641 South Ave · Toledo, OH 43609

$265,000

None bd · None ba · 9,436 sqft · MultiFamily public records · 34 Days on market

Built 1922 0.28 ac 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 +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

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 11 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 MLS

11-UNIT BRICK BUILDING WITH EIGHT 1-BEDROOM UNITS / TWO 2-BEDROOM UNITS / ONE STUDIO APARTMENT. ONE UNIT IS VACANT (Unit 3 - 643B). NO WRITTEN LEASES FOR ANY TENANTS. ELECTRIC UPDATED 8 YEARS AGO TO CIRCUIT BREAKERS (220 IN BSMT FOR DRYER). STEAM HEAT WITH 2 BOILER SYSTEMS (APPROX. 16 YEARS OLD). ROOF INSTALLED APPROXIMATELY 2001. SELLER PAYS ALL UTILITIES. ON-SITE CARETAKER TAKES CARE OF LAWN, SNOW, COLLECTING RENTS, REPAIRS (LIVES RENT FREE IN UNIT 4 - 643C). VACANT LOT TO THE WEST COULD BE PURCHASED FROM THE CITY AT A LOW PRICE FOR ADD'L PARKING. RENTAL INCOME COULD BE OVER $5,000/MONTH.

Key facts

• 0.28 acre lot
• Built 1922
• Listed 34 days

Property features AI

Finance

• Financial info: 11 total units (6 leased, 5 vacant)

Exterior

• Parking: Additional parking available
• Utilities: Electricity available; Natural gas connected; Public sewer; Sewer available/connected; Public water available
• Home design: Residential income property (apartment); Multi-family structure; Two levels / 2 stories
• Construction: Wood siding construction; Other foundation details; Built as multi-unit apartment (one building)
• Exterior features: Shingle roof

Interior

• Kitchen: No appliances listed
• Flooring: Other flooring
• Heating & cooling: Boiler heating; Has heating
• Interior features: Other interior features
• Laundry & utility: Other laundry features; Owner pays all utilities

What this means for you Summary

Snapshot

• This is a 11 × 1-bed/1-bath units multifamily listed at $265k.

Deal economics

• At list price, monthly cash flow is $6k ($72k/yr) — positive. Per door: $549/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($10k rent vs $265k).
• Recommended offer: $257k (3.0% below list) — sets the bar for market timing.
• Cap rate 33.6% 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: Marshall Stemm Academy (math 2% / reading 8%, grade F, #1,554 of 1,584 statewide, top 100%, 374 students, 0% FRL); Bowsher High School (math 23% / reading 45%, grade F, #596 of 781 statewide, top 76%, 1,240 students, 49% 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 fast (+7.8%/yr); 99 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 $10,093/mo this rent would consume 286% of the median local household income ($42k/yr) (locally 1603% 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 $4k of equity ($2k loan paydown + $2k 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 $74k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 34 days — a 3% lower offer ($257k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 5y ago; this cycle's ask is 6% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Watch-outs: built in 1922 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $257,050 (3.0% below list)

Questions for the listing agent

1. It's been on market 34 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1922 — 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. 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: 3.81% ✓
• Cap rate: 33.62%
• Cash-on-cash: 97.59%
• DSCR: 5.34
• GRM: 2.2

CMA / ARV

• ARV (median comp): $54,963
• List price: $265,000
• Delta: 382.14%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: —
• Equity multiple: 6.89×
• Total profit: $437,389
• Equity at exit: $87,027

10-year hold

• IRR: —
• Equity multiple: 16.55×
• Total profit: $1,154,104
• Equity at exit: $113,037

Cash invested: $74,200 (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 43609

• Home prices YoY: 0.3%
• Rents YoY: 7.8%
• Active inventory: 99
• Price-to-rent: 24.1×

Monthly cashflow live

• Estimated rent: $10,093 high
• Mortgage (P&I): −$1,390
• Tax from tax record: −$439 /mo · $5,266/yr
• Insurance: −$110
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,120
• Net cashflow: $6,035

