3028 Powhattan Pkwy · Toledo, OH 43606

$188,900

4 bd · 2.0 ba · 2,192 sqft · MultiFamily public records · 17 Days on market

Built 1950 Est $175k · 8% 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 +20.7/30.0
• DSCR +6.6/10.0
• 1% rule +5.7/10.0
• ARV discount +4.0/15.0
• Livability +3.3/5.0
• Rent growth +3.1/5.0
• 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: 2 units. confirmed

Listing remarks MLS

MINT CONDITION, OWNER OCCUPIED DUPLEX. NEWER ROOF, NEW FURNACES, UPDATED ELECTRICAL, NEW STEEL ENTRY DOORS ON BACK & SIDE ENTRANCES, NEW REPLACEMENTS WINDOWS IN FRONT, NEW CENTRAL A/C. NEW CARPET & PAINT IN UPPER UNIT. NEW CARPET IN LOWER UNIT. QUALITY WINDOW TREATMENTS, CLEAN, DRY DIVIDED BASEMENT FOR STORAGE, DETACHED GARAGE W/ 2 DOORS EACH W/ AN OPENER.

Key facts

• Fenced yard
• Divided basement
• Large double lot

Tags

• LARGE DOUBLE LOT
• FULL BRICK DUPLEX
• DIVIDED BASEMENT
• FENCED YARD
• CLOSE TO TOLEDO HOSPITAL

Property features AI

Exterior

• Home design: One-story property; Built in 1950
• Construction: 2192 living area
• Exterior features: Located in the Ottawa subdivision

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $189k.

Deal economics

• At list price, monthly cash flow is $255 ($3k/yr) — positive. Per door: $128/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $189k).
• Recommended offer: $186k (1.5% below list) — sets the bar for market timing.

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 (+2.3%/yr); 93 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 415 units permitted in Lucas County in 2024 (122 in 5+ unit buildings).
• This rent runs 36% of the median local income ($67k/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 $1k of loan paydown is wiped out by about $6k 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.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($186k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 22y 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.
• Current owner paid $84k; list at $189k implies a 125% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $186,066 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
8. 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.
9. 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.
10. 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: 1.07% ✓
• Cap rate: 7.92%
• Cash-on-cash: 5.80%
• DSCR: 1.26
• GRM: 7.8

CMA / ARV

• ARV (on-the-fly): $175,360
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2929 Northwood Ave	0.17mi	4/2.0	2,120 (-3%)	22mo	$170,000	$80	68
2820 Northwood Ave	0.26mi	4/2.0	2,058 (-6%)	13mo	$176,500	$86	67
3437 Douglas Rd	0.44mi	4/2.0	2,146 (-2%)	22mo	$170,000	$79	57
3037 Algonquin Pkwy	0.04mi	5/2.0 (+1)	2,476 (+13%)	22mo	$141,110	$57	53
3350 Wyckliffe Pkwy	0.40mi	4/2.0	1,867 (-15%)	5mo	$150,800	$81	52
2647 Gunckel Blvd	0.38mi	4/2.0	2,406 (+10%)	22mo	$152,000	$63	48
2826 Upton Ave	0.67mi	4/2.0	1,944 (-11%)	6mo	$155,500	$80	45
3712 Douglas Rd	0.71mi	4/2.0	1,944 (-11%)	8mo	$188,250	$97	42
3414 Wyckliffe Pkwy	0.43mi	5/2.0 (+1)	1,876 (-14%)	13mo	$165,000	$88	40

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 · 2.29% rent growth · sell at horizon

5-year hold

• IRR: -8.1%
• Equity multiple: 0.70×
• Total profit: $-15,719
• Equity at exit: $28,166

10-year hold

• IRR: 0.5%
• Equity multiple: 1.03×
• Total profit: $1,683
• Equity at exit: $16,333

Cash invested: $52,892 (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 43606

• Home prices YoY: -15.5%
• Rents YoY: 2.3%
• Active inventory: 93
• Price-to-rent: 15.6×

