433 Islington St · Toledo, OH 43610

$79,900

4 bd · 2.0 ba · 2,146 sqft · MultiFamily public records · 70 Days on market

Built 1915 3,900 sqft lot $37/sqft · 9% above area Est $73k · 9% over

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +7.3/10.0
• ARV discount +3.4/15.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

Turnkey investment opportunity with strong income potential! Spacious units offer 2 bedrooms and over 1,000 sq ft each, featuring natural hardwood floors and original built-ins. Private front porches enhance tenant appeal. Fully divided basement with on-site laundry provides added convenience. Property offers desirable unit size, classic character, and tenant-friendly amenities—ideal for consistent cash flow and long-term appreciation. Property being sold as-is. Can be purchased as a package with 856 Lincoln.

Key facts

• On-site laundry
• 3,900 sq ft lot
• Built 1915

Tags

• NATURAL HARDWOOD FLOORS
• ORIGINAL HARDWOOD DETAILS
• PRIVATE FRONT PORCHES
• FULLY DIVIDED BASEMENT
• ON-SITE LAUNDRY

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $80k.

Deal economics

• At list price, monthly cash flow is $913 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $80k).
• Recommended offer: $75k (6.0% below list) — sets the bar for market timing.
• Cap rate 20.0% 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: 30 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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 $1,858/mo this rent would consume 58% 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 $4k of equity ($552 loan paydown + $4k 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 $22k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 70 days — a 6% lower offer ($75k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 22y ago; this cycle's ask has dropped $10k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $75,106 (6.0% below list)

Questions for the listing agent

1. It's been on market 70 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1915 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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: 2.33% ✓
• Cap rate: 20.01%
• Cash-on-cash: 48.98%
• DSCR: 3.18
• GRM: 3.6

CMA / ARV

• ARV (median comp): $73,223
• List price: $79,900
• Delta: 9.12%
• Verdict: FAIR
• Comps: 15 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
106 Melrose Ave	0.36mi	5/2.0 (+1)	2,158 (+1%)	2mo	$75,000	$35	76
625 Arcadia Ave	0.52mi	4/2.0	2,242 (+4%)	14mo	$64,000	$29	56
2434 Lawrence Ave	0.58mi	4/2.0	1,965 (-8%)	6mo	$94,000	$48	54
2369 Maplewood Ave	0.59mi	5/2.0 (+1)	2,202 (+3%)	14mo	$60,000	$27	52
2278 Warren St	0.59mi	5/2.0 (+1)	2,380 (+11%)	4mo	$845,000	$355	46

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: 56.2%
• Equity multiple: 4.35×
• Total profit: $75,001
• Equity at exit: $43,576

10-year hold

• IRR: 54.3%
• Equity multiple: 8.93×
• Total profit: $177,310
• Equity at exit: $73,834

Cash invested: $22,372 (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: 7.2×

Monthly cashflow live

• Estimated rent: $1,858 high
• Mortgage (P&I): −$419
• Tax from tax record: −$102 /mo · $1,229/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$390
• Net cashflow: $913

Break-even live

Break-even rent $702

Max offer price $79,900

Occupancy floor 46%

Sensitivity live

Price	-10% $958	-5% $936	+0% $913	+5% $890	+10% $868
Rent	-10% $766	-5% $840	+0% $913	+5% $987	+10% $1,060
Rate	-1.0pp $953	-0.5pp $933	base $913	+0.5pp $892	+1.0pp $871

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$1,858
Total (2 units)			$1,858

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: $19,975
• Closing costs: $2,397
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2907 Rockwood Pl Toledo, OH	3.0	1.0	1494	$1,100	$0.74	14d	1	0.35mi
119 Winthrop St Toledo, OH	3.0	1.0	1734	$1,350	$0.78	24d	1	0.48mi
610 Cadillac Ct Toledo, OH	3.0	1.0	1409	$1,050	$0.75	24d	1	0.61mi
614 Cadillac Ct Toledo, OH	3.0	1.0	1581	$1,075	$0.68	24d	1	0.61mi
38 E Central Ave Toledo, OH	5.0	2.0	1510	$1,500	$0.99	44d	1	0.62mi
2621 Chestnut St Toledo, OH	3.0	1.0	1444	$1,250	$0.87	44d	1	1.00mi
1436 Palmetto Ave Toledo, OH	3.0	1.0	1678	$1,400	$0.83	24d	1	1.26mi
3905 Peru St Toledo, OH	4.0	3.0	1548	$1,300	$0.84	21d	1	1.35mi
1031 N Michigan St Toledo, OH	3.0	2.0	1488	$1,195	$0.80	24d	1	1.50mi

