NORIS
• 2023-02-20 Listed $25,000 NORIS
• 2018-05-09 Sold (Public Records) $9,100 Public Records

Property tax history

+3.0%/yr

Latest (2025): $791 · -14.0% YoY. Source: county tax records.