1302 Kelsey Ave · Toledo, OH 43605

$40,000

None bd · None ba · — sqft · MultiFamily · 1 Days on market

Built 1904 Poor condition 3,385 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
• Rent growth +3.8/5.0
• Livability +3.3/5.0
• Schools +1.6/10.0
• Condition / age +1.0/5.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks MLS

MOTIVATED SELLER FORMER DUPLEX NOW A CHURCH.TAXES LISTED ARE AS CHURCH. COULD BE CONVERTED BACK TO A DUPLEX WITH SOME WORK. UPPER NEEDS BATHROOM AND A CLOSET TO BE A 2 BEDROOM UNIT. BATH LISTED IN ROOM SPECS IS JUST A "SPACE" MAINE FLOOR NEEDS WALLS, BATH, AND KITCHEN CONVERSION. CURRENTLY LOWER HAS 2 HALF BATHS WHICH COULD EASILY BE CONVERTED TO A FULL BATH.SOLD AS IS ALL ITEMS SAY WITH PROPERTY.

Key facts

• Corner location
• Off-street parking
• 3,385 sq ft lot

Tags

• CORNER LOCATION
• OFF-STREET PARKING
• INCOME-PRODUCING DUPLEX
• REPOSITIONING POTENTIAL

Property features AI

Finance

• Financial info: Duplex with 2 units (both currently vacant); One building

Exterior

• Parking: Space for 6 vehicles; Asphalt paved parking with alley access, on-street parking and parking lot
• Utilities: Electricity connected; Natural gas available and connected; Public water; Public sewer
• Home design: Residential income property (duplex); Two-story; Two levels; Mixed use/other structure type
• Construction: Block construction; Block foundation
• Exterior features: Flat and shingle roof; Corner lot

Interior

• Kitchen: No appliances included
• Flooring: Carpet
• Heating & cooling: Forced air heating; Heating present
• Interior features: Other

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1-bath units multifamily listed at $40k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $621/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $40k).
• Cap rate 43.6% 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-, crime F, commute 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.
• Zoned schools: Garfield Elementary School (math 7% / reading 14%, grade F, #1,461 of 1,584 statewide, top 92%, 387 students, 0% FRL); Waite High School (math 12% / reading 24%, grade F, #687 of 781 statewide, top 88%, 997 students, 0% FRL) — zoned schools average 0% FRL vs 72% district-wide (72 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising fast (+5.4%/yr); 117 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 45% 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).
• At $1,922/mo this rent would consume 59% of the median local household income ($39k/yr) (locally 1257% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $277 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 + 5.4% rent growth), your $11k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 9y ago 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.
• Current owner paid $11k; list at $40k implies a 264% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1904 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $40,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Built in 1904 — 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. 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?
9. 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.
10. 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.
11. 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: 4.81% ✓
• Cap rate: 43.55%
• Cash-on-cash: 133.07%
• DSCR: 6.92
• GRM: 1.7

CMA / ARV

No comps found within radius.

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1302 Kelsey Ave	0.00mi	—/—	—	0mo	$42,000	—	87
334 Willard St	0.11mi	5/2.0	2,800	2mo	$50,000	$18	80
349 Parker Ave	0.15mi	4/2.0	2,468	2mo	$79,900	$32	79
457 Parker Ave	0.26mi	6/4.0	—	4mo	$160,000	—	72
414 Oswald St	0.35mi	2/2.0	1,536	2mo	$96,000	$63	69
826 Greenwood Ave	0.38mi	3/2.0	1,592	1mo	$67,000	$42	69
1207 Nevada St	0.39mi	—/—	—	5mo	$68,000	—	65
1539 Mott Ave	0.51mi	4/2.0	—	1mo	$54,890	—	63
440 5th St	0.51mi	6/3.0	2,688	1mo	$134,900	$50	62
645 White St	0.49mi	4/2.0	—	3mo	$66,500	—	62
132 Elgin Ave	0.49mi	6/2.5	2,384	4mo	$89,900	$38	62
566 Howland Ave	0.50mi	11/4.0	4,256	4mo	$22	—	60

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 · 5.37% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 7.91×
• Total profit: $77,339
• Equity at exit: $5,964

10-year hold

• IRR: —
• Equity multiple: 17.92×
• Total profit: $189,527
• Equity at exit: $3,458

Cash invested: $11,200 (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 43605

• Home prices YoY: -25.6%
• Rents YoY: 5.4%
• Active inventory: 117
• Price-to-rent: 3.5×

Monthly cashflow live

• Estimated rent: $1,922 high
• Mortgage (P&I): −$210
• Tax est. 1.5%: −$50 /mo · $600/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$404
• Net cashflow: $1,242

Break-even live

Break-even rent $350

Max offer price $40,000

Occupancy floor 30%

Sensitivity live

Price	-10% $1,270	-5% $1,256	+0% $1,242	+5% $1,228	+10% $1,214
Rent	-10% $1,090	-5% $1,166	+0% $1,242	+5% $1,318	+10% $1,394
Rate	-1.0pp $1,262	-0.5pp $1,252	base $1,242	+0.5pp $1,232	+1.0pp $1,221

