2338 Parliament Sq · Toledo, OH 43617

$224,900

3 bd · 2.0 ba · 1,866 sqft · Condo · 27 Days on market

Built 1986 Good condition $275/mo HOA · 10% of rent

---

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 +23.2/30.0
• 1% rule +7.6/10.0
• DSCR +7.5/10.0
• ARV discount +7.5/15.0
• Schools +5.9/10.0
• Condition / age +3.8/5.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great price for this 1866 sq foot townhouse. First floor master w/walk-in closet, bath w/double vanity, garden tub and separate shower. Excellent condition w/brand new roof, new skylights & new paint. Lennox hi effeciency furnace in 2005. Large kitchen w/pantry & all appliances. Great open floor plan. Condo has been extremely well maintained. Great area close to many amenities. Easy to show.

Key facts

• $275 HOA
• 2 garage spots
• Built 1986

Property features AI

Finance

• HOA & community: Monthly association fee of $275; HOA covers trash, snow removal, exterior hazard insurance, and lawn care

Exterior

• Parking: Attached garage with 2 spaces; Asphalt driveway; Garage door opener
• Utilities: Electricity connected; Natural gas connected; Public water; Public sewer
• Home design: Residential condominium; Attached unit (2+ common walls); Two levels / 2-story
• Construction: Brick and wood siding exterior; Combination foundation with crawl space; Year built per public records
• Exterior features: Enclosed deck (patio/porch); Shingle roof

Interior

• Kitchen: Electric range; Microwave; Dishwasher; Refrigerator; Disposal
• Bedrooms: Main-level bedroom(s) with ceiling fan; Upper-level bedroom with ceiling fan
• Flooring: Carpet; Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating (natural gas); Central air conditioning; Ceiling fans
• Interior features: Open floorplan; Walk-in closet(s); Ceiling fan(s); Vaulted ceiling(s); Primary bathroom; Separate shower; Skylight(s); Sliding doors
• Laundry & utility: Washer and dryer included; Laundry closet on main level; Electric dryer hookup; Water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $225k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $408 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $225k).
• Recommended offer: $222k (1.5% 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-, crime F, commute F.
• Sylvania Schools (suburban): math 63% / reading 71% proficiency, ranked #157 of 656 in OH (top 24%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 18% free/reduced lunch — higher-income household profile.
• Zoned schools: Central Trail Elementary School (math 70% / reading 74%, grade A-, #323 of 1,584 statewide, top 23%, 646 students, 12% FRL); Sylvania Southview High School (math 53% / reading 74%, grade B-, #196 of 781 statewide, top 25%, 1,107 students, 22% FRL) — zoned schools at 17% FRL track the district average.
• Market conditions: 17 active listings in the ZIP; 2 comparable units currently listed for rent nearby; high-income renter base; 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 $2k of loan paydown is wiped out by about $7k 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.

Negotiation context

• It's been on market 27 days — a 2% lower offer ($222k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 13y 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.

Recommended offer $221,526 (1.5% below list)

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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 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: 1.26% ✓
• Cap rate: 8.47%
• Cash-on-cash: 7.77%
• DSCR: 1.35
• GRM: 6.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -4.4%
• Equity multiple: 0.84×
• Total profit: $-10,273
• Equity at exit: $33,533

10-year hold

• IRR: 5.4%
• Equity multiple: 1.40×
• Total profit: $25,341
• Equity at exit: $19,445

Cash invested: $62,972 (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 43617

• Home prices YoY: -12.8%
• Active inventory: 17
• Price-to-rent: 6.6×

Monthly cashflow live

• Estimated rent: $2,831 medium
• Mortgage (P&I): −$1,179
• Tax est. 1.5%: −$281 /mo · $3,374/yr
• Insurance: −$94
• HOA: −$275
• Vacancy / Maint / Mgmt: −$595
• Net cashflow: $408

Break-even live

Break-even rent $2,315

Max offer price $224,900

Occupancy floor 81%

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: $56,225
• Closing costs: $6,747
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
7135 Old Mill Rd Toledo, OH	3.0	3.0	2394	$3,200	$1.34	21d	1	0.60mi
1009 N Holland Sylvania Rd Toledo, OH	2.0–3.0	1.0–2.0	1130	$1,759	$1.56	13d	21	1.35mi

HOA detail condo

• Monthly dues: $275 · $3,300/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 7 events

1. 2026-05-07
   historical Contingent 519-char remark
2. 2026-04-30
   listed $224,900 Active 519-char remark
3. 2026-04-24
   historical $224,900 519-char remark
4. 2025-10-13
   price $92,000 408-char remark

   Show marketing remark (408 chars)

   Great price for this 1866 sq foot townhouse. First floor master w/walk-in closet, bath w/double vanity, garden tub and separate shower. Excellent condition w/brand new roof, new skylights & new paint. Lennox hi effeciency furnace in 2005. Large kitchen w/pantry & all appliances. Great open floor plan. Condo has been extremely well maintained. Great area close to many amenities. Easy to show.

