1441 Milburn Ave · Toledo, OH 43606

$37,500

5 bd · 2.0 ba · 1,847 sqft · MultiFamily public records · 26 Days on market

Built 1887 6,098 sqft lot

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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 +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• 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: 1 unit. estimate disagrees with records

Listing remarks

Contractor's Special! Massive Equity Potential at 1441 Milburn Ave Calling all rehabbers, flippers, and visionaries! This grand 1880s multi-family home is waiting for its next chapter. Boasting 5 large bedrooms, 2 baths, and a spacious 2-story layout, this structure provides the perfect bones for a high-end duplex remodel. Whether you choose to renovate and cash-flow both units or execute a profitable flip, the numbers make sense here. Located in a convenient Toledo pocket (Auburndale) with quick access to Monroe St. , local amenities, and the University of Toledo. This property needs a full renovation and is a complete blank canvas ready for your custom finishes. Agent Remarks / Terms:

Key facts

• Full renovation
• 6,098 sq ft lot
• Parking

Tags

• GRAND MULTI-FAMILY HOME
• SPACIOUS 2-STORY LAYOUT
• FULL RENOVATION
• COMPLETE BLANK CANVAS

Property features AI

Finance

• Financial info: Annual tax amount listed (2025)

Exterior

• Parking: Driveway
• Utilities: Public water; Public sewer
• Home design: Two-story house; Lap siding exterior; Asphalt/fiberglass roof
• Construction: Lap siding construction; Asphalt/fiberglass roof
• Exterior features: Lot approximately 0.14 acres; Property listed as fixer

Interior

• Bedrooms: Two main-level bedrooms
• Bathrooms: Two full bathrooms total, one on the main level
• Heating & cooling: Forced air heating; Heating present
• Interior features: Full unfinished basement

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath multifamily listed at $38k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $38k).
• Recommended offer: $37k (1.5% below list) — sets the bar for market timing.
• Cap rate 44.7% 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 (+2.3%/yr); 93 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 415 units permitted in Lucas County in 2024 (122 in 5+ unit buildings).
• This rent runs 34% 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 $259 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 + 2.3% rent growth), your $10k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 26 days — a 2% lower offer ($37k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 4y ago; this cycle's ask has dropped $2k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 3.0% of price; built in 1887 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $36,937 (1.5% below list)

Questions for the listing agent

1. Built in 1887 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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?
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 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: 5.09% ✓
• Cap rate: 44.69%
• Cash-on-cash: 137.14%
• DSCR: 7.10
• GRM: 1.6

CMA / ARV

• ARV (on-the-fly): $88,656
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1708 Cone St	0.37mi	4/2.0 (-1)	1,772 (-4%)	11mo	$100,000	$56	62
1301 Goodale Ave	0.36mi	4/2.0 (-1)	2,000 (+8%)	16mo	$62,000	$31	51
2434 Lawrence Ave	0.67mi	4/2.0 (-1)	1,965 (+6%)	6mo	$94,000	$48	48

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: —
• Equity multiple: 7.58×
• Total profit: $69,057
• Equity at exit: $5,591

10-year hold

• IRR: —
• Equity multiple: 15.60×
• Total profit: $153,311
• Equity at exit: $3,242

Cash invested: $10,500 (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: 3.4×

Monthly cashflow live

• Estimated rent: $1,907 high
• Mortgage (P&I): −$197
• Tax from tax record: −$94 /mo · $1,131/yr
• Insurance: −$16
• HOA: −$0
• Vacancy / Maint / Mgmt: −$400
• Net cashflow: $1,200

Break-even live

Break-even rent $388

Max offer price $37,500

Occupancy floor 32%

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

Units	Beds	Baths	Est. rent
1× unit	2	1	$913
1× unit	3	1	$994
Total (2 units)			$1,907

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: $9,375
• Closing costs: $1,125
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1420 Addington Rd Toledo, OH	5.0	1.5	1728	$1,500	$0.87	43d	1	1.12mi
3606 Revere Dr Toledo, OH	4.0	1.0	1320	$1,500	$1.14	43d	1	1.41mi

Listing history 21 events

1. 2026-06-17
   days on market $37,500 Active 26 DOM
2. 2026-06-16
   days on market $37,500 Active 25 DOM
3. 2026-06-15
   days on market $37,500 Active 24 DOM
4. 2026-06-14
   days on market $37,500 Active 22 DOM
5. 2026-06-10
   days on market $37,500 Active 19 DOM
6. 2026-06-09
   days on market $37,500 Active 18 DOM
7. 2026-06-08
   days on market $37,500 Active 17 DOM
8. 2026-06-07
   days on market $37,500 Active 16 DOM
9. 2026-06-05
   days on market $37,500 Active 13 DOM
10. 2026-06-03
    days on market $37,500 Active 12 DOM
11. 2026-06-02
    pricedays on market $37,500 Active 11 DOM
12. 2026-06-01
    days on market $39,999 Active 10 DOM
13. 2026-05-31
    days on market $39,999 Active 9 DOM
14. 2026-05-30
    days on market $39,999 Active 8 DOM
15. 2026-05-22
    listed $39,999 Active
16. 2022-09-12
    historical
17. 2022-07-27
    status Active
18. 2022-06-21
    status Pending
19. 2022-05-31
    status Active
20. 2022-04-15
    status Pending
21. 2022-03-22
    listed $20,000 Active

ⓘ 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: $1,131 · $94/mo
• Projected year-2 tax: $1,131 · $94/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 3/10 Moderate FEMA zone X (unshaded) · 10% 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: $22,884
• − Mortgage interest: −$2,101
• − Property taxes: −$1,131
• − Insurance: −$188
• − Repairs & maintenance: −$1,831
• − Management: −$1,831
• − Depreciation: −$1,091
• Taxable income: $14,713
• Est. tax owed @ 24.0%: −$3,531
• After-tax cash flow: $10,869/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

+100.0% since first listed

7 events — show timeline

• 2026-05-22 Listed $39,999 MLSNOW
• 2022-09-12 Listing Removed — NORIS
• 2022-07-27 Relisted — NORIS
• 2022-06-21 Pending — NORIS
• 2022-05-31 Relisted — NORIS
• 2022-04-15 Pending — NORIS
• 2022-03-22 Listed $20,000 NORIS

Property tax history

+2.6%/yr

Latest (2025): $1,131 · +2.7% YoY. Source: county tax records.