425 Spencer St · Toledo, OH 43609

$99,900

3 bd · 1.0 ba · 1,132 sqft · SingleFamily public records · 65 Days on market

Built 1902 3,600 sqft lot $88/sqft · 87% above area

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Why this score? — see what drove the C+ 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 +24.4/30.0
• DSCR +7.9/10.0
• ARV discount +7.5/15.0
• 1% rule +5.9/10.0
• 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

Come on Investors! Here's your chance to own a three bedroom two-story house already rented. Corner lot no windows and updated bathroom. Just minutes from downtown

Key facts

• Corner lot
• Updated bathroom
• 3,600 sq ft lot

Tags

• CORNER LOT
• UPDATED BATHROOM

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $100k.

Deal economics

• At list price, monthly cash flow is $202 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $100k).
• Recommended offer: $94k (6.0% below list) — sets the bar for market timing.

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-, schools D-, crime 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.
• Market conditions: Rents rising fast (+7.8%/yr); 99 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals lingering (median 44d 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 $1k of equity ($691 loan paydown + $749 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 $28k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 65 days — a 6% lower offer ($94k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 3y 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 $50k; list at $100k implies a 100% 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 $93,906 (6.0% below list)

Questions for the listing agent

1. It's been on market 65 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 1902 — 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. 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 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: 1.09% ✓
• Cap rate: 8.72%
• Cash-on-cash: 8.67%
• DSCR: 1.39
• GRM: 7.7

CMA / ARV

• ARV (median comp): $53,335
• List price: $99,900
• Delta: 87.31%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
317 Eldred Ave	0.37mi	3/1.5	1,108 (-2%)	1mo	$45,000	$41	76
1402 Prouty Ave	0.20mi	3/1.0	1,030 (-9%)	1mo	$50,000	$49	75
1152 Colton St	0.25mi	3/1.0	1,046 (-8%)	1mo	$65,000	$62	75
624 Carlton St	0.33mi	3/2.0	1,013 (-10%)	2mo	$134,888	$133	61
819 Lodge Ave	0.55mi	3/2.0	1,190 (+5%)	1mo	$65,000	$55	61
855 Brighton Ave	0.64mi	3/1.0	1,070 (-6%)	2mo	$97,500	$91	60
219 Storrs	0.67mi	3/1.0	1,056 (-7%)	2mo	$81,800	$77	56
752 Hampton Ave	0.61mi	2/1.5 (-1)	1,182 (+4%)	2mo	$85,900	$73	56
819 Geneva Ave	0.71mi	3/1.0	1,212 (+7%)	1mo	$105,000	$87	54
829 Ogden Ave	0.68mi	3/1.0	1,220 (+8%)	2mo	$100,000	$82	54
119 Whiting Ave	0.69mi	3/1.0	1,224 (+8%)	2mo	$45,000	$37	52
1836 Finch St	0.72mi	3/2.0	1,188 (+5%)	3mo	$85,950	$72	52

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: 13.1%
• Equity multiple: 1.68×
• Total profit: $19,010
• Equity at exit: $32,808

10-year hold

• IRR: 19.9%
• Equity multiple: 3.69×
• Total profit: $75,286
• Equity at exit: $42,613

Cash invested: $27,972 (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: 7.7×

Monthly cashflow live

• Estimated rent: $1,085 high
• Mortgage (P&I): −$524
• Tax from tax record: −$90 /mo · $1,078/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$228
• Net cashflow: $202

Break-even live

Break-even rent $830

Max offer price $99,900

Occupancy floor 76%

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: $24,975
• Closing costs: $2,997
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1321 Gordon St Toledo, OH	3.0	1.0	1121	$1,050	$0.94	43d	1	0.12mi
1418 Colburn St Toledo, OH	3.0	1.0	992	$1,200	$1.21	13d	1	0.15mi
532 Carlton St Toledo, OH	3.0	1.0	1130	$1,050	$0.93	43d	1	0.27mi
523 Nicholas St Toledo, OH	3.0	1.0	1290	$1,350	$1.05	13d	1	0.29mi
724 Spencer St Toledo, OH	3.0	1.5	1127	$1,100	$0.98	43d	1	0.40mi
705 Nicholas St Toledo, OH	2.0	1.0	1037	$900	$0.87	43d	1	0.42mi
2424 Broadway St Toledo, OH	3.0	1.0	1416	$1,049	$0.74	13d	1	0.63mi
837 Colburn St Unit 1 Toledo, OH	2.0	1.0	1178	$700	$0.59	43d	1	0.75mi
837 Colburn St Unit 2 Toledo, OH	2.0	1.0	1158	$695	$0.60	23d	1	0.75mi
827 Colburn St Toledo, OH	2.0	1.0	1092	$750	$0.69	43d	1	0.77mi
1734 Arlington Ave Toledo, OH	2.0	1.0	700	$800	$1.14	13d	1	0.82mi
771 Orchard St Unit 7715 Toledo, OH	2.0	1.0	1086	$645	$0.59	23d	1	0.85mi
2594 Broadway St Toledo, OH	2.0	1.0	1076	$825	$0.77	43d	1	0.85mi
319 N Detroit Ave Toledo, OH	3.0	1.0	1341	$845	$0.63	43d	1	0.95mi
1785 Tecumseh St Toledo, OH	2.0	1.0	930	$900	$0.97	43d	1	1.07mi
2044 Arlington Ave Toledo, OH	2.0	1.0	800	$825	$1.03	21d	1	1.16mi
307 Danberry St Toledo, OH	2.0	1.0	988	$950	$0.96	43d	1	1.18mi
2314 Airline Ave Toledo, OH	3.0	1.0	1123	$1,478	$1.32	23d	1	1.33mi
244 Knower St Toledo, OH	3.0	1.0	1120	$995	$0.89	13d	1	1.44mi