5. 2013-07-09
   soldstatus $92,000 408-char remark

   Show marketing remark (408 chars)

   Great price for this 1866 sq foot townhouse. First floor master w/walk-in closet, bath w/double vanity, garden tub and separate shower. Excellent condition w/brand new roof, new skylights & new paint. Lennox hi effeciency furnace in 2005. Large kitchen w/pantry & all appliances. Great open floor plan. Condo has been extremely well maintained. Great area close to many amenities. Easy to show.

6. 2013-05-17
   price $109,900 408-char remark

   Show marketing remark (408 chars)

   Great price for this 1866 sq foot townhouse. First floor master w/walk-in closet, bath w/double vanity, garden tub and separate shower. Excellent condition w/brand new roof, new skylights & new paint. Lennox hi effeciency furnace in 2005. Large kitchen w/pantry & all appliances. Great open floor plan. Condo has been extremely well maintained. Great area close to many amenities. Easy to show.

7. 2013-03-21
   listed $109,900 408-char remark

   Show marketing remark (408 chars)

   Great price for this 1866 sq foot townhouse. First floor master w/walk-in closet, bath w/double vanity, garden tub and separate shower. Excellent condition w/brand new roof, new skylights & new paint. Lennox hi effeciency furnace in 2005. Large kitchen w/pantry & all appliances. Great open floor plan. Condo has been extremely well maintained. Great area close to many amenities. Easy to show.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 ≥99°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $33,977
• − Mortgage interest: −$12,598
• − Property taxes: −$3,374
• − Insurance: −$1,124
• − Repairs & maintenance: −$2,718
• − Management: −$2,718
• − HOA: −$3,300
• − Depreciation: −$6,543
• Taxable income: $1,602
• Est. tax owed @ 24.0%: −$385
• After-tax cash flow: $4,506/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.

Condition & rehab AI · 2 photos

Good 75/100 None rehab

This move-in ready condo is in good condition with no major repairs needed. It has a good exterior, well-maintained landscaping, and fresh paint. The interior is clean and in good condition. The home is ready for immediate occupancy and can be enhanced with some cosmetic updates to boost its value.

Value-add opportunities

• Resale Paint the exterior — Fresh paint can enhance curb appeal and make the home look more inviting.
• Rental Trim the landscaping — Well-maintained landscaping can attract more renters and make the home more appealing.
• Both Clean the gutters — Clean gutters can prevent water damage and improve the home's overall appearance.

Renovation cost estimate screening

Value-add ROI direction

• Resale Paint the exterior — Fresh paint can enhance curb appeal and make the home look more inviting. ↑
• Rental Trim the landscaping — Well-maintained landscaping can attract more renters and make the home more appealing. ↑
• Both Clean the gutters — Clean gutters can prevent water damage and improve the home's overall appearance. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Sylvania Schools
• NCES district ID: 3904487
• Math proficiency: 63% ▼ -12.00%
• Reading proficiency: 71% ▼ -6.00%
• Median HH income: $71,949
• Composite: 58.95/100
• National rank: #967
• State rank: #157 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

• County: Lucas · 437,818 people
• City population: 280,811
• Metro: Toledo, OH
• Population (ZIP): 8,586
• Household income: $131,935
• Rent vs Own: 10.1% rent · 89.9% own
• Severe rent burden: 6.7

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: Predominantly White (89%)
• Race & ethnicity: White 89% Hispanic / Latino 5% Two or more races 3% Black 2% Asian 1%
• Common ancestry: Romanian 14% Lithuanian 6% Slovak 3%
• Foreign-born: 4% · Canada
• Languages at home: 94% English-only · Arabic 2% Other Indo-European 1% Chinese 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: ▼ -30.39%
• Current HPI: 206.8633
• Rent YoY: —
• Metro: —
• 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

+104.6% since first listed

9 events — show timeline

• 2026-06-02 Sold (MLS) $224,900 NORIS
• 2026-05-27 Pending — NORIS
• 2026-05-07 Contingent — NORIS
• 2026-04-30 Listed $224,900 NORIS
• 2026-04-24 Coming Soon $224,900 NORIS
• 2025-10-13 Price Changed $92,000 NORIS
• 2013-07-09 Sold (MLS) $92,000 NORIS
• 2013-05-17 Price Changed $109,900 NORIS
• 2013-03-21 Listed $109,900 NORIS