425 Boston Pl · Toledo, OH 43610

$185,000

4 bd · 3.0 ba · 2,572 sqft · MultiFamily public records · 49 Days on market

Built 1910 5,700 sqft lot $72/sqft · 144% above area

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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 +25.9/30.0
• DSCR +8.7/10.0
• ARV discount +7.5/15.0
• Appreciation +7.3/10.0
• 1% rule +6.0/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0

Multi-family units

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

Listing remarks

Charming fully renovated duplex located in a quiet and desirable neighborhood in Toledo. This property has been extensively updated with all new siding, flooring, kitchens, bathrooms, and appliances, upgraded electrical panels, heating, and separate meters, offering a turnkey opportunity for both investors and owner occupants. The second floor unit is currently tenant occupied, providing immediate income, while the first floor unit is vacant and ready for occupancy or lease at market rates. Each unit features bright living spaces, modern finishes, and a functional layout that appeals to today's renters. The exterior has been refreshed, and the property offers strong curb appeal along with a

Key facts

• Updated appliances
• Updated siding
• Updated bathrooms

Tags

• FULLY RENOVATED DUPLEX
• UPDATED SIDING
• UPDATED FLOORING
• UPDATED KITCHENS
• UPDATED BATHROOMS
• UPDATED APPLIANCES

Property features AI

Finance

• Other: Below-grade finished area present
• Financial info: Two-unit building with one unit currently leased and one unit vacant; Tenants pay electricity, gas, trash collection and water

Exterior

• Parking: On-street parking
• Security: Owner provides security
• Utilities: Electricity connected; Natural gas connected; Public water; Public sewer; Sewer connected
• Home design: Residential income duplex; Two stories
• Construction: Brick and vinyl siding exterior; Block foundation; Shingle roof; Built as a duplex
• Exterior features: Front porch; Level lot

Interior

• Kitchen: Dishwasher; Gas range; Microwave; Refrigerator
• Flooring: Vinyl flooring
• Heating & cooling: Baseboard heating
• Interior features: Storage space; Insulated windows
• Laundry & utility: Common area laundry

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $185k.

Deal economics

• At list price, monthly cash flow is $452 ($5k/yr) — positive. Per door: $226/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $185k).
• Recommended offer: $179k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.2% vs local median 7.6% in Toledo — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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: 30 active listings in the ZIP; lower-income renter base — watch delinquency; 415 units permitted in Lucas County in 2024 (122 in 5+ unit buildings).
• At $2,038/mo this rent would consume 64% of the median local household income ($38k/yr) (locally 16% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $10k of equity ($1k loan paydown + $9k appreciation (4.7% local appreciation)).
• Lucas County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (4.7% appreciation + 3.0% rent growth), your $52k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 49 days — a 3% lower offer ($179k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts 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 1910 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $179,450 (3.0% below list)

Questions for the listing agent

1. It's been on market 49 days. Have you received any prior offers? Is the seller open to a 3% 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 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
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: 1.10% ✓
• Cap rate: 9.23%
• Cash-on-cash: 10.48%
• DSCR: 1.47
• GRM: 7.6

CMA / ARV

• ARV (median comp): $73,185
• List price: $185,000
• Delta: 152.78%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3235 Parkwood Ave	0.39mi	4/2.0	2,520 (-2%)	12mo	$50,000	$20	64
3242 Cambridge St	0.37mi	4/2.0	2,828 (+10%)	4mo	$56,000	$20	59
625 Arcadia Ave	0.33mi	4/2.0	2,242 (-13%)	14mo	$64,000	$29	47
2369 Maplewood Ave	0.73mi	5/2.0 (+1)	2,202 (-14%)	14mo	$60,000	$27	21

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

4.65% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 21.1%
• Equity multiple: 2.31×
• Total profit: $67,694
• Equity at exit: $100,895

10-year hold

• IRR: 21.0%
• Equity multiple: 4.50×
• Total profit: $181,514
• Equity at exit: $170,955

