328 Eastern Ave · Toledo, OH 43609

$29,000

2 bd · 1.0 ba · 1,113 sqft · SingleFamily public records · 3 Days on market

Built 1907 4,000 sqft lot Est $57k · 49% under

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Why this score? — see what drove the A- 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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +5.4/10.0
• Rent growth +4.5/5.0
• Livability +3.3/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0

Listing remarks MLS

Not a foreclosure. This one is ready to go with minor cosmetic updates. 2 bedrooms, updated bathroom, full dry basement and a 2 car garage makes this one a great deal!!

Key facts

• New furnace
• Major expressways
• Local amenities

Tags

• NEW FURNACE
• MAJOR EXPRESSWAYS
• LOCAL AMENITIES

Property features AI

Finance

• Other: Property type: Residential single-family; Lot size approximately 0.09 acres

Exterior

• Parking: Detached garage; 2-car garage spaces; Driveway and off-street parking
• Utilities: Electricity connected; Natural gas connected; Public water; Public sewer; WiFi and internet connected
• Home design: Single-family residence; Two-story home; Not attached to other units; No common walls
• Construction: Vinyl siding; Block foundation; Shingle roof; Built on two levels
• Exterior features: Covered porch; Asphalt city street frontage; Garage(s) on site

Interior

• Kitchen: Gas range; Refrigerator
• Bedrooms: Two upper-level bedrooms (approx. 13x10 and 11x10)
• Flooring: Wood flooring
• Bathrooms: One full bathroom
• Heating & cooling: Forced air heating; Window cooling unit(s)
• Interior features: Five total rooms; Finished basement; Fireplace in the living room; Other interior features
• Laundry & utility: Laundry located in the basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $29k.

Deal economics

• At list price, monthly cash flow is $618 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $29k).
• Cap rate 31.9% vs local median 7.5% 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: Marshall Stemm Academy (math 2% / reading 8%, grade F, #1,554 of 1,584 statewide, top 100%, 374 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: Rents rising fast (+7.8%/yr); 100 active listings in the ZIP; 32 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 53% 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).
• This rent runs 31% of the median local income ($42k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $417 of equity ($200 loan paydown + $217 appreciation (0.8% 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 (0.8% appreciation + 7.8% rent growth), your $8k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 10y 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 $16k; list at $29k implies a 81% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 2.9% of price; built in 1907 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $29,000

Questions for the listing agent

1. Built in 1907 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 3.72% ✓
• Cap rate: 31.88%
• Cash-on-cash: 91.38%
• DSCR: 5.07
• GRM: 2.2

CMA / ARV

• ARV (on-the-fly): $56,763
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
251 Knower St	0.28mi	3/1.0 (+1)	1,119 (+0%)	4mo	$30,000	$27	78
215 Walbridge Ave	0.25mi	2/1.0	1,104 (-1%)	13mo	$45,000	$41	76
204 South Ave	0.34mi	3/1.0 (+1)	1,204 (+8%)	1mo	$115,000	$96	65
717 Segur Ave	0.47mi	2/1.0	1,188 (+7%)	2mo	$79,000	$66	65
511 Congress St	0.54mi	3/1.0 (+1)	1,109 (-0%)	6mo	$55,000	$50	64
267 Leland Ave	0.17mi	2/1.0	969 (-13%)	9mo	$87,000	$90	63
710 Western Ave	0.45mi	2/1.0	1,028 (-8%)	8mo	$72,500	$71	59
517 Knower St	0.33mi	3/1.0 (+1)	966 (-13%)	1mo	$65,000	$67	57
223 Linden Pl	0.29mi	3/1.0 (+1)	1,242 (+12%)	12mo	$24,900	$20	52
518 South Ave	0.35mi	3/1.0 (+1)	1,255 (+13%)	6mo	$64,000	$51	52
638 Knower St	0.42mi	3/1.0 (+1)	1,035 (-7%)	16mo	$12,100	$12	51
58 City Park	0.59mi	3/1.0 (+1)	1,008 (-9%)	7mo	$45,000	$45	46

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

0.75% appreciation · 7.8% rent growth · sell at horizon

5-year hold

• IRR: 99.6%
• Equity multiple: 6.55×
• Total profit: $45,074
• Equity at exit: $9,524

10-year hold

• IRR: —
• Equity multiple: 15.77×
• Total profit: $119,900
• Equity at exit: $12,370

Cash invested: $8,120 (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 43609

• Home prices YoY: 0.3%
• Rents YoY: 7.8%
• Active inventory: 100
• Price-to-rent: 2.2×

Monthly cashflow live

• Estimated rent: $1,079 high
• Mortgage (P&I): −$152
• Tax from tax record: −$70 /mo · $843/yr
• Insurance: −$12
• HOA: −$0
• Vacancy / Maint / Mgmt: −$227
• Net cashflow: $618

Break-even live

Break-even rent $297

Max offer price $29,000

Occupancy floor 38%

Sensitivity live

Price	-10% $635	-5% $627	+0% $618	+5% $610	+10% $602
Rent	-10% $533	-5% $576	+0% $618	+5% $661	+10% $704
Rate	-1.0pp $633	-0.5pp $626	base $618	+0.5pp $611	+1.0pp $603

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: $7,250
• Closing costs: $870
• Reserves months: —
• Total cash needed: —

