1356 N Cove Blvd · Toledo, OH 43606

$369,900

66 bd · 36.0 ba · 8,184 sqft · MultiFamily public records · 18 Days on market

Built 1951 6,712 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
• Livability +3.3/5.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 6 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Excellent investment opportunity in Toledo! This all-brick 6-unit apartment building offers strong upside, with current rents significantly below market and multiple ways to increase income. Two units are currently operated as furnished Airbnbs, each generating approximately $1,200 per month and backed by very strong rental histories, showing the potential to expand the short-term rental model to additional units. The property includes a mix of unit layouts, including one 1-bedroom/1-bath unit, and also features coin-operated laundry that brings in approximately $155 per month in additional income. With solid brick construction, proven furnished Airbnb performance, below-market rents, and m

Key facts

• 6,712 sq ft lot
• Built 1951
• Listed 18 days

Property features AI

Finance

• Other: Property type: Residential income (apartment)
• Financial info: 6 total units, all 6 currently leased; Tenants pay electricity and gas; Owner pays water, sewer and internet

Exterior

• Parking: Additional off-street parking; Oversized parking; Parking lot
• Utilities: Public water; Public sewer (sanitary and storm); Electricity connected; Natural gas connected; Cable connected; Fiber and internet connected
• Home design: Residential income property - apartment; Tri-level building with 3 stories
• Construction: Brick construction; Block foundation; Built as a multi-unit apartment (1 building)
• Exterior features: Shingle roof; Irregular lot; City street frontage; Additional parcel at 1311 Central Ave

Interior

• Flooring: Carpet; Hardwood
• Heating & cooling: Forced air heating (natural gas); Window air conditioning units
• Interior features: Entrance foyer
• Laundry & utility: Washer and dryer included; Water heater

What this means for you Summary

Snapshot

• This is a 6 × 11-bed/6.0-bath units multifamily listed at $370k.

Deal economics

• At list price, monthly cash flow is $5k ($61k/yr) — positive. Per door: $843/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($10k rent vs $370k).
• Recommended offer: $364k (1.5% below list) — sets the bar for market timing.
• Cap rate 22.9% 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: Mckinley Stemm Academy (math 2% / reading 12%, grade F, #1,527 of 1,584 statewide, top 98%, 279 students, 0% FRL); Start High School (math 11% / reading 33%, grade F, #672 of 781 statewide, top 86%, 1,242 students, 50% FRL) — zoned schools average 25% FRL vs 72% district-wide (47 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising (+2.3%/yr); 95 active listings in the ZIP; 415 units permitted in Lucas County in 2024 (122 in 5+ unit buildings).
• At $9,500/mo this rent would consume 170% of the median local household income ($67k/yr) (locally 843% 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 $3k of loan paydown is wiped out by about $11k 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 + 2.3% rent growth), your $104k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 18 days — a 2% lower offer ($364k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $92k; list at $370k implies a 300% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1951 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $364,351 (1.5% below list)

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 1951 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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: 2.57% ✓
• Cap rate: 22.91%
• Cash-on-cash: 59.35%
• DSCR: 3.64
• GRM: 3.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.29% rent growth · sell at horizon

5-year hold

• IRR: 56.4%
• Equity multiple: 3.47×
• Total profit: $255,413
• Equity at exit: $55,153

10-year hold

• IRR: 61.1%
• Equity multiple: 6.89×
• Total profit: $610,108
• Equity at exit: $31,982

Cash invested: $103,572 (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 43606

• Home prices YoY: -15.5%
• Rents YoY: 2.3%
• Active inventory: 95
• Price-to-rent: 19.5×

Monthly cashflow live

• Estimated rent: $9,500 medium
• Mortgage (P&I): −$1,940
• Tax from tax record: −$289 /mo · $3,464/yr
• Insurance: −$154
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,995
• Net cashflow: $5,056

Break-even live

Break-even rent $3,100

Max offer price $369,900

Occupancy floor 42%

Sensitivity live

Price	-10% $5,265	-5% $5,161	+0% $5,056	+5% $4,951	+10% $4,847
Rent	-10% $4,305	-5% $4,681	+0% $5,056	+5% $5,431	+10% $5,806
Rate	-1.0pp $5,242	-0.5pp $5,150	base $5,056	+0.5pp $4,960	+1.0pp $4,863

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

Units	Beds	Baths	Est. rent
▸ 6× units	11	6	$9,498
Total (6 units)			$9,500

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: $92,475
• Closing costs: $11,097
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-06-21
   days on market $369,900 Coming Soon 18 DOM
2. 2026-06-18
   days on market $369,900 Coming Soon 15 DOM
3. 2026-06-17
   days on market $369,900 Coming Soon 14 DOM
4. 2026-06-16
   days on market $369,900 Coming Soon 13 DOM
5. 2026-06-15
   days on market $369,900 Coming Soon 12 DOM
6. 2026-06-14
   days on market $369,900 Coming Soon 10 DOM
7. 2026-06-10
   days on market $369,900 Coming Soon 7 DOM
8. 2026-06-09
   days on market $369,900 Coming Soon 6 DOM
9. 2026-06-08
   days on market $369,900 Coming Soon 5 DOM
10. 2026-06-07
    days on market $369,900 Coming Soon 4 DOM
11. 2026-06-05
    remarks 699-char remark
12. 2026-06-05
    listed $369,900 Coming Soon 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: $3,464 · $289/mo
• Projected year-2 tax: $4,617 · $385/mo
• Expected delta: +$1,153/yr (+$96/mo · 33.3%)

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

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone X (shaded) · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥101°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: $114,000
• − Mortgage interest: −$20,720
• − Property taxes: −$3,464
• − Insurance: −$2,647
• − Repairs & maintenance: −$9,120
• − Management: −$9,120
• − Depreciation: −$10,761
• Taxable income: $58,168
• Est. tax owed @ 24.0%: −$13,960
• After-tax cash flow: $46,711/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 County · 380,724 people
• City population: 280,811
• Metro: Toledo, OH
• Population (ZIP): 24,898
• Household income: $66,917
• Rent vs Own: 44.1% rent · 55.9% own
• Severe rent burden: 843.0

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 0.57)
• Race & ethnicity: White 59% Black 29% Two or more races 7% Hispanic / Latino 4% Asian 3%
• Common ancestry: Romanian 6% Italian 2% Lithuanian 1%
• Foreign-born: 7% · Canada, China, South Korea
• Languages at home: 92% English-only · Arabic 2% Other Indo-European 2% Spanish 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: ▼ -41.19%
• Current HPI: 224.695
• Rent YoY: ▲ 2.29%
• 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

+289.4% since first listed

5 events — show timeline

• 2026-06-04 Coming Soon $369,900 NORIS
• 2010-12-01 Sold (Public Records) $92,500 Public Records
• 1996-01-31 Sold (Public Records) $65,000 Public Records
• 1995-07-27 Sold (Public Records) $77,879 Public Records
• 1989-04-21 Sold (Public Records) $95,000 Public Records

Property tax history

+0.3%/yr

Latest (2025): $3,464 · +1.6% YoY. Source: county tax records.