Listing history 28 events

1. 2026-06-18
   days on market $99,900 Active 65 DOM
2. 2026-06-17
   days on market $99,900 Active 64 DOM
3. 2026-06-16
   days on market $99,900 Active 63 DOM
4. 2026-06-15
   days on market $99,900 Active 62 DOM
5. 2026-06-14
   days on market $99,900 Active 60 DOM
6. 2026-06-10
   days on market $99,900 Active 57 DOM
7. 2026-06-09
   days on market $99,900 Active 56 DOM
8. 2026-06-08
   days on market $99,900 Active 55 DOM
9. 2026-06-07
   days on market $99,900 Active 54 DOM
10. 2026-06-05
    days on market $99,900 Active 51 DOM
11. 2026-06-03
    days on market $99,900 Active 50 DOM
12. 2026-06-02
    days on market $99,900 Active 49 DOM
13. 2026-06-01
    days on market $99,900 Active 48 DOM
14. 2026-05-31
    days on market $99,900 Active 47 DOM
15. 2026-05-30
    days on market $99,900 Active 46 DOM
16. 2026-04-14
    listed $99,900 Active 163-char remark

    Show marketing remark (163 chars)

    Come on Investors! Here's your chance to own a three bedroom two-story house already rented. Corner lot no windows and updated bathroom. Just minutes from downtown

17. 2025-10-27
    historical $1,050
18. 2025-10-14
    price $50,000 313-char remark

    Show marketing remark (313 chars)

    Calling all investors. This is your chance to add this money maker to your portfolio. This spacious 3 bed, 1 bath home in south Toledo boasts fresh paint and stain throughout, newer windows, and updated bathroom! The possibilities are endless. Come see for yourself! Home sold AS-IS. Schedule through ShowingTime.

19. 2025-08-22
    price $1,050
20. 2025-07-30
    listed $1,200
21. 2025-02-13
    historical $1,200
22. 2024-12-12
    listed $1,200
23. 2024-01-04
    soldstatus $50,000
24. 2024-01-02
    status Pending 313-char remark

    Show marketing remark (313 chars)

    Calling all investors. This is your chance to add this money maker to your portfolio. This spacious 3 bed, 1 bath home in south Toledo boasts fresh paint and stain throughout, newer windows, and updated bathroom! The possibilities are endless. Come see for yourself! Home sold AS-IS. Schedule through ShowingTime.

25. 2024-01-02
    soldstatus $50,000 Closed 313-char remark

    Show marketing remark (313 chars)

    Calling all investors. This is your chance to add this money maker to your portfolio. This spacious 3 bed, 1 bath home in south Toledo boasts fresh paint and stain throughout, newer windows, and updated bathroom! The possibilities are endless. Come see for yourself! Home sold AS-IS. Schedule through ShowingTime.

26. 2023-12-21
    historical Contingent 313-char remark

    Show marketing remark (313 chars)

    Calling all investors. This is your chance to add this money maker to your portfolio. This spacious 3 bed, 1 bath home in south Toledo boasts fresh paint and stain throughout, newer windows, and updated bathroom! The possibilities are endless. Come see for yourself! Home sold AS-IS. Schedule through ShowingTime.

27. 2023-12-20
    listed $55,000 Active 313-char remark

    Show marketing remark (313 chars)

    Calling all investors. This is your chance to add this money maker to your portfolio. This spacious 3 bed, 1 bath home in south Toledo boasts fresh paint and stain throughout, newer windows, and updated bathroom! The possibilities are endless. Come see for yourself! Home sold AS-IS. Schedule through ShowingTime.

28. 1985-08-07
    soldstatus $24,000

ⓘ 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: $1,078 · $90/mo
• Projected year-2 tax: $1,318 · $110/mo
• Expected delta: +$240/yr (+$20/mo · 22.3%)

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

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 20% 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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,024
• − Mortgage interest: −$5,596
• − Property taxes: −$1,078
• − Insurance: −$500
• − Repairs & maintenance: −$1,042
• − Management: −$1,042
• − Depreciation: −$2,906
• Taxable income: $861
• Est. tax owed @ 24.0%: −$207
• After-tax cash flow: $2,218/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

+316.2% since first listed

13 events — show timeline

• 2026-04-14 Listed $99,900 NORIS
• 2025-10-27 Rental Removed $1,050 APPFOLIO
• 2025-10-14 Price Changed $50,000 NORIS
• 2025-08-22 Price Changed $1,050 APPFOLIO
• 2025-07-30 Listed for Rent $1,200 APPFOLIO
• 2025-02-13 Rental Removed $1,200 APPFOLIO
• 2024-12-12 Listed for Rent $1,200 APPFOLIO
• 2024-01-04 Sold (Public Records) $50,000 Public Records
• 2024-01-02 Pending — NORIS
• 2024-01-02 Sold (MLS) $50,000 NORIS
• 2023-12-21 Contingent — NORIS
• 2023-12-20 Listed $55,000 NORIS
• 1985-08-07 Sold (Public Records) $24,000 Public Records

Property tax history

+4.5%/yr

Latest (2025): $1,078 · +14.0% YoY. Source: county tax records.