Rent comps 32 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
244 Knower St Toledo, OH	3.0	1.0	1120	$995	$0.89	15d	1	0.23mi
337 Broadway St Unit 201 Toledo, OH	2.0	1.0	1455	$1,650	$1.13	25d	1	0.44mi
827 Colburn St Toledo, OH	2.0	1.0	1092	$750	$0.69	45d	1	0.74mi
837 Colburn St Unit 1 Toledo, OH	2.0	1.0	1178	$700	$0.59	45d	1	0.76mi
837 Colburn St Unit 2 Toledo, OH	2.0	1.0	1158	$695	$0.60	25d	1	0.76mi
771 Orchard St Unit 7715 Toledo, OH	2.0	1.0	1086	$645	$0.59	25d	1	0.79mi
34 S Erie St Apt 602 Toledo, OH	1.0	1.0	894	$1,315	$1.47	45d	1	0.92mi
34 S Erie St Unit 107 Toledo, OH	1.0	1.0	1103	$1,300	$1.18	25d	1	0.92mi
34 S Erie St Unit 611 Toledo, OH	1.0	1.0	990	$1,300	$1.31	45d	1	0.92mi
34 S Erie St Unit 409 Toledo, OH	1.0	1.0	930	$1,375	$1.48	45d	1	0.92mi
34 S Erie St Unit 202 Toledo, OH	1.0	1.0	894	$1,275	$1.43	25d	1	0.92mi
34 S Erie St Unit 209 Toledo, OH	1.0	1.0	930	$1,375	$1.48	25d	1	0.93mi
20 Greenwood Ave Toledo, OH	3.0	1.0	1496	$1,150	$0.77	15d	1	0.96mi
1 S Erie St Toledo, OH	1.0	1.0	846	$1,410	$1.67	15d	1	0.97mi
15 S Ontario St Apt 409 Toledo, OH	1.0	1.0	984	$1,695	$1.72	45d	1	0.97mi
23 N Summit St Toledo, OH	1.0	1.0	838	$1,475	$1.76	15d	2	1.04mi
834 Oak St Toledo, OH	3.0	1.0	1064	$900	$0.85	45d	1	1.11mi
123 Water St Unit 411 Toledo, OH	1.0	1.0	747	$1,380	$1.85	25d	1	1.13mi
123 Water St Unit 307 Toledo, OH	1.0	1.0	914	$1,445	$1.58	45d	1	1.13mi
123 Water St Unit 406 Toledo, OH	1.0	1.0	1207	$1,675	$1.39	45d	1	1.13mi
950 Oak St Unit 1 Toledo, OH	2.0	1.0	725	$700	$0.97	45d	1	1.13mi
200 N St Clair St Toledo, OH	2.0	1.0–2.0	835	$2,550	$3.05	15d	15	1.21mi
537 Potter St Toledo, OH	1.0	1.0	1000	$600	$0.60	45d	1	1.24mi
537 Potter St Toledo, OH	2.0	1.0	1200	$625	$0.52	25d	1	1.24mi
946 Butler St Toledo, OH	2.0	1.0	944	$650	$0.69	45d	1	1.31mi
1321 Gordon St Toledo, OH	3.0	1.0	1121	$1,050	$0.94	45d	1	1.36mi
912 Willow Ave Toledo, OH	1.0	1.0	900	$850	$0.94	45d	1	1.36mi
513 Adams St Toledo, OH	1.0–2.0	1.0	1175	$1,424	$1.21	15d	11	1.38mi
451 5th St Apt 1 Toledo, OH	1.0	1.0	850	$650	$0.76	45d	1	1.46mi
470 2nd St Unit 1 Toledo, OH	2.0	1.0	950	$799	$0.84	45d	1	1.47mi
322 14th St Apt 203 Toledo, OH	3.0	1.5	1065	$1,000	$0.94	15d	1	1.47mi
332 14th St Unit 303 Toledo, OH	3.0	1.5	1040	$1,000	$0.96	45d	1	1.48mi

Listing history 3 events

1. 2026-06-21
   days on market $29,000 Active 3 DOM
2. 2026-06-18
   remarks 593-char remark
3. 2026-06-18
   listed $29,000 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: $843 · $70/mo
• Projected year-2 tax: $843 · $70/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,954
• − Mortgage interest: −$1,624
• − Property taxes: −$843
• − Insurance: −$145
• − Repairs & maintenance: −$1,036
• − Management: −$1,036
• − Depreciation: −$844
• Taxable income: $7,425
• Est. tax owed @ 24.0%: −$1,782
• After-tax cash flow: $5,638/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): 21,404
• Household income: $42,313
• Rent vs Own: 55.7% rent · 44.3% own
• Severe rent burden: 1603.0

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 0.66)
• Race & ethnicity: White 47% Black 29% Hispanic / Latino 17% Two or more races 9%
• Hispanic origin (detail): Mexican 15%
• Common ancestry: Romanian 5% Lithuanian 2% Italian 1%
• Foreign-born: 4% · Canada, China
• Languages at home: 92% English-only · Spanish 5% Arabic 1% French/Haitian/Cajun 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: ▲ 0.75%
• Current HPI: 235.2515
• Rent YoY: ▲ 7.80%
• 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

+205.3% since first listed

6 events — show timeline

• 2026-06-18 Listed $29,000 NORIS
• 2025-10-14 Price Changed $16,000 NORIS
• 2016-08-26 Sold (MLS) $16,000 NORIS
• 2016-08-13 Price Changed $19,900 NORIS
• 2016-04-14 Listed $19,900 NORIS
• 1998-11-12 Sold (Public Records) $9,500 Public Records

Property tax history

+5.0%/yr

Latest (2025): $843 · +58.0% YoY. Source: county tax records.