1247 Norwood Ave · Toledo, OH 43607

$39,900

3 bd · 2.0 ba · 1,677 sqft · MultiFamily public records · 8 Days on market

Built 1902 3,500 sqft lot

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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
• Rent growth +4.5/5.0
• Livability +3.3/5.0
• 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: 2 units. confirmed

Listing remarks

Solid, well cared for, rent ready duplex. 2 bedroom/1 bath lower, 1 bed/1 bath upper. Original hardwood floors under some of the carpet. SOLD AS IS

Key facts

• 3,500 sq ft lot
• Built 1902
• Listed 8 days

Property features AI

Finance

• Other: Property listed as residential income; Below-grade finished area present
• Financial info: Two-unit building (both units currently vacant); One building; Tenants pay electricity and gas; Owner pays water and sewer

Exterior

• Parking: Alley access; Off-street parking; On-street parking
• Utilities: Electricity connected (100 Amp service); Natural gas connected; Public water; Public sanitary sewer
• Home design: Residential income property (duplex); Two-story; Entry level information not provided; Year built source: Assessor
• Construction: Frame construction; Asphalt roof; Other foundation
• Exterior features: Front porch; Irregular lot; City street frontage; Asphalt road surface

Interior

• Kitchen: Other
• Flooring: Carpet; Hardwood; Linoleum
• Heating & cooling: Forced air heating; Cooling (type unspecified)
• Interior features: Other
• Laundry & utility: Indoor laundry

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/?-bath units multifamily listed at $40k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $624/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $40k).
• Cap rate 43.8% 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: Robinson Elementary School (math 2% / reading 2%, grade F, #1,580 of 1,584 statewide, top 100%, 358 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.
• Zoned-school proficiency averages 7% at this address vs 20% district-wide (-12 pts) — the specific schools serving this property underperform the Toledo City average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising fast (+8.2%/yr); 83 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% 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).
• At $1,952/mo this rent would consume 57% of the median local household income ($41k/yr) (locally 1157% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $276 of loan paydown is wiped out by about $1k 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 + 8.0% rent growth), your $11k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1902 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $39,900

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1902 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 4.89% ✓
• Cap rate: 43.81%
• Cash-on-cash: 133.99%
• DSCR: 6.96
• GRM: 1.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 8.46×
• Total profit: $83,344
• Equity at exit: $5,949

10-year hold

• IRR: —
• Equity multiple: 20.87×
• Total profit: $222,002
• Equity at exit: $3,450

Cash invested: $11,172 (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 43607

• Home prices YoY: -27.5%
• Rents YoY: 8.2%
• Active inventory: 83
• Price-to-rent: 3.4×

Monthly cashflow live

• Estimated rent: $1,952 high
• Mortgage (P&I): −$209
• Tax from tax record: −$69 /mo · $825/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$410
• Net cashflow: $1,247

Break-even live

Break-even rent $373

Max offer price $39,900

Occupancy floor 31%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	—	$1,952
Total (2 units)			$1,952

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: $9,975
• Closing costs: $1,197
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1140 Palmwood Ave Toledo, OH	3.0	1.0	1292	$1,500	$1.16	43d	1	0.21mi
1122 Pinewood Ave Toledo, OH	3.0	1.0	1559	$1,150	$0.74	14d	1	0.34mi
1026 Oakwood Ave Toledo, OH	2.0	1.0	1100	$850	$0.77	43d	1	0.41mi
2117 Clinton St Toledo, OH	3.0	1.0	1256	$1,115	$0.89	43d	1	0.69mi
319 N Detroit Ave Toledo, OH	3.0	1.0	1341	$845	$0.63	43d	1	0.91mi
915 Woodstock Ave Toledo, OH	3.0	1.5	1500	$1,100	$0.73	23d	1	0.99mi
2447 Maplewood Ave Toledo, OH	2.0	1.0	1538	$897	$0.58	43d	1	1.16mi
960 W Delaware Ave Toledo, OH	3.0	1.0	1224	$1,050	$0.86	23d	1	1.18mi
1436 Palmetto Ave Toledo, OH	3.0	1.0	1678	$1,400	$0.83	23d	1	1.22mi
2356 Torrey Hill Dr Unit 11 Toledo, OH	2.0	1.0	1050	$800	$0.76	43d	1	1.23mi
2037 Alvin St Toledo, OH	3.0	1.0	1260	$1,175	$0.93	43d	1	1.48mi
1321 Gordon St Toledo, OH	3.0	1.0	1121	$1,050	$0.94	43d	1	1.48mi

Listing history 6 events

1. 2026-06-18
   days on market $39,900 Active 8 DOM
2. 2026-06-17
   days on market $39,900 Active 7 DOM
3. 2026-06-16
   days on market $39,900 Active 6 DOM
4. 2026-06-15
   days on market $39,900 Active 5 DOM
5. 2026-06-14
   remarks 147-char remark
6. 2026-06-14
   listed $39,900 Active 3 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: $825 · $69/mo
• Projected year-2 tax: $825 · $69/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 ≥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: $23,424
• − Mortgage interest: −$2,235
• − Property taxes: −$825
• − Insurance: −$200
• − Repairs & maintenance: −$1,874
• − Management: −$1,874
• − Depreciation: −$1,161
• Taxable income: $15,256
• Est. tax owed @ 24.0%: −$3,661
• After-tax cash flow: $11,308/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): 19,469
• Household income: $41,335
• Rent vs Own: 50.8% rent · 49.2% own
• Severe rent burden: 1157.0

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: Black 59% White 27% Two or more races 6% Hispanic / Latino 6% Asian 3%
• Hispanic origin (detail): Mexican 3% Puerto Rican 2%
• Common ancestry: Lithuanian 2% Romanian 2% Slovak 1%
• Foreign-born: 4% · Canada
• Languages at home: 94% English-only · Other Indo-European 1% Spanish 1% Russian/Polish/Slavic 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: ▼ -66.58%
• Current HPI: 175.2772
• Rent YoY: ▲ 8.19%
• 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

1 event — show timeline

• 2026-06-10 Listed $39,900 NORIS

Property tax history

+3.5%/yr

Latest (2025): $825 · +3.4% YoY. Source: county tax records.