23 Melrose Ave · Toledo, OH 43610

$139,900

6 bd · 3.0 ba · 3,206 sqft · MultiFamily public records · 4 Days on market

Built 1902 5,000 sqft lot

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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
• ARV discount +7.5/15.0
• Appreciation +7.3/10.0
• 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: 4 units. confirmed

Listing remarks

Calling all investors! 23 Melrose awaits its new owner! This well maintained 4 unit property has been cared for and loved for many years. Located conveniently near the Old West End, Central Catholic High School and St Vincent's Hospital. Currently bringing in $2225/month with room for increase due to owner occupancy in one of the units. Bring your offer today! This one wont last long. No showings without an accepted offer.

Key facts

• 4 unit property
• Old west end
• 5,000 sq ft lot

Tags

• 4 UNIT PROPERTY
• OLD WEST END
• CENTRAL CATHOLIC HIGH SCHOOL
• ST VINCENT'S HOSPITAL

Property features AI

Finance

• Other: Living area: 3,206; Lot size: 0.12 acres (5,000 sq ft)
• Financial info: 4 total units (all currently leased); One building; Tenants pay electricity and gas; Owner pays water, sewer, snow removal, and lawn care

Exterior

• Parking: 2-car garage; Additional parking
• Utilities: Public water; Public sewer; Utilities: other
• Home design: Residential income property — quadruplex; Two and one-half levels (2 stories total); Facing direction not provided; Entry level not provided
• Construction: Wood siding; Other foundation
• Exterior features: Shingle roof

Interior

• Kitchen: Electric Range; Refrigerator
• Flooring: Vinyl
• Heating & cooling: Forced air heating; Window air conditioning units
• Interior features: Other
• Laundry & utility: Stacked washer/dryer in unit

What this means for you Summary

Snapshot

• This is a 4 × 5-bed/4.0-bath units multifamily listed at $140k.

Deal economics

• At list price, monthly cash flow is $2k ($22k/yr) — positive. Per door: $453/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $140k).
• Cap rate 21.8% 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-, 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: Rosa Parks Elementary School (math 2% / reading 8%, grade F, #1,554 of 1,584 statewide, top 100%, 263 students, 0% FRL); Jesup W. Scott High School (math 8% / reading 17%, grade F, #726 of 781 statewide, top 94%, 736 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: 29 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 $3,460/mo this rent would consume 108% 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 $7k of equity ($967 loan paydown + $7k 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 $39k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 8y 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 $32k; list at $140k implies a 337% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1902 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $139,900

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. Built in 1902 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 2.47% ✓
• Cap rate: 21.85%
• Cash-on-cash: 55.55%
• DSCR: 3.47
• GRM: 3.4

CMA / ARV

• ARV (on-the-fly): $38,472
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
406 Islington St	0.35mi	6/2.0	2,800 (-13%)	23mo	$34,000	$12	39

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: 62.4%
• Equity multiple: 4.70×
• Total profit: $144,952
• Equity at exit: $76,298

10-year hold

• IRR: 60.5%
• Equity multiple: 9.67×
• Total profit: $339,797
• Equity at exit: $129,279

Cash invested: $39,172 (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: 29
• Price-to-rent: 13.5×

Monthly cashflow live

• Estimated rent: $3,460 medium
• Mortgage (P&I): −$734
• Tax from tax record: −$128 /mo · $1,539/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$727
• Net cashflow: $1,813

Break-even live

Break-even rent $1,165

Max offer price $139,900

Occupancy floor 43%

Sensitivity live

Price	-10% $1,892	-5% $1,853	+0% $1,813	+5% $1,774	+10% $1,734
Rent	-10% $1,540	-5% $1,677	+0% $1,813	+5% $1,950	+10% $2,087
Rate	-1.0pp $1,884	-0.5pp $1,849	base $1,813	+0.5pp $1,777	+1.0pp $1,740

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

Units	Beds	Baths	Est. rent
▸ 4× units	5	4	$3,460
Total (4 units)			$3,460

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: $34,975
• Closing costs: $4,197
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-06-21
   statusdays on market $139,900 Contingent 4 DOM
2. 2026-06-17
   remarks 426-char remark
3. 2026-06-17
   listed $139,900 Active 1 DOM

ⓘ 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: $1,539 · $128/mo
• Projected year-2 tax: $1,861 · $155/mo
• Expected delta: +$322/yr (+$27/mo · 20.9%)

ⓘ 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: $41,520
• − Mortgage interest: −$7,837
• − Property taxes: −$1,539
• − Insurance: −$700
• − Repairs & maintenance: −$3,322
• − Management: −$3,322
• − Depreciation: −$4,070
• Taxable income: $20,732
• Est. tax owed @ 24.0%: −$4,976
• After-tax cash flow: $16,783/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

+337.2% since first listed

7 events — show timeline

• 2026-06-15 Listed $139,900 NORIS
• 2019-03-30 Listing Removed — NORIS
• 2019-01-02 Listed $89,900 NORIS
• 2018-12-30 Listing Removed — NORIS
• 2018-06-01 Listed $89,900 NORIS
• 2006-05-10 Sold (Public Records) $32,000 Public Records
• 2004-09-23 Sold (Public Records) $32,000 Public Records

Property tax history

+3.7%/yr

Latest (2025): $1,539 · +1.7% YoY. Source: county tax records.