Monthly cashflow live

• Estimated rent: $2,012 high
• Mortgage (P&I): −$991
• Tax from tax record: −$265 /mo · $3,176/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$423
• Net cashflow: $255

Break-even live

Break-even rent $1,689

Max offer price $188,900

Occupancy floor 82%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,012
Total (2 units)			$2,012

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: $47,225
• Closing costs: $5,667
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2632 Algonquin Pkwy Toledo, OH	3.0	1.5	1568	$800	$0.51	23d	1	0.38mi
3121 Cheltenham Rd Toledo, OH	4.0	2.0	1691	$1,800	$1.06	44d	1	0.62mi
2645 Drummond Rd Toledo, OH	5.0	2.0	2007	$1,900	$0.95	44d	1	0.80mi
3716 Rushland Ave Unit NA Toledo, OH	3.0	1.5	1559	$1,650	$1.06	14d	1	0.80mi
3948 Grantley Rd Toledo, OH	4.0	1.5	1600	$1,500	$0.94	23d	1	1.15mi
1436 Palmetto Ave Toledo, OH	3.0	1.0	1678	$1,400	$0.83	23d	1	1.21mi

Listing history 13 events

1. 2026-06-15
   days on market $188,900 Active 17 DOM
2. 2026-06-14
   days on market $188,900 Active 15 DOM
3. 2026-06-10
   days on market $188,900 Active 12 DOM
4. 2026-06-09
   days on market $188,900 Active 11 DOM
5. 2026-06-08
   days on market $188,900 Active 10 DOM
6. 2026-06-07
   days on market $188,900 Active 9 DOM
7. 2026-06-05
   days on market $188,900 Active 6 DOM
8. 2026-06-03
   days on market $188,900 Active 5 DOM
9. 2026-06-02
   days on market $188,900 Active 4 DOM
10. 2026-06-01
    days on market $188,900 Active 3 DOM
11. 2026-05-31
    days on market $188,900 Active 2 DOM
12. 2026-05-30
    remarks 424-char remark
13. 2026-05-30
    listed $188,900 Active 1 DOM

ⓘ 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: $3,176 · $265/mo
• Projected year-2 tax: $3,176 · $265/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 5/10 Major FEMA zone X (unshaded) · 52% 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: $24,144
• − Mortgage interest: −$10,581
• − Property taxes: −$3,176
• − Insurance: −$944
• − Repairs & maintenance: −$1,932
• − Management: −$1,932
• − Depreciation: −$5,495
• Taxable income: $83
• Est. tax owed @ 24.0%: −$20
• After-tax cash flow: $3,045/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): 24,898
• Household income: $66,917
• Rent vs Own: 44.1% rent · 55.9% own
• Severe rent burden: 843.0

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: White 59% Black 29% Two or more races 7% Hispanic / Latino 4% Asian 3%
• Common ancestry: Romanian 6% Italian 2% Lithuanian 1%
• Foreign-born: 7% · Canada, China, South Korea
• Languages at home: 92% English-only · Arabic 2% Other Indo-European 2% Spanish 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: ▼ -41.19%
• Current HPI: 224.695
• Rent YoY: ▲ 2.29%
• 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

+104.2% since first listed

12 events — show timeline

• 2026-05-30 Listed $188,900 FSBO.com
• 2025-10-14 Price Changed $150,000 NORIS
• 2025-10-14 Price Changed $84,000 NORIS
• 2015-09-15 Sold (Public Records) $84,000 Public Records
• 2015-09-11 Sold (MLS) $84,000 NORIS
• 2014-10-05 Listed $89,900 NORIS
• 2013-09-30 Listing Removed — NORIS
• 2013-05-19 Listed $110,000 NORIS
• 2004-07-02 Sold (Public Records) $150,000 Public Records
• 2004-06-30 Sold (MLS) $150,000 NORIS
• 2004-05-26 Listed $154,900 NORIS
• 1995-04-12 Sold (Public Records) $92,500 Public Records

Property tax history

+2.2%/yr

Latest (2025): $3,176 · -0.1% YoY. Source: county tax records.