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$1,922
Total (2 units)			$1,922

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: $10,000
• Closing costs: $1,200
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
245 Plymouth St Toledo, OH	3.0	1.0	1600	$1,125	$0.70	15d	1	0.06mi
315 Parker Ave Unit 3 Toledo, OH	1.0	1.0	1029	$799	$0.78	24d	1	0.14mi
223 Valleywood Dr Toledo, OH	2.0	1.0	1098	$1,099	$1.00	24d	1	0.20mi
1311 Mason St Unit 2 Toledo, OH	1.0	1.0	950	$703	$0.74	15d	1	0.21mi
653 Oswald St Toledo, OH	2.0	1.0	920	$800	$0.87	44d	1	0.23mi
1306 Mott Ave Toledo, OH	3.0	1.5	1282	$1,149	$0.90	44d	1	0.39mi
420 Platt St Toledo, OH	2.0	1.0	1499	$685	$0.46	22d	1	0.39mi
221 Licking St Unit 2 Toledo, OH	3.0	1.0	1048	$1,099	$1.05	24d	1	0.40mi
414 Platt St Unit ST-3 Toledo, OH	3.0	1.0	1500	$1,150	$0.77	24d	1	0.40mi
414 Platt St Unit ST-1 Toledo, OH	1.0	1.0	800	$800	$1.00	44d	1	0.40mi
1305 Mott Ave Toledo, OH	3.0	1.0	1080	$1,000	$0.93	44d	1	0.40mi
578 Dearborn Ave Unit 2 Toledo, OH	1.0	1.0	660	$750	$1.14	24d	1	0.41mi
1123 Nevada St Toledo, OH	2.0	1.0	792	$900	$1.14	15d	1	0.41mi
557 Valleywood Dr Toledo, OH	3.0	1.0	848	$1,100	$1.30	44d	1	0.42mi
1104 Nevada St Toledo, OH	2.0	1.0	—	$900	—	44d	1	0.46mi
508 Howland Ave Toledo, OH	3.0	1.0	840	$1,000	$1.19	44d	1	0.47mi
1614 Nevada St Toledo, OH	2.0	1.0	1172	$1,000	$0.85	22d	1	0.48mi
251 Graham St Apt A Toledo, OH	2.0	1.0	625	$850	$1.36	44d	1	0.48mi
752 Euclid Ave Toledo, OH	3.0	1.0	—	$850	—	44d	1	0.49mi
451 5th St Apt 1 Toledo, OH	1.0	1.0	850	$650	$0.76	44d	1	0.52mi
571 Howland Ave Toledo, OH	2.0	1.0	874	$875	$1.00	44d	1	0.54mi
128 Carbon St Toledo, OH	3.0	1.0	1113	$1,200	$1.08	24d	1	0.55mi
470 2nd St Unit 1 Toledo, OH	2.0	1.0	950	$799	$0.84	44d	1	0.57mi
724 Plymouth St Toledo, OH	2.0	1.0	819	$750	$0.92	44d	1	0.59mi
724 Plymouth St Toledo, OH	1.0	1.0	850	$750	$0.88	15d	1	0.59mi
2074 Starr Ave Toledo, OH	3.0	1.0	1115	$1,025	$0.92	24d	1	0.64mi
1505 Navarre Ave Toledo, OH	3.0	1.0	1331	$1,145	$0.86	44d	1	0.66mi
537 Potter St Toledo, OH	2.0	1.0	1200	$625	$0.52	24d	1	0.73mi
537 Potter St Toledo, OH	1.0	1.0	1000	$600	$0.60	44d	1	0.73mi
419 Clyde St Toledo, OH	2.0	1.0	—	$1,100	—	15d	1	0.75mi
948 White St Toledo, OH	3.0	1.0	1024	$1,135	$1.11	15d	1	0.76mi
625 Riverside Dr Toledo, OH	1.0–2.0	1.0–2.0	860	$1,767	$2.05	15d	37	0.77mi
2129 Nevada St Toledo, OH	3.0	1.0	1352	$1,200	$0.89	15d	1	0.83mi
1106 White St Toledo, OH	3.0	1.0	1200	$1,015	$0.85	15d	1	0.87mi
237 Yondota St Apt 3 Toledo, OH	1.0	1.0	—	$550	—	44d	1	0.87mi
908 Forsythe St Unit Upstairs Toledo, OH	2.0	1.0	1164	$900	$0.77	15d	1	0.88mi
908 Forsythe St Unit Downstairs Toledo, OH	3.0	1.0	1164	$950	$0.82	44d	1	0.88mi
722 Coyne Ave Toledo, OH	2.0	1.0	900	$1,000	$1.11	15d	1	0.94mi
21 Magyar St Toledo, OH	2.0	1.0	680	$1,050	$1.54	44d	1	0.94mi
732 Coyne Ave Toledo, OH	3.0	1.0	968	$1,145	$1.18	15d	1	0.95mi