Cash invested: $51,800 (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 43610

• Home prices YoY: 3.8%
• Active inventory: 30
• Price-to-rent: 15.1×

Monthly cashflow live

• Estimated rent: $2,038 high
• Mortgage (P&I): −$970
• Tax from tax record: −$111 /mo · $1,326/yr
• Insurance: −$77
• HOA: −$0
• Vacancy / Maint / Mgmt: −$428
• Net cashflow: $452

Break-even live

Break-even rent $1,466

Max offer price $185,000

Occupancy floor 73%

Sensitivity live

Price	-10% $557	-5% $505	+0% $452	+5% $400	+10% $348
Rent	-10% $291	-5% $372	+0% $452	+5% $533	+10% $613
Rate	-1.0pp $545	-0.5pp $499	base $452	+0.5pp $404	+1.0pp $356

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,038
Total (2 units)			$2,038

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: $46,250
• Closing costs: $5,550
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-18
   days on market $185,000 Active 49 DOM
2. 2026-06-17
   days on market $185,000 Active 48 DOM
3. 2026-06-16
   days on market $185,000 Active 47 DOM
4. 2026-06-15
   days on market $185,000 Active 46 DOM
5. 2026-06-14
   days on market $185,000 Active 44 DOM
6. 2026-06-10
   days on market $185,000 Active 41 DOM
7. 2026-06-09
   days on market $185,000 Active 40 DOM
8. 2026-06-08
   days on market $185,000 Active 39 DOM
9. 2026-06-07
   days on market $185,000 Active 38 DOM
10. 2026-06-05
    days on market $185,000 Active 35 DOM
11. 2026-06-03
    days on market $185,000 Active 34 DOM
12. 2026-06-02
    days on market $185,000 Active 33 DOM
13. 2026-06-01
    days on market $185,000 Active 32 DOM
14. 2026-05-31
    days on market $185,000 Active 31 DOM
15. 2026-05-30
    days on market $185,000 Active 30 DOM
16. 2026-04-30
    listed $185,000 Active 938-char remark
17. 2026-04-16
    price $895
18. 2026-03-21
    listed $995
19. 2026-03-12
    historical $995
20. 2026-02-13
    listed $995

ⓘ 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: $1,326 · $111/mo
• Projected year-2 tax: $2,106 · $176/mo
• Expected delta: +$780/yr (+$65/mo · 58.8%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 72% 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: $24,456
• − Mortgage interest: −$10,363
• − Property taxes: −$1,326
• − Insurance: −$925
• − Repairs & maintenance: −$1,956
• − Management: −$1,956
• − Depreciation: −$5,382
• Taxable income: $2,547
• Est. tax owed @ 24.0%: −$611
• After-tax cash flow: $4,816/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 · 437,818 people
• City population: 280,811
• Metro: Toledo, OH
• Population (ZIP): 4,057
• Household income: $38,369
• Rent vs Own: 41.4% rent · 58.6% own
• Severe rent burden: 15.7

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 Black (64%)
• Race & ethnicity: Black 64% White 29% Hispanic / Latino 4% Two or more races 4%
• Common ancestry: Romanian 5% Iranian 3% Slovak 1%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 2%

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: ▲ 4.65%
• Current HPI: 126.1457
• Rent YoY: —
• Metro: —
• 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

7 events — show timeline

• 2026-06-18 Listing Removed — NORIS
• 2026-05-20 Rental Removed $895 APPFOLIO
• 2026-04-30 Listed $185,000 NORIS
• 2026-04-16 Price Changed $895 APPFOLIO
• 2026-03-21 Listed for Rent $995 APPFOLIO
• 2026-03-12 Rental Removed $995 APPFOLIO
• 2026-02-13 Listed for Rent $995 APPFOLIO

Property tax history

+2.6%/yr

Latest (2025): $1,326 · +4.0% YoY. Source: county tax records.