Break-even live

Break-even rent $2,454

Max offer price $265,000

Occupancy floor 35%

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

Units	Beds	Baths	Est. rent
▸ 11× units	1	1	$10,098
Total (11 units)			$10,093

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: $66,250
• Closing costs: $7,950
• Reserves months: —
• Total cash needed: —

Listing history 32 events

1. 2026-06-18
   days on market $265,000 Active 34 DOM
2. 2026-06-17
   days on market $265,000 Active 33 DOM
3. 2026-06-16
   days on market $265,000 Active 32 DOM
4. 2026-06-15
   days on market $265,000 Active 31 DOM
5. 2026-06-14
   days on market $265,000 Active 29 DOM
6. 2026-06-10
   days on market $265,000 Active 26 DOM
7. 2026-06-09
   days on market $265,000 Active 25 DOM
8. 2026-06-08
   days on market $265,000 Active 24 DOM
9. 2026-06-07
   days on market $265,000 Active 23 DOM
10. 2026-06-05
    days on market $265,000 Active 20 DOM
11. 2026-06-03
    days on market $265,000 Active 19 DOM
12. 2026-06-02
    days on market $265,000 Active 18 DOM
13. 2026-06-01
    days on market $265,000 Active 17 DOM
14. 2026-05-31
    days on market $265,000 Active 16 DOM
15. 2026-05-30
    days on market $265,000 Active 15 DOM
16. 2026-05-20
    price $265,000
17. 2026-05-14
    listed $250,000 Active
18. 2026-04-27
    soldstatus $252,500
19. 2026-01-07
    historical
20. 2025-11-05
    historical Contingent
21. 2025-01-13
    listed $389,900 Active
22. 2025-01-08
    historical
23. 2022-07-21
    price $675
24. 2021-11-15
    soldstatus $161,000
25. 2021-11-05
    soldstatus $161,000 Closed 598-char remark

    Show marketing remark (598 chars)

    11-UNIT BRICK BUILDING WITH EIGHT 1-BEDROOM UNITS / TWO 2-BEDROOM UNITS / ONE STUDIO APARTMENT. ONE UNIT IS VACANT (Unit 3 - 643B). NO WRITTEN LEASES FOR ANY TENANTS. ELECTRIC UPDATED 8 YEARS AGO TO CIRCUIT BREAKERS (220 IN BSMT FOR DRYER). STEAM HEAT WITH 2 BOILER SYSTEMS (APPROX. 16 YEARS OLD). ROOF INSTALLED APPROXIMATELY 2001. SELLER PAYS ALL UTILITIES. ON-SITE CARETAKER TAKES CARE OF LAWN, SNOW, COLLECTING RENTS, REPAIRS (LIVES RENT FREE IN UNIT 4 - 643C). VACANT LOT TO THE WEST COULD BE PURCHASED FROM THE CITY AT A LOW PRICE FOR ADD'L PARKING. RENTAL INCOME COULD BE OVER $5,000/MONTH.

26. 2021-10-12
    status Pending 598-char remark

    Show marketing remark (598 chars)

    11-UNIT BRICK BUILDING WITH EIGHT 1-BEDROOM UNITS / TWO 2-BEDROOM UNITS / ONE STUDIO APARTMENT. ONE UNIT IS VACANT (Unit 3 - 643B). NO WRITTEN LEASES FOR ANY TENANTS. ELECTRIC UPDATED 8 YEARS AGO TO CIRCUIT BREAKERS (220 IN BSMT FOR DRYER). STEAM HEAT WITH 2 BOILER SYSTEMS (APPROX. 16 YEARS OLD). ROOF INSTALLED APPROXIMATELY 2001. SELLER PAYS ALL UTILITIES. ON-SITE CARETAKER TAKES CARE OF LAWN, SNOW, COLLECTING RENTS, REPAIRS (LIVES RENT FREE IN UNIT 4 - 643C). VACANT LOT TO THE WEST COULD BE PURCHASED FROM THE CITY AT A LOW PRICE FOR ADD'L PARKING. RENTAL INCOME COULD BE OVER $5,000/MONTH.

