3350 Maple St

Toledo, OH 43608

$69,000C+

2 bd · 1.5 ba · 720 sqft · Built 1897 · SingleFamily · Active · 262 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $853/mo
• Mortgage (P&I): −$362
• Tax + insurance: −$95
• HOA: −$0
• Vac / Maint / Mgmt: −$179
• Net cashflow: $217/mo
• Annual: $2,604/yr
• Cap rate: 10.07%
• Cash-on-cash: 13.48%
• DSCR: 1.60
• 1% rule: 1.24%
• Cash to close: $19,320

Investor read

• This is a 2-bed/1.5-bath single-family listed at $69k.
• At list price, monthly cash flow is $217 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($853 rent vs $69k).
• It's been on market 262 days — a 12% lower offer ($61k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $61k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $477 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• 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.
• Watch-outs: built in 1897 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+3.9%/yr); 58 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 22d 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).
• Lucas County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 15y ago; this cycle's ask has dropped $16k (19%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $36k; list at $69k implies a 89% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.9% rent growth), your $19k cash investment doubles in ~8 years — after that, you're playing with house money.
• Cap rate 10.1% 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.
• This rent runs 35% of the median local income ($29k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 262 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1897 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.
• 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.