1003 Prospect Ave · Toledo, OH 43606

$12,888

6 bd · 2.5 ba · 2,443 sqft · MultiFamily public records · 82 Days on market

Built 1899 4,600 sqft lot $5/sqft · 79% below area

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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
• 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 (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Lucas County Land Bank Home. Was previously a duplex and converted to a single family home 5 bedrooms with 2 full baths and 1 half. 2 car garage. Major Systems in Need of Repair/Replacement-Furnace, Water Heater/Plumbing, Electrical, Interior! Call for complete Land Bank application!! Land Bank replaced the roof in 2024.

Key facts

• 4,600 sq ft lot
• 2 garage spots
• Built 1899

Tags

• LAND BANK REPLACED THE ROOF

What this means for you Summary

Snapshot

• This is a 6-bed/2.5-bath multifamily listed at $13k.

Deal economics

• At list price, monthly cash flow is $2k ($26k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $13k).
• Recommended offer: $12k (6.0% below list) — sets the bar for market timing.
• Cap rate 206.2% 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: Grove Patterson Academy Elementary School (math 47% / reading 66%, grade C+, #761 of 1,584 statewide, top 48%, 403 students, 38% 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 19% FRL vs 72% district-wide (53 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 34% at this address vs 20% district-wide (+15 pts) — the actual schools serving this property are materially stronger than the Toledo City average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising (+2.3%/yr); 95 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 415 units permitted in Lucas County in 2024 (122 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $89 of loan paydown is wiped out by about $387 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 $4k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 82 days — a 6% lower offer ($12k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 20y 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.

Risks & watch-outs

• Watch-outs: built in 1899 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $12,114 (6.0% below list)

Questions for the listing agent

1. It's been on market 82 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1899 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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?
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: 21.99% ✓
• Cap rate: 206.23%
• Cash-on-cash: 714.06%
• DSCR: 32.77
• GRM: 0.4

CMA / ARV

• ARV (median comp): $62,756
• List price: $12,888
• Delta: -79.46%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1063 Norwood Ave	0.25mi	5/2.0 (-1)	2,452 (+0%)	4mo	$45,000	$18	77
2369 Maplewood Ave	0.67mi	5/2.0 (-1)	2,202 (-10%)	14mo	$60,000	$27	34

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 · 2.29% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 37.78×
• Total profit: $132,710
• Equity at exit: $1,922

10-year hold

• IRR: —
• Equity multiple: 79.62×
• Total profit: $283,714
• Equity at exit: $1,114

Cash invested: $3,609 (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: 0.8×

Monthly cashflow live

• Estimated rent: $2,834 medium
• Mortgage (P&I): −$68
• Tax from tax record: −$19 /mo · $223/yr
• Insurance: −$5
• HOA: −$0
• Vacancy / Maint / Mgmt: −$595
• Net cashflow: $2,147

Break-even live

Break-even rent $116

Max offer price $12,888

Occupancy floor 19%

Sensitivity live

Price	-10% $2,155	-5% $2,151	+0% $2,147	+5% $2,144	+10% $2,140
Rent	-10% $1,923	-5% $2,035	+0% $2,147	+5% $2,259	+10% $2,371
Rate	-1.0pp $2,154	-0.5pp $2,151	base $2,147	+0.5pp $2,144	+1.0pp $2,141

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

Units	Beds	Baths	Est. rent
▸ 2× units	5	2.5	$2,834
Total (2 units)			$2,834

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: $3,222
• Closing costs: $387
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1420 Addington Rd Toledo, OH	5.0	1.5	1728	$1,500	$0.87	45d	1	1.32mi

Listing history 9 events

1. 2026-03-04
   listed $12,888 Active 325-char remark

   Show marketing remark (325 chars)

   Lucas County Land Bank Home. Was previously a duplex and converted to a single family home 5 bedrooms with 2 full baths and 1 half. 2 car garage. Major Systems in Need of Repair/Replacement-Furnace, Water Heater/Plumbing, Electrical, Interior! Call for complete Land Bank application!! Land Bank replaced the roof in 2024.

2. 2025-10-09
   price $20,000 223-char remark

   Show marketing remark (223 chars)

   SOLD "AS IS"-NO DISCLOSURE-FAX OFFER WITH LENDER APPROVAL LETTER OR VERIFICATION OF FUNDS-ADDENDUM WILL FOLLOW-WAS DUPLEX CONVERTED TO SINGLE FAMILY-NEEDS SOME REPAIRS BUT LOTS OF SPACE AND POTENTIALFOR THE PRICE.

3. 2019-05-07
   historical
4. 2018-11-07
   listed $2,888
5. 2006-10-26
   soldstatus $20,000 223-char remark

   Show marketing remark (223 chars)

   SOLD "AS IS"-NO DISCLOSURE-FAX OFFER WITH LENDER APPROVAL LETTER OR VERIFICATION OF FUNDS-ADDENDUM WILL FOLLOW-WAS DUPLEX CONVERTED TO SINGLE FAMILY-NEEDS SOME REPAIRS BUT LOTS OF SPACE AND POTENTIALFOR THE PRICE.

6. 2006-10-25
   soldstatus $20,000
7. 2006-07-31
   listed $22,900 223-char remark

   Show marketing remark (223 chars)

   SOLD "AS IS"-NO DISCLOSURE-FAX OFFER WITH LENDER APPROVAL LETTER OR VERIFICATION OF FUNDS-ADDENDUM WILL FOLLOW-WAS DUPLEX CONVERTED TO SINGLE FAMILY-NEEDS SOME REPAIRS BUT LOTS OF SPACE AND POTENTIALFOR THE PRICE.

8. 2006-06-27
   historical
9. 2006-03-23
   listed $34,900

ⓘ 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: $223 · $19/mo
• Projected year-2 tax: $223 · $19/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 5/10 Major FEMA zone X (unshaded) · 65% 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: $34,008
• − Mortgage interest: −$722
• − Property taxes: −$223
• − Insurance: −$64
• − Repairs & maintenance: −$2,721
• − Management: −$2,721
• − Depreciation: −$375
• Taxable income: $27,182
• Est. tax owed @ 24.0%: −$6,524
• After-tax cash flow: $19,244/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

-63.1% since first listed

9 events — show timeline

• 2026-03-04 Listed $12,888 NORIS
• 2025-10-09 Price Changed $20,000 NORIS
• 2019-05-07 Listing Removed — NORIS
• 2018-11-07 Listed $2,888 NORIS
• 2006-10-26 Sold (MLS) $20,000 NORIS
• 2006-10-25 Sold (Public Records) $20,000 Public Records
• 2006-07-31 Listed $22,900 NORIS
• 2006-06-27 Listing Removed — NORIS
• 2006-03-23 Listed $34,900 NORIS

Property tax history

-11.8%/yr

Latest (2024): $223 · +2.7% YoY. Source: county tax records.