27. 2021-10-12
    price $161,000 598-char remark

    Show marketing remark (598 chars)

    11-UNIT BRICK BUILDING WITH EIGHT 1-BEDROOM UNITS / TWO 2-BEDROOM UNITS / ONE STUDIO APARTMENT. ONE UNIT IS VACANT (Unit 3 - 643B). NO WRITTEN LEASES FOR ANY TENANTS. ELECTRIC UPDATED 8 YEARS AGO TO CIRCUIT BREAKERS (220 IN BSMT FOR DRYER). STEAM HEAT WITH 2 BOILER SYSTEMS (APPROX. 16 YEARS OLD). ROOF INSTALLED APPROXIMATELY 2001. SELLER PAYS ALL UTILITIES. ON-SITE CARETAKER TAKES CARE OF LAWN, SNOW, COLLECTING RENTS, REPAIRS (LIVES RENT FREE IN UNIT 4 - 643C). VACANT LOT TO THE WEST COULD BE PURCHASED FROM THE CITY AT A LOW PRICE FOR ADD'L PARKING. RENTAL INCOME COULD BE OVER $5,000/MONTH.

28. 2021-10-05
    listed $129,000 Active 598-char remark

    Show marketing remark (598 chars)

    11-UNIT BRICK BUILDING WITH EIGHT 1-BEDROOM UNITS / TWO 2-BEDROOM UNITS / ONE STUDIO APARTMENT. ONE UNIT IS VACANT (Unit 3 - 643B). NO WRITTEN LEASES FOR ANY TENANTS. ELECTRIC UPDATED 8 YEARS AGO TO CIRCUIT BREAKERS (220 IN BSMT FOR DRYER). STEAM HEAT WITH 2 BOILER SYSTEMS (APPROX. 16 YEARS OLD). ROOF INSTALLED APPROXIMATELY 2001. SELLER PAYS ALL UTILITIES. ON-SITE CARETAKER TAKES CARE OF LAWN, SNOW, COLLECTING RENTS, REPAIRS (LIVES RENT FREE IN UNIT 4 - 643C). VACANT LOT TO THE WEST COULD BE PURCHASED FROM THE CITY AT A LOW PRICE FOR ADD'L PARKING. RENTAL INCOME COULD BE OVER $5,000/MONTH.

29. 2021-08-10
    status Active
30. 2021-08-10
    historical
31. 2021-07-12
    historical
32. 2021-02-12
    listed $99,000

ⓘ 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: $5,266 · $439/mo
• Projected year-2 tax: $5,266 · $439/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: $121,116
• − Mortgage interest: −$14,844
• − Property taxes: −$5,266
• − Insurance: −$1,325
• − Repairs & maintenance: −$9,689
• − Management: −$9,689
• − Depreciation: −$7,709
• Taxable income: $72,593
• Est. tax owed @ 24.0%: −$17,422
• After-tax cash flow: $54,992/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

+167.7% since first listed

17 events — show timeline

• 2026-05-20 Price Changed $265,000 NORIS
• 2026-05-14 Listed $250,000 NORIS
• 2026-04-27 Sold (Public Records) $252,500 Public Records
• 2026-01-07 Listing Removed — NORIS
• 2025-11-05 Contingent — NORIS
• 2025-01-13 Listed $389,900 NORIS
• 2025-01-08 Coming Soon — NORIS
• 2022-07-21 Price Changed $675 RENT.
• 2021-11-15 Sold (Public Records) $161,000 Public Records
• 2021-11-05 Sold (MLS) $161,000 NORIS
• 2021-10-12 Pending — NORIS
• 2021-10-12 Price Changed $161,000 NORIS
• 2021-10-05 Listed $129,000 NORIS
• 2021-08-10 Relisted — NORIS
• 2021-08-10 Listing Removed — NORIS
• 2021-07-12 Listing Removed — NORIS
• 2021-02-12 Listed $99,000 NORIS

Property tax history

+5.5%/yr

Latest (2025): $5,266 · -0.4% YoY. Source: county tax records.