824 Norwood Ave · Toledo, OH 43607

$53,000

4 bd · 1.0 ba · 1,768 sqft · SingleFamily public records · 15 Days on market

Built 1897 $30/sqft · 8% below area Est $57k · 8% 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 +10.9/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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

?? Priced to Sell & acirc; & euro; & ldquo; Investor Opportunity with Updated Exterior! Spacious 4-bedroom, 1-bath home with over 1,700 sq ft of living space. Exterior siding has been recently updated, giving the home strong curb appeal and reducing upfront work for the next owner. Inside features a solid layout with large rooms throughout. Property is ready for cosmetic updates, making it a perfect opportunity for investors, flippers, or buyers looking to add value and build equity. Sits on a nice lot with a fenced yard and plenty of potential. With minimal work, this property could be a strong rental or resale opportunity. ?? Estimated After Repair Value: ~$100K+ Convenient l

Key facts

• Fenced yard
• Updated exterior
• Convenient location

Tags

• UPDATED EXTERIOR
• FENCED YARD
• CONVENIENT LOCATION

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $53k.

Deal economics

• At list price, monthly cash flow is $837 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $53k).
• Recommended offer: $52k (1.5% below list) — sets the bar for market timing.
• Cap rate 25.2% vs local median 7.7% 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); 85 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 415 units permitted in Lucas County in 2024 (122 in 5+ unit buildings).
• This rent runs 45% 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 $366 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 + 8.0% rent growth), your $15k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($52k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $12k; list at $53k implies a 342% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1897 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $52,205 (1.5% below list)

Questions for the listing agent

1. Built in 1897 — 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: 2.90% ✓
• Cap rate: 25.25%
• Cash-on-cash: 67.69%
• DSCR: 4.01
• GRM: 2.9

CMA / ARV

• ARV (median comp): $57,315
• List price: $53,000
• Delta: -7.53%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
842 Lincoln Ave	0.13mi	3/1.0 (-1)	1,856 (+5%)	3mo	$16,500	$9	78
1104 Norwood Ave	0.33mi	3/2.0 (-1)	1,764 (-0%)	14mo	$115,000	$65	63
645 Oakwood Ave	0.20mi	3/2.0 (-1)	1,719 (-3%)	17mo	$159,900	$93	63
1264 Fernwood Ave	0.61mi	4/1.0	1,614 (-9%)	2mo	$125,000	$77	55
636 Norwood Ave	0.23mi	3/1.5 (-1)	2,009 (+14%)	7mo	$120,000	$60	54
670 Indiana Ave	0.40mi	3/2.0 (-1)	1,668 (-6%)	16mo	$82,000	$49	49
1109 City Park Park	0.42mi	4/2.0	1,531 (-13%)	6mo	$4,500	$3	48
1256 Indiana Ave	0.68mi	5/2.0 (+1)	1,783 (+1%)	13mo	$63,500	$36	47
544 Fernwood Ave	0.35mi	4/2.0	1,530 (-14%)	13mo	$145,000	$95	47
1117 Woodland Ave	0.46mi	3/1.5 (-1)	1,602 (-9%)	16mo	$87,900	$55	42
1508 Bell Ave	0.53mi	3/2.0 (-1)	1,521 (-14%)	9mo	$23,650	$16	35
391 Woodland Ave	0.67mi	3/1.5 (-1)	1,509 (-15%)	14mo	$91,350	$61	26

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: 72.7%
• Equity multiple: 4.56×
• Total profit: $52,876
• Equity at exit: $7,902

10-year hold

• IRR: 78.0%
• Equity multiple: 11.23×
• Total profit: $151,768
• Equity at exit: $4,582

Cash invested: $14,840 (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: 85
• Price-to-rent: 2.9×

Monthly cashflow live

• Estimated rent: $1,536 high
• Mortgage (P&I): −$278
• Tax from tax record: −$77 /mo · $919/yr
• Insurance: −$22
• HOA: −$0
• Vacancy / Maint / Mgmt: −$323
• Net cashflow: $837

Break-even live

Break-even rent $477

Max offer price $53,000

Occupancy floor 41%

Sensitivity live

Price	-10% $867	-5% $852	+0% $837	+5% $822	+10% $807
Rent	-10% $716	-5% $776	+0% $837	+5% $898	+10% $958
Rate	-1.0pp $864	-0.5pp $851	base $837	+0.5pp $823	+1.0pp $809

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: $13,250
• Closing costs: $1,590
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1140 Palmwood Ave Toledo, OH	3.0	1.0	1292	$1,500	$1.16	45d	1	0.45mi
1122 Pinewood Ave Toledo, OH	3.0	1.0	1559	$1,150	$0.74	15d	1	0.51mi
119 Winthrop St Toledo, OH	3.0	1.0	1734	$1,350	$0.78	24d	1	1.13mi
2117 Clinton St Toledo, OH	3.0	1.0	1256	$1,115	$0.89	45d	1	1.18mi
319 N Detroit Ave Toledo, OH	3.0	1.0	1341	$845	$0.63	45d	1	1.38mi
1436 Palmetto Ave Toledo, OH	3.0	1.0	1678	$1,400	$0.83	24d	1	1.39mi
2907 Rockwood Pl Toledo, OH	3.0	1.0	1494	$1,100	$0.74	15d	1	1.45mi
1420 Addington Rd Toledo, OH	5.0	1.5	1728	$1,500	$0.87	45d	1	1.49mi

Listing history 3 events

1. 2026-05-12
   listed $53,000 Active 821-char remark
2. 1996-06-05
   soldstatus $12,000
3. 1996-06-02
   soldstatus $12,000

ⓘ 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: $919 · $77/mo
• Projected year-2 tax: $919 · $77/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: $18,436
• − Mortgage interest: −$2,969
• − Property taxes: −$919
• − Insurance: −$265
• − Repairs & maintenance: −$1,475
• − Management: −$1,475
• − Depreciation: −$1,542
• Taxable income: $9,792
• Est. tax owed @ 24.0%: −$2,350
• After-tax cash flow: $7,695/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

+0.0% since first listed

2 events — show timeline

• 1996-06-05 Sold (Public Records) $12,000 Public Records
• 1996-06-02 Sold (Public Records) $12,000 Public Records

Property tax history

+2.4%/yr

Latest (2025): $919 · -20.0% YoY. Source: county tax records.