Listing history 32 events

1. 2026-06-14
   statusdays on market $79,900 Pending 70 DOM
2. 2026-06-10
   days on market $79,900 Active 69 DOM
3. 2026-06-09
   days on market $79,900 Active 68 DOM
4. 2026-06-08
   days on market $79,900 Active 67 DOM
5. 2026-06-07
   days on market $79,900 Active 66 DOM
6. 2026-06-05
   days on market $79,900 Active 63 DOM
7. 2026-06-03
   days on market $79,900 Active 62 DOM
8. 2026-06-02
   days on market $79,900 Active 61 DOM
9. 2026-06-01
   days on market $79,900 Active 60 DOM
10. 2026-05-31
    days on market $79,900 Active 59 DOM
11. 2026-05-30
    days on market $79,900 Active 58 DOM
12. 2026-04-18
    price $79,900 520-char remark

    Show marketing remark (520 chars)

    Turnkey investment opportunity with strong income potential! Spacious units offer 2 bedrooms and over 1,000 sq ft each, featuring natural hardwood floors and original built-ins. Private front porches enhance tenant appeal. Fully divided basement with on-site laundry provides added convenience. Property offers desirable unit size, classic character, and tenant-friendly amenities—ideal for consistent cash flow and long-term appreciation. Property being sold as-is. Can be purchased as a package with 856 Lincoln.

13. 2026-04-02
    listed $89,900 Active 520-char remark

    Show marketing remark (520 chars)

    Turnkey investment opportunity with strong income potential! Spacious units offer 2 bedrooms and over 1,000 sq ft each, featuring natural hardwood floors and original built-ins. Private front porches enhance tenant appeal. Fully divided basement with on-site laundry provides added convenience. Property offers desirable unit size, classic character, and tenant-friendly amenities—ideal for consistent cash flow and long-term appreciation. Property being sold as-is. Can be purchased as a package with 856 Lincoln.

14. 2025-10-31
    historical
15. 2025-10-14
    price $76,700
16. 2025-09-27
    price $55,000
17. 2025-09-02
    status Active
18. 2025-08-21
    historical Contingent
19. 2025-08-08
    price $79,900
20. 2025-07-15
    status Active
21. 2025-07-14
    historical Contingent
22. 2025-06-17
    listed $89,900 Active
23. 2025-01-24
    soldstatus $76,700
24. 2025-01-17
    soldstatus $76,700 Closed
25. 2025-01-10
    status Pending
26. 2024-12-21
    listed $80,000 Active
27. 2004-07-30
    historical
28. 2004-06-21
    listed $26,900
29. 2004-06-12
    historical
30. 2004-03-12
    listed $29,900
31. 1998-09-08
    soldstatus $44,000
32. 1993-12-21
    soldstatus $26,400

ⓘ 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: $1,229 · $102/mo
• Projected year-2 tax: $1,238 · $103/mo
• Expected delta: +$9/yr (+$1/mo · 0.7%)

ⓘ 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 · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,296
• − Mortgage interest: −$4,476
• − Property taxes: −$1,229
• − Insurance: −$400
• − Repairs & maintenance: −$1,784
• − Management: −$1,784
• − Depreciation: −$2,324
• Taxable income: $10,300
• Est. tax owed @ 24.0%: −$2,472
• After-tax cash flow: $8,485/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

+202.7% since first listed

21 events — show timeline

• 2026-04-18 Price Changed $79,900 NORIS
• 2026-04-02 Listed $89,900 NORIS
• 2025-10-31 Listing Removed — NORIS
• 2025-10-14 Price Changed $76,700 NORIS
• 2025-09-27 Price Changed $55,000 NORIS
• 2025-09-02 Relisted — NORIS
• 2025-08-21 Contingent — NORIS
• 2025-08-08 Price Changed $79,900 NORIS
• 2025-07-15 Relisted — NORIS
• 2025-07-14 Contingent — NORIS
• 2025-06-17 Listed $89,900 NORIS
• 2025-01-24 Sold (Public Records) $76,700 Public Records
• 2025-01-17 Sold (MLS) $76,700 NORIS
• 2025-01-10 Pending — NORIS
• 2024-12-21 Listed $80,000 NORIS
• 2004-07-30 Listing Removed — NORIS
• 2004-06-21 Listed $26,900 NORIS
• 2004-06-12 Listing Removed — NORIS
• 2004-03-12 Listed $29,900 NORIS
• 1998-09-08 Sold (Public Records) $44,000 Public Records
• 1993-12-21 Sold (Public Records) $26,400 Public Records

Property tax history

+2.4%/yr

Latest (2025): $1,229 · +1.3% YoY. Source: county tax records.