Listing history 7 events

1. 2026-05-19
   status Pending
2. 2026-05-18
   listed $40,000 Active
3. 2025-10-14
   price $11,000 410-char remark

   Show marketing remark (410 chars)

   MOTIVATED SELLER FORMER DUPLEX NOW A CHURCH.TAXES LISTED ARE AS CHURCH. COULD BE CONVERTED BACK TO A DUPLEX WITH SOME WORK. UPPER NEEDS BATHROOM AND A CLOSET TO BE A 2 BEDROOM UNIT. BATH LISTED IN ROOM SPECS IS JUST A "SPACE" MAINE FLOOR NEEDS WALLS, BATH, AND KITCHEN CONVERSION. CURRENTLY LOWER HAS 2 HALF BATHS WHICH COULD EASILY BE CONVERTED TO A FULL BATH.SOLD AS IS ALL ITEMS SAY WITH PROPERTY.

4. 2018-11-08
   soldstatus $11,000 410-char remark

   Show marketing remark (410 chars)

   MOTIVATED SELLER FORMER DUPLEX NOW A CHURCH.TAXES LISTED ARE AS CHURCH. COULD BE CONVERTED BACK TO A DUPLEX WITH SOME WORK. UPPER NEEDS BATHROOM AND A CLOSET TO BE A 2 BEDROOM UNIT. BATH LISTED IN ROOM SPECS IS JUST A "SPACE" MAINE FLOOR NEEDS WALLS, BATH, AND KITCHEN CONVERSION. CURRENTLY LOWER HAS 2 HALF BATHS WHICH COULD EASILY BE CONVERTED TO A FULL BATH.SOLD AS IS ALL ITEMS SAY WITH PROPERTY.

5. 2018-03-21
   listed $14,900 410-char remark

   Show marketing remark (410 chars)

   MOTIVATED SELLER FORMER DUPLEX NOW A CHURCH.TAXES LISTED ARE AS CHURCH. COULD BE CONVERTED BACK TO A DUPLEX WITH SOME WORK. UPPER NEEDS BATHROOM AND A CLOSET TO BE A 2 BEDROOM UNIT. BATH LISTED IN ROOM SPECS IS JUST A "SPACE" MAINE FLOOR NEEDS WALLS, BATH, AND KITCHEN CONVERSION. CURRENTLY LOWER HAS 2 HALF BATHS WHICH COULD EASILY BE CONVERTED TO A FULL BATH.SOLD AS IS ALL ITEMS SAY WITH PROPERTY.

6. 2017-12-28
   historical
7. 2017-07-17
   listed $29,900

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $23,064
• − Mortgage interest: −$2,241
• − Property taxes: −$600
• − Insurance: −$200
• − Repairs & maintenance: −$1,845
• − Management: −$1,845
• − Depreciation: −$1,164
• Taxable income: $15,170
• Est. tax owed @ 24.0%: −$3,641
• After-tax cash flow: $11,263/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.

Condition & rehab AI · 12 photos

Poor 20/100 Extensive rehab

This former duplex, now a church, requires extensive rehabilitation to restore it to livable condition. Significant repairs and updates are needed to improve its resale and rental value.

Repairs flagged

• Major Exposed wiring — Safety hazard
• Major Debris — Structural damage

Value-add opportunities

• Both Rehabilitation of the entire property — Restoration to a livable condition
• Both Landscaping and curb appeal improvements — Enhances property's visual appeal
• Both HVAC and electrical system upgrades — Ensures comfort and safety

Renovation cost estimate screening

Repair item	Severity	Est. cost
Exposed wiring · Safety hazard	Major	$15,000–50,000
Debris · Structural damage	Major	$15,000–50,000
Total estimated repair cost · 2 items		$30,000–100,000

Value-add ROI direction

• Both Rehabilitation of the entire property — Restoration to a livable condition ↑
• Both Landscaping and curb appeal improvements — Enhances property's visual appeal ↑
• Both HVAC and electrical system upgrades — Ensures comfort and safety ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 24,441
• Household income: $39,118
• Rent vs Own: 51.9% rent · 48.1% own
• Severe rent burden: 1257.0

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 0.61)
• Race & ethnicity: White 57% Hispanic / Latino 21% Black 14% Two or more races 14%
• Hispanic origin (detail): Mexican 17% Puerto Rican 2%
• Common ancestry: Romanian 3% Lithuanian 2% Portuguese 1%
• Foreign-born: 3% · Canada
• Languages at home: 91% English-only · Spanish 7% Arabic 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: ▼ -47.85%
• Current HPI: 138.6894
• Rent YoY: ▲ 5.37%
• 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

+33.8% since first listed

7 events — show timeline

• 2026-05-19 Pending — NORIS
• 2026-05-18 Listed $40,000 NORIS
• 2025-10-14 Price Changed $11,000 NORIS
• 2018-11-08 Sold (MLS) $11,000 NORIS
• 2018-03-21 Listed $14,900 NORIS
• 2017-12-28 Listing Removed — NORIS
• 2017-07-17 Listed $